Kingbird Corporation traded a used truck (cost $28,400, accumulated depreciation $25,560) for a small computer with a fair value of $4,686. Kingbird also paid $710 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (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 o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Kingbird Corporation traded a used truck (cost $28,400, accumulated depreciation $25,560) for a small computer with a fair value of $4,686. Kingbird also paid $710 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (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 o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 18MC: You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s)...

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system. (List all debit entries before credit entries. 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 O for the amounts.) Jan. 2 5 e to search 6 11 Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15%. The appropriate company paid freight costs of $780. Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory. Sarasota received the balance due from Xtra. Date Account Titles and Explanation Jan. 2 Accounts Receivable (To record credit cale) JU! Debit 39000 Credit 22°C Sunny AGE
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Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which to estimate the standalone selling price for the Internet service. (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 O for the amounts. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)
On January 1, 2020, Pharoah Ltd. entered into a purchase commitment contract to buy 12,900 oranges from a local company at a price of $0.60 per orange any time during the next year. The contract provides Pharoah with the option either to take delivery of the oranges at any time over the next year, or to settle the contract on a net basis for the difference between the agreed-upon price of $0.60 per orange and the market price per orange for any oranges that have not been delivered. As at January 31, 2020, Pharoah Ltd. did not take delivery of any oranges, and the market price for an orange was $0.55. Assuming that Pharoah Ltd. follows IFRS, how should Pharoah Ltd. account for this purchase agreement if it fully intends to take delivery of all 12,900 oranges over the next year? Prepare any required journal entries at January 1 and January 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"…
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9) On 15th August,2019, Mango Traders purchased goods from Jk mart of RO 1,650 on credit is incorrectly posted in both debit and credit side of the books of account. What would be the rectified entry that you suggest to correct this error from the following? a. Purchase RO 3,300 Dr / Cash RO 3,300 Cr b. Purchase RO 1,650 Dr / Cash RO 1,650 Cr c. Purchase RO 1,650 Dr / Account payable RO 1,650 Cr d. Purchase RO 3,300 Dr / Account payable RO 3,300 Cr Clear my choice
Han's Supplies' bank statement contalned a $320 NSF check that one of Its customers had written to pay for suppliles purchased. Required a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts In a horizontal statements model. b. Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? c. Suppose the customer redeems the check by glving Han's $335 cash in exchange for the bad check. The additional $15 pald a service fee charged by Han's. Show the effects on the financial statements in the horizontal statements model. d. Is the recelpt of cash referenced In Requirement c an asset source, use, or exchange transaction? e. Record in general journal form the adjusting entry for the NSF check and the entry for redemption of the check by the customer.
Subrails Furnishing Ltd sold $20,000 worth of high quality hotel deck chairs to Yadua Bay Resort on credit. Serafina, the Accouts Officer, raised an invoice in MYOB to record the sale.Yadua Bay Resort paid $10,000 of its account, five days later. To record this transaction Serafina used the Receive Money flowchart option in the Banking Command Center. Required: A. What error did this create? B. What is the accounting effect of this error in your accounts? C. What was the correct way to process the receipt of money from Subrails Furnishing in MYOB
Prepare the journal entry to record the sale
Prepare the journal entries to record the following transactions on Sunland Company's books under a perpetual inventory system. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) On March 2, Splish Brothers Company sold $899,700 of merchandise to Sunland Company on account, terms 2/10, n/30. The cost of the merchandise sold was $525,600. (b) On March 6, Sunland Company returned $111,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $69,800. (c) On March 12, Splish Brothers Company received the balance due from Sunland Company. Date March 2 Account Titles and Explanation Debit 899,700 Credit 899,700