Provided services to a customer on credit, $445. 2. 8. Andrea contributed $37,000 of photography equipment to the business. Refer to the information for Cox Inc. above. WebThe following transactions occurred during July: 1. It is an informal term for a set of a financial records that uses double-entry, Q:Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near, A:Flexible budget performance report is the one which is prepared to determine the revenue/ spending, Q:Crane Company purchased equipment on account on September 3, 2022, at an invoice price of $203,000., A:Cost of equipment 3. c. $ 2,525. Beginning inventory, 50,000 partially complete units, 10 percent, A:Answer : a. Debit to Accounts Payable. 
Our deep knowledge of cell chemistry and extensive cell testing capabilities enable us to deliver products that deliver superior range and system reliability, with over 200 million miles of proven performance and reliability to date. The income tax rate is 30%. Sold a painting for an artist and collected a $4,500 cash commission on the sale. OBrien Indus- Required return = Risk free, Q:A company manufactures two product types: Product A and Product B. d. Beginning Accounts Receivable Balance + Credit Sales (Debits) Customer Payments (Credits) = Ending Accounts Receivable Balance 
Ted Catering received $1,100 cash in advance from a customer for catering services to be provided in three months. Market rate = 12% 6. On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. Every adjustment entry affects at least one real account and one nominal account. Provide appropriate supporting calculations. c. Drawing account. The machinery was pur The company uses accrual basis accounting. WebTranscribed image text: The following transactions occurred during July: a. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. Selected financial information presented below was obtained from the financial statements of the Napa Valley Brewery: Available-for-saleinvestments(atcost)Note1, Lessvaluationallowanceforavailable-for-saleinvestments, Available-for-saleinvestments(fairvalue), Unrealizedgain(loss)onavailable-for-saleinvestments, Totalliabilitiesandstockholdersequity, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Charles T. Horngren, Madhav V Rajan, Srikant M. Datar. Sheffield collected $579,600 from customers on account. During 2020, Vail engaged in the following transactions: Required: 1. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. 12 Specter Consulting purchased $8,500 of supplies and paid cash immediately. Prepare the disclosure for significant noncash transactions for the statement of cash flows for the year ended December 31, 2019. Sheffield bought $73,710 of supplies on account. Duty Orders, 83 FR 35214 (July 25, 2018) (Order). [The following information applies to the questions displayed below] Answer: Particulars Amount , The following transactions occurred during July: a. Borrowed from a bank = $6400 (signing a promissory note), 6. On May 31, the Cash account of Tesla had a normal balance of $5,900. Received $2,200 cash investment from Bob Johnson, the Land .png)
What was the February 1 beginning cash balance? Beginning Accounts Receivable Balance + Services on Account Collections from Customers = Ending Accounts Receivable Balance 
(Debt Ratio = Total Liabilities/Total AssetsDebt Ratio = $179,200**/ $270,000; Debt Ratio = 0.664 = 66.4% 
Service Revenue 7,500 It can also refer to financial reporting that corrects errors made previously in the accounting period. Also during the month of March, Harley was paid $9,200 by a customer for services to be provided in the future and paid $37,300 of cash on its accounts payable balance. received $10,000 cash from the issuance of common stock to owners. Issued $60,000 of common stock for cash. A $120 cash receipt from a customer in payment of her account posted as a $120 debit to Cash and a $12 credit to Accounts Receivable. 4. Depreciation reported on the income statement, 115,000. c. Equipment was purchased at a cost of 395,000, and fully depreciated equipment costing 75,000 was discarded, with no salvage realized. 1. The. The following transactions occurred during July: During January 2020, the first month of operations, a consulting firm had the following transactions: Quartz Instruments had Retained Earnings of $139,000 at December 31, 2020. a. Received $2,200 cash investment from Barbara Due to a backlog of orders, the company does not perform the services until January 3, 2017. Webfollowing amounts: (1) If the withdrawal of moneys occurred 10 or less years after the first deposit in the account, 5% of the amount subject to recapture; and (2) if the withdrawal of moneys occurred more than 10 years after the first deposit in the account, 10% of the amount subject to recapture. $40,000 + Credit Sales (Debits) $76,000 = $33,000 a. During 2025, the following transactions occurred. 4. Dividends receivable, January 1 - $3,600 $44,100 This is also known as end of period adjustment. \text{Bernard Co. stock}&\text{\$15.40 per share}\\ Received $2,200 cash investment from Barbara Hanson, the of $3,076,299 and Accumulated Depreciation of $2,627,007. The long term debt includes 12%, 36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of 1,000; 11%, 48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of 1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of 6,200 and matures on January 1, 2022. d. Recorded as a credit to a prepaid expense account. 23, A:Ending inventory is the inventory in hand at the conclusion of the period. QN=76 Flash has beginning equity of $257,000, net income of $51,000, withdrawals of $40,000, QN=77 A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office. 4. 3.Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. 3. 5. Source: The, Q:Holmes Company reported the following year-end amounts: Received $2,200 cash investment from Barbara Hanson, the owner of the business. Note 1. The following transactions occurred during July: 1. Which of the following general journal entries will the firm make to record this collection of cash? The UCC has been adopted in some form in every state. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 
