Bridgeport Corporation issued 250 shares of $10 par value common stock for $3,750. Prepare Bridgeport's journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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- Treasury stock transactions Instructions Chart of Accounts Journal Final Questions Journal Instructions a. Journalize the transactions of February 11, April 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is Lake reacquired 38,700 shares of its common stock at $45 per share. On April 30, Lava Lake entered Inc. sold 33,500 of the reacquired shares at $48 per share. On August 22, Lava Lake Inc. sold 5,200 shares at $44 per share. PAGE 10 Required: JOURNAL ACCOUNTING EQUATION a. Journalize the transactions of February 11, April 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not DATE…n.com AliExpress Lazada a Agoda.com Open with Google Docs - Intermediate Accounting 1.docx C PI8,000 d. P24,800 For Nos. 28-30 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these accounts. On December 15, 2020, the entity assigned the remalnder of the accounts receivable, P5,000,000 as of that date, as collateral on a P2,500,000, 12% annual interest rate loan. The entity received P2,500,000 less a 2% finance charge. None of the assigned accounts has been collected by the end of the year. Allowance for bad debts before adjustment, 12/31/2020 Estimated uncollectible, 12/31/2020 Accounts receivable not indluding factored and assigned accounts Accounts recelvable - assigned Accounts receivable- factored 100,000 10% of accounts receivable 1,000,000 5,000,000 1,500,000 28. What Is the total amount of cash recelved from the financing of accounts recelvable during the year? a. P1,390,000 b. P3,890,000 P3,540,000 d.…0.67/2 E Knowledge Check Bramble Company, who uses the direct write-off method, writes off as uncollectible Indigo Company's $320 balance on December 12. Record the entry. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media Save for Later Attempts: unlimited Submit Answer Valuation and Disposition of Accounts Receivable: Valuing Accounts Receivable (Allowance Method for Uncollectible Accounts) Lecture Video (6 minl Q Search myhp M20
- oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyasView History Bookmarks Window Help Fri Apr 9 6:16 PM edugen.wileyplus.com Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 7-04 a-d (Part Level Submission) Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Bixler Company, balance $4,500; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $9,500 $7,700 $ 0 Cuddyer Company 7,300 2,600 3,300 Freeze Company 9,000 9,000 (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $4 Click if you would like to Show Work for this question: Open Show Work S SAVE FOR LATER Attempts: 0 of 4 used (b) The parts of this question must be completed…termediate Accounting 1.docx Open with Google Docs For Nos. 20-21 Nabangst Corporation reported the following recelvables on December 31, 2018: Accounts recelvable, net of P520,000 allowance for doubtful accounts Interest receivable P3,840,000 190,000 4,000,000 Notes receivable Additional Information: The notes recelvable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 20. What amount should be reported as interest income for 2019? P240,000 d. P110,000 a. P80,000 C. b. P60,000 21. What…
- Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss - Income 12540 Estimated Liability on Purchase Commitments 12540 eTextbook and Media List of Accounts Attempts: 1 of 1 used (c2) Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the…On June 30, 2017, Bramble Company issued 12% bonds with a par value of $760,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after June 30, 2025. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2026, and to issue new bonds. New 8% bonds were sold in the amount of $920,000 at 103; they mature in 20 years. Bramble Company uses straight-line amortization. Interest payment dates are December 31 and June 30. (a) (b) Prepare journal entries to record the redemption of the old issue and the sale of the new issue on June 30, 2026. Prepare the entry required on December 31, 2026, to record the payment of the first 6 months' interest and the amortization of premium on the bonds. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.…Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. January 20 Pay cash for salaries, $33,100. January 22 Receive cash on accounts receivable,…
- 36: In funds flow statement, repayment of long- term loans is 2848554354 Application of fund Source of cash Application of cash Source of fund Save & Next Save & Back Skip/Mark For Review Jump to Question:Given the following transaction of entrepreneur ark, what journal entries would you make as its accountant, to book the followig transaction? a June 23. Received a 52,000, 90 day, 8% note date 23 from BEDA express account sept 11 the note is dishonoed by BEDA Oct 2 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to BEDA express on september 21om te x O Indian X Conten X O My App X Reset F X Cengag x O Mail -E X Indian m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro.. Q < * * eBook Show Me How Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at % of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000. c. The allowance account before adjustment has a credit balance of $45,000. Bad debt expense is estimated at % of 1% of sales. d. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.…