Journal entry worksheet1On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away amachine costing $28,000 with accumulated depreciation of $28,000Note: Enter debits before credits.DateGeneral JournalDebitCreditJan. 2

Determine the amount of gain or loss on disposal of machine.

Answered: Journal entry worksheet 1 On January 2,…

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

Domestic
Collected from customers on account on september 10 sold on account key 20,000 to customers with credit terms : 2/10 , n 30
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Journal Entries (Note Issued, Renewed, and Paid)May 1 Purchased $5,000 worth of equipment from a supplier on account.June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable.July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1.31 Paid the note in full.Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchase of merchandise.Prepare general journal entries for the transactions. Assume 360 days in a year.
create a journal entry for Jul 01 Purchased equipment, paying $6,060 cash and signing a 2-year note payable for $19,240. The equipment has a 8-year useful life. The note has a 9% interest rate, with interest payable on the first day of each following month.
Franklin Camps, Incorporated leases the land on which it builds camp sites. Franklin is considering opening a new site on land that requires $2,450 of rental payment per month. The variable cost of providing service is expected to be $6 per camper. The following chart shows the number of campers Franklin expects for the first year of operation of the new site: January February March 150 260 210 February August April 210 Price May 330 June 510 Required Assuming that Franklin wants to earn $7 per camper, determine the price it should charge for a camp site in February and August. Note: Do not round intermediate calculations. July August September October November December Total 660 660 360 390 150 310 4,200
Notes Receivable (short term) Accounts: Notes Receivable Interest Receivable Interest Income (or Interest Revenue) Terms: Maturity Value Face Value Issue Date Promissory Note Has a Face Amount, a Term, and an Interest Rate (expressed as an annual percentage) Need to calculate the due date of the note. Example: Assume that a 120-day note is signed on March 11. What is the maturity date of the note? Term of the note Days that pass in March: Chapter 8-Receivables Number of days in March 31 Date of the note 11 Number of days left Days that pass in April Number of days left Days that pass in May Number of days left Days that pass in June Number of days left 9931; therefore, the due date is July 9 Interest is not charged on the date the note is signed. Therefore, you should begin counting on the day after the date on the note to determine the due date. 120 Does it really matter whether you collect the note on July 9 or July 10? Accepting payment on a note one day late without charging…
Problem 1 Kecord the transactions in the general Journal of Martin Tool Company. Martin closes its books on December 31 2021 Martin Tool Company received a $14,000, 12-month 12% note receivable in exchange for an outstanding account from John Glenn. May 1 Dec. 31 Accrued interest revenue on the note fort the 8 months (May 1- Dec. 31, 2021) 2022 May 1 Received principal plus interest on the John Glenn note. (No interest revenue has been recorded for the 4 months (January 1- Mayl, 2022) Мay 1. 2021. 6, Jets Company re et the 20 of the erchand ed $47,000. Dec. 31. 2021. May 1. 2022 Company recei ceived the alce
Proceeds journal entry
eBook Show Me How Print Item Question Content Area Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $185,000 for January. On February 7, a customer received warranty repairs requiring $160 of parts and $75 of labor. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. blank Product Warranty Expense Product Warranty Expense Cash Cash Feedback Area Feedback b. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.
Please avoid solutions in an image format thanks
Journal entry worksheet The Krug Company collected $16,200 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months’ rent in advance and occupancy began November 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Journal entry worksheet 1 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000 Note: Enter debits before credits. Date General Journal Debit Credit Jan. 2