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Business Accounting Financial Accounting: Information for Decisions

1. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The adjusting journal entries for the following transaction. Journal entries are shown below. Journal entries of D Co. for the month of March are shown below. Date Particular PR Dr.$ Cr.$ Nov 16 2017 Cash $2500 Sales $2500 (To record sales for cash) Nov, 30 2017 Warranty expenses $250 Estimated warranty liability $250 (to record estimated warranty liability) Dec, 12 2017 Estimated warranty liability $144 Repair parts inventory $144 To record cost of warranty repairs Dec, 18 2017 Cash $10000 Sales $10000 (To record sales for cash) Dec 28 2017 Estimated warranty liability $408 Repair parts inventory $408 (To record cost of warranty repairs) Dec 31 2017 Warranty expenses $1000 Estimated warranty liability $1000 (to record estimated warranty liability) Jan 6 2018 Cash $2000 Sales $2000 (To record sales for cash) Jan 21, 2018 Estimated warranty liability $864 Repair parts inventory $864 (To record cost of warranty repairs) Jan 31 2018 Warranty expenses Estimated warranty liability (to record estimated warranty liability) 2. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The account receivable and doubtful account for the following transaction. Balance sheet is shown below. Warranty expense for Nov.: W a r r a n t y e x p e n s e f o r N o v = ( $ 2500 × 10 100 ) = $ 250 Warranty expense for Dec.: W a r r a n t y e x p e n s e f o r N o v = ( $ 10000 × 10 100 ) = $ 1000 Warranty expense for Nov is $250 and Dec is $1000 3. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The adjusting journal entries for the following transaction. Journal entries are shown below. Warranty expense for Jan.: W a r r a n t y e x p e n s e = ( $ 2000 × 10 100 ) = $ 200 Warranty expense for Jan is $200 4. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The account receivable and doubtful account for the following transaction. Balance sheet is shown below. Particular Amount Expense for warranty in month of November $250 Expense for warranty in month of December $1000 Less: Cost pertaining to replacement of items ( 45 × $ 20 ) $552 Estimated balance for warranty liability $698 The estimated liability account as on December 31 2017 is $698 5. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The account receivable and doubtful account for the following transaction. Balance sheet is given below Particular Amount Warranty liability in the beginning $698 Expense for warranty in the month of January $200 Less: cost pertaining to replacement of items ( 50 × $ 20 ) ($864) Estimated balance for warranty liability $34 The estimated liability account as on January 31 2016 is $34

1. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The adjusting journal entries for the following transaction. Journal entries are shown below. Journal entries of D Co. for the month of March are shown below. Date Particular PR Dr.$ Cr.$ Nov 16 2017 Cash $2500 Sales $2500 (To record sales for cash) Nov, 30 2017 Warranty expenses $250 Estimated warranty liability $250 (to record estimated warranty liability) Dec, 12 2017 Estimated warranty liability $144 Repair parts inventory $144 To record cost of warranty repairs Dec, 18 2017 Cash $10000 Sales $10000 (To record sales for cash) Dec 28 2017 Estimated warranty liability $408 Repair parts inventory $408 (To record cost of warranty repairs) Dec 31 2017 Warranty expenses $1000 Estimated warranty liability $1000 (to record estimated warranty liability) Jan 6 2018 Cash $2000 Sales $2000 (To record sales for cash) Jan 21, 2018 Estimated warranty liability $864 Repair parts inventory $864 (To record cost of warranty repairs) Jan 31 2018 Warranty expenses Estimated warranty liability (to record estimated warranty liability) 2. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The account receivable and doubtful account for the following transaction. Balance sheet is shown below. Warranty expense for Nov.: W a r r a n t y e x p e n s e f o r N o v = ( $ 2500 × 10 100 ) = $ 250 Warranty expense for Dec.: W a r r a n t y e x p e n s e f o r N o v = ( $ 10000 × 10 100 ) = $ 1000 Warranty expense for Nov is $250 and Dec is $1000 3. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The adjusting journal entries for the following transaction. Journal entries are shown below. Warranty expense for Jan.: W a r r a n t y e x p e n s e = ( $ 2000 × 10 100 ) = $ 200 Warranty expense for Jan is $200 4. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The account receivable and doubtful account for the following transaction. Balance sheet is shown below. Particular Amount Expense for warranty in month of November $250 Expense for warranty in month of December $1000 Less: Cost pertaining to replacement of items ( 45 × $ 20 ) $552 Estimated balance for warranty liability $698 The estimated liability account as on December 31 2017 is $698 5. Introduction : Journal entry is a technique of booking and recording the financial transaction on any company. Account receivable is an amount of money which company has to receive from someone for any provided service or for sale of product. To prepare: The account receivable and doubtful account for the following transaction. Balance sheet is given below Particular Amount Warranty liability in the beginning $698 Expense for warranty in the month of January $200 Less: cost pertaining to replacement of items ( 50 × $ 20 ) ($864) Estimated balance for warranty liability $34 The estimated liability account as on January 31 2016 is $34

