View PoliciesCurrent Attempt in ProgressSheridan Ltd. has the following selected transactions:1.2.3.4.5.6.7.8.Issued common shares to shareholders in exchange for $6,800.Paid rent in advance for two months, $2,800.Paid administrative assistant $700 salary.Billed clients $1,600 for services provided.Received $1,200 in partial payment from clients for services provided in item 4 above.Purchased $700 of supplies on account.Paid supplier amount owing on account, $700.Borrowed $1,400 cash from the bank to purchase equipment.1.Journalize the transactions for Sheridan Ltd. (List all debit entries before credit entries. Credit account titles are automaticallyindented when the 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 Explanation2.3.AssetDebitCash5Credit!!

Journal entries are made to record the transactions as the first process in the books of accounts…

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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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Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
please answer part d,e
prepare journal entries and T-account
Give entries in journal to record each of the following situations separately. Purchased of furniture& fixtures for Rs. 700,000 and issued 74,000 shares @ Rs. 10 each. Purchased Building for Rs. 320000 and issued 30000 shares at Rs. 10 each. The Co. issued 280,000 shares @ Rs. 10 at Rs. 12.5 each on cash. Issued 9,000 11% 7-year debenture of Rs. 100 each issued at Rs. 120 each. Issued 5,000 12% 3-year debenture of Rs. 100 each issued at Rs. 94.5 each. Issued 3,000 10% 5-year debenture of Rs. 100 each repayable at Rs. 125 each.
What journal entries Punjab Corporation is made in the following cases. Also, prepare a balance sheet for each. You are also required to pass the journal entries following cases with your arid no. last four digits also i.e. 4358 arid no is total no. of debentures and Rs 100 each 6% debenture. (a) A company issued Rs. 500,000 6% debenture at par redeemable at par. (b) A company issued Rs. 500,000 6% debenture at 10% discount redeemable at par. (c) A company issued Rs. 500,000 6% debenture at 5% premium redeemable at par. (d) A company issued Rs. 500,000 6% debenture at par redeemable at 10% premium. (e) A company issued Rs. 500,000 6% debenture at 10% discount redeemable at 5% premium.
ratio. Deana Company's working capital accounts at December During 19x7, Denna Company completed the following transactions P17-11 Effect of various transa given below: Cash Marketable securities Accounts receivable (net) Inventory - Prepaid expenses Accounts payable Notes due within one year Accrued llabilities. S 50,000 30,000 200,000 210,000 10,000 150,000 30,000 20,000 R Paid a cash dividend previously declared, $12.000 b. Soid inventory costing $50,000 for $30,000, on account Wrote off uncollectible accounts in the amount of $10 000 Declared a cash dividend, $15,000. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35.000 A Sold inventory costing $15,000 for SI0,000 cash. Purchased inventory on account, $60,000. DI Paid off all short-term notes due, $30,000. Purchased equipment for cash, $15,000. d. e. h. j. Sold marketable securities costing $18,000 for cash, $15,000 k. Collected cash on accounts receivable, $80,000. ves Compute the following…
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a. Journalize the following transactions: i. January 10. Received cash from three incorporators for 75,000 shares of common stock, $375,000.00. R1-3. ii. iii. iv. V. vi. vii. viii. ix. January 10. Paid cash to Aaron Lovell as a reimbursement for organization costs, $10,000. C1. Value of Preferred Stock January 10. Received a subscription from Amory Lin for 10,000 shares of common stock, $50,000.00. M1. Total Amount of Dividends January 15. Received cash for the face value of a 5-year, 10%, $1,000.00 par value bond issue, $50,000.00. R11. January 25. Received a subscription from Peter Lavine for 8,000 shares of common stock, $40,000.00. M2. February 14. Received cash from Amory Lin in partial payment of stock subscription, $25,000. R4. March 15. Paid cash to Peter Lavine for 500 shares of common stock at $10.00 per share. C112. March 20. Received cash from Amory Lin in final payment of stock subscription, $25,000.00. R5. b. At the end of the year, Al-Can Products, Inc. had issued…
Subject :- Accounting
Following information is from first month of operations. Make a Statement of Stockholder's Equity 1/1 Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common stock. 1/1 Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. 1/1 Paid $4,200 for an insurance premium on a one-year policy. 1/1 Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of $3,000. 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/3 Purchased $50,000 of raw materials from Chemical Supply Inc on account. 1/5 Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. 1/8 Paid off account with Office Hoard Corp with cash. 1/10 Incurred $2,500 worth of direct labor costs while…

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