For the March Transactions set forth below, prepare the journal entries for the month of March in a general journal
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For the March Transactions set forth below, prepare the
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- Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.Mark Jacobs established Jacobs Services in August by contributing $30,000 cash from his personal savings to the business in exchange for 100% of the common stock. Jacobs Services had the following transactions in September. September 1Purchased equipment with a price of $15,000 by paying $5,000 cash and signing a note for the remaining balance. September 2Paid $2,400 cash for a oneyear (or 12month) premium toward insurance. September 3 Paid September rent of $3,000. September 5 Purchased $4,000 of supplies on credit. September 8Performed serviced and received $1,000 cash. September 10 Billed clients $8,500 for services performed. September 12 Received an advance of $3,000 cash from a client for a project to be delivered in November. September 18 Collected $8,500 cash from clients toward their accounts billed on September 10. September 24 Paid $4,000 for the supplies purchased on September 5. September 30 Paid $100 cash for newspaper advertising to be aired in October.…Mark Jacobs established Jacobs Services in August by contributing $30,000 cash from his personal savings to the business in exchange for 100% of the common stock. Jacobs Services had the following transactions in September. September 1Purchased equipment with a price of $15,000 by paying $5,000 cash and signing a note for the remaining balance. September 2Paid $2,400 cash for a oneyear (or 12month) premium toward insurance. September 3 Paid September rent of $3,000. September 5 Purchased $4,000 of supplies on credit. September 8Performed serviced and received $1,000 cash. September 10 Billed clients $8,500 for services performed. September 12 Received an advance of $3,000 cash from a client for a project to be delivered in November. September 18 Collected $8,500 cash from clients toward their accounts billed on September 10. September 24 Paid $4,000 for the supplies purchased on September 5. September 30 Paid $100 cash for newspaper advertising to be aired in October.…
- 1) Jan. 1st. Taesan issues 2,000 shares with a par value of 5,000 won, and just organized their business. 2) Jan. 2ad: Taesan buys fire insurance and makes an advance payment of 6,000,000 won for the coming 6 years (use prepaid insurance account). 3) Mar. 1st: Taesan gets a bank loan of 10,000,000won. 4) Apr. 1st: Taesa purchases equipment worth 5,000,000 won and pays 2,000,000wonin cash and the rest on credit. 5) Apr. 2nd: Taesan purchases supplies worth 5,000,000wonon credit. 6) May. 9h: Taesan writes a contract with Dong-gun Construction Co. to provide non-audit service over the coming 2 years for 20,000,000 won. 7) Jun. 9h: Non-audit service is not provided yet but Taesan receives service fee worth 10,000,000 won for 2012. 8) Aug. 16th: Taesan provides tax advisory service to Yunkyoung Co. and makes a payment request of 2,000,000 won as service fee. 9) Oct. 20a: Yunkvoung pays Taesan 1,000,000 won for the tax advisory service provided but the rest is still not collected. 10) Nov.…3. During the fiscal year ended December 31, Duckworth Corporation engaged in the following transactions involving notes payable:Sept. 16. Purchased office equipment from Earthtime Equipment. The invoice amount was $24,000, and Earthtime agreed to accept, as full payment, on 12%, three-month note for the invoice amount.Nov. 1. Borrowed $100,000 from Sandra Duckworth, a major corporate stockholder. The corporation issued Duckworth a $100,000, 15%, 120-day note payable.Dec. 1. Purchased merchandise inventory in the amount of $5,000 from Teller Corporation. Teller accepted a 90-day, 14% note as a full settlement of the purchase. Duckworth Corporation uses a perpetual inventory system.Dec. 16. The $24,000 note payable to Earthtime Equipment matured today. Duckworth paid the accrued interest on this note and issued a new 30-day, 16% note payable in the amount of $24,000 to replace the note that matured.Instructions:a. Prepare journal entries (in general journal form) to record the above…On August 31, 20X6, Kathy Thompson borrowed 53,000 from Darwin Interstate Bank. Thompson signed a note payable, promising to pay the bank principal plus interest on August 31, 20X7 The Interest rate on the note is 6%. The accounting year of Darwin Interstate Bank ends on June 30, 20X7 Journalize Darwin Interstate Bank's (a) lending monay on the nate receivable at August 31. 