Solution Summary: The author explains that journal entry is a technique of booking and recording the financial transaction on any company.

Financial Accounting: Information for Decisions

Financial Accounting: Information for Decisions

8th Edition

ISBN: 9781259533006

Author: John J Wild

Publisher: McGraw-Hill Education

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Financial Accounting: Information for Decisions

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Ch. 9 - Prob. 11DQ Ch. 9 - Prob. 12DQ Ch. 9 - Prob. 13DQ Ch. 9 - Prob. 14DQ Ch. 9 - Prob. 15DQ Ch. 9 - Prob. 16DQ Ch. 9 - Prob. 17DQ Ch. 9 - Prob. 1QS Ch. 9 - Prob. 2QS Ch. 9 - Ticketsales, Inc., receives $5,000,000 cash in...Ch. 9 - Prob. 4QS Ch. 9 - Prob. 5QS Ch. 9 - Prob. 6QS Ch. 9 - Prob. 7QS Ch. 9 - Prob. 8QS Ch. 9 - Prob. 9QS Ch. 9 - Prob. 10QS Ch. 9 - Prob. 11QS Ch. 9 - Prob. 12QS Ch. 9 - Sera Corporation has made and recorded its...Ch. 9 - Prob. 1E Ch. 9 - Prob. 2E Ch. 9 - Prob. 3E Ch. 9 - Interest-bearing notes payable with year-end...Ch. 9 - Prob. 5E Ch. 9 - Prob. 6E Ch. 9 - Prob. 7E Ch. 9 - Prob. 8E Ch. 9 - Prob. 9E Ch. 9 - Hitzu Co. sold a copier costing $4,800 with a...Ch. 9 - Prob. 11E Ch. 9 - Prob. 12E Ch. 9 - Accounting for contingent liabilities C3 Prepare...Ch. 9 - Prob. 14E Ch. 9 - Prob. 15E Ch. 9 - Prob. 16E Ch. 9 - Prob. 18E Ch. 9 - Prob. 1PSA Ch. 9 - Prob. 2PSA Ch. 9 - Prob. 3PSA Ch. 9 - Prob. 4PSA Ch. 9 - Prob. 5PSA Ch. 9 - Entries for payroll transactions P2 P3 P5...Ch. 9 - Prob. 1PSB Ch. 9 - Prob. 2PSB Ch. 9 - Fishing Guides Co. has four employees. FICA Social...Ch. 9 - Prob. 4PSB Ch. 9 - Shown here are condensed income statements for two...Ch. 9 - Prob. 6PSB Ch. 9 - Prob. 9SP Ch. 9 - Refer to the financial statements of Apple in...Ch. 9 - Key figures for Apple and Google follow. *Apple...Ch. 9 - Prob. 3BTN Ch. 9 - Prob. 5BTN Ch. 9 - Assume that your team is in business and you must...Ch. 9 - Prob. 7BTN Ch. 9 - Prob. 8BTN Ch. 9 - Prob. 9BTN

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