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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Speedware Corporation A friend of yours reviewed the 20X5 Annual Report for Speedware Corporation. The following are extracts from the Report. 7. Finance Subsidiaries (continued) At December 31, 20x5, receivables of $898 included $595 of notes and accounts receivable and $303 due under non-cancelable leases, maturing as follows: Year ended December 31: 20x6 Years 2-5 Thereafter Less unearned income 18. Commitments Lease receivables ($millions) Total receivables $ 159 $ 357 190 535 15 364 61 $303 67 959 61 $ 898 At December 31, 20x5, the future minimum lease payments under finance leases and operating leases consisted of: Year ended December 31: 20x6 Years 2-5 Thereafter Total future minimum lease payments Less: imputed interest Present value of net minimum lease payments Finance leases Operating leases $ 5 14 $ 132 290 9 154 28 $576 8 $20 Rental expense on operating leases for the years ended December 31, 20x5, 20x4, and 20x3, amounted to $172, $170, and $131, respectively. Your friend…
Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity account
Prepare Hertog Company's journal entries to record the following transactions for the current year. May 7 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,990. June 6 Sells its entire investment in Kraft bonds for $11,510 cash. View transaction list Journal entry worksheet 1 2 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,990. Note: Enter debits before credits. Date May 07 Record entry General Journal Clear entry Debit Credit View general journal >
Liability transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Date Transaction Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 7% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $140,400 from Triple Creek Bank, issuing a 60-day, 8% note. July 21. Purchased tools by issuing a $120,000, 90-day note to Poulin Co., which discounted the note at the rate of 9%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $140,400. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased equipment from Greenwood Co. for…
Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $180,000 from Triple Creek Bank, issuing a 60-day, 9% note. July 21. Purchased tools by issuing a $102,000, 90-day note to Poulin Co., which discounted the note at the rate of 8%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $180,000. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $96,000,…
Assume that on January 1, First Union Co. purchases for cash a $400,000 of Medford City 5% bond at 100 plus accrued interest of $4,500 as an investment on January 1. What accounts would be debited for the $4,500 in the journal entry to record the investment? DATE DESCRIPTION PREF DEBIT CREDIT Jan. 1 (?) $400,000 (?) 4,500 (?) 404,500 Investment in Medford City Bonds Interest receivable Cash Interest revenue O000
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

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