Capital and Revenue Expenditures On April 29, GTS Co. paid $1,570 to repair the transmission on one of its delivery vans. In addition, GTS paid $23 to install a GPS system in its van. Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. April 29 Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. 38 April 29 00

Capital and Revenue Expenditures On April 29, GTS Co. paid $1,570 to repair the transmission on one of its delivery vans. In addition, GTS paid $23 to install a GPS system in its van. Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. April 29 Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. 38 April 29 00

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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Problem 14 During July, several events occurred at the Floamingo Resort. a. On July 1, a Petty Cash Fund was established in the amount of $100. b. On July 15, the fund was replenished, since it had a balance of $4 with the following receipt: Postage 30 Office Supplies 25 Shipping Charges to UPS c. On July 16, the fund was increase to $200. d. On July 31, the fund was replenished, since it had a balcne of $12 with the following receipt: Spare Parts 35 Stamps 28 Shop Supplies 27 Inventory 100 40
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On March 20 whispering winds petty cash funds of $113 is replenished with the fine contains $10 in cash and receipts for postage $50 supplies $14 in travel Smith $39 prepare the injury to record the replenishment of the petty cash fund
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Journal Entry
urrent Attempt in Progress Nancy's Cabinet Design established a petty cash fund on April 1, 2024, to facilitate the payment of small items. The following petty cash transactions were noted by the petty cash custodian during the month of April 2024: Apr. 1 10 15 Received cash of $205 to establish the petty cash fund. The petty cash fund was replenished when there was $80 on hand and the following receipts: a) $32 for supplies b) $52 for freight in charges c) $27 for postage The petty cash fund was increased to $246
Problem 8-6A (Algo) Record deferred revenues and sales taxes (LO8-4) Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,600. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $832 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,600 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $832 in gift cards redeemed. (Hint. The $832 includes a 4% sales tax of $32.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31…
Question 5
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