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The Accounting Cycle

Prepare Journal Entries for Gardener Corporation

The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction. April 1 Articles of incorporation are filed with the state, and 100,000 shares of common stock are issued for $100,000 in ca

Prepare general journal entries for Smith Co.

Smith Co. has the following securities in its portfolio of trading equity securities on 12/31/10: Cost Fair Value 5000 shares of johnson corp, common 155,000 139,000 10000 shares of simpson common

Sixnut Inc: Prepare journal entries for stock transactions

Sixnut, Incorporated has been authorized to issue 1,000,000 shares of $1 par common stock, and 100,000 shares of 8%, $100 par, cumulative, preferred stock. During the first six months of operation, the following transactions occurred related to the stock. Jul 1st Sold 200,000 shares of common stock for $15 per share, and 10

Online journal

Discuss: 1. My collaboration and contribution What was my approach to interacting with the other team members? How did I collaborate and contribute and was my participation effective, important, useful? What did I expect to get out of working within my team? How did I feel and accept the peer-evaluations regarding my

Journal entries for foundation's formal letter of acknowledgement

Suppose that a foundation's formal letter acknowledging its pledge was worded in 3 different ways: 1. "We are pleased to pledge $100,000 in support of your group's efforts to assist victims of violent crimes." 2. "We are pleased to pledge $100,000 in support of your group's efforts to develop a new program to provide legal

Journal Entries for Not for Profit Science Center for Children

Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquisition of computers. During the year it acquired $21,000 of computers, which it estimated to have a useful life of three years. It is the policy of the organization to charge an entire year's depre

Prepare a bank reconciliation, journal entries, cash equivalents

The cash account in the general ledger of Hendry Corporation shows a balance of 96900 at December 31 2009 (prior to performing a bank reconciliation). The company's bank statement shows a balance of $100,560 at the same date. An examination of the bank statement reveals the following: 1. Deposits in transit amount to $24,600

Company Purchases and Mergers

Tribbs has completed the purchase of Quicker. During the previous year, Tribbs sells a wrapping machine to Quicker. The details include the following: - Tribbs purchased the equipment on 6/30/02 and sold it on 6/30/05. - Original purchase price is $160,000; depreciation under 7 years in the Modified Accelerated Cost Recovery

Journal Entries: Donovans, Rowenda Hotels, Wilson Company

A) A summary of Donovan's December 31, 2009, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 Days $50,000 .5 61-90 Days 12,000 1.0 91-120 Days 3,000 10.0 Over 120 d

Journal Entries, Worksheets and Transactions

Tribbs sold one of its products to Quicker for resale to its customers. The details include the following: Tribbs' sale price was $300,000. Tribbs' cost to make the product was $180,000. Quicker has sold 50% of the product to its customers during the year with the remaining $100,000 still in inventory. Quicker sold the pro

Compute taxable income

Computation of taxable income. The records for Frish Co. show this data for 2011: Gross profit on installment sales recorded on the books was $360,000. Gross profit from collections of installment receivables was $270,000. Life insurance on officers was $2,900. Machinery was acquired in January for $300,000. Straight-lin

Prepare Journal Entries: Issuance, Common & Purchase Stock

B Corporation has been authorized to issue 24,500 shares of $100 par value, 10%, noncumulative preferred stock and 1,071,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2010, the ledger contained the following balances pertaining to stockholders' equity.

