account in the name of Sony Electric in exchange for its common stock. 2 The company paid $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days.

account in the name of Sony Electric in exchange for its common stock. 2 The company paid $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days.

Name: 1 Sanyu Sony transferred $65,300 cash from a personal savings account
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 1 Sanyu Sony transferred $65,300 cash from a personal savings account to a checkingaccount in the name of Sony Electric in exchange for its common stock.2 The company paid $1,800 cash for the December rent.3 The company purchased $14,200 of electric

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

I need help with journal entries for October , November, and December October 10/1: The business owner used $25,000 from their personal savings account to buy common stock in their company. 10/1: Purchased $8,500 worth of baking supplies from vendor, on account. 10/3: The company borrowed $10,000 in cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity. 10/7: Entered into a lease agreement for bakery space. The agreement is for one year. The rent is $1,500 per month; the last month’s rent payment of $1,500 is required at the time of the lease agreement. The payment was made in cash. Lease period is effective October 1 of this year through September 30 of the next. October 10: Paid $375 to the county for a business license. October 11: Purchased a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment). October 13: The owner has baking equipment, including an oven and mixer, which they have been…
On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: April 1 - Nels Ferrer deposited additional P500,000 cash in a bank account in the name of the business 1 - Purchased for P250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2020 1 - Paid rental for the month of April, P5,000 4 - Collected accounts from previous month, P13,200 5 - Earned and collected trucking income from Ryan, P8,000 8 - Earned trucking income from Jesper, P30,000 on account. Jesper will pay on May 8, 2020 10 - Paid salaries of drivers, P10,000 15 - Rented the vehicle to Joshua for P35,000, Joshua paid P20,000 on that date and the balance on April 20 18 - Paid electric bills for the month, P2,000 20 - Collected from Joshua the balance of his April 15 account 25 - Purchased office supplies, P2,300 29 - Earned and…
Festivus Company has working capital of $140,680 on December 30. On December 31 it has the following transactions: 1) An account payable for $10,000 is paid off 2) An account receivable of $1,000 is written off (Festivus does not use the direct write-off method) 3) $16,600 more inventory is purchased on account. Assume a 365 day year. Sales for the period amounted to $1,700,000 and the average mark up is 25%. Required 1: What is the working capital on December 31st after all transactions took place? $[ Required 2: The working capital turnover for the period ended on December 31st is: Required 3: If Account Payable balance on December 30th is $10,000 what is the Accounts Payable Turnover? Use ending balance of AP instead of the average. Required 4: If Account Payable balance on December 30th is $10,000 what is the Days Accounts Payable are outstanding? Use ending balance of AP instead of the average. Required 5: Festivus' Gross profit percentage is (report it as multiplied by 100 to…
Listed below are selected transactions of Baileys’ Department Store for the current year ending December 31.1. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15.2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month.3. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax.4. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Baileys’ estimates the fair value of the obligation at December 31 is $84,000.5. As a result of uninsured accidents during the year, personal injury suits for $350,000 and $60,000 have been filed against the company. It is the…
7 - Our company purchased a photocopy machine for 100.000 TL, excluding 18% VAT, to be used in administrative works. In addition, the assembly cost of this machine is 8.000 TL excluding 18% VAT and this amount will be added to the cost price. Our company paid 19.440 TL from the bank account and the remaining amount by issuing a check to the relevant supplier company. Which of the following is the accounting record of this transaction?
The following summarized transactions occurred in December 2020 in Syco Co. Dec 1 Purchased plant and equipment for $515 in cash. 2 Borrowed $758 from a bank, signing a note payable. 5 Provided $37,522 in service to customers, with $27,250 on account and the rest received in cash. 9 Paid $4,300 cash on accounts payable. 14 Purchased $30,449 inventory on account. 18 Paid salaries, $3,500. 22 Received $37,410 on account paid by customers. 26 Purchased and used fuel of $750 in delivery vehicles during the year (paid for in cash). 31 Incurred $68 in utility usage during the year; paid $55 in cash and owed the rest on account. Required: Prepare journal entries for those transactions.
A. A corporation is started with an investment of $53,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $850 are purchased on account. D. A part-time worker is hired. The employee will work 15- 20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days. Journalize for Harper and Co. each of these transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. А. В. С. D. Е. II II II I B.
On December 1, Farley Corporation assigns $250,000 of its accounts receivable to Greenhouse Company for cash. Greenhouse charges a $1,500 service fee, advances 80% of Farley’s accounts receivable and charges a 7% interest rate on any outstanding loan balance. A. Prepare the journal entries to record the financing arrangement on Farley’s books. B. On December 31, Farley Received $40,000, on assigned accounts. Prepare the journal entries to record the cash collection on the receivable and the payment to Greenhouse. (Round your final number to the nearest dollar).
The Brick Company had cash sales of $226,200 for Year 1, its first year of operation. On April 2, the company purchased 164 units of inventory at $175 per unit. On September 1, an additional 123 units were purchased for $193 per unit The company had 68 units on hand at the end of the year. The company's income tax rate is 40 percent All transactions are cash transactions. Required a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory, (3) a second purchase of inventory, (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense. Record the amounts of each event in horizontal statements models like the following ones, assuming first a FIFO and then a LIFO cost flow b. Compute net income using FIFO. c. Compute net income using LIFO.
Listed below are selected transactions of Culver Department Store for the current year ending December 31. 1. 2. 3. 4. On December 5, the store received $470 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. During December, cash sales totaled $802,200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $121,600. The trucks were purchased in a state that applies a 5% sales tax. The store determined it will cost $90,500 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Culver estimates the fair value of the obligation at December 31 is $77,400. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries. relative to the…
Required Information [The following information applies to the questions displayed below.] During January. Central Storage Company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $39,ee0 in cash. 2. January 5 Purchase land for $22,508. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $8,780 cash. 4. January 12 Hire three employees for $2,700 per month. 5. January 18 Receive cash of $12,700 in rental fees for the current nonth. 6. January 23 Purchase office supplies for $2,780 on account. 7. January 31 Pay employees $8,100 for the first month's salaries. 3. Prepare a trial balance. CENTRAL STORAGE COMPANY Trial Balance Accounts Debit Credit Cash Supplies Land Equipment Accounts Payable Notes Payable Common Stock Service Revenue Salaries Expense Totals
None