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The Accounting Cycle

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

Journal Entries: Treasury Stock

Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share. On November 1, Gore reissued 40 shares at $83 per share. Prepare Gore 's journal entries to record these transactions using the cost method

Southside City Debt Service Fund: journal entries for transactions

In 1999, the voters of Southside City authorized the construction of a new swimming pool for a total cost of no more that $5 million. The voters also approved the issuance of $5 million of 5% general obligation serial bonds to be repaid by a special property tax. Interest on these bonds is payable annually on June 30. On June

Journal Entries: Solomon Company

P10-3A On January 1, 2006, Solomon Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $38,500. Related expenditures included: sales tax $2,200, shipping costs $175, insurance during shipping $75, installation and testing costs $50, and $90 of oil and

Journal entries for Gilberto Co.

Information related to Gilberto Co. is presented below. 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, retu

Prepare journal entries to record transactions: asset purchases, depreciation

Mar 1 Purchased a truck for $30,000, w/a 5 year useful life and a $5,000 salvage value. Also paid 6% sales tax, $350 for the annual truck license, $500 to paint the truck w/ company colors and name, and $1500 for spare parts. All payments in cash May 10 Purchased garage from neighboring business w/a 7.4%, 4 year, $75,000 no

Issue shares, buy back shares, sell treasury stock

Prepare journal entries for the following transactions: a. Issue 15,000 shares, selling price is $45 and par value is $1. b. Buy back 650 shares of outstanding stock at $48 per share. c. Sell 500 shares of treasury stock at $50 per share.

Journal Entries of Longacre Nursery

The accounting records of Longacre Nursery, Inc., for Year 2 and Year 3 reveal the following: Year 2 Year 3 Income before income taxes per books $250,000 $400,000 Timing differences (30,000) 20,000 Permanent differences 5,000 (6,000) Taxable income $225,000 $414,000 The income tax rate is 40 percent

Journal Entries with explanations; post T-accounts

3-1 Impact of a Transaction. The company borrowed $85,000 in cash from Eastern Bank. Dr Cash $85,000 Cr Bank loan $85,000 3-2 Impact of a Transaction. The company used $45,000 in cash to purchase land on the west side of Hatu Lake. Dr Land $45k Cr Cash $45k 3-11 Journal Entries Refer to PE 3-1. Make the journal

Prepare Journal Entries using the allowance method of uncollectible accounts

Prepare entries to record the following transactions using the allowance method for uncollectible accounts. a. The firm assumes that approximately 1% of total sales on account will prove uncollectible. Sales for Year 1 are $1,000,000. All sales are on account. b. On July 7, Year 2, it is determined that an account of $2,000

Prepare a pension worksheet and journal entries

Can you help me get started with this assignment? The accountant for ABC co. has developed the following information for the company's defined -pension plan for 2008: Beginning PBO $3,750,000 Beginning FMV of assets $2,750,000 Pension Liability $1,000,000 AOCI - unrecognized PSC

Steps in the accounting cycle and items on the balance sheet

What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period? What are some of the items that appear on a company's balance sheet? Provide and

Recording Journal Entries (Sysco, formed in 1969)

Can you help me get started with this assignment? For each of the transactions, prepare journal entries. Determine whether the account equation remains in balance and debits equal credits after each entry. ** See ATTACHED file for complete details **

Literature Review: select, analyze and discuss a peer-reviewed journal article

Locate a peer-reviewed journal article in an area of business, social science, psychology, or medicine that is of interest to you. Your selected article should be a research article with sufficient content for a report. The objective of the critique is to describe how the study followed, or failed to follow, the criteria for

Roller Corp's Purchase of Steam Company

Roller Corporation purchased 20 percent ownership of Steam Company on January 1, 20X5, for $70,000. On that date, the book value of Steam's reported net assets was $200,000. The excess over book value paid is attributable to depreciable assets with a remaining useful life of 10 years. Net income and dividend payments of Steam

TRM Corp: Defined Benefit Pension Plan Journal Entries in Year 8

TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000. Actual return on plan assets = $35,000. Expected return on plan assets = $40,000. Net amortization of unrecognized losses = $15,000. If the company contrib

Term Modification without Gain: Debtor's Journal Entries

(Term Modification without Gain-Debtor's Entries) On December 31, 2007, the Firstar Bank enters into a debt restructuring agreement with Nicole Bradtke Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,000,000 note receivable by the following modifications: Reducing t

Bank reconciliation statement & Journal entries

The Agricultural Genetics Company's Cash account is in general ledger reported a balance of $9,448 on May 31, 2008. The company's bank statement from Western Bank reported a balance of $11,689 on the same date. A comparison of the details in the bank statement to the details in the Cash account revealed the following facts:

Bank Reconliation

Brown Company's bank statement for September 30 showed a cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of September 30. a. A customer's check for $100 marked NSF was returned to Brown Company by the bank. In addition, th

Variances: journal entries

Aquafloat Corporation manufactures raft for us in swimming pools. The standard cost for material and labor is $89.20 per raft. This includes 8 kilograms of direct material at a standard cost of $5.00 per kilogram, and 6 hours of direct labor at $8.20 per hour. The following data pertain to November. * Work-in-process inven

Accounting Cycles

1. A friend comes to you with the following plight: "I'm confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative and it is increased with a debit. I don't get it." How can you straighten out your friend? 2. Which of the following steps in the accounting cycle requi

24 MC Information Systems, accounting cycle, COSO, internal control, ISO 17799

1. Identify which of the following accounting functions has been automated by most companies' information processing subsystems: A) Posting to ledgers B) Recording journal entries C) Preparing trial balances D) all of the above 2. An example of an assurance service for a company engaged in electronic commerce is: A) ET

Journal Entries

Problem #1 Presented below is an aging schedule for Lewis Company. Customer Total: Not Yet Due: Number of Days Past Due 1-30 31-60 61-90 Over 90 Anders $20,000 $9,000 $11,000 Baietto 30,000 $30,000 Cyrs 50,000 15,000 5,000 $30,000 DeJong 38,000 $38

YellowCard Company: Prepare journal entries for Payroll and Payroll Tax

The payroll of YellowCard Company for September 2006 is as follows. Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. The amount paid to employees in excess of $7,000 was $400,000/ Omcp,e taxes om tje a,pimt pf $8