Feb. 1: Loaned $11,000 cash to Britt Durant on a one-year, 6% note. Accounts and Explanation Date 2024 Feb. 1 Debit Credit IT More info 2024 Feb. 1 Apr. 6 Apr. 30 ? 2025 Feb. 1 Loaned $11,000 cash to Britt Durant on a one-year, 8% note. Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Putt Masters note. Collected the maturity value of the Durant note. Print Done - X
Q: Pizza Factory Company owns 100% controlling interest in its long held subsidiary; The Sugar Company…
A: When a financial transaction is made between two related entities, it is known as intercompany…
Q: Derek has shares of UltFrisCorp that he would like to transfer, using Section 85, to a holding…
A: Capital gains relate to the profit realized from the trade of a capital asset, similar as…
Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…
A: The percentage method has no wage or allowance limit. therefore firm can use it if the employee's…
Q: (a) Prepare an incremental analysis for the special order. (Round computations for per unit cost to…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: Oriole Boxes uses a petty cash imprest system. The fund was established on February 14 with a…
A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…
Q: Sunland Water Co. is a leading producer of greenhouse irrigation systems. Currently, the company…
A: Relevant cost appears to be a management accounting term that alludes to avoidable expenses that…
Q: Presented here are selected transactions for Blossom Limited for 2018. Blossom uses straight-line…
A: Lets understand the basics.A gain or loss over the sale of the asset needs to be computed and for it…
Q: Use the following selected accounts and amounts, all with normal balances, to prepare a classified…
A: BALANCE SHEET The balance sheet is one of the important financial statements of the company. Balance…
Q: 2. You are given a list of accounts and amount of Suchico in the table below: Accounts Payable…
A: Lets understand the basics.Balance sheet is as name suggest balances at both sides. One side is…
Q: Classification of final goods in management accounting pesperctive.
A: In management accounting, final products refer to the goods or services that have completed the…
Q: Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 103…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Monty Corporation has 755,000 shares outstanding. The shares have an average cost of $43 per share.…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: Sandhill Company commenced operations on July 1. Sandhill Company uses a periodic inventory system.…
A: The journal entries are prepared to record the transactions on regular basis. Cost of goods sold =…
Q: The inventory of Royal Decking consisted of five products. Information about the December 31, 2021,…
A: Per Unit Cost under LCM = Lower of Cost or Market ValueUnder the US GAAP "market" generally means…
Q: nation [The following information applies to the questions displayed below.] The fixed budget for…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: Using the information below for Laurels Company; determine the cost of goods manufactured during the…
A: Cost of goods manufactured is the amount of money incurred on the making of the goods. It include…
Q: Martin Corporation’s expected sales revenue for the 4th quarter of 2023 is as follows: Oct…
A: The objective of the question is to calculate the expected cash collections for Martin Corporation…
Q: Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that…
A: Bad Debt expense is a ledger used to record uncollectible accounts written off. Accounts that are…
Q: McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost…
A: Bonus depreciation (cost recovery) is different from section 179 expense. Unlike section 179, there…
Q: The chief executive officer (CEO) of Ozark Industries has just returned from a management seminar…
A: Just-In-Time (JIT) is a production and inventory management philosophy and system that aims to…
Q: raig owns a piece of land that he’d like to use in a new business. He will transfer the land into a…
A: In fiscal and business contexts," shares" relate to units of power in a company or pot. When a…
Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…
A: Answer:-Since the percentage approach has not wage or allowance caps, the employer can utilize it in…
Q: According to 'Apple Export-Import' video, it is probably important for buyers (importers) to go…
A: "Trade business" typically refers to the activities and transactions involved in the buying and…
Q: Use the following information for the Exercises 12-13 below. (Algo) [The following information…
A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…
Q: ou have recently been appointed as auditor to Johnson Plc; a company whose shares are traded on the…
A: A professional issue is a problem or worry that emerges in a certain sector or occupation where…
Q: Tech Services and Purchasing. The corporate expenses for the year ended December 31, 20Y7, are as…
A: The income statement is a critical statement of finances that offers important information about a…
Q: What are some common separately stated items, and why must they be separately stated to the…
