Chapter 2, Problem 2.13P

The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement.     1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…

Reed Co. had the following transactions (see below) during November and December of 2025. Requirements: 1. What amount of interest will Reed pay in 2025 (use 360 days in calculations as needed)? Record the journal entries for each of the transactions listed below. Record any necessary year-end adjusting journal entries for related to these transactions. Record the payment of the note in 2026. Transactions       1-Nov-25 Issued a note to the bank with the following terms.  Interest and principal paid at maturity.   Days 75       Interest Rate 5.00%       Face Amount  $      75,000.00               1-Dec-25 Received $18,000 cash from a customer as an advanced payment for services to be provided and earned evenly for 1 year.                       10-Dec-25 Made cash sales, not including sales tax) of  $    100,000.00       Cost of goods sold for these sales of           81,000.00       Associated sales tax rate is  6%               30-Dec-25 Paid the sales…

Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows: Prepare a statement of owners equity for the year.

Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.

Comprehensive Selected transactions of Shadrach Computer Corporation during November and December of 2019 are as follows: Required: Prepare journal entries to record the preceding transactions of Shadrach Computer Corporation for 2019. Include year-end accruals. Round all calculations to the nearest dollar.

Prepare a balance sheet using the following information for the Ginger Company as of March 31, 2019.

Prepare a balance sheet using the following information for Mikes Consulting as of January 31, 2019.

Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.

Please answer the question: By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has. Acapulco Inc. Trial Balance dated December 31st year 2021 Cash And Equivalents Accounts Receivable, Other Receivables, Notes Receivable Inventory Prepaid Expenses Other Current Assets, Gross Property Plant And Equipment Goodwill Loans Receivable, Long-Term Deferred Tax Assets Long-Term Other Long-Term Assets Dividends Accounts Payable Accrued Expenses Current Income Taxes Payable Unearned Revenue Current Other Current Liabilities Long-Term Debt Unearned Bevenue Non Current Deferred Tax Liability Non Current Other Non Current Liabilities Common Stock Additional Paid, In Capital Betained Earnings, Accumulated Depreciation Bevenues Cost of Goods Sold Selling General & Admin Expenses Depreciation & Amortization Other Operating Expenses…