Answered: Prepare the journal entry on the books…

Business

Accounting

Prepare the journal entry on the books of Telex Systems, Inc. on:⮚ Dec 10⮚ Dec 31 to adjust the accounts⮚ Jan 10

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EA: Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the...

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Interval Answer: A. B. C. Monthly D. on day 1st of every 1 O An unscheduled journal entry O Recording uncollectable receivables O Logging the usage of a prepaid service O Setup of a recurring transfer month(s) Start date 01/01/2026 End After 12 occurrences
Prepare journal entries to record the July transactions
PA5. 12.2 Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
3. Itco uses a perpetual inventory system. During the month of October the following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 A. UTS Balance: 2,000 uts. @ $6.00/ut Purchased: 5,000 uts. @ $6.35/ut Purchased: 8,000 uts. @ $6.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $6.75/ut Sold 5,000 uts. for $10.00 ea. I Complete the perpetual inventory record (provided) for the above transactions using the FIFO valuation system. COST TOT UTS COST TOT UTS COST TOT
Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
More info - X December 1 Ritchie sold 14 go-karts on account. The selling price of each go-kart was $1,900; the cost of goods sold for each was $400. December 5 Ritchie received notice of a class-action lawsuit being filed against it. The lawsuit claims that Ritchie's go-karts have engine defects that appear after the warranty period expires. The plaintiffs,want Ritchie to replace the defective engines and pay damages for the owners' losé of use. The cost of replacing the engines would be approximately $380,000 (not including any damages). Ritchie's attorney believes that it is reasonably possible that Ritchie will lose the case, but the attorney cannot provide a dollar estimate of the potential loss amount. December 20 Ritchie performed repairs due to product warranty complaints for two go-karts sold earlier in the year. Ritchie's cost of the repairs, paid in cash, was $850. December 22 An individual claims that he suffered emotional distress from a high-speed ride on a Ritchie…
ll Register, Employee Earnings Record, a... Required information [The following information applies to the questions displayed below.] Alanis Morgan owns White Mountain Assessments in Laconia, New Hampshire. The standard workweek is 40 hours. Use the wage bracket method in the federal tax table from Appendix C. No employee has exceeded the Social Security tax wage base. All employees submitted a 2021 Form W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) View transaction list Saved lournal entry worksheet Required: Using the employee payroll entry from Problem 7-3A, complete the General Journal entry for the issuance of the pay for the September 10 payroll end date. The date of the checks is September 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Help 3 P O Save &
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
1537_1&content_id= _43546 1 Guest On January 8, ABC Company purchases Raw material of $42,000 on account On January 30, ABC Company incurs $32,000 of factory labor costs. Of that amount, $27,000 relates to wages payable and $5,000 relates to payroll taxes payable in February 30/1/2020 ABC company incurred the following manufacturing overhead for the month of January: $1500 Depreciation of factory machines $3000 Depreciation of factory building $500 Factory water and electricity bill on account $250 Factory building property taxes will be paid at the end of the year 2020 $200 Factory machines repair on account On January, ABC Company uses $24,000 of direct materials and $6,000 of indirect materials in January On January, the $32,000 total factory labor cost consists of $28,000 of direct labor and $4,000 of indirect labor 7:36 PM 20°C Clear A S O la 11/6/2021
Need help with part B. Thank you
Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 June 12 June 13 Rashid's hard drive crashes and he sends it to DRS. After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,700. Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $270 ( = $2,700 × 10%). DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today's date, offering a 2% discount for payment within 10 days. When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 30% of the data has…