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- 3. Itco uses a perpetual inventory system. During the month of October the following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 A. UTS Balance: 2,000 uts. @ $6.00/ut Purchased: 5,000 uts. @ $6.35/ut Purchased: 8,000 uts. @ $6.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $6.75/ut Sold 5,000 uts. for $10.00 ea. I Complete the perpetual inventory record (provided) for the above transactions using the FIFO valuation system. COST TOT UTS COST TOT UTS COST TOTRecord journal entries for the following transactions of Telesco Enterprises.Review the following transactions for April Anglers and record any required journal entries.
- Review the following situations and record any necessary journal entries for Mequons Boutique.Required: • Special Journals Note: use the given format attached2. Using the fact pattern presented in Exercise 8-15, prepare journal entries for CVC and Buffalo Supply on the following dates (for homework, you recorded the journal entries for CVC and Buffalo Supply on 1/1/2019 (20X3] only): a. 12/31/2019 (20X3] b. 12/31/2020 (20x4] c. 1/1/2021 [20X5] Central Valley Construetion (CVC) purchased S80,000 of sheet metal fabricating equipment from Buffalo Supply on January I, Page 9-40 20XI. CVC paid $15,000 cash and signed a five year, 10% note for the remaining $65,000 of the purchase price. The note specifies that payments of $13,000 plus interest be made each year on the loan's anniversary date. CVC made the required January 1, 20X2, payment but was unable to make the second payment on January 1, 20X3, because of a downturn in the construction industry. At this time, CVC owed Buffalo Supply $52.000 plus $5.200 interest that had been accrued by both companies. Rather than write off the note and repossess the equipment, Buffalo Supply agreed to…
- The chart of accounts of Ethan Academy is shown here, followed by the transactions that took place during December of this year. Required Record these transactions in the general journal, including a brief explanation for each entry. If you are using working papers, number the journal pages 31 and 32.JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the following transactions:Before you begin this assignment, review the Tying it All Together feature in the chapter. It will also be helpful if you review TravelCenters of America LLC’s 2075 annual report</i> (https://www.sec.gov/Archives/edgar/data/1378453/000137845316000040/a2015123110k.htm). TravelCenters of America LLC is the largest full-service travel center company in the United States, serving both professional drivers and motorists. Since 2011, the company’s growth strategy has been to acquire additional travel center and convenience center locations. In addition to agreements entered into in 2015, the company acquired 3 travel centers and 170 convenience centers for a total purchase price of $320.3 million. Requirements Using the payback method, suppose TravelCenters of America expect to receive an annual net cash inflow of $32.03 million per year. How many years would it take to pay back the initial investment? What are some disadvantages to using the payback method? Why would a company, such…
- Current Attempt in Progress Presented below are selected transactions on the books of Headland Foundry. July 1, 2022 Dec. 31 Jan 1, 2023 Jan. 2 Dec. 31 Date July 1, 2022 Prepare journal entries for the transactions above. (Round intermediate calculations to 5 decimal places, e.g. 1.25247 and final answers to 2 decimal places, e.g. 38,548.37. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dec. 31, 2022 Jan 1, 2023 Bonds payable with a par value of €964,800, which are dated January 1, 2022, are sold at 112.290 plus accrued interest to yield 10%. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2032. (Use interest expense account for accrued interest.) Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. Dec. 31, 2023…Record journal entries for the following transactions of Noreen Turbines.Prepare journal entries for the following transactions of Dulce Delights.
