None 23.33pointseBookPurchase priceSales taxFreight charges for shipment of equipmentInsurance on the equipment for the first yearInstallation of equipment$ 56,0003,3008101,0102,100The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listedabove were paid in cash.Required:Prepare the necessary journal entries to record the above expenditures.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.HintView transaction listPrintReferencesJournal entry worksheet2Record the purchase of equipment.Note: Enter debits before credits.Transaction1General JournalDebitCreditRecord entryClear entryView general journal>

To record the purchase of equipment along with the related expenditures, you'll need to make the…

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College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 6SEB: SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries...

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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
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Company C had the following investment. Help them determine the financial statement implications of the investment. Tax rate Estimated tax payment 21% 21,000 Investment cost and ending fair values for 20X1 and 20X2: 20X1 20X2 Cost Fair value Total gain 100,000 110,000 10,000 100,000 134,000 34,000 20X1 income statement information: Sales Expenses 1,670,200 1,536,600 Assuming the investement is short-term, what is the deferred taxes payable on the 20X1 balance sheet?
H1. Account
SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and 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.
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…
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
Required information P9-4 (Static) Recording and Reporting Accrued Liabilities and Deferred Revenue with Discussion of Accrual versus Cash Accounting LO9-1 [The following information applies to the questions displayed below.] During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. a. Paid and recorded wages of $130,000 during Year 1; however, at the end of Year 1, three days' wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $4,000. b. Collected rent revenue of $2,400 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2. P9-4 Part 1 Required: 1. With respect to wages, provide the adjusting entry required at the end of Year 1 and the journal entry required on January 6 of Year 2.…
Closing Entries for the Operating Accounts?
MC Qu. 16-84 Donata Company purchased equipment for... Donata Company purchased equipment for $45,000 in December 20x1. The equipment is expected to generate $12,000 per year of additional revenue and incur $6,000 per year of additional cash expenses, beginning in 20x2. Under MACRS, depreciation in 20x2 will be $7,000. If the firm's income tax rate is 20%, the after-tax cash flow in 20x2 would be: Multiple Choice O O о $1,200. $2,200. $3,600. $6.200. None of the answers is correct.
Presented below are selected accounts of Cheyenne Company at December 31, 2025, Inventory (hinished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion 1 2 3. 4. 5. 6. 7. The following additional Information is available. $57,100 99,000 259,100 Currere Assets Current Liblikies Intangibis Assess Long-term invaimenta Long-term Lieblises Property Plant and Equipment Stockholders Equity Total Assets 41,700 Total Currans Assss Total Current Liablisis Total Intangis Assets Total Liabilities Total Liabilities and Stockholders Equity Total Long sam Inveaimanta Total Long-tarm Labiss Total Property, Plant, and Equipmara Total Stocichaldars Equlty 42,600 32,700 42,900 50,800 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,105,600 37,200 CHEYENNE COMPANY…
Recording Purchase of Equipment through Debt Relay Company purchases equipment by making a down payment of $28,000 cash. In addition, Relay signs a note requiring monthly payments of $5,600, starting one month after purchase and continuing for a total of 20 months. The contract calls for no interest, yet the prevailing interest rate is 12% on similar transactions. a. Record the entry required for the purchase of this equipment. b. Record the entry to recognize interest expense, one month after this purchase. Ignore the cash payment part of the transaction. • Note: Round your answers to the nearest whole number. a. b. Account Name To record the purchase of equipment. To record the interest incurred. Dr. Cr.

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