Journalise transactions in multi-column purchase journalThe chart of accounts of Gibson Ltd includes the following selected accounts.104SalesAccountsreceivable112Sales returns andallowancesCost of salesFreight inwardsAdvertise expensesElectricity expenseStationary expenseTelephone expenseIn July the following transactions were completed. All purchases were on account except as indicated.120Inventory412SuppliesEquipmentAccounts payable126505510157201515520525530Purchase inventory for Lambert Ltd. $15, 275.Received electricity bills from Original Ltd. $1,556.Purchased stationary from Office Ltd. $656.Returned inventory to Lambert Ltd. $ 560.Signed a purchase contract from ABC supplies for $ 9,600.Received invoice from Maple leaf advertising Ltd. $2,200Received credit on inventory return from Office Ltd. for stationaryreturned2July31519252830Received invoice from Telstra Ltd. $ 450.RequiredJournalise the above transactions in a purchase journal.Please copy and paste the below table into your Answer text box-please click 'Keep Formatting'Gibson LtdPurchases JournalOtherAccountsDateAccount Credited (Debited)PostInventory DrAccountsDrPayable CrRef(X)(120)(201)

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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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Part 2 asks to record the adjustment for uncollectable accounts
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8-To record uncollectible under the direct write off method the entry is a. Uncollectible Accounts Expense Dr. and Accounts Receivable Cr. b. Allowance for Doubtful Accounts Dr. and Uncollectible Accounts Expense Cr. c. Accounts Receivable Dr. and Uncollectible Accounts Expense Cr. d. Uncollectible Accounts Expense Dr. and Allowance for Doubtful Accounts Cr.
Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the above
Sandhill Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 103. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.5281%. Prepare the journal entries to record the following. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December 31, 2017.
Riverbed Cole Inc. acquired the following assets in January of 2018. Equipment, estimated service life, 5 years; salvage value, $14,500 Building, estimated service life, 30 years; no salvage value $536,500 $669,000 The equipment has been depreciated using the sum-of-the-years digits method for the first 3 years for financial reporting purposes. In 2021, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method. (a) Prepare the general journal entry to record depreciation expense for the equipment in 2021. (b) Prepare the journal entry to record depreciation expense for the building in 2021. (Round answers to O decimal places, e.g. 125. Credit account…
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Date General Account Titles and Explanations Ref. Debit Credit
For each of the unrelated situations described below, prepare the entries required to record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. On August 1, 2023, Sarasota Corporation called its 11% convertible bonds for conversion. The $4,000,000 par value bonds were converted into 160,000 no par common shares. On August 1, there was $351,000 of unamortized premium applicable to the bonds. At the time of issuance, Contributed Surplus-Conversion Rights was credited for $142,000, which represented the equity portion of the convertible bonds, and the market value of the common shares was $21 per share. The company records the conversion using the book value method. Ignore all interest payments. 2. Marigold Inc. issues 11% convertible bonds, par $1,000,000, at 97. The investment…
Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balance
Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale. Amortized cost Fair value (b) 12/31/25 12/31/26 $463,700 $567,300 469,600 (c) 557,800 (a) Indicate whether the bonds were purchased at a discount or at a premium. 12/31/27 $509,600 509,600 Prepare the adjusting entry to record the bonds at fair value at December 31, 2025. The Fair Value Adjustment account has a debit balance of $900 prior to adjustment. Prepare the adjusting entry to record the bonds at fair value at December 31, 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Other Accounts Date Account Credited (Debited) Post Inventory Dr Accounts Payable Cr Dr Ref (X) (120) (201)