MaySold equipment for $280,000 cash. The equipment cost $2,833,800 when originally purchased on January 1, 2013.Sold land for $3,566,400. Received $848,400 cash and accepteda three-year, 5% note for the balance. The landcost $1,400,000 when purchased on June 1, 2015. Interest on the note is due annually each June 1.June1July1Purchased equipment for $2,300,000 cash.Dec.Retired equipment that cost $1,100,000 when purchased on January 1, 2012. No proceeds were received.3131Tested land for impairment and found that its fair value was $20,800,000.(a)Record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.Round answers to 0 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCreditW6.O00F7F8F10FIIF1F2F4F5F6$%&*.3568く%23 At January 1, 2021, Carla Vista Limited reported the following property, plant, and equipment accounts:Accumulated depreciation-buildings$64,500,000Accumulated depreciation-equipment52,300,000Buildings95,200,000Equipment149,400,000Land20,800,000The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entriesannually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-yearuseful life and no residual value.During 2021, the following selected transactions occurred:Purchased land for $4,390,000. Paid $1,180,000 cash and issued a three-year, 6% mortgage payable for thebalance. Interest on the mortgage is payable annually each April 1.Apr.1.Sold eguinment for $280000cash The eguinment cost $2833 800an originalynurchased.on lanuary 12013May44F9F10FI1FB000 F4F5F7%&%24

Journal entries is a tool for recording business transactions into accounting records.

Record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

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
The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors. Omit explanations. If an amount box does not require an entry, leave it blank. a. The receipt of $3,770 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. Cash fill in the blank e51d80faffd4fcb_2 fill in the blank e51d80faffd4fcb_3 Accounts Receivable fill in the blank e51d80faffd4fcb_5 fill in the blank e51d80faffd4fcb_6 b. The purchase of supplies of $1,130 on account was recorded as a debit to Office Equipment and a credit to Supplies. Note: Prepare the entry to reverse the original entry first. fill in the blank 1fd73cf5b00afb5_2 fill in the blank 1fd73cf5b00afb5_3 fill in the blank 1fd73cf5b00afb5_5 fill in the blank 1fd73cf5b00afb5_6 Supplies fill in the blank 1fd73cf5b00afb5_8 fill in the blank 1fd73cf5b00afb5_9 Accounts Payable fill in the blank…
Current Attempt in Progress On May 1, 2025, Jackson Inc. entered into a contract to deliver one of its specialty mowers to Wildhorse Landscaping Co. The contract requires Wildhorse to pay the contract price of $895 in advance on May 15, 2025. Wildhorse pays Jackson on May 15, 2025, and Jackson delivers the mower (with cost of $557) on May 31, 2025.
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T-Accounts (All Formulas/Equations) Would you please provide me with the formula/equation used to find the missing amount in a T-Account. Please look at the example below and provide me the answers in that same type of format so that it is easy to understand. Beginning Balance is missing Transaction on debit side is missing Transaction on credit side is missing FINDING BEGINNING BALANCE EXAMPLEBeginning balance = Ending balance + right side of T-Account - Left side of T-AccountBeginning balance = $9,800 + ($4,500 +$2,200 +$3,500) - ($2,500 +$4,000 +$3,400)Beginning balance = $9,800 + $10,200 - $9,900Begining balance = $10,100
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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.
View Policies Current Attempt in Progress Wildhorse Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2026. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2026. Under a new policy, if payment for 2027 season slips is made by December 31, 2026, a 4% discount is allowed. If payment for 2028 season slips is made by December 31, 2026, renters get a 23% discount (this promotion hopefully will provide cash flow for major dock repairs). On December 31, 2025, all 300 slips for the 2026 season were rented at full price. On December 31, 2026, 207 slips were reserved and paid for the 2027 boating season, and 63 slips were reserved and paid for the 2028 boating season. (a) Prepare the appropriate journal entries for December 31, 2025, and December 31, 2026. (Credit account titles are automatically indented when…
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.