Joey Juno began a web-based computer sales and service company on. called Juno's Toys. Joey has made a few decisions regarding the accour all prepayments and unearned revenues will be recorded as assets and I he company will use a periodic inventory system. Juno's Toys complete cransactions during November of the current year: Nov Joey invested $12,000 cash along with $9,000 of used com equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insun effective immediately. Hired a computer technician, named Barney to be paid ever $23,000 of merchandise was purchased from Eastman Stor terms 1/10, n30. Freight was paid in amount of $200 for above purchase. 1 1 2 4 5
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- In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…The following events occur during September: Webworks purchases supplies worth $120 on account. At the beginning of September, Webworks had 19 keyboards costing $100 each and 110 flash drives costing $10 each. Webworks has decided to use perpetual FIFO to cost its inventory. On account, Webworks purchases thirty keyboards for $105 each and fifty flash drives for $11 each. Webworks starts and completes five more Web sites and bills clients for $3,000. Webworks pays Nancy $500 for her work during the first three weeks of September. Webworks sells 40 keyboards for $6,000 and 120 flash drives for $2,400 cash. Webworks collects $2,500 in accounts receivable. Webworks pays off its salaries payable from August. Webworks pays off $5,500 of its accounts payable. Webworks pays off $5,000 of its outstanding note payable. Webworks pays Leon salary of $2,000. Webworks pays taxes of $795 in cash. Required: Prepare journal entries for the above events. Post the journal entries to T-accounts.…Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
- At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.Mr. Ahmed Al Rawahi and Mr. Abdullah Al Rawahi started a business called BEST COMPUTER ACCESSORIES business in Nizwa. They purchase different types of Computer accessories from a Wholesale merchandiser and re-sells to retail merchandiser in Sultanate of Oman. The business follows Periodic Inventory System. Following are the business transactions: Identify all the business transactions in the books of BEST COMPUTER ACCESSORIES Date Transactions 1st January 2020 The business purchased 100 numbers of Dell Monitors at a cost of OMR 70 each from Rahman Computers (Wholesale merchandiser) The payment terms are 5/10, n/30. 3rd January 2020 Purchased 100 numbers of Acer Keyboard at a cost of OMR 60 each from Computer Supplies LLC. The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on the invoice price. 5th January 2020 The business discovers that 20 numbers of Dell monitors are HP monitors. Therefore, these goods are returned to Rahman Computers…Mr. Ahmed Al Rawahi and Mr. Abdullah Al Rawahi started a business called BEST COMPUTER ACCESSORIES business in Nizwa. They purchase different types of Computer accessories from a Wholesale merchandiser and re-sells to retail merchandiser in Sultanate of Oman. The business follows Periodic Inventory System. Following are the business transactions: Identify all the business transactions in the books of BEST COMPUTER ACCESSORIES Date Transactions 1st January 2020 The business purchased 100 numbers of Dell Monitors at a cost of OMR 70 each from Rahman Computers (Wholesale merchandiser) The payment terms are 5/10, n/30. 3rd January 2020 Purchased 100 numbers of Acer Keyboard at a cost of OMR 60 each from Computer Supplies LLC. The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on the invoice price. 5th January 2020 The business discovers that 20 numbers of Dell monitors are HP monitors. Therefore, these goods are returned to Rahman Computers…
- Mr. Ahmed Al Rawahi and Mr. Abdullah Al Rawahi started a business called BEST COMPUTER ACCESSORIES business in Nizwa. They purchase different types of Computer accessories from a Wholesale merchandiser and re-sells to retail merchandiser in Sultanate of Oman. The business follows Periodic Inventory System. Following are the business transactions: Identify all the business transactions in the books of BEST COMPUTER ACCESSORIES Date Transactions 1st January 2020 The business purchased 100 numbers of Dell Monitors at a cost of OMR 70 each from Rahman Computers (Wholesale merchandiser) The payment terms are 5/10, n/30. 3rd January 2020 Purchased 100 numbers of Acer Keyboard at a cost of OMR 60 each from Computer Supplies LLC. The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on the invoice price. 5th January 2020 The business discovers that 20 numbers of Dell monitors are HP monitors. Therefore, these goods are returned to Rahman Computers…Mr. Ahmed Al Rawahi and Mr. Abdullah Al Rawahi started a business called BEST COMPUTER ACCESSORIES business in Nizwa. They purchase different types of Computer accessories from a Wholesale merchandiser and re-sells to retail merchandiser in Sultanate of Oman. The business follows Periodic Inventory System. Following are the business transactions: Identify all the business transactions in the books of BEST COMPUTER ACCESSORIES Date Transactions 1st January 2020 The business purchased 100 numbers of Dell Monitors at a cost of OMR 70 each from Rahman Computers (Wholesale merchandiser) The payment terms are 5/10, n/30. 3rd January 2020 Purchased 100 numbers of Acer Keyboard at a cost of OMR 60 each from Computer Supplies LLC. The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on the invoice price. 5th January 2020 The business discovers that 20 numbers of Dell monitors are HP monitors. Therefore, these goods are returned to Rahman Computers…Mr. Ahmed Al Rawahi and Mr. Abdullah Al Rawahi started a business called BEST COMPUTER ACCESSORIES business in Nizwa. They purchase different types of Computer accessories from a Wholesale merchandiser and re-sells to retail merchandiser in Sultanate of Oman. The business follows Periodic Inventory System. Following are the business transactions: Identify all the business transactions in the books of BEST COMPUTER ACCESSORIES Date Transactions 1st January 2020 The business purchased 100 numbers of Dell Monitors at a cost of OMR 70 each from Rahman Computers (Wholesale merchandiser) The payment terms are 5/10, n/30. 3rd January 2020 Purchased 100 numbers of Acer Keyboard at a cost of OMR 60 each from Computer Supplies LLC. The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on the invoice price. 5th January 2020 The business discovers that 20 numbers of Dell monitors are HP monitors. Therefore, these goods are returned to Rahman Computers…
- Craig has decided to start snow plowing during the winter months. He purchased a heavy-duty dump truck with plow and salter from Power Equipment for $40,000 on October 1st, 2026. He paid $1,000 as a down payment and the remaining balance on a 5% -7 year note to Power Equipment. You will be completing several accounting activities in regards to this purchase. What would the journal entry be for the check 1. Use the write check function in QB Online to record the entire purchase (down payment and capitalization of the truck and related liability). Use check number 171. Create accounts as needed in QB Online. You may find it helpful to write out the journal entry first before completing it in QB Online.Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send ItPacking also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled $11,450; the beginning inventory of materials was $1,050, and the ending inventory of materials was $950. Pay-ments for direct labor during the month totaled $25,570. Overhead incurred was $18,130 (including rent, utilities, and insurance, as well as payments of $14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent $2,750 on advertising during the month. Other adminis-trative costs (including accounting and legal services and a trip to Dallas for training) amounted to $3,650 for the month. Revenues for May were $102,100.Required:1.…Umatilla Bank and Trust is considering giving Whispering Winds Corp. a loan. Before doing so, it decides that further discussions with Whispering Winds's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $300,800. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Whispering Winds shipped goods costing $44,300 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $93.500 that were shipped to Whispering Winds FOB destination on December 27 and were still in transit at year-end. Whispering Winds received goods costing $22.500 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. Whispering Winds shipped…