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    The Accounting Cycle

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    Journal Entries and Statement Preparation

    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

    Journalize Transactions for Gagon's General Journal

    Journalizing Transactions Record each of the following transactions in Gagon's general journal. 1. Issued capital stock for $75,000 cash. 2. Borrowed $35,000 from a bank. Signed a note to secure the debt. 3. Paid salaries and rent of $45,500 and $3,600, respectively. 4. Purchased inventory from a supplier on credit

    Guang Corporation

    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.

    Prepare journal entries to record the following four separate issuances of stock

    Need help with how to prepare these 2 problems. EXERCISES 13-3 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

    Journal Entries - Scholastic Brass Corporation

    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

    Journal Entries to Record a Business Combination

    On Jan 1, 2002, 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: B

    Journal Entries for Thomas Company and Yosuke Corporation: Depreciation

    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

    Journal Entries with Revenues, Expenses, and Dividends

    Make the journal entries necessary to record the following eight transactions. a. Purchased inventory on account for $130,000. b. Sold goods for $100,000 cash. The goods originally cost $65,000. c. Paid $27,000 cash for employee wages. d. Paid $12,500 cash for advertising. e. Sold goods for $25,000 cash and $60,000 on accou

    Journal Entries - Daniel Company Accounts Receivable

    See the attached file. 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 cre

    Prepare Equity Journal Entries

    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

    Analysis of Journal Entries

    The following journal entries are from the books of Kara Elizabeth Company: a. Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 Mortgage Payable . . . . . . . . .

    Notes Receivable: interest computations and journal entries

    Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.

    Journal Entries for July for Woodbury

    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

    Journal Entries for Depreciation

    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

    Journal Entries for Insurance, Interest and Payment of Note

    On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable. a. Prepare Gate's general journal entry to record the insurance of the note payable. b. Prepare Gates' general journal entry to record the accrued interest due at December 31, 2007. c. Prepare Gate's general journal entry to r

    Journal entries to record each partner's investment

    Sierra and Jenson formed a partnership. Sierra contributed $25,000 cash and accounts receivable worth $11,000. Jenson's investment included cash $5,000; inventory, $18,000; and supplies, $$1,000. Prepare the journal entries to record each partner's investment in the new partnership. Can you help me get started with this p

    General Journal Entries for Beverly Crusher, CPA

    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 for Harper Company

    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

    Journal / employer's account

    An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. Assuming that the employer had to match her share of FICA tax, and in addition had

    Journal entries to record payroll and the employer expense

    Robin Bradley received a paycheck from her employer in the amount of $776.35. The paycheck stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax and $74.65 had been withheld for FICA. Assuming that Robin's employer had to matcher her share of FICA

    Journal Entries

    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-

    Making journal entries for scenario below

    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

    Investments

    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

    Journal entries for the consolidation

    12. Medium Lisa Co. paid cash for all of the voting common stock of Victoria Corp. Victoria will continue to exist as a separate corporation. Journal entries for the consolidation of Lisa and Victoria would be recorded in A) a worksheet. B) Lisa's general journal. C) Victoria's general journal. D) Victoria's secret con