Novak Company had the following two transactions related to its delivery truck.1.Paid $53 for an oil change.2. Paid $480 to install special shelving units, which increase the operating efficiency of the truck.Prepare Novak's journal entries to record these two transactions. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)No Account Titles and Explanation1.2.DebitCredit

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Answered: Novak Company had the following two…

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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Pina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a note. 2. Paid $2,533 cash for a computer. 3. Purchased $456 of supplies on account. Journalize each transaction. (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.) No. Account Titles and Explanation Debit Credit 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
How are gains and losses from extinguishment of a debt classified in the income statement? What disclosures are required of such transactions?
Marigold Co. has equipment that cost $76,500 and that has been depreciated $49,600. Record the disposal under the following assumptions. (a) (b) (c) (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 O for the amounts.) It was discarded with no cash received. It was sold for $22,100. It was sold for $28,200. No. Account Titles and Explanation (a) (b) U Debit Credit
Music Express is a company that sells both car and home stereos.Jornalize transactions using the direct write off method.Journalizes transactions using the allowance method assuming the account's credit balance started at $ 28,000 on February 1 and the company uses the accounts receivable method analysis.Selected Transactions from Music Express Records as of December 31: April 10th. Account canceled (wrote off account) of Mario Guzmán for $ 6,400. Journalizes transactions using the allowance method assuming the account's credit balance started at $ 28,000 on February 1 and the company uses the accounts receivable method analysis. June 12. A partial payment of $ 1,500 was received from Margarita Rodríguez's account from a $ 10,000 credit account. The remainder of the balance is written off as uncollectible. 20th of August. The amount of $ 6,400 was received from Mario Guzmán from the account that was canceled on April 10. Reinstall the account and record the cash receipt. December 31st.…
Ivanhoe Company had the following two transactions related to its delivery truck. 1. Paid $58 for an oil change. 2. Paid $430 to install special shelving units, which increase the operating efficiency of the truck. Prepare Ivanhoe Company's journal entries to record these two transactions. (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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Maintenance and Repairs Expense Cash | 2.
Hawaii Drive-O, Inc. rents jeep off-road vehicles to adventurous travelers on the big island of Hawaii. Selected ledger accounts for the company are listed below along with identifying numbers. Following this list of account numbers and titles is a series of transactions. For each transaction, indicate the proper accounts to be debited and credited by entering the number(s) for the account(s) and the related amounts in the space provided. If you feel the transaction should not be entered into the accounting system, write N/A. Note: You may use each account only once, more than once, or not at all. # Account # Account # Account 10 Cash 20 Accounts payable 32 Dividends 11 Accounts receivable 21 Wages payable 40 Rental revenue 12 Supplies 22 Unearned revenue 50 Advertising expense 13 Prepaid insurance 23 Notes payable 51 Rent expense 14 Vehicles 30 Common stock 52 Insurance expense 15 Equipment…
On February 13, GTS Co. paid $2,300 to repair the transmission on one of its delivery vans. In addition, GTS paid $36 to install a GPS system in its van. Question Content Area Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. Date Account Debit Credit February 13 Feedback Area Feedback Question Content Area Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. Date Account Debit Credit February 13
Sarasota Co. has equipment that cost $79,200 and that has been depreciated $50,100. Record the disposal under the following assumptions. (a) (b) (c) (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 O for the amounts.) It was discarded with no cash received. It was sold for $23,200. It was sold for $31,100. No. Account Titles and Explanation (a) (b) Debit Credit
Consider these transactions: (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 O for the amounts.) (a) (b) Carla Vista Restaurant accepted a Visa card in payment of a $250 lunch bill. The bank charges a 2% fee. What entry should Carla Vista make? Tamarisk Company sold its accounts receivable of $67,100. What entry should Tamarisk make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit Credit
Dhapa
Prepare a journal entry for the purchase of office equipment on February 19 for $31,400, paying $6,000 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Consider these transactions: (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.) (a) Blue Spruce Restaurant accepted a Visa card in payment of a $125 lunch bill. The bank charges a 4% fee. What entry should Blue Spruce make? (b) Swifty Company sold its accounts receivable of $90,000. What entry should Swifty make, given a service charge of 2% on the amount of receivables sold?

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