20x6 (0) accnual of interest at June 30 20X7, and (c) collection of principal and interest at August 31, 20X7, the maturity date of the note. Joumalize Danwin Interstate Bank's (a) lending money on the note recelvable at August 31, 20X6, (b) accrual of interest at Juna 30, 20X7, and (e) collection of principal and interest at August 31, 2007. the matnhy date of the note (Record debits first, then credits Exidude explanations from any journal entries) (a) Prepare the journal entry for the issuance of the note recelvable on August 31, 20X6 Journal Entry Date Accounts Debit Credit 20X6 5ny 31 (b) Prepare the journal…
- Prepare Hertog Company’s journal entries to record the following transactions for the current year. May 7 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,270. June 6 Sells its entire investment in Kraft bonds for $10,700 cash Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,270. Note: Enter debits before credits. Date General Journal Debit Credit May 07 Sells its entire investment in Kraft bonds for $10,700 cash. Note: Enter debits before credits. Date General Journal Debit Credit June 06Warner Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 22 Purchased $5,000 of merchandise on credit from Fox-Pro, terms n∕30. May 23 Replaced the April 22 account payable to Fox-Pro with a 60-day, 15% $4,600 note payable along with paying $400 in cash. July 15 Borrowed $12,000 cash from Spring Bank by signing a 120-day, 10%, $12,000 note payable. ___?___ Paid the amount due on the note to Fox-Pro at maturity. ___?___ Paid the amount due on the note to Spring Bank at maturity. Dec. 6 Borrowed $8,000 cash from City Bank by signing a 45-day, 9%, $8,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to City Bank. Year 2 ___?___ Paid the amount due on the note to City Bank at maturity. Required 1. Determine the maturity date for each of the three notes described. 2. Determine the interest due at maturity for each of the three notes. Assume a 360-day year. 3. Determine the interest expense recorded in the adjusting…Egnab Inc. had the following transactions during the current fiscal year ending December 31 . August 01. They borrowed $100,000 from Valley Bank, signing a 90-days, 7.50% Note Payable. October 15. Egnab Inc. purchased a truck from Trusty Cars for $29,500. Trusty Cars agreed to accept, as full payment, a 5.00%, two months Note for the invoice amount. November 1 Egnab Inc. paid Valley Bank the Note Payable plus the accrued interest. November 15. Egnab Inc. purchased merchandise (inventory) from Easy Food Corp. for $13,900. Easy Food Corp. accepted a 120-days, 6.50% Note as full settlement of the purchase. December 15. The Note Payable to Trusty Cars matured today and Egnab Inc. paid the accrued interest as well as 70.00% of the Note Payable. For the remaining amount, a new Note was issued for 45-days with 9.00% Interest. (show your calculations and round to 2 decimal places, please) (a) Prepare Journal Entries to record the above transactions. Use a 360-day year in making the Interest…
- 21. M. Bassie sold the balance in its accounts receivable account of $120,000 to a factor, giving 3% factoring fee. How will this sale be journalized in Kassie's books?DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8 percent, 30-day note for the balance of $37,440. Additional Data Howard pays all the company’s notes payable on time. Darnell Jones defaults on his $40,320 note and the bank charges the company’s checking account for the maturity value of the note and a service fee of $54. Henry Thomas pays…DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8 percent, 30-day note for the balance of $37,440. Additional Data Howard pays all the company’s notes payable on time. Darnell Jones defaults on his $40,320 note and the bank charges the company’s checking account for the maturity value of the note and a service fee of $54. Henry Thomas pays…