Current Attempt in Progress Cullumber Corporation provides security services. Selected transactions for Cullumber are presented below. Issued common stock in exchange for $81,800 cash from investors. Hired part-time security consultant. Salary will be $2.500 per month. First day of work will be October 15. Paid 1 month of rent for building for $2.500. Purchased equipment for $22,300, paying $5,000 cash and the balance on account. Paid $2,800 for advertising. Received bill for equipment repair cost of $530. Provided security services for event for $4,000 on account. Purchased supplies for $510 on account. Paid balance due from October 7 purchase of equipment. Received and paid utility bill for $184. Received payment from customer for October 12 services performed. Paid employee salaries and wages of $6,300. Oct. 1 (a) 2 4 7 8 10 12 16 21 24 27 31 Your answer is correct. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Cred titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presentes List all dehit entries before credit entries.)

Current Attempt in Progress Cullumber Corporation provides security services. Selected transactions for Cullumber are presented below. Issued common stock in exchange for $81,800 cash from investors. Hired part-time security consultant. Salary will be $2.500 per month. First day of work will be October 15. Paid 1 month of rent for building for $2.500. Purchased equipment for $22,300, paying $5,000 cash and the balance on account. Paid $2,800 for advertising. Received bill for equipment repair cost of $530. Provided security services for event for $4,000 on account. Purchased supplies for $510 on account. Paid balance due from October 7 purchase of equipment. Received and paid utility bill for $184. Received payment from customer for October 12 services performed. Paid employee salaries and wages of $6,300. Oct. 1 (a) 2 4 7 8 10 12 16 21 24 27 31 Your answer is correct. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Cred titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presentes List all dehit entries before credit entries.)

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Description: Current Attempt in ProgressCullumber Corporation provides security services. Selected transactions for Cullumber are presented below.Issued common stock in exchange for $81,800 cash from investors.Hired part-time security consultant. Salary will be

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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On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company A's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company A. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the repayment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit January 31
On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company A's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company A. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 3 > Record the issuance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01
a. Received $60,000 cash from the investors who organized Down, Incorporated b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Current Assets Cash Total Current Assets Equipment Total Assets Assets DOWN.INCORPORATED Balance Sheet At May 31 $ 70,000 70,000 25,000 Liabilities Current Liabilities Common Stock Notes Payable (long-term) $ 95,000 $ $ 60,000 20,000 80,000 80,000 0 80,000
On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company B's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company B. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 > Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…
On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company B's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company B. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) X Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 August 01 Notes Receivable 19,700,000 Notes Payable 19,700,000 2 December 31 Interest Receivable 738,750 Interest Revenue 738,750 January 31 Cash 20,586,500 Interest Receivable 147,750 X Notes Receivable 738,750 X Cash 19,700,000 X
On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $478,700. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8 %, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. _?Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 9%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _?_ Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. View transaction list < Journal entry worksheet 1 2 3 4 5 6 7 8 Purchased $37,500 of…
Recording Note Transactions The following information is extracted from Tara Corporation’s accounting records: May 1 Received a $6,000, 12%, 90-day note from V. Leigh, a customer. May 6 Received a $9,000, 10%, 120-day note from C. Gable, a customer. May 11 Sold the Leigh and Gable notes with recourse at the bank at 13%. In addition, borrowed $10,000 from the bank for 90 days at 12%. The bank remits the face value less the interest. The estimated recourse liability for Leigh and Gable is $84 and $110, respectively. July 31 The July bank statement indicated that the Leigh note had been paid. Aug. 10 Repaid the $10,000 borrowed on May 11. Sept. 4 Received notice that Gable had defaulted on the May 6 note. The bank charged a fee of $10. Paid the amount due on the Gable note to the bank. Informed Gable to pay Tara the entire amount due plus 11% interest on the total of the face amount of the note, the accrued interest, and the fee from the maturity date until Gable remits the amount owed.…
Date Transaction description Obtained a loan of $41,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Paid the full amount owing to Sport Borders, Check No. 603. Payment fell within discount period. Paid the full amount owing to J. J. Spud, Check No. 604. Payment fell within discount period. Made cash sales of $4,184 during the first 3 days of the month. 2 3 Purchased 6 Downhill Snowboards from Good Sports for $180 each, terms 2/10, n/30. Sold 6 Tony Eagle Mark 3 Freestyle Skateboards to Balls 'n All for $204 each, Invoice No. 501. Purchased 5 Freestyle Snowboards with cash for $170 each, Check No. 605. Purchased 5 Pipe Dream surfboards from Sports 'R Us for $150 each, terms net 30. 4 4. 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the…
On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company B's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company B. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 3 > Record the receipt of cash at maturity. Note: Enter debits before credits. Date General Journal Debit Credit January 31
Webb Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts: Accounts Receivable $30,000 Inventories 46,000 Franchise 35,000 Investments 48,000 Prepaid Insurance 5000 Note Receivable 102,000 Cash in Bank 8000 The investments account consists of marketable securities of which management plans to sell half of by December 31. The rest of the securities will be held longer than one year. Prepaid insurance is a two-year policy that was purchased on July 31. The note receivable is an installment note that will be paid in three equal installments on December 31 of each year. The amount that should be classified as current assets in the July 31 balance sheet is ________. $144,500 $182,500 $212,500 $147,000