Date Accounts and Explanation Debit Credit Accounts Receivable 24,000 a. Sales Revenue 24,000 Cost of Goods Sold 13,440 Merchandise Inventory 13,440 b. Accounts Receivable 24,360 Sales Revenue 24,000 Unearned Revenue 360 Cost of Goods Sold 13,440 Merchandise Inventory 13,440 Accounts Receivable 24,000 c. Sales Revenue 23,640 Service Revenue 360 Cost of Goods Sold 13,440 Merchandise Inventory 13,440 d. Accounts Receivable 24,000 Sales Revenue 23,640 Unearned Revenue 360 Cost of Goods Sold 13,440 Merchandise Inventory 13,440

Date Accounts and Explanation Debit Credit Accounts Receivable 24,000 a. Sales Revenue 24,000 Cost of Goods Sold 13,440 Merchandise Inventory 13,440 b. Accounts Receivable 24,360 Sales Revenue 24,000 Unearned Revenue 360 Cost of Goods Sold 13,440 Merchandise Inventory 13,440 Accounts Receivable 24,000 c. Sales Revenue 23,640 Service Revenue 360 Cost of Goods Sold 13,440 Merchandise Inventory 13,440 d. Accounts Receivable 24,000 Sales Revenue 23,640 Unearned Revenue 360 Cost of Goods Sold 13,440 Merchandise Inventory 13,440

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following costs pertain to a new delivery truck that was purchased on March 31, 2020. All costs were paid in cash. Calculate how much the truck will be capitalized as an asset for the truck. How much will be expensed? You are not required to prepare a journal entry. Cost of Truck $30,000 Delivery charges $1,300 Ongoing gasoline purchases each week $ 200 Sales Tax $2,100
.
Vijay
The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow. Dire Bikes Bikes $ 921, 000 s265,0 s 404,000 S 252,000 Hountain Racing Bikes Total sales variable manufacturing and selling expenses 447,000 150,e0 16,0 contribution nargin Fixed expenses: Advertising, traceable Depreciation of special equipnent salaries of product-1ine managers Allocated comnon fixed expenses Total fixed exxpenses 101,000 8,900 44,00e 20,see 114,300 40,100 184, 200 53,800 412,Gee 1 00 40,400 7,500 38,100 se, see 166,s00 122,600 24,400 $ 26,100 S 29,200 $(21,600) 20,00 16,00e 35,400 50,400 70,100 Net operating 1ncone (loss) "Allocated on the basis of sales dollars. Management is concerned about the continued losses shown by the racing bikes and wants a recommendation as to whether or not the line should be discontinued. The special equipment used to produce racing bikes has no resale value and does not…
Your business buys a copy machine for $8,000 on January 1. You estimate that the copy machine will produce 350,000 copies during its useful life; its salvage value after producing the 350,000 copies is projected to be $1,000. The copy machine produced 75,200 copies in year 1 and 68,300 copies in year 2. Calculate depreciation for each of the first two years using the units-of-production method.
Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $70.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 15% compounded monthly. a. What was the purchase price of the refrigerator? (Do not round Intermedlate calculatlons and round your final answer to 2 declmal places.) Purchase price b. How much interest did Carmella pay during the entire contract? (Do not round Intermedlate calculatlons and round your final answer to 2 decimal places.) Interest paid 24 connect
A property in Waterford was purchased with a down payment of $3525 and payments of $2025 at the beginning of every 6 months for 9 years. interest is 6% compounded monthly. what were the purchase price of the property and the cost of financing?
2. A vehicle is purchased by ABC Co. The vehicle cost $35,000 and has a useful life of 5 years or 100,000 miles with a salvage value of $3,000 at the end of its useful life. There is a 6 percent sales tax due on the vehicle upon registration with the Registry of Motor Vehicles, and the registration fee is $120 in order to get new plates. Every year a $75 dollar license renewal fee is charged by the Registry. After six months, the vehicle is brought to the dealer for a $75.00 oil and filter change. In its six months of operation, it has a flat tire that cost $35 to repair. Two years down the road, the engine of the truck seizes and an engine replacement is performed, which cost $3,000. With regard to the above example, which of these expenditures are capitalized, and which are expensed? The cost of the vehicle The sales tax The plate and registration fee Annual registration fee The oil and filter change The flat tire repair The engine replacement
Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid$770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?
A company decides to purchase a new delivery vehicle. The cost, in dollars, is $104,500. They takes out a 5-year "note" to pay for the vehicle, with 4% interest due at the beginning of each year. If I were to journalize this entry, would it be debit to equipment, and credit to accounts receivable for 104,500/5 + 0.04*104500? Or is it credited to something else?
On 01-01-15, G purchased a machine for $10,000,000. Installation costs incurred and paid for on 01-01-15 were $50,000. G started using the machine on 01-01-15. G estimates it will use the machine for 3 years. At the end of the 3rd year, G will have to dispose of the machine at an estimated cost of $435,000. Assume as of 01-01-15 the interest rate on US Treasury securities was 1.75% and G’s credit standing required a 2% risk premium. G uses a straight-line depreciation method and assumes no salvage value. What amount should G report on its balance sheet as a fixed asset (machine) as of 12-31-15? Prepare an excel spreadsheet that clearly identifies and clearly labels G’s ARO obligation balance as of 12-31 for every year from 2015 to 2017 AND G’s accretion expense for every year for 2015 to 2017. Prepare the entries G should make related to the equipment and its ARO for the year ended 12-31-16 AND 12-31-17? On 01-01-18, G paid a vendor $420,000 to dispose of the machine in accordance…
What are my journal entries? Traded the company car (Automobile) for a newer one at Plume Motors. The old car originally cost $23,000 and is depreciated up-to-date in the amount of $19,000. A trade-in allowance of $5,500 was given. The new car had a market value of $40,000 and the balance was paid in cash. The new car should last at least 100,000 miles and will be depreciated at $0.375 per mile.