Prepare the journal entries for the following transactions: (a) $500 purchase for raw materials using trade credit (b) $1,500 amortization expense for goodwill (c) $4000 payment for salaries payable.
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- please prepare the journal entries 1. Received inflatable castle of $40,000 consignment goods returned from Consignee Trading Limited. The goods are delivered to Consignee Trading Limited for consignment purpose in February 2021.A company receives an advance payment for special-order goods to be manufactured and delivered with in 6 months. The advance payment should be reported On the company’s balance sheet as a: a. deffred charge b.contra-asset account c. current liability d. noncurrent liabilityAn invoice for $9156.86 is dated June 23, 2022 with terms 4/10, 2/20, n/60 ROG. The goods are received by the purchaser on July 5, 2022. What is the amount paid if paid in full on July 24, 2022?
- Prepare journal entries to record the following transactions. You are required to show all calculations: the financial year-end of the client is 30 November 2021. 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance WITH GENERAL LEDGER ENTERIES: Please dont provide answer in image format thnkuRecord the purchase of a building from Leeds inc (a new vendor) on 1/17/2020 in exchange for notes payable of $31,800Indicate the transaction price for this situation and when revenue will be recognized Groupo sells goods on account to Grifols for $800,000 payment due in 30 days O $1,000,000 recognized upon delivery of goods O s800,000 recoginzed upon delivery of goods O $800.000 recognized in O $800.000 recognized at Point of Sale days
- Chicago Heights company has 2 year contract to construct a warehouse. The contract value is 2949 and the estimated total cost is 1156. During the next 2 years, the costs are incurred as follows and the project is completed by the end of second year. Contract data Year for the year 2019 for the year 2020 Cost incurred 867$ 851$ Required Make the recognition of revenue, expenses and profits for 2020. Type in the profit value without using the currency sign and separators.Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: a. b. C. d. e. a. $ b. $ 00000 C. $ d. $ Merchandise e. $ Invoice Amount $16,900 9,000 6,100 3,400 2,900 Freight Paid by Seller $400 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $800 1,100 500 500Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise a. P8,000 3,000 b. c. 19,000 d. 5,000 e. 10,000 Transportation Paid by Seller P100 150 FOB shipping point, 1/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, n/30 FOB shipping point, 1/10, n/30 FOB destination, 2/10, n/30 Returns and Allowances P2,400 1,400 800 1,200
- The Delivery Equipment account of Freedom Company showed the following details for 2022:Delivery Equipment01.01.22 Balance 1,500,00001.15 5,000 08.30 225,00009.30 535,000 10.31 180,000 Your examination disclosed the following:a. The P5,000 charged to the Delivery Equipment account on January 15, 2022 represents paymentof LTO registration fees for the company’s delivery equipment for the year 2022.b. The company bought a second-hand delivery truck on September 30 for P535,000, whichincludes P35,000 worth of comprehensive insurance for one year effective October 1, 2022.c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30;further verification disclosed that this truck is still being used by the company.d. The credit of P180,000 on October 31 represents proceeds from sale of one truck costingP350,000, which is 50% depreciated as of December 31, 2021.e. There is only one entry made to the Accumulated Depreciation account during 2022, a debit…Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.The following costs were incurred to purchase a machine: Purchase price 50,000 Transportation costs 800 Insurance during transportation 100 Interest on loan during first month of assets use 250 Determine the acquisition cost.