Prepare all entries for Canadiens to account for this transaction. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List alldebit entries before credit entries.)Account Titles and ExplanationConstruction ExpensesDebitCredit(To set up receivable for advertising)(To record sale)

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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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Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for early payment. 2. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.
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On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and issuing a $64,500 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $38,100 Accounts payable $160,000 Accounts Receivable 67,500 Stockholders' equity 165,800 Inventory 75,800 $325,800 Land 29,400 Buildings (net) 55,200 Equipment (net) 52,200 Copyrights 7,600 $325,800 The recorded amounts all approximate current fair values except for land (worth $45,400), inventory (worth $94,900), and copyrights (worth $11,300).
On July 1, 2020, Sheffield Corporation purchased Young Company by paying $260,500 cash and issuing a $117,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,800 Accounts payable $202,000 Accounts receivable 89,900 Stockholders' equity 239,300 Inventory 103,000 $441,300 Land 40,800 Buildings (net) 74,700 Equipment (net) 70,000 Trademarks 11,100 $441,300 The recorded amounts all approximate current values except for land (fair value of $63,200), inventory (fair value of $125,200), and trademarks (fair value of $16,720). (a) Prepare the July 1 entry for Sheffield Corporation to record the purchase. (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
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Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…
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Pharoah Stores is a new company that started operations on March 1, 2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Pharoah Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. Mar. 1 2 The correct company pays $140 for the shipping charges. 3 21 22 23 30 31 Pharoah returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Pharoah a $1,100 credit on its account. Pharoah Stores purchases an additional $11,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $160 for freight charges. Pharoah returns $500 of the merchandise purchased on March 21 because it was damaged. Octagon gives Pharoah a $500 credit on its account. Pharoah paid Octagon the amount owing for the merchandise purchased on March 1. Pharoah paid Octagon the amount owing for the…
Nash's Trading Post, LLC uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jour entries in the order presented in the problem.) Do not give answer in image

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