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The Accounting Cycle

General journal and ledger with explanation

The following is a list of transactions from Danny and Mary Jane's first month of business: May 1 Danny and Mary Jane deposited $50,000 into business checking account May 1 Rented theater building for shows - paid 6 months rent up front - $24,000 May 1 Purchased six-month insurance policy to cover rented building and cust

Investment Journal Entries

Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actually worth $100,000. This building had a 10-year remaining life. Stokes owned a roy

Prepare journal entries for land, stock exchange, capital costs

S10-1 Following is activity related to Overland Company: 1. Land was given to the company by the State of Florida to use as a manufacturing facility site. The market value of the land at the time of the donation was $102,000. 2. Addition land and buildings were acquired in exchange for 15,000 shares of company stock.

Blue Collar Company: Journal Entries for payroll and related taxes

I5-1: The following information is available concerning The Blue Collar Company's payroll for November, 2009: Employee Date of Hire October Year to Date Earnings November Earnings Federal Income Tax Withheld State Income Tax Withheld Z. Allen 1/6/2002 $104,000 $10,600 $3,200 $250 G. Burns 9/1/2009 6,000

Prepare the necessary journal entries to record the transactions...

Need help with these questions, would appreciate step by step instructions. Thank You I4-3: A company formed on January 1 of the current year and entered into the following transactions: A. Paid $15,000 for transportation and other expenses for incorporators' meetings. B. Paid $10,000 attorney fees to form the corpor

Transactions, Financial Statements - Service Company

I really need help with this problem. Please give detailed explanations and please put answers in excel. See attached for problem. Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases furniture

Journal entries and notes

A company entered into the following material contracts at the beginning of the year: Contract 1: The Company agreed to purchase 200,000 sprockets during the next 4 years at a price of $20 per sprocket. The contract is not cancellable. As of the end of the year, the market price for a sprocket was $22. Contract 2: The

Applying Overehead, T-accounts, and Journal entries

Harwood Company uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would incur $192,000 in manufacturing overhead cost and work 80,000 machine-hours. 1. Compute the company's predetermined overhead rate. 2.

Dillon Products: Applying Overhead, Journal Entries, and T-accounts

Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to the jobs on the basis of machine-hours. At the beginning of the year, it was estimated that the company would work 240,000 machine-hours and incur $4,800,000 in manufacturing

Journal Entries for Sales

Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. A sales return for credit on account would be recorded in the: Answer sales journal. general journal. cash receipts journal. accounts receivable ledger. Martha Company h

Journal entries (Warners Company and more...)

Please help me with these journal entries. Thank you. Journalize the following transactions. A) Issued 100,000 shares of $1 par common stock for $10 per share. B) Issued 300 shares of $25 par preferred stock with a fair value of $30 per share to an attorney in payment of legal fees for organizing the corporation C) Decla

Preparing journal entries

1. The Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances at December 31, Year 1, and December 31, Year 2, appear below: 12/31/Year 1 12/31/Year 2 Net Credit Sales $400,000 $

Journal entries for Jane Geddes Engineering and Petro Garcia Inc.

Prepare the 2009 journal entries for all of the following transactions and adjustments. Show full computations. You can ignore dates if not given. Round all amounts to nearest dollar. 4. Jane Geddes Engineering Corporation purchased conveyor equipment with a list price of $10,000. Presented below are three independent cas

Grant Corporation: Corrections to net income with journal entries

The controller for Grant Corporation is concerned about certain business transactions that the company experienced during 2008. The controller, after discussing these matters with various individuals, has come to you for advice. The transactions at issue are presented below. 1. The company has decided to switch from the dire

Recording Journal Entries for a Seller

A company sold supplies on October 1. The total amount of the sale was $25,000 and the invoice for the purchase was issued on October 2. The terms of the sale were 2/10, n/30 and the goods were sold f.o.b. shipping point. Shipping costs were $100, the goods were shipped on October 2nd, and the customer received the goods on Octo

Preparing Journal Entries of Debits and Credits

What are the debits and credit accounts for each transaction. Part 1 Bought pots from Sam on credit .........Show in the form of journal entries. Received cash from sales Paid wages with cash Bought building with a bank loan part 2 The Dr and Cr have been done. You need to interpret the transaction...ie p

Krung Thep Corp: Income Tax Payable & Prepare Journal Entries

Two Temporary Differences, One Rate, Beginning Deferred Taxes The following facts relate to Krung Thep Corporation. 1. Deferred tax liability, January 1, 2007, $40,000. 2. Deferred tax asset, January 1, 2007, $0. 3. Taxable income for 2007, $95,000. 4. Pretax financial income for 2007, $200,000. 5. Cumulative temporary

Journal Entries

The chart of accounts for Julie's Maids Cleaning Service contains the following accounts:No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable,No. 311 Common Stock,No. 32

Prepare and Evaluate Financial Statements for Avalon Park Construction

See attached files. You are provided with the month-end trial balance and data needed for the month-end adjustments for a merchandising company. The data is contained in the attachment. Complete the ledger accounts, the adjusted trial balance for the month-end, and prepare the financial statements. In addition, journalize and

Journal Entries

Journal Entries Dave ran an electronics store, Dave's Automotive Supplies, and had set up the following account names and codes: Accounts Payable 1 Interest Payable 17 Accounts Receivable 2 Interest Receivable 18 Accumulated Amortization 3 Merchandise Inventory 19

Analyze issues and prepare journal entries

You've just been hired as a staff accountant by the public accounting firm of Debere and Credere. You've been assigned to work on an audit of Hogg Enterprises, a new client, and Jo Stamm is the audit senior who will be supervising you. Debere and Credere's standard audit plan begins with current assets and proceeds through the b

Computing, Journalizing and Presenting Deferred Income Taxes

See attached file. E19-3 One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Deferred Taxes Bandung Corporation began 2007 with a $92,000 balance in the Deferred Tax Liability account. At the end of 2007, the related cumulative temporary difference amounts to $350,000, and it will reverse evenly over the

Information about "Journal Entries"

Boggs Company sold merchandise to Wilsey Company on account for $73,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $43,800. During the discount period, Wilsey Company returned $3,000 of merchandise and paid its account in full (minus the discount) by remitting $69,300 in cash. Both companies use a perp

Journal Entries Related to Long Term Bonds

Prepare journal entries to record the following transactions related to long-term bonds of XYZ Co. (a) On April 1, 2006, XYZ issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2016. (b) On July 1, 2008 XYZ retired $150,000 of the

Three multiple choice questions.

Once information is collected, what is the first step in writing a literature review? build bridges between different areas in the review create a unified theme for the review work from an outline read other literature reviews What is the average rejection rate for the top journals? 15%

Describe the accounting cycle briefly.

Can you please describe to me in detail the steps of the accounting cycle? please include references searched the solution library and need new information. no Wikipedia include references

Journal Entries

Recording Journal Entries for Purchases and Purchase Discounts Using a Perpetual Inventory System Using the information in E6-8, prepare journal entries to record the transactions, assuming Axe uses a perpetual inventory system. E6-8 During the months of January and February, Axe Corporation purchased goods from three