Shamrock Co. had purchased 230 shares of Washington Co. for $37 each this year (Oregon Co. does not have significant influence).Shamrock Co. sold 100 shares of Washington Co. stock for $41 each. At year-end, the price per share of the Washington Co. stock haddropped to $31.Prepare the journal entries for these transactions and any year-end adjustments. (List all debit entries before credit entries. Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)No. Account Titles and ExplanationDebitCredit1.2.3.

Step 1:Journal entry as follows : No.Account titles and…

Answered: Shamrock Co. had purchased 230 shares…

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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The ledger of Teal Mountain Inc. at the end of the current year shows Accounts Receivable $74,000; Credit Sales $810,000; and Sales Returns and Allowances $36,000. If Teal Mountain uses the direct write-off method to account for uncollectible accounts, journalize the entry if on December 31 Teal Mountain determines that Matisse Company's $750 balance is uncollectible. (a) If Allowance for Doubtful Accounts has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $600 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Dec.…
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Windsor Company borrowed $49,200 on November 1, 2025, by signing a $49,200, 10%, 3-month note. Prepare Windsor's November 1,2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
please answer in text and every entry should have narrations with all other works
Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice's entries for recovery of this bad debt. View transaction list Journal entry worksheet Debit Credit >
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answer in text form with explanation , narration, calculation for every steps
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Sarasota Company borrowed $34,800 on November 1, 2025, by signing a $34,800, 9%, 3-month note. Prepare Sarasota's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3, Kick Off sold 1,700 of the reacquired shares at $57 per share. November 14, Kick Off sold the remaining shares at $53 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
Accounting Gregory Ltd uses the ageing of accounts receivable method for estimating doubtful debts. The balance of the Allowance for Doubtful Debts account on 1 July 2020 had a credit balance of $9,300. The company is registered for goods and services tax (GST). GST rate is 10%. All transactions below relate to Gregory Ltd's uncollectable accounts for the financial year ended 30 June 2021. July 18 Wrote off the $495 account of B. Betty as uncollectable. Oct. 19 Re-established the account of C. Casy and recorded the collection of $2,530 in full payment of his account, which had been written off previously. Jan. 31 Received 20% of the $2,200 balance owed by D. Delois and wrote off the remainder as uncollectable. June 30 The estimate of uncollectable accounts is based on an ageing of accounts receivable and $18,260 of the accounts receivable as at 30 June was estimated to be uncollectable. Gregory Ltd has a receivable balance of $650,000 on the 30 June 2021. All Accounts Receivable…

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