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
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answer in text form with explanation , narration, calculation for every steps
The following notes receivable transactions occurred for Harris Company during the last three months of the Current year. (Assume all notes are dated the day the transaction occurred.) 1. Prepare the journal entries to record the preceding note transactions and the necessary adjusting entries on December 31. (Assume that Harris does not normally sell its notes and uses a 360-day year for the purpose of computing interest. Round all calculations to the nearest penny.) 2. Show how Harris' notes receivable would be disclosed on the December 31 balance sheet. (Assume these are the only note transactions encouutered by Harris during the year.)
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of Accounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 30 F3 888 F7 F9 F10 # 2$ % & 3 4 6 7 8 9. E R Y P { F K L < ? C V alt command option + || .. .. | H
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
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Concord Corporation purchased for $285,000 a 25% interest in Murphy, Inc. This investment enables Concord to exert significant influence over Murphy. During the year, Murphy earned net income of $185,000 and paid dividends of $54,000.Prepare Concord’s journal entries related to this investment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.) enter an account title to record the net income enter a debit amount enter a credit amount enter an account title to record the net income enter a debit amount enter a credit amount (To record the net income.)…
Kevin Smith, financial officer of Benson Inc., showed the following unadjusted account balances at January 31, 2023, its year end. Other information: There was one reconciling item on the bank reconciliation: an NSF cheque for $800. A review of the Prepaid Rent account showed that the balance represents rent for two months beginning January 1, 2023. Annual depreciation on the boats is $3,780. Annual depreciation on the furniture is $3,560. Use this information to prepare the January 31, 2023 classified balance sheet. xxx F 团 + (select one) Balance Sheet (select one) Account Balance Accounts payable 24,800 Accounts receivable 5,600 Accumulated depreciation, boats, 41,820 Accumulated depreciation, furniture, 30,360 Boats 49,220 Bonds payable (due August, 2031). 24,800 Cash 12,400 Commissions earned 19,400 Consulting revenue earned 6,700 Copyright 14,300 Dividends 6,600 Furniture 46,360 Insurance expense 3,800 Land 13,300 Long-term notes payable, 25,000 Long-term investment in shares…

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