Stocks and journal entries

1. The journal entry to record issuance of 1,000 shares of $2 par common stock for $40 per share would be a. cash 2,000 common stock 2,000 b. cash 40,000 Common Stock 2,000 Paid-in capital in excess of par 38,000 c. Cash 40,000 common stock 40,000 d. cash

Accounting Cycle Flow Chart; Examples of Financial Statements

Accounting Cycle Select a company that you are familiar with from the transportation industry. Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle. Include

Showing Journal Entries Purchase of Quicker

Tribbs has decided to purchase Ruth and Bob's 80% ownership of Quicker Distribution Company for $90,000 in excess of book value and will use the purchase method of accounting for all reporting and consolidation journal entries (not the pooling of interests method). Quicker Distribution Company Incorporated Financial Stateme

Prepare a pension worksheet, journal entries for pension expense

(Pension Worksheet with reconciliation Schedule) Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan: Plan assets $480,000 Project benefit obligation 625 Prepaid/accrued pension cost(credit) 45,000 Unrecognized prior service cost 100

Benefit Pension Plan: Preparing Journal Entries

P20-4 (Pension Expense, Minimum Liability, Journal Entries for 2 Years) Mantle Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008. 2007 20

Chrysler Inc Journal Entries: Disposition of Assets

Entries: Disposition of Assets On December 31, 2010, Chrysler Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,300,000 (minus) Accumulated Depreciation $ 360,000 (equals) Book Value $ 940,000 Depreciation is compu

Edmond Co Journal Entries

See attached file as the format for the answer. AC 550 Project III Edmond Company exchanged machinery with an appraised value of $1,755,000, a recorded cost of $2,700,000 and Accumulated Depreciation of $1,350,000 with Rosen Corporation for machinery Rosen owns. The machinery has an appraised value of $1,695,000, a recorde

Calculate interest expense; prepare journal entries

Please show your steps. Spring Water Company Ltd. needed to raise $5.8 million of additional capital to finance the expansion of its bottled water company. After consulting an investment banker and the company's VP Finance, it decided to issue bonds. The bonds had a maturity value of $5.8 million and an annual interest rate o

Equity Method - Journal entries for Holding Company

Sims Company owns 80% of the common stock of Allied Company. In 2006, Allied reported $200,00 net income and paid cash dividends of $80,000. In 2007, Allied reported a $40,000 net loss and paid $10,000 of dividends. What are the above journal entries for the above on Sims' books assuming use of the equity method of accou

Journal entries for Bad debt expense; net AR at end of 2008

Belkou Company began operations on January 1, 2007. Its first year's sales were $1,140,000, which were 70% on credit. During the year, $740,000 was collected from customers on account, and the company wrote off accounts worth $2,600. At the end of the year, management estimated that 0.5% of all credit sales would probably be unc

Sampress Company fixed compensatory share option plan: Schedule, journal entries

On Januray 1, 2010, Sampress Company adopts a compensatory share optiom plan for its 50 excutives The plan allows each executive to purchase 200 shares of its $2 par common stock for $39 per share after completing a three-year service period. Sampress estimates the value of each option to be $14 on the grant date. It has had a


16. Which statement best describes the accounting cycle of a business? a. It's set by the securities & exchange commission and is an average of all business cycles. b. It corresponds with the natural business cycle running from one low point in the cycle to the next low point. c. it begins with the recording of the first

Journal Entries for Payable Balances Due

REQUIREMENT #1: During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.

Journal Entries for Partnership Profits

Chang and Danos share partnership profits and losses at 60% and 40%, respectively. The partners agree to admit Flint into the partnership for a 50% interest in capital and earnings. Capital accounts immediately before the admission of Flint are: Chang (60%) $ 300,000 Danos (40%) $ 300,000 Total $ 600,000

Journal Entries of the Kramer Corporation

1. Kramer Corporation had the following long-term investment transactions. Jan 2 Purchased 5,000 shares of Optic, Inc. for $42 per share plus $7,000 in fees and commission. These shares represent a 35% ownership of Optic. Oct 15 Received Optic, Inc. cash dividend of $2 per share. Dec 31 Optic reported a n

Debit credit

Selected transactions for D. Reyes, Inc. an clothing industry, in it's first month of business are as follows. Jan. 2 Invested $10,000 cash in business in exchange for common stock 3 Purchased used car for $4,000 cash for use in business 9 Purchased supplies on account for $500 11 Billed customers $1,800 for