Among the journal entries prepared by the inexperienced accountant of Rainbow County General Fund for the fiscal year ended June 30, 2006, were the following: 2005 July 1 Accounts Receivable 800,000 Cash 800,00
Please see the attached file. Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $100,000, $60,000, and $40,000, respectively...
For each of the following situations, determine the necessary adjustments. 1. A firm purchased a two-year insurance policy for $6,000 on July 1, 2007. T $6,000 was debited to the prepaid insurance account. What adjustment should be made to record expired insurance on the firm's July 31, 2007,worksheet? 2. On December 1, 2007
Selected Accounts from the general ledger of Classy Creations Company follow. Prepare general journal entries that would be made to record the following transactions. Be sure to include dates and descriptions in their entries. 101 Cash; 111 Accounts receivable; 121 supplies; 131 equipment; 141 automobile; 202 accounts pay
Common and preferred stock?issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash: 1 1,500,000 shares of $6 par per share common stock were authorized; 700,000 shares were issued on January 1, 2003, at $25 per share.
The 4 questions refer to the following: A Company owns 100 percent of Z Company's outstanding common stock. A purchases land from an outside party for $20,000 (T1). A Company subsequently sells the land to Z for $30,000 (T2). Z later sells the land to another outside party for $40,000 (T3). * If only T1 is completed during
Please see the attached file. 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
On February 1, Neil Company purchased 500 shares (2% ownership) of Young Company common stock for $30 per share plus brokerage fees of $400.
EDIT: FYI - All I need is the correct account description name & amount for each part of the question. 1) On February 1, Neil Company purchased 500 shares (2% ownership) of Young Company common stock for $30 per share plus brokerage fees of $400. 2) On March 20, Neil Company sold 100 shares of Young stock for $2,900 less
On January 1, 20X2, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance sheet data for TKK at the time of acquisition were as follows: Balance Sheet Item
What are some examples of basic entries to record transactions used in your organization? In your response, you are not required to journalize these entries.
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Dische Corporation in 2007. 1. Dische developed a new manufacturing process, incurring research and development costs of $150,000. The company also purchased a patent for $37,400. In ea
Journal Entries and Statement preparation 1. On January 1, 2005 Frances Corporation started doing business and the owners contributed $200,000 capital in cash. 2. The company paid $24,000 to cover the rent for the office space for the 24 month period from January 1, 2005 to December 31, 2006. 3. On March 1, 2005 MSK Inc
1. Prepare the journal entries for the following transactions for Guang Corporation for 20x1 and 20x2. Please provide Provide all explanations. 20x1 Aug. 13 Purchased 1,000 share of Nestor Corporation stock for $30,000. These shares were purchased primarily for trading purposes.
Scholastic Brass Corporation manufactures brass musical instruments for use by high school students. The company uses a normal costing system, in which manufacturing overhead is applied on the basis of direct-labor hours. The company's budget for the current year included the following predictions. Budgeted total manuf
Presented below are selected transactions at Thomas Company for 2006. Jan. 1 Retired a piece of machinery that was purchased on January 1, 1996. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2003.The computer cost $35,0
The 31 December 2004 balance sheet of Daniel Company showed an Accounts Receivable balance of $440,000 and a credit balance in Allowance for Uncollectible Accounts of $88,000. During the financial year ended 31 December 2005, the following transactions occurred: sales of $2,338,000 which included credit sales of $2,104,000; c
A: Prepare journal entries to record the following four separate issuances of stock: 1. Two thousand shares of no-par common stock are issued to the corporation's promoters in exchange for their efforts, estimated to be worth $30,000. The stock has no stated value. 2. Two thousand shares of no-par common stock are issue
I'm trying to do extra exercises in order to be better prepared for my up coming course, which is Financial Analysis. I don't quite understand what exactly I'm supposed to do. Could you please help me and explain in simple terms on the steps I am suppose to do. For Practice 3-1 and 3-2, do the following for each transaction:
During July 2006, Woodbury, Inc., completed the following transactions. Prepare the journal entry for each transaction. July 2 Received $400,000 for 8,000 shares of capital stock. 4 Purchased $80,000 of equipment, with 75% down and 25% on a note payable. 5 Paid utilities of $3,500 in cash. 9 Sold equip
4. A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007. 1. Prepare the general journal entry to update depreciation to July 1, 2007. 2
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $32,000 cash and equipment valued at $14,000 in the business. April 2 Hired a secretary-receptionist at a salary of $290/week payable monthly. Apr
Prepare journal entries to record the following transactions entered into by Harper Company: 2003 June 1 Received a $15,000, 12%, 1-year note from Sue Eddy as full payment on her account. Nov. 1 Sold merchandise on account to Stone, Inc. for $20,000, terms 2/10, n/30. Nov. 5 Stone, Inc. returned merchandise worth $2,000
The Houston Company has the following entries to be made for 12/31/06. Assume all depreciation is current as of the end of 2005. Prepare all journal entries, including depreciation for 2006 as needed. Use Straight Line Depreciation, unless otherwise noted. a. January 31- Discarded a machine that was purchased on 1/1/02. Mac
BE12-1 Doom Troopers Corporation purchases a patent from Judge Dredd Company on January 1, 2007, for $64,000. The patent has a remaining legal life of 16 years. Doom Troopers feels the patent will be useful for 10 years. Prepare Doom Troopers' journal entries to record the purchase of the patent and 2007 amortization. BE12-
Defining cash and cash equivalents; preparing journal entries for estimating uncollectible account receivable.
Stowe Enterprises owns the following assets at December 31, 2007. Cash in bank - savings account 63,000 Checking account balance 17,000 Cash on hand 9,300 Postdated Checks 750 Cash refund due from IRS 31,400 Certificates of deposit (180 day) 90,000 What amount should be reported as cash? (DON'T NEED TO DO THIS ONE)
Present entries (journalize the transactions) to record the following: a. Purchased 1000 shares of treasury stock at $13. The treasury stock is accounted for by the cost method b. Sold 500 shares of treasury stock at $15 c. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4000 shares of common stock for t
Issel Corporation had the following transactions pertaining to debt investments Jan 1 Purchased 60 8%, 1,000 Hollis Co. bonds for $60,000 cash plus brokerage fees of $900. Interest is payable semiannually on July 1 and January 1. July 1 Received semiannual interest on Hollis Co bonds. July 1 Sold 30 Hollis Co bonds for
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
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
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?