The T-accounts below summarize the ledger of Metlock, Inc. at the end of the first month of operations.Cash14,000 Apr. 15Apr. 1510600 Apr. 253,350Apr. 12Apr. 29510Apr. 30760Accounts Receivable4,100 Apr. 29Apr. 7510SuppliesApr. 46,100Accounts Payable3,350 Apr. 46,100Apr. 25Unearned Service RevenueApr. 30Common StockApr. 114,000Service RevenueApr. 74,100600Apr. 12Salaries and Wages ExpenseApr. 15510 Prepare the journal entries that resulted in the amounts posted to the accounts. Present them in the order they occurred. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)DebitAccount Titles and ExplanationDateCredit

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Answered: The T-accounts below summarize the…

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 intangible assets section of Riverbed Company at December 31, 2022, is presented here. Patents ($70,000 cost less $7,000 amortization) Franchises ($44,800 cost less $17,920 amortization) Total Jan. 2 Sept. 1 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Oct. 1 $63,000 Nov.- Dec. 26,880 $89,880 Paid $21,600 legal costs to successfully defend the patent against infringement by another company. Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Acquired a franchise for $111,600. The franchise has a useful life of 50 years. Developed a new product, incurring $145,000 in research and development costs during December. A patent was granted for the product on January 1, 2024.
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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
In maintaining the accounts receivable, the method that applies a customer’s payment to the account balance without consideration of which unpaid invoices the customer is paying is: TurnaroundOpen-invoice Balance-forwardCycle billingMatching
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.
Ceradyne Limited accepts a three-month, 7%, $43,600 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (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.) te Account Titles and Explanation < Debit C Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming that the note is dishonoured, but eventual collection is expected. (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…
On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and issuing a $64,500 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $38,100 Accounts payable $160,000 Accounts Receivable 67,500 Stockholders' equity 165,800 Inventory 75,800 $325,800 Land 29,400 Buildings (net) 55,200 Equipment (net) 52,200 Copyrights 7,600 $325,800 The recorded amounts all approximate current fair values except for land (worth $45,400), inventory (worth $94,900), and copyrights (worth $11,300).
Vaughn Limited, which uses a perpetual inventory system, purchased inventory costing $22,000 on February 1 by issuing a 3-month note payable bearing interest at 6%, with interest and principal due on May 1. The company's year end is on March 31 and the company records adjusting entries only at that time. Your answer is correct. Prepare the journal entry to record the purchase of inventory on February 1. (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. List debit entry before credit entry.) Date Account Titles Feb. 1 (b) Inventory Notes Payable eTextbook and Media List of Accounts Your answer is correct. Mar. 31 Date Account Titles Interest Expense Debit Interest Payable Prepare the journal entry to record the accrual of interest expense on March 31. (Credit account titles are automatically indented when the amount is entered. Do not indent…

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