ECN320 Assignment 1

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K- Consider the following note payable transactions of Collective Video Productions. i (Click the icon to view the transactions.) Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 1, 2023: Purchased equipment costing $24,000 by issuing a one-year, 6% note payable. Accounts and Explanation -xt pages Date 2023 Sep. 1 More info Sep. 1, 2023 Dec. 31, 2023 Sep. 1, 2024 Purchased equipment costing $24,000 by issuing a one-year, 6% note payable. Accrued interest on the note payable. Paid the note payable plus interest at maturity. Print Get more help. - X Done Clear all Debit Credit Check answer

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Purchased equipment for OR5,400, paying OR1,000 down and signing a two-year, 10% note for the balance. . Journal entry will be: Equipment 5,400 Notes payable 5,400 Select one: 1. True 2.False

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HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following transactions which took place in 2021. Sold various products for $180,000 on account. The products cost $85,000. Sales a. tax in your area is 8%. Your company uses a periodic inventory system. Your sales in part "a" included an offer for cash rebates of 2% of the $180,000 total sales price if the customer answers a short five-question internet survey. b. с. On November 1, 2021, your company collected $12,000 of rent on your extra office. The rent covers the six-month period from November 1, 2021 through April 30, 2022. Recorded $62,000 of wages earned by employees including $9,000 of d. withholding taxes, $4,000 of FICA taxes, and $2,800 of health insurance benefits. There were no other deductions from the employees' paychecks. e. Recorded EMPLOYER taxes on the wages in "a." Unemployment is a total of 3% of the gross earnings. f. On December 1, 2021, your company received notice that you were being…

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Current Attempt in Progress Starr Corporation loaned W90,000 to another corporation on December 1, 2022 and received a 3-month, 6% interest-bearing note with a face value of W90,000. What adjusting entry should Starr make on December 31, 2022? O Debit Cash and credit Interest Receivable, W1,350. O Debit Interest Receivable and credit Interest Revenue, W450. O Debit Interest Receivable and credit Interest Revenue, W1,350. O Debit Cash and credit Interest Revenue, W450.

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Aug. 1, 2023: Purchased equipment costing $20,000 by issuing a one-year, 9% note payable. Date 2023 Aug. 1 Equipment Accounts and Explanation Notes Payable Purchased equipment in exchange for one-year, 9% note. Dec. 31, 2023: Accrued interest on the note payable. Date Accounts and Explanation 2023 Dec. 31 Interest Expense Interest Payable Accrued interest expense at year-end. Aug. 1, 2024: Paid the note payable plus interest at maturity. Date Accounts and Explanation 2024 Aug. 1 Debit 20,000 Debit 750 Debit Credit 20,000 Credit 750 Credit

Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…

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