InstructionsPrepare the entry to record the purchase of Zweifel Galleries on Moss's0,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Compafollows.was asantric$ 50,00090,000Accounts payableStockholders' equity$200,000235,000 10EXCELCashAccounts receivable$435,000100,00040,00075,000 bo1g a1otboqmos n70,000 eo lemuoj lls 9neqsrt 81OS E10,000enu monaros bne 10S ni bInventoryLandnstsg s bis sioloedo onsh Buildings (net)Equipment (net)Trademarkson dat$435,000 ashdaubal 29noT (einsicYbo IsitugThe recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $125 000and trademarks (fair value of $15,000).000.0Instructionsisti(a) Prepare the July 1 entry for Brigham Corporation to record the purchase. er gub(b) Prepare the December 31 entry for Brigham Corporation to record amortization of intangibles. The trademark has anestimated useful life of 4 years with a residual value of $3,000.bidT 08A

Intangible Assets: These are the long-term assets having no physical existence. However, the…

Prepare the entry to record the purchase of Zweifel 12-12 (L01,2,3) (Accounting for Goodwill) On July 1, 2017, Brigham Corporation purcha 250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2017, the balances pllows. Accounts payable $200,00 Stockholders' equity $ 50,000 90,000 100,000 40,000 bl hotiboqn Cash 235,00 Accounts receivable $435,00 Inventory Land T soloedo or Buildings (net) aros mon Sonim 75,000 bog a 70,000 of lle steqer RI 10,000 $435,000 eubal eonoT (ensteol Equipment (net) Trademarks

Prepare the entry to record the purchase of Zweifel 12-12 (L01,2,3) (Accounting for Goodwill) On July 1, 2017, Brigham Corporation purcha 250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2017, the balances pllows. Accounts payable $200,00 Stockholders' equity $ 50,000 90,000 100,000 40,000 bl hotiboqn Cash 235,00 Accounts receivable $435,00 Inventory Land T soloedo or Buildings (net) aros mon Sonim 75,000 bog a 70,000 of lle steqer RI 10,000 $435,000 eubal eonoT (ensteol Equipment (net) Trademarks

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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Subject: accounting
Required information [The following information applies to the questions displayed below] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 28 Purchased $37,508 of merchandise on credit fron Locust, terms n/30. May 19 Replaced the April 28 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $66,080 cash from NBR Bank by signing a 120-day, 12%, $66,088 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,08e cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date.
De Meaning Corporation issued a one-year 6% $400,000 note on April 30, 2017. Interest expense for the year ended December 31, 2017 was: Group of answer choices $24,000. $18,000. $16,000. $14,000.
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Al-Taweel Corporation, which began business in 201Z appropriately uses the installment sales method following data were obtained foe sales during 2017 and 2018 : 2017 2018 Installment sales OR 140,000 OR130, 000 Cost of installment sales 84,000 91,000 Cash collections on installment sales during 2017 55,000 37,000 2018 45,000 Required: Prepare journal entries for 2017 and 2018 to account for the installment sales and cash collections.
Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold…
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Bennett Enterprises isues a $480,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2. 00
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오 uses the installment sales method following data were obtained foe sales during 2017 Al-Taweel Corporation, which began business in 2017. appropriately and 2018 : 2017 2018 Installment sales OR 140,000 OR130, 000 Cost of installment sales 84,000 91,000 Cash collections on installment sales during 2017 55,000 37,000 2018 45,000 Required: Prepare journal entries for 2017 and 2018 to account for the installment sales and cash collections.
Assume that on January 1, First Union Co. purchases for cash a $400,000 of Medford City 5% bond at 100 plus accrued interest of $4,500 as an investment on January 1. What accounts would be debited for the $4,500 in the journal entry to record the investment? DATE DESCRIPTION PREF DEBIT CREDIT Jan. 1 (?) $400,000 (?) 4,500 (?) 404,500 Investment in Medford City Bonds Interest receivable Cash Interest revenue O000