Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y2, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Description Debit Credit b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Credit c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y2, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Description Debit Credit b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Credit c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.

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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Selected transactions from the journal of Larkspur, Inc. during its first month of operations are presented here. Date Account Titles Debit Credit Aug. 1 Cash 7,700 Common Stock 7,700 10 Cash 1,550 Service Revenue 1,550 12 Equipment 6,300 Cash 2,300 Notes Payable 4,000 25 Accounts Receivable 3,410 Service Revenue 3,410 31 Cash 760 Accounts Receivable 760 Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.)
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28.10A. J wright a sole trader, exracted the following trial balance from his book at the close of business on 31 March 20X9. DR CR £ £ Purchases and sales 61,420 127,245 Stock 1 April 20X8 Capital 1 April 20X8 Bank overdraft 7,940 25,200 2,490 Cash 140 Discounts 2,480 62 Returns inwards 3,486 Returns outwards 1,356 Carriage outwards Rent and insurance 3,210 8,870 Provision for doubtful debts 630 Fixtures and fittings 1,900 Van 5,600 Debtors and creditors 12,418 11400 Drawings Wages and salaries General office expenses 21,400 39,200 319 168,383 168,383 Notes: (a) Stock 31 March 20X9 £6,805. (b) Wages and salaries accrued at 31 March 20X9 £3,500; Office expenses owing £16. (c) Rent prepaid 31 March 20X9 £600. (d) Increase the provision for doubtful debts by £110 to £740. (e) Provide for depreciation as follows: Fixtures and fittings £190; Van £1,400. Required: Prepare the trading and profit and loss accounts for the year ended 31 March 20X9 together with a balance sheet as at that date.
EA21. Prepare journal entries to record the following transactions.A. July 1, issued common stock for cash, $15,000B. July 15, purchased supplies, on account, $1,800C. July 25, billed customer for accounting services provided, $950
ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
The trial balance of Wallaby Ltd shown below does not balance. Cash Accounts receivable. Supplies ............ Equipment Accounts payable Share capital Dividends... Service revenue. Wallaby Ltd Trial balance at 30 June 2023 Debit $ 2,600 7,600 .....600 Credit .....8,300 $ 9,766 1,941 .....1,500 15,200 Wages expense 3,800 Repair expense... 1,600 Totals..... $26.000 $26.907 An examination of the ledger and journal reveals the following errors: 1. Each of the above listed accounts has a normal balance per the general ledger. 2. Cash of $350 received from a customer on account was debited to Cash $530 and credited to Accounts receivable $530. 3. Dividends of $300 paid to shareholders were posted as a credit to Dividends, $300 and a credit to Cash $300. 4. Wages expense of $300 was omitted from the trial balance. 5. The purchase of equipment on account for $700 was recorded as a debit to Repair expense and a credit to Accounts payable for $700. 6. Services were performed on account for a…
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
Consider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3: Accounts Payable $ 113,420 Retained Earnings $ 56,000 Equipment 422,900 Notes Payable, due Year 5 344,500 Common Stock 206,500 Accounts Receivable 203,800 Income Tax Payable 4,030 Cash 97,750 Required:Prepare a classified balance sheet at December 31, Year 3.
23 A company had revenues of $63,000 and expenses of $47,750 for the accounting perlod. Dividends of $6,950 were pald in cash during the same period. Which of the following entries could not be a closing entry? Multiple Choice nts 3 02:30:56 Debit Revenues $63,000; credit Income Summary $63,000. Debit Income Summary $47,750; credit Expenses $47,750. Debit Income Summary $63,000; credit Revenues $63,000. Debit Income Summary $15,250; credit Retained earnings $15,250. Debit Retained earnings $6,950; credit Dividends $6,950. ic raw 23 of 30 MacBook Air
Required information Skip to question [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable $ 54,000 Accounts Receivable 31,800 Cash (balance on January 1, 2021) 102,400 Cash (balance on December 31, 2021) 86,000 Common Stock 138,500 Dividends 0 Equipment 145,700 Income Tax Expense 11,000 Interest Expense 30,400 Inventory 18,100 Notes Payable 32,600 Office Expense 15,200 Prepaid Rent 7,900 Retained Earnings (beginning) 10,800 Salaries and Wages Expense 36,600 Service Revenue 155,800 Utilities Expense 26,000 Salaries and Wages Payable 17,000 Other cash flow information: Cash from issuing common stock $ 30,000 Cash paid to reacquire common stock 34,100 Cash paid for income taxes 11,900 Cash paid to purchase long-term assets 61,400 Cash paid to suppliers and employees 94,000 Cash received…