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The Accounting Cycle

Journal Entries for Consignment Sales at Green Lawn Chemical

Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. It was Green Lawn's policy to ship goods to these retailers in late winter on a consignment basis. Periodically, a Green Lawn field representative would count the Green Lawn products on han

Journal entries

Write journal entries for the following transactions that occurred at Woodside Company during the month of May and explain how each would be disclosed in Woodside's financial statements. 1. The company prepaid $14,340 rent for the period May 1-October 31 2. Sales discounts and allowances were $34,150 3. A loan for $3500

Journal entries for consignment sales

Can you help me with this question? Is this supposed to be two journals ( part b).? I am confused where to place what. Green Lawn Chemical Company sells lawn and garden chemicals through several hundred garden supply shores and department store garden shops. It was Green Lawn's policy to ship goods to these retailers in late

Disposal of Delivery Equipment of Perez Company

(a) Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received. (b) Assume the same information as (a), except that accumulated depreciation for Perez Company is $37,000, instead of $41,000.

Steps in the accounting cycle, financial statements

What are the steps in completing the accounting cycle? How do the different steps impact the financial statements? What is the impact on the financial statements of missing a step when completing the accounting cycle? Why is the accounting cycle important to the accounting process?

Prepare Journal Entries for Samone Equipment Repair Corp.

On November 1, 2006, the account balances of Samone Equipment Repair Corp. were as follows. No. Debits No. Credits 101 Cash $ 2,790 154 Accumulated Depreciation $ 500 112 Accounts Receivable 2,510 201 Accounts Payable 2,100 126 Supplies 2,000 209 Une

Journal entries under a perpetual system

Information related to Gilberto Co. is presented 1. On April 5, purchased merchandise from Allman Company for $20,000 terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Allman. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned dama

Equity method journal entries

On January 1, 2004, Ruark Corporation acquired a 40 percent interest in Batson, Inc., for $210,000. On that date, Batson's balance sheet disclosed net assets of $360,000. During 2004, Batson reported net income of $80,000 and paid cash dividends of $25,000. Ruark sold inventory costing $30,000 to Batson during 2004 for $40,000.

Transactions for Sandwich Co. in General Journal

Record the following transactions for Sandwich Co. in the general journal. 2005 May 1 Received an $8,700, 1-year, 10% note in exchange for Linda Anderson's outstanding accounts receivable. Dec. 31 Accrued interest on the Anderson note. Dec. 31 Closed the interest revenue account. 2006 May 1 Received principal plus inte

Accounting Cycle

Problem 1 Which of the following accounts would be classified as a current asset on the balance sheet? A. Office Equipment B. Land C. Accumulated Depreciation D. Accounts Receivable Problem 2 Which of the following entries closes the owner's drawing account at the end of the period? A. Debit the drawing account, c

General Journal Entries for Tiffany's Orthopedic Clinic

Record these transactions into a general journal form for Tiffany's orthopedic clinic. Could you please give a brief explanation of the transaction as part of each journal entry? oct.1: the clinic issued 4,000 additional shares of capital stock to doctor soges at $50 per share. oct.4: the clinic purchased diagnostic e

Bank Reconciliation, Journal Entries

The following information is available to reconcile Clark Company's book balance of cash with its bank statement cash balance as of July 31, 2005: a. After all posting is complete on July 31, the company's Cash account has a $26,193 debit balance, but its July bank statement shows a $28,020 cash balance. b. Check No. 3031 f

Octagon Co. Journal Entries

Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. During 2006, Octagon made installment sales of $400,000 and received payments of $250,000 on those sales. Octagon's gross profit margin is 40% Prepare journal entries to record the sale, collection, and recognition of gross

Journal Moeder Company Transactions

Moeder Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of November. Nov. 3 Purchased $3,100 of merchandise on credit from Hargrave Co., terms n_20. 7 Sold merchandise costing $840 on credit to

Journal Entries Questions

Stockholders' Equity Paid-in capital Capital stock 6% Preferred stock, $100 par value, cumulative, 50,000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 Common stock, no par, $10 stated value, 1,000,000 shares authorized, 400,000 shares issued and outstanding 10,000,000

Creating general journal entries

1) petty cash ticket: no#1 item: delivery of goods to customers account debited: delivery expense. amount :$22. 2) petty cash ticket : no#2 item :mail package account debited : postage expense amount : $52 3) petty cash ticket :no# 3 item : newsletter account debited : supplies expen

Perez Corporation -Journal Entries

Journalize the two treasury stock transactions. On July 1, Perez Corporation purchases 500 shares of its own $5 par value common stock at a cash price of $7 per share. On September 1, it sells 300 shares of the treasury stock for cash at $10 per share.

Correct form in preparing good journal entries

Folowing transaction: a) owner invested equipment valued at $3,500 and cash of $7,000 into business. b) purchased office supplies for cash, $550 c) paid $700 for one month's rent of office space d) billed a client $2,000 for services rendered. e) owner withdrew $600 for personal living expenses.

The Accounting Cycle: Steps

Record transactions in General Journal for January 2006 and complete all steps of accounting cycle. 1 Invested $6000 cash and $2000 of equipment in the business. 4 Paid salaries $300 6 purchased $ 1200 equipments on account 8 Purchased $150 supplies for cash 10 Performed services for clients for which $1500 was collected

Error Corrections

P22-5 (Error Corrections) You have been assigned to examine the financial statements of Vickie L. Lemke Company for the year ended December 31, 2005. You discover the following situations. 1. Depreciation of $3,200 for 2005 on delivery vehicles was not recorded. 2. The physical inventory count on December 31, 2004, improperl

Pension Expense, Journal Entries, Statement Presentation, Minimum Liability

Can you help me with the following assignment? E20-12 (Pension Expense, Journal Entries, Statement Presentation, Minimum Liability) Desiree Griseta Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2004 in which no benefits were paid. 1. T

Accounting Cycles

Choose two companies and in 1 - 2 paragraphs explain each step of the accounting cycle for each company. Describe at least one transaction that would occur at each company in each of these steps.

Journal entries that Stine Corporation would make on January 1

On January 1, 2003, Stine Corporation issued $600,000, 9%, 5-year bonds for $576,834. The bonds were sold to yield an effective-interest rate of 10%. Interest is paid semiannually on June 30 and December 31. The company uses the effective-interest method of amortization. Instructions (a) Prepare a bond discount amortization sc

Journalize Transaction

Transactions for the Pate Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations. 1. Stockholders invested additional $40,000 cash in the business. 2. Purchased land costing $28,000 for cash. 3. Purchased equipment co

Bond Transaction Journal Entries

Question 16: On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year: (a) Issuance of the bonds. (b) First semiannual interest payment. (c) Amortizati

FA question4

Problem #4 Prepare journal entries for each of the following unrelated transactions.. a) A firm issues 5,000 shares of $ 2 par value common stock in exchange for $ 20,000 cash. b) A firm acquires a building with an appraised value of $ 100,000 for $ 30,000 cash and the assumption of a 25-year, 10% mortgage with a balance