Chan Company received a bill totaling $3,700 for machine parts used in maintaining factory equipment. The bill will be paid next month. Make the iournal entrv to record this transaction.
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- During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $25,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 10 percent interest due in six months. On January 3, it paid $1,300 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800. E8-4 Part 2 2. Compute the acquisition cost of the machine.During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $29,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,900. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets". Date January 1 January 1 January 2 January 2 January 3 January 3…During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $24,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 12 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,600. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,300. E8-4 Part 1 Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".) Date January 1 No effect January 2 Equipment Cash January…
- Hitzu Company sold a copler (that costs $7.500) for $15,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2 the copler requires on-site repairs that are completed the same day. The repairs cost $111 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copler.The company received a bill for December’s utilities on January 5. The bill was for $235. So at 12/31, should we record account payable for this?Polar Company purchased a Truck for the company use. The price was $48,000 plus 7% sales taxes. Company paid $5,000 in cash and signed a 4.75% note that requires 40 equal monthly payment at the end of each month for the rest. Provide answer to the following question on the Tab named Financial Accounting on the Excel file. Requirement: a) Provide the journal entry that must be made on the purchase date of truck. b) Determine the amount of monthly payment that must be made. c) Prepare Amortization Schedule. d) Provide the journal entry that company must make the for 2nd monthly payment. e) Provide the journal entry that company must make on the last monthly payment. Problem 5. Excel Sheet Formatting for Data Entry Elizabet wants to use the Excel Sheet in Tab called “Formatting” for compiling and recording company sales. You have been asked to help her in formatting the sheet in order (a) to reduce the chance of errors in typing, and (b) speedup data entry. Elizabet only will be typing…
- On March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring monthly payments of $450 starting March 31. The journal entry to record the first payment would include a _______ to Notes Payable of debit; $376. credit; $74. credit; $376. debit; $74.Hitzu Co. sold a copier (that costs $6,500) for $13,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 5% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $140 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier. 1. How much warranty expense does the company report for this copier in Year 1? Warranty expense 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1? Estimated warranty liability 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2?Hitzu Co. sold a copier (that costs $4,800) for $6,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $209 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier. 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 4. Prepare journal entries to record (a) the copier’s sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2.
- Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 3% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $123 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier.Quick Depot buys tools from a supplier with an invoice amount of $19,700. The terms of the sale are 15/15, n/30. What is the net amount due on the order if the bill is paid by the 15th day?Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…