Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes. To prepare: The journal entry related to the sale.

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Answer 1

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Chapter 11, Problem 11.12E

1)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

2)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.

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Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2027. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day. 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for cal 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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Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

Answer 2

Question

Chapter 11, Problem 11.12E

1)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

2)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.

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Answer 3

Question

Chapter 11, Problem 11.12E

1)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

2)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.

Expert Solution & Answer

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Answer 4

Question

Chapter 11, Problem 11.12E

1)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

2)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.

Expert Solution & Answer

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Answer 5

Chapter 11, Problem 11.12E

1)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

2)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.

Answer 6

Chapter 11, Problem 11.12E

1)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

Answer 7

Chapter 11, Problem 11.12E

1)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

Answer 8

2)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.

Answer 9

2)

To determine

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. 11 - Prob. 11.1Q Ch. 11 - Depreciation is a process of cost allocation, not...Ch. 11 - Identify and define the three characteristics of...Ch. 11 - Discuss the factors that influence the estimation...Ch. 11 - What is meant by depreciable base? How is it...Ch. 11 - Prob. 11.6Q Ch. 11 - Prob. 11.7Q Ch. 11 - Why are time-based depreciation methods used more...Ch. 11 - Prob. 11.9Q Ch. 11 - Prob. 11.10Q

Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes. To prepare: The journal entry related to the sale.

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes. To prepare: The journal entry related to the sale.

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes. To Prepare: The journal entry related to the sale.

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Chapter 11 Solutions

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations for further accounting processes.

To prepare: The journal entry related to the sale.

Introduction: Journal entry is considered the primary step used by business organizations to maintain and record their transactions. Journal entries become the base for preparations of further accounting processes.

To Prepare: The journal entry related to the sale.