capital and Revenue Expenditures On April 29, Rocket Co. paid $1,760 to repair the transmission on one of its delivery vans. In addition, Rocket paid $39 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 00:- 00 Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. April 29
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- Prepare the journal entry for the following transaction. Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three- year period. This year's appropriation for $50,000 was made on this date. If an amount box does not require an entry, leave it blank. POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 2On February 13, Scanlon Co. paid $1,790 to repair the transmission on one of its delivery vans. In addition, Scanlon paid $47 to install a GPS system in its van. A. Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. B. Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank.Gerald Inc. of Session opens a sales agency in Julia and a working fund of ₱100,000 isestablished on imprest basis. The first payment from the fund is ₱5,000 for rent of thestore space. What is the entry in the books of the home office to record the payment ofrent by the agency?
- On August 5, GTS Co. paid $1,810 to repair the transmission on one of its delivery vans. In addition, GTS paid $55 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. August 5 Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. August 5Problem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office. On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…On February 13, Scanlon Co. paid $1,530 to repair the transmission on one of its delivery vans. In addition, Scanlon paid $45 to install a GPS system in its van. Question Content Area Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit February 13 Question Content Area Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit February 13
- On October 1, 2022, the Integrity Main Office established a sales agency in Ortigas.· The main office sent samples of its merchandise amounting to P8,400 and working fund amounting to P72,000 to be maintained on the imprest basis. The samples sent were intended to last until June 1, 2023.· During the first two months of operations, the agency transmitted to the home office sale of goods costing P291,600, but the home office was not able to fill-up 25% of the said transmitted sales order.· Collections from customers amounted to P73,941, net of 2% sales discount.· Payments made by the agency during October and November were as follows: annual rent of P57,600, advertising expense worth P5,600 and utilities amounting to P7,200.· It purchased an equipment worth P9,000 which will be depreciated at 20% per annum.· The gross profit on sales agency order is 20% of sales Net income of the agency for the two months ended November 30, 2022 is: a. P26,866 b.…On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,125,000. The following transactions and estimates relate to this contract. Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank ( zero). b. Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time. -Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero).On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $675,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $360,000 Progress billings $171,000 Cash collections $157,500 Estimated costs to complete $360,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. •Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Cost of Construction Construction in Process Revenues from Long-Term Contracts V To recognize revenues and expenses Account Name Billings on Contracts Construction in Process V To recognize revenues and expenses Dr. 720,000 b. Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time. •Note: If a journal entry isn't required on any of the…
- On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $900,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $480,000 Progress billings $228,000 Cash collections $210,000 Estimated costs to complete $480,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. *Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Cost of Construction Deferred Revenue Revenues from Long-Term Contracts To recognize revenues and expenses N/A-Debit Account Name V N/A-Credit To recognize revenues and expenses Dr. 480,000 b. Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time. *Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and…On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $900,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $480,000 Progress billings $228,000 Cash collections $210,000 Estimated costs to complete $480,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. •Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name To recognize revenues and expenses Dr. 0 0 0 Cr. 0 0 0IV. A new sound system is being installed at Club Falcon. The invoice, dated June 9, shows the total cost of the equipment as $16,480. Shipping charges amount to $516, and insurance is $81.20. Terms of sale are 2/10 prox. If the invoice is paid on July 9, what is the net amount due?