Please answer question correctly Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select, “No entry” for the accounts titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem Question 1 of 5After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc.on November 1, 2022. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is asfollows.Paid-in capitalPreferred stock, $0.50 noncumulative, no par value,$11,20011,200 shares authorized, 2,240 issuedCommon stock, no par value, 112,000 sharesauthorized, 29,048 issued29,048Cookie & Coffee Creations then has the following selected transactions during its first year of operations.2022Dec. 1Issues an additional 896 preferred shares to Natalie's brother for $4,480.2023Apr. 30Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1.June 30Repurchases 840 shares of common stock issued to the lawyer, for $ 560. Recall that these were originally issued for $840. The lawyer had decided to retire and wanted to liquidate all of her assets.Oct. 31The company has had a very successful first year of operations. It earned revenues of $518,000 and incurred operatingexpenses of $ 414,400 (including $765 legal fee, but excluding income tax).31Records income tax expense. (The company has a 20% income tax rate.)31Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Account Titles and ExplanationDebitCreditDate20222023(To record income tax expense)

Journal entries recording is the first step in accounting cycle process, in which atleast one…

<> Question 1 of 5 After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc on November 1, 2022. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, $11,200 11,200 shares authorized, 2,240 issued Common stock, no par value, 112,000 shares authorized, 29,048 issued 29,048 Cookie & Coffee Creations then has the following selected transactions during its fırst year of operations. 2022 Dec. 1 Issues an additional 896 preferred shares to Natalie's brother for $4,480. 2023 Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. Repurchases 840 shares of common stock issued to the lawyer, for $ 560. Recall that these were originally issued for $ 840. The lawyer had decided to retire and wanted to liquidate all of her assets. June 30 Oct. 31 The company has had a very successful first year of operations. It earned revenues of $518,000 and incurred operating expenses of $ 414,400 (including $765 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1.

<> Question 1 of 5 After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc on November 1, 2022. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, $11,200 11,200 shares authorized, 2,240 issued Common stock, no par value, 112,000 shares authorized, 29,048 issued 29,048 Cookie & Coffee Creations then has the following selected transactions during its fırst year of operations. 2022 Dec. 1 Issues an additional 896 preferred shares to Natalie's brother for $4,480. 2023 Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. Repurchases 840 shares of common stock issued to the lawyer, for $ 560. Recall that these were originally issued for $ 840. The lawyer had decided to retire and wanted to liquidate all of her assets. June 30 Oct. 31 The company has had a very successful first year of operations. It earned revenues of $518,000 and incurred operating expenses of $ 414,400 (including $765 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1.

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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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
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Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3
Journalize the transactions on the "Journal Entry data" tab. Because Chart of Account numbers are not provided, post-reference information is not required. Journal entries should be prepared in proper form. Refer to the "Unadjusted TB Data tab" for proper account titles. The journal must have date, description, credit and debit. Also must be a total of 64 journal entries. And must find the total.
Journalize the entries to correct the following errors: a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
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The intangible assets section of Riverbed Company at December 31, 2022, is presented here. Patents ($70,000 cost less $7,000 amortization) Franchises ($44,800 cost less $17,920 amortization) Total Jan. 2 Sept. 1 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Oct. 1 $63,000 Nov.- Dec. 26,880 $89,880 Paid $21,600 legal costs to successfully defend the patent against infringement by another company. Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Acquired a franchise for $111,600. The franchise has a useful life of 50 years. Developed a new product, incurring $145,000 in research and development costs during December. A patent was granted for the product on January 1, 2024.
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