Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry . Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries . To prepare: The journal entry for issuance of notes payable.

Question

In the month of September, a department had 9,500 units in beginning work in process that were 60% complete. During September, 28,500 units were transferred into production from another department. At the end of September, there were 5,500 units in ending work in process that were 50% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. A. The equivalent units of production for materials in September were __. B. The equivalent units of production for conversion costs for September were __.

Answer 1

Question

Chapter 11, Problem 11.2E

(a)

To determine

Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

To prepare: The journal entry for issuance of notes payable.

(b).

To determine

To prepare: Adjusting journal entry on June 30.

(c).

To determine

To prepare: The journal entry to record the payment of notes payable.

(d).

To determine

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

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In the month of September, a department had 9,500 units in beginning work in process that were 60% complete. During September, 28,500 units were transferred into production from another department. At the end of September, there were 5,500 units in ending work in process that were 50% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. A. The equivalent units of production for materials in September were __. B. The equivalent units of production for conversion costs for September were __.

Answer ?

In the month of September, a department had 9,500 units in beginning work in process that were 60% complete. During September, 28,500 units were transferred into production from another department. At the end of September, there were 5,500 units in ending work in process that were 50% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. A. The equivalent units of production for materials in September were . B. The equivalent units of production for conversion costs for September were . Need answer

Answer 2

Question

Chapter 11, Problem 11.2E

(a)

To determine

Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

To prepare: The journal entry for issuance of notes payable.

(b).

To determine

To prepare: Adjusting journal entry on June 30.

(c).

To determine

To prepare: The journal entry to record the payment of notes payable.

(d).

To determine

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

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Answer 3

Question

Chapter 11, Problem 11.2E

(a)

To determine

Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

To prepare: The journal entry for issuance of notes payable.

(b).

To determine

To prepare: Adjusting journal entry on June 30.

(c).

To determine

To prepare: The journal entry to record the payment of notes payable.

(d).

To determine

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

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Answer 4

Question

Chapter 11, Problem 11.2E

(a)

To determine

Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

To prepare: The journal entry for issuance of notes payable.

(b).

To determine

To prepare: Adjusting journal entry on June 30.

(c).

To determine

To prepare: The journal entry to record the payment of notes payable.

(d).

To determine

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

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Answer 5

Chapter 11, Problem 11.2E

(a)

To determine

Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

To prepare: The journal entry for issuance of notes payable.

(b).

To determine

To prepare: Adjusting journal entry on June 30.

(c).

To determine

To prepare: The journal entry to record the payment of notes payable.

(d).

To determine

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

Answer 6

Chapter 11, Problem 11.2E

(a)

To determine

Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

To prepare: The journal entry for issuance of notes payable.

Answer 7

Chapter 11, Problem 11.2E

(a)

To determine

Journal entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting journal entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

To prepare: The journal entry for issuance of notes payable.

Answer 8

(b).

To determine

To prepare: Adjusting journal entry on June 30.

Answer 9

(b).

To determine

To prepare: Adjusting journal entry on June 30.

Answer 10

(c).

To determine

To prepare: The journal entry to record the payment of notes payable.

Answer 11

(c).

To determine

To prepare: The journal entry to record the payment of notes payable.

Answer 12

(d).

To determine

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

Answer 13

(d).

To determine

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

Answer 14

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Ch. 11 - Prob. 1Q Ch. 11 - Prob. 2Q Ch. 11 - Prob. 3Q Ch. 11 - Prob. 4Q Ch. 11 - Prob. 5Q Ch. 11 - Prob. 6Q Ch. 11 - Prob. 7Q Ch. 11 - 8. What is the difference between gross pay and...Ch. 11 - Prob. 9Q Ch. 11 - Prob. 10Q

To prepare: Adjusting journal entry on June 30.

To prepare: The journal entry to record the payment of notes payable.

To Compute: The total interest expense on 8%, 6-month notes payable of $90,000.

Chapter 11 Solutions