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The Accounting Cycle

Production cost flow and measurement: journal entries

Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $

Cash and receivables journal entries

Please help me prepare journal entries for the below scenarios, showing how you came up with your numbers. Thank you. QUESTION ONE: Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,

Arantxa Corporation stock transactions

Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On Aug 1, 2012 Arantxa reacquired 200 shares at $80 per share. on Nov 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transaction. Prepare Arantxa's journal entries to record these transaction using the cos

Preparing Journal Entries: Notre Dame University

Please prepare the journal entries for the following transactions for Notre Dame University (private non-profit.) 1. Received unrestriced cash gifts of $300,000. 2. Received a gift of $40,000 with a restriction to use it solely for the purchase of lab equipment. 3. Purchased lab equipment (from #

Accounting cycle

What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?

Meredith Company: Preparation of Journal of Transactions

On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meredith pays Leinert Company i

Qix Corporation issued bonds: Prepare journal entries

On Jan. 1, 2009, Qix Corp. issued $477,000 of 7% bonds, due in 10 years. The bonds were issued for $444,589, and pay interest each July 1 and Jan 1. Qix uses the effective interest method. Prepare the company's journal entries for (a) the Jan 1 issuance, (b) the July 1 interest payment, and (c) the Dec 31 adjusting

Prepare Journal Entries for Factoring Accounts Receivable

4. The BBB corporation has experienced cash flows problems and decides to improve its current cash position by factoring 30% of its receivables (sales without recourse) and assigning the remainder with the same finance company. The agreement, dated Oct 1, 2011, stipulates that a 10% commission will be assessed on factored accoun

Journal Entries for the Village of Harris: Capital Projects

Problem 5-7: The Village of Harris issued $5,000,000 in 6 percent general obligation, taxsupported bonds on July 1, 2011, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal paymen

Research a Scholarly Empirical Journal Review

Select a scholarly empirical journal article* in Business and craft a response that adheres to the following: - Paragraph 1: Provide a quick overview of the study. - Paragraph 2: Analyze the way the research study was completed from an ethical standpoint. - Paragraph 3: Assess if it was done well or not Since you are do

Computing and Journalizing Payroll Transactions

Benny Hill had earned (accumulated) salary of $96,000 through November 30. Her December salary amounted to $9,000. Pam Lane began employment on December 1 and will be paid her first month's salary of $3,500 on December 31. Income tax withholding for December for each employee is as follows: Kim Benny Pam Lane Federal Incom

General Journal - Preparation of the Statement of Cash Flows

Indicate in general journal form how the items below would be entered in a worksheet for the preparation of the statement of cash flows. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If no entry is required enter "No Entry" for the account and 0 for the amount.) (a) Net income is $31

Notes Payable, Wages Payable and Journal Entries for State Mill Company

Can you help me get started on this assignment? Notes Payable and Wages Payable P2. Part A: State Mill Company, whose fiscal year ends December 31, completed the following transaction involving notes payable: 2010 Nov. 25 purchased a new loading cart by issuing a 60-day 10 percent note for $86,400. Dec 31 made the en

Pension expense and Journal entries

Compute pension expense and journal entries. 2009 Plan assets (FV) 12/31 $699000 Projected benefit obligation 1/1 $700000 Pension asset/Liability 1/1 $140000 CR Prior service cost 1/1 $250000 Service Cost $60000 Actual and expected return on plan assets $24000 Amortization of prior service cost $10000 Contributi

Andy Wright, DDS: Prepare journal entries for first month of operations

See attached file for the table. Andy Wright, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $875 of such services was earned but not yet recorded. 2. Utility e

Treasury Stock Transactions: Complete journal entries

Treasury Stock Transaction Nature corporation engaged in the folloiwing treasury transactions during current year. Aug 25 - Purchased 4,000 shares of treasury stock at $50 per share. Oct 10 - Reissued 1,500 shares of treasury stock acquired on Aug 25 at price of $58 per share. Dec 15 - Reissued 1,000 shares of treasury s

Journal Entries: Balances, Budgets and Taxes

The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: 1 Beginning balances were Cash, $150,000; Taxes receivable $200,000; Accounts Payable, $50,000; and Fund Balance, $300,000. 2 The budget was passed. Estimated revenues amounted to $2,000,000 and appropriat

Analysis & Journal Entries for Rowand Enterprises & Byte Repair

Rowand Enterprises had the following selected transactions. 1. Aaron Rowand invested $4,000 cash in the business in exchange for common stock. 2. Paid office rent of $1,100. 3. Performed consulting services and billed a client $5,200. 4. Paid $700 cash dividend. (a) Indicate the effect each transaction has on the basic

Non-Monetary Exchanges in Journal Entries

During the current year, Garrison Construction trades an old crane that has a book value of $80,000 (original cost $140,000 less accumulated depreciation $60,000) for a new crane from Keillor Manufacturing Co. the new crane cost Keillor $165,000 to manufacture and is classified as inventory. The following information is also ava

Mount Co: Prepare pension worksheets and journal entries

Mount Co. has the following defined-benefit pension plan balances on January 1, 2008. Projected Benefit Obligation - 4,500,000 Fair value of plan assets - 4,500,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2009, the company amends its pension agreement so that prior service costs of $600,

Equity method

What are the equity method journal entries typically recorded by a parent company? Provide examples in your response.