A: A partnership is a type of legal business arrangement where two or more people work together to run…
Q: Cullumber Toys' management is considering eliminating product A, which has been showing a loss for…
A: Differential analysis is a management accounting technique in which we assess only the changes in…
Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores.…
A: ACTIVITY BASED COSTINGActivity Based Costing is a powerful tool for measuring…
Q: Klp.3 Demeter is a single taxpayer. Her AGI during the tax year is $175,000. Demeter may claim a…
A: The Child Tax Credit is a duty benefit handed by theU.S. government to eligible taxpayers who have…
Q: During 2024, its first year of operations, Hollis Industries recorded sales of $10,600,000 and…
A: Adjusting Journal Entry: It refers to a journal entry that is recorded by the business at the end or…
Q: Ruth's Puppy Parlocis a pet grooming parlor and boutique. Ruth sells personalized puppy blankets at…
A: Total Fixed Costs remain same within the relevant activity level.Hence, Increase in Contribution…
Q: Required information [The following information applies to the questions displayed below.] Lansing…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: Standard costing is the practice of predicting production-related costs because producers are unable…
Q: Accelerate Motors assembles and sells motor vehicles and uses standard costing. Actual data relating…
A: It is a financial statement that shows the company's profit or loss over a period of time. It is…
Q: Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30…
A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…
Q: Brief Exercise 3-02 Vaughn Repair Shop had the following transactions during the first month of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On January 1, 2020, Leo paid $15,000 for 5 percent of the stock in BLS, an S corporation. In…
A: Gain = Loan repaid - Carrying amount of Loan
Q: Under a standard cost system, when recording the use of direct materials in the production process,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: 5. Recording and Reporting a LIFO Reserve At the end of the annual accounting period, the inventory…
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: In late 2023, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of…
A: Since multiple questions have been asked, We will solve only the first question. If any particular…
Q: “This is really an odd situation,” said Jim Carter, general manager of Highland Publishing Company.…
A: Predetermined overhead rate - Printing = Total overhead cost after allocations / Machine…
Q: Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September…
A: Mainly ending inventory can be valued in three method namely FIFO, Weighted average cost and LIFO…
Q: Perine Company has 4,050 pounds of raw materials in its December 31, 2013, ending inventory.…
A: Direct material is the amount of cost incurred on the making of the goods. It is the cost which is…
Q: Prepare a CVP Income Statement for 2025 based on management's estimates. (Round per unit answers to…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: The Albertville City Council decided to pool the investments of its General Fund with Albertville…
A: Interest is of $ 86,000 i.e. interest collected of $ 54,000 and interest accrued of $ 32,000.…
Q: Which of the following describes the purpose of the statement of shareholders' equity? Multiple…
A: Stockholde's equity statement includes issuance of common and preferred stock, Additional paid in…
Q: Newhard Company assigns overhead cost to jobs on the basis of 118% of direct labor cost. The job…
A: Total manufacturing cost is the total cost incurred during the production process of product. It is…
Q: Based on past experience, Maas Corp. (a U.S. -based company) expects to purchase raw materials from…
A: The rate at which one country’s currency can be converted into another country’s currency referred…
Q: At the beginning of its fiscal year, Lakeside Incorporated leased office space to LTT agreement. The…
A: Depreciation: Depreciation is the process of reducing the value of the assets. It is a non-cash…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Outstanding Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Credit Date Accounts and Explanation Debit Oct. 1 More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done XTesla, Inc. Annual Report on Form 10-K for the Year Ended December 31, 2020. 8 Feb. 2021 sec.gov. Accessed 16 Feb. 2021. Prepare journal entries, applying current US GAAP, to account for the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. b. On January 26, 2021, Bitcoin's price increased to $32,000 per coin. c. On January 27, 2021, Bitcoin's price dropped to $29,500 per coin. d. On January 31, 2021, Bitcoin's price recovered to $33,650 per coin. View transaction list Journal entry worksheet 1 2 On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. 