e following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphicserational. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation forildings, and straight-line amortization for patents.January 2, 2020 Paid $104,000 cash to purchase storage shed components.January 3, 2020 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 yearsand a residual value of $5,000.April 1, 2020 Paid $50,000 cash to purchase a pickup truck for use in the business. The truck has an estimateduseful life of five years and a residual value of $3,000. This vehicle is to be recorded in the Truckaccount.May 13, 2020 Paid $800 cash for minor repairs to the pickup truck's upholstery.July 1, 2020 Paid $11,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent isestimated to have a remaining useful life of five years.ecember 31, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent.June 30, 2021 Sold the pickup truck for $43,000 cash. (Record the depreciation on the truck prior to recording itsdisposal.)December 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After recording thepatent amortization, determined that the patent was impaired and wrote off its remaining book value(i.e., wrote down the book value to zero).Required:Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No JournalEntry Required" in the first account field. Do not round intermediate calculations.)View transaction listJournal entry worksheet123456781212Record the purchase of storage shed components for $104,000.Note: Enter debits before credits.DateJanuary 02, 2020General JournalDebitCredit>1

Journal Entry-A journal entry is a record of the business transactions in the accounting books of a…

Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

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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Presented below is information related to the purchases of common stock by Carla Company during 2020. Cost Fair Value (at purchase date) (at December 31) Investment in Arroyo Company stock $107,000 $88,000 Investment in Lee Corporation stock 230,000 278,000 Investment in Woods Inc. stock 190,000 200,000 Total $527,000 $566,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Carla make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? (b) What entry would Carla make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Carla did not select the fair value option for these investments?
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Pharoah Stores is a new company that started operations on March 1, 2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Pharoah Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. Mar. 1 2 The correct company pays $140 for the shipping charges. 3 21 22 23 30 31 Pharoah returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Pharoah a $1,100 credit on its account. Pharoah Stores purchases an additional $11,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $160 for freight charges. Pharoah returns $500 of the merchandise purchased on March 21 because it was damaged. Octagon gives Pharoah a $500 credit on its account. Pharoah paid Octagon the amount owing for the merchandise purchased on March 1. Pharoah paid Octagon the amount owing for the…
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Ch. 3 Classwork Chart of Accounts Common Stock Cash Accounts Receivable Supplies Inventory Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation Accounts Payable Notes Payable Unearned Revenue Retained Earnings Dividends Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1.…
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View Policies Current Attempt in Progress Carla Vista Company manufactures pizza sauce through two production departments: cooking and canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits: Beginning work in process inventory Direct materials Direct labour Manufacturing overhead Costs transferred in Cooking $-0- 26,900 7,350 32,800 Canning $3,750 7,620 7,490 26,000 52,200 I dit ontries Credit account titles are automatically indented when the an
Fill in the Blank Question A posting reference in a (journal/ledger) includes the page number of the account debited or credited in the (journal/ledger) and serves as a link to cross-reference the transaction from one record to another.