Oriole Company had the following two transactions related to its delivery truck. 1. Paid $51 for an oil change. 2. Paid $417 to install special shelving units, which increase the operating efficiency of the truck. Prepare Oriole Company's journal entries to record these two transactions.
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- Bev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and the liabilities of the business on November 1, 2 as follows: Cash, $16,380; Accounts Receivable, $33,540; Supplies, $3,120; Land, $39,000; Acounts payable, $14,040. Business transactions during November are summarized as follows: a. Beverly Zahn invested additional cash in the business with a deposit of $31,000 in the business bank account. b. Purchased land adjacent to land currently owned by Bev's Dry Cleaners to use in the future as a parking lot, paying cash of $15,400. c. Paid rent for the month, $11,230. d. Charged customers for dry cleaning revenue on account, $31,820. e. Paid creditors on account, $13,100. f. Purchased supplies on account, $5,620. g. Received cash from cash customers for dry cleaning revenue, $29,950. h. Received cash from customers…Wildhorse Company incurs these expenditures in purchasing a truck: cash price $46,000, accident insurance (during use) $2,200, sales taxes $4,400, motor vehicle license $300, and painting and lettering $1,700 What is the cost of the truck? Cost of the truck $Splish Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Splish Corporation gave the machine plus $388 to Blossom Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Splish Corp. (Old Machine) Blossom Co. (New Machine) Machine $331 $308 Accumulated depreciation 160 –0– Fair value 97 485 For each company, prepare the necessary 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 0 for the amounts.) Account Titles and Explanation Debit Credit Splish…
- Exercise 7-2A Record purchase of equipment (LO7-1) Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax ed $74,000 5,950 Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 ok 1,980 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet aw Next > e here to search Designed by Apple in Califormia Assembled in ChinaBE10-3 Flaherty Company had the following two transactions related to its delivery truck. 1. Paid $45 for an oil change. 2. Paid $400 to install special gear unit, which increases the operating efficiency of the truck. Prepare Flaherty's journal entries to record these two transactions.Gerald paid $1730 to install a lift which was hydraulic in nature and an air filter which costs $88 for its main truck used for delivery. With the information given journalize the entries for both.
- Following are the transactions of Green Energy Company. May 1 The company provided $2,000 of sustainability consulting services on credit to a customer. May 3 The company purchased $300 of energy-efficient supplies on credit. May 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. May 20 The company paid $300 cash toward the payable for energy-efficient supplies. May 31 The company paid $100 cash for May’s renewable energy Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. Date Assets = Liabilities + Equity May 1 = + May 3 = + May 9 = + May 9 = + May 20 =…Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Wages of $9,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $10,720. The Supplies account had a $400 debit balance at the beginning of the year. During the year, $5,607 of supplies are purchased. A physical count of supplies at December 31 shows $611 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company…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
- If you use your car for both business and pleasure, the Canada Revenue Agency will usually allow you to report a portion of the costs of operating the vehicle as a business expense. This portion is determined by the ratio of the distance travelled on business to the total distance travelled in the year. Last year, Harjap spent a total of $11,348 on gasoline, oil, repairs and maintenance, and insurance. His travel log shows that he drove 14,488 km on business and 8329 km on personal use. What vehicle expense can Harjap report for the year? (Round your answer to the nearest cent.) Vehicle business expensesFischer Construction purchased a used front-end loader for $42,000, terms 1/10, n/30, F.O.B. shipping point, freight collect.Fischer paid the freight charges of $405. One week after the machine was delivered, a check for $41,580 was sent to the seller.The loader required a new battery, which cost Fischer $225. Fischer also spent $360 to have the company name printedon the loader and $563 for one year’s insurance coverage on it. Fischer hired a new employee to operate it at a wage of $19 per hour;the employee spent one morning (four hours) practicing with the machine and went to work at a construction site that afternoon.Calculate the amount at which the front-end loader should be reported on the company’s balance sheet.Prepare the following journal entries. (a) The $3,700 cost of repairing a vehicle. The repair is not expected to increase the operating efficiency of the vehicle. (b) The $6,500 cost of a major engine overhaul on an emergency generator. The overhaul is expected to increase the operating efficiency of the generator. (c) The $4,000 closing costs associated with the acquisition of land. (d) A $150 charge for transportation expenses on new equipment purchased.