3 4 Note: Enter debits before credits. Date January 24, 2021 Record entry General Journal Clear entry Debit Credit View general journalReed Co. had the following transactions (see below) during November and December of 2025. Requirements: 1. What amount of interest will Reed pay in 2025 (use 360 days in calculations as needed)? Record the journal entries for each of the transactions listed below. Record any necessary year-end adjusting journal entries for related to these transactions. Record the payment of the note in 2026. Transactions 1-Nov-25 Issued a note to the bank with the following terms. Interest and principal paid at maturity. Days 75 Interest Rate 5.00% Face Amount $ 75,000.00 1-Dec-25 Received $18,000 cash from a customer as an advanced payment for services to be provided and earned evenly for 1 year. 10-Dec-25 Made cash sales, not including sales tax) of $ 100,000.00 Cost of goods sold for these sales of 81,000.00 Associated sales tax rate is 6% 30-Dec-25 Paid the sales…
- Deb secured a line of credit for her business and received the following statement of account for the month of February 2021. Date Transaction Deposit Withdrawal Balance Feb 1 Balance -450 Cheque 262 Deposit Feb 4 570 -1020 Feb 10 2250 1230 Cheque 263 Cheque 264 Feb 16 280 950 Feb 20 1090 -140 Feb 22 Cheque 265 100 -240 Feb 27 Cheque 266 160 -400 Feb 28 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 7% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 18% p.a. is charged on daily amounts exceeding $1,000. Service charge of $5.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account…Below are the details of a loan Levis' obtained from their bank on November 1, 2021. 3 Required: Prepare the following journal entries: a. On November 1, 2021 Levis' borrowed $200,000 from a bank with a five year term at an interest rate of 7% per annum. 6 7 Date ACCOUNT TITLES Debit Credit 8. 1-Nov 9 10 b. The first loan payment is due at the end of the month in the amount of $3,800. This payment includes 11 $1,440 of interest. 12 13 Date ACCOUNT TITLES Debit Credit 14 30-Nov 15 c. Total loan payments made in 2022 will be $600. It is determined that $36,000 of this amount will 8 go towards the principal of the loan. 9 Date ACCOUNT TITLES Debit Credit 31-DecOn April 1, Online Travel issues $12.5 million of commercial paper with a maturity on December 31 and a 7% interest rate. Record the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the issuance of the commercial paper. Note: Enter debits before credits.
- Additional information: 1. The company uses a perpetual system 2. The company uses control accounts for selling and administrative expenses. 3. The company records and posts its adjusting entries to its account only at year-end. 4. Uncollectible accounts average 0.5% of net sales. 5. The P400K note receivable was received on March 1, 2019. The 6-month note carries an annual interest rate of 12%, the interest to be collected at the maturity date. 6. The balance in the prepaid insurance account represents payment made on January 1, 2019, for a 1-year comprehensive insurance policy. 7. The property and equipment account consists of land, P500K; buildings, P5.5M; and equipment, P2M. The buildings are depreciated over a 25-year life; the equipment over an 8-year life. Straight-line depreciation is used; residual value is disregarded. No acquisitions have made in 2019. The depreciation on the buildings is treated as an administrative expense; depreciation on the equipment as a selling…On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 Sep. 30 Course Chat Time GB VVaughn Company borrowed $31,200 on November 1, 2025, by signing a $31,200, 9%, 3-month note. Prepare Vaughn's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit III Credit
- Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020 May 1 Received a $33,000, 12 months, 10% note in exchange for Mark Chamber’s outstanding accounts receivable. Dec. 31 Accrued interest on the Chamber note. Dec. 31 Closed the interest revenue account. 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020Dec. 31, 2020May 1, 2021 May 1, 2020Dec. 31, 2020May 1, 2021 (To record accrued interest on note.) May 1, 2020Dec. 31, 2020May 1, 2021 (To close the…Additional information: 1. The company uses a perpetual system 2. The company uses control accounts for selling and administrative expenses. 3. The company records and posts its adjusting entries to its account only at year-end 4. Uncollectible accounts average 0.5% of net sales. 5. The P400K note receivable was received on March 1, 2019. The 6-month note carries an annual interest rate of 12%, the interest to be collected at the maturity date. 6. The balance in the prepaid insurance account represents payment made on January 1, 2019, for a 1-year comprehensive insurance policy. 7. The property and equipment account consists of land, P500K; buildings, P5.5M; and equipment, P2M. The buildings are depreciated over a 25-year life; the equipment over an 8-year life. Straight-line depreciation is used; residual value is disregarded. No acquisitions have made in 2019. The depreciation on the buildings is treated as an administrative expense; depreciation on the equipment as a selling…On January 1, 2024, Nantucket Ferry borrowed $14,000,000 cash from BankOne and issued a four-year, $14,000,000, 6% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.