On May 1, Carla Vista Corporation purchased 2,800 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 750 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit May 1 Treasury Stock 36400 Cash 36400 Jul. 15 Cash Treasury Stock

On May 1, Carla Vista Corporation purchased 2,800 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 750 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit May 1 Treasury Stock 36400 Cash 36400 Jul. 15 Cash Treasury Stock

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting clearance were RO 12,400 and the value of cheques issued but not yet presented in the bank was RO 11,480. There was a credit in the bank for insurance claim amounting to RO 2,500 and debit was made for the Loan instalment for RO 5,500. The balance as per the cash book is.
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,185 cash in full payment of Arlene’s account. Apr. 3 Wrote off the $12,520 balance owed by Premier GS Co., which is bankrupt. July 16 Received 45% of the $22,500 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,560 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $9,415; Fogle Co., $2,795; Lake Furniture, $7,190; Melinda Shryer, $2,030. 31 Based on an analysis of the $1,108,600 of accounts receivable, it was estimated that $48,200 will be uncollectible. Journalized the adjusting…
Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,695 cash in full payment of Arlene's account. Apr. 3 Wrote off the $9,710 balance owed by Premier GS Co., which is bankrupt. July 16 Received 25% of the $17,400 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,765 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,305; Fogle Co., $2,170; Lake Furniture, $5,575; Melinda Shryer, $1,575. 31 Based on an analysis of the $860,200 of accounts receivable, it was estimated that $37,400 will be uncollectible.…
The trial balance of Sam’s Deli Inc. at October 31, 2020, does not balance: The accounting records contain the following errors: -Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. -Posted a $1,000 credit to Accounts Payable as $100. -Did not record utilities expense or the related account payable in the amount of $200. -Understated Share Capital by $1,100. -Omitted insurance expense of $1,000 from the trial balance. Q1: Prepare the correct trial balance at October 31, 2020, complete with a heading. Journal entries are not required but will be helpful in correcting the trial balance. Q2: Organize the elements of the trial balance in a way that would assist a bank manager who has to decide whether to loan money to Sam’s Deli.
Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (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 0 for the amounts. Record entries in the order displayed in the problem statement.)
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show the balance shet presentation of the receivable accounts at july 31.
Whispering Company has a stock portfolio valued at $3,800. Its cost was $3,200. If the Fair Value Adjustment account has a debit balance of $260, prepare the journal entry at year-end. (List debit entry before credit entry. 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.) Account Titles and Explanation Debit Credit 1187
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,565 cash in full payment of Arlene’s account. Apr. 3 Wrote off the $8,970 balance owed by Premier GS Co., which is bankrupt. July 16 Received 40% of the $16,100 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,550 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $6,745; Fogle Co., $2,005; Lake Furniture, $5,150; Melinda Shryer, $1,455. 31 Based on an analysis of the $793,500 of accounts receivable, it was estimated that $34,500 will be uncollectible. Journalized the adjusting…
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.

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