C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year insurance policyfor cash, $8,400 4. Paid Utilities bill recieved in December 2019, $450. 9. Peformed service account, $1,200 16. PaidBi-monhly salary to employees, $2, 700 21. Recieved $800 from a costumer on account. 25. Recieved $600 fromJanaury 9 transaction. 30, Prepared the adjusting entry for insurnace from Janaury 1 Transaction. 30. Accrued wages of$2,750. Required: show the amount on revenue and expense recognized for each transaction under both accrual basisand cash basis of accounting by completing the charts below. ACCRUAL BASIS Date Revenue Expenses CASH BASISDate Revenue Expenses

The objective of the question is to understand the difference between accrual basis and cash basis…

Answered: C The following transactions for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
Banksia Company completed the following transactions during 2018-2019. The annual accounting period ends 30 June 2019. a) Purchased inventory on credit at cost of AUD 16,800; perpetual inventory system is used. b) Received a customer deposit of AUD 18,000 from ABC Ltd for services to be rendered in the future. c) Borrowed AUD 900,000 from the bank on 1 March 2019 by giving the bank a six-month, 9% interest bearing note payable. d) Performed AUD 8,000 of the services paid for by ABC Ltd; the rest will be rendered in August 2019. e) Received the electricity bill for AUD 24,200, which will be paid in early July. f) On 1 June 2019 received rent in advance of AUD 21,600 from XYZ Ltd for a 3 month lease of premises from 1 June until 31 August 2019. g) Wages accrued in the last weekly payroll amounted to AUD 23,000 and will be paid on 5 July 2019. Required: 1) Prepare the journal entries for each of these transactions 2) Prepare all adjusting entries required on 30 June 2019
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
At Dec. 31, 2019. H&M Co. had gift certificates outstanding, which had been sold to customers during 2019 for P 100 each H& M operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at Dec. 31, 2019. * A.N one B.400,000 C.600,000 D.1,000,000
Quimby Sports Authority purchased inventory costing $30,000 by signing a 6% short-term, one-year note payable. The purchase occurred on July 31, 2021. Quimby pays annual interest each year on July 31. Read the requirements. First, journalize the company's (a) purchase of inventory. (Record debits first, then credits Exclude explanations from journal entries.) Journal Entry Jul Date 2021 31 Accounts Print Debit Requirements Joutnalize the company's (a) purchase of inventory; (b) accrual of interest expense on April 30, 2022, which is the company's fiscal year-end; and (c) payment of the note plus interest on July 31, 2022. (Round your answers to the nearest whole number) (d) Show what the company would report for liabilities on its balance sheet at April 30, 2022, and on its income statement for the year ended on that date Done - X Credit Clear all Check answer
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Companywith terms 4/10, n/60. Nobes applies net cost method for purchases and pays this amount March 1, 2021.Make journal entries for Nobes, February 15, and March 1 st .
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
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Case From the following particulars of Al Zahra LLC for the year 2019, Al Zahra LLC. sold goods to General Trading Company on 1st Jan 2019 RO 20000, in that 25% of cash received immediately. The credit term was terms as 3/10 net 30, from the amount due on credit 50% was paid by General Trading Company on 18th January 2019 and the remaining amount was paid on 30th January, 2019. On 4th January, 2019, Goods sold to Mr. Ali on credit for RO 12000 was uncollectible because of his sudden death. Goods sold to Mr. Ahmed on credit on 5th March, 2019 for RO 6000 through credit card was received after one month ie: on 7th April, 2019, for that interest was @ 5%. Amount collected from current years sales was RO 150000 From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables and the total credit sales during the year 2019 was RO 180000the estimated amount of allowance for uncollectible was @ 10% The actual uncollectible amount during the year 2019…
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