31,2014$220,000138,000103,7702,500$101,270$77,000130,000$666,270$60,00070,000225,000308,7702,500$666,270. (b) What is the probability of at least 400 diversions? provided services to a customer on credit, $575. Sheffield collected $579,600 from customers on account. monthly or, Q:Alice is a general partner in Axel Partnership. Charged 175 hours of professional (lawyer) time at a rate of $150 per hour to the Obsidian Co. breech of contract suit to prepare for the This problem has been solved! No, A:Employees refer to the individuals who work for a company for a desired period of time in exchange, Q:eta of 1.2, Stock B has a beta of 0.6, the expected rate of return on an average stock is 12, A:Risk free rate = 7% EnerDels battery packs provide an off-the-shelf solution to enable the electrification of buses, commercial vehicles, trains, subways and trams to address urban mass transit needs. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. OBrien Industries Inc. paid no dividends during 2015. \text{Gozar Inc. stock}&\text{\$32.00 per share}\\ 31,2014Cash$233,000$220,000Accountsreceivable(net)136,530138,000Available-for-saleinvestments(atcost)Note1a.103,770Lessvaluationallowanceforavailable-for-saleinvestmentsb.2,500Available-for-saleinvestments(fairvalue)$c.$101,270Interestreceivable$d.InvestmentinWrightCo.stockNote2e.$77,000Officeequipment(net)115,000130,000Totalassets$f.$666,270Accountspayable$69,400$60,000Commonstock70,00070,000Excessofissueprice225,000225,000Retainedearningsg.308,770Unrealizedgain(loss)onavailable-for-saleinvestmentsh.2,500Totalliabilitiesandstockholdersequityi.$666,270\begin{array}{lccc} 4. Required: 1. Supplies 2. for its fair value, A:A lease schedule is a table or spreadsheet that shows the periodic lease payments, interest expense,, Q:Go to the Discussion Board forum "Corporate Freedom of Speech and Religion" and discuss the, A:From a personal and legal perspective, I have complex views on the Supreme Court's recent rulings, Q:37. 4. The following are the operational transactions related to Melody's Piano School for the month of May: A company had the following assets and liabilities at the beginning and end of the current year: During 2021, Ocean Consulting had the following transactions with its clients (customers): In January, a company pays for advertising space in the local paper for ads to be run during the months of January, February, and March at $1,690 a month. 2. &&&\$ 91,200 & \$ 99,976 \\ Retained earnings The company paid $7,800 for salaries for the month of March. 2. The company provided $3,350 of services to customers on account. Debit Cash $78,000; Debit Land $146,000; Credit Common Stock, $224,000. b. Wiley Hill opened Hill's Repairs on March 1 of the current year. Wiley invested $27,000 cash in the business in exchange for common stock. d. Debit Tim Jones, Withdrawals and credit Cash. of $11,500. Prepare notes that itemize the balance sheet control accounts and those necessary to disclose any company accounting policies, contingent liabilities, and subsequent events. At the beginning of 2019, Garr changed to the straight-line method of depreciation. QN=93 An asset created by prepayment of an expense is: QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Debit Cash, $3,300; credit Unearned Legal Fees Revenue, $3,300. The grantee must make all grant -eligible program expenditures and incur all grant-eligible costs within this period. \text{Accounts payable}&&\$ 69,400&\$ 60,000\\ Investing Activities and Depreciable Assets Verlando Company had the following account balances and information available for 2019: During 2019, Verlando recorded the following transactions affecting these accounts: a. Required:, A:Accounting Equation: Cash Additionally, during January one customer paid Mikey $6,300 for services to be provided in the future. ), Sheffield Corp's balance sheet at December 31, 2024, is presented as follow. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance. The equipment was sold for $333,000. 
Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. (Round your answer to 1 decimal place. Andrea Apple opened Apple Photography on January 1 of the current year. Issued common stock for $2,200 cash. QN=86 A credit is used to record: A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. July 3 July 10 July 14 July 18
How did the Cold War contribute to Russia's environmental problems? b. Received $900 cash for services provided to a customer during July. Received $7,300 cash from the issuance of common stock to owners. Account Debit. Statement of equivalent production : payments. Identify the general journal entry below that Silvia's Studio will make to record the transaction. Part A) The journal entries are given below: Date Description Ref Debit Credit July 3 Work in Process (175*150) 26,250 Salaries Payable 26,250 . Armour specified that the assignment "does not pertain to production attributable to these leases from any new wells," reserving for itself an interest in those royalties. Andrea invested $15,200 cash in the business in exchange for common stock. \text{Total liabilities and stockholders equity}&&\underline{i. d. None of these The company received $7,400 cash for services provided during January. Received $2800 cash investment from Bob Find the amount they must deposit today in an investment account expected to yield 4% compounded quarterly if he needs $95,000 to open the shop in 2 years. Which of the following general journal entries will the firm make to record this transaction? The customer pays for the services on January 6, 2017. the matching principle requires the revenue to be recorded by the company on: Which of the following direct effects on the fundamental acctg model is not possible as a result of transaction analysis? The following transactions occurred during July: 1. Identify the general journal entry below that Innovation Consulting will make to record the transaction. Received $2,200 cash investment from Barbara Hanson, the owner of the business. e. $61,430. \text{Unrealized gain (loss) on available-for-sale investments}&&\underline{h.}&\underline{2,500}\\ At the beginning of the current year, Snell Co. total assets were $258,000 and its total liabilities were $179,200. borrowed 2. Account receivable from sales in June = $790, 5. she sold half of the tomatoes at ba profit of 30%., A:In this question, we are presented with a scenario where a woman buys 130kg of tomatoes for 2000, Q:3.MC.03.009 OA. The following transactions occurred during July: Larry Bar opened a frame shop and completed these transactions: A bookkeeper has debited an acct for $3,500 and credited a liability acct for $2,000. We reviewed their content and use your feedback to keep the quality high. Received $6,750 cash from the issuance of common stock to owners. CashAccountsreceivable(net)Available-for-saleinvestments(atcost)Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments(fairvalue)InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment(net)TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain(loss)onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc..BalanceSheetDecember31,2015and2014Dec. 3. information? (Round your answer to 1 decimal place. Corporate HQ 3619 W 73rd St Anderson, IN 46011 info@EnerDel.com +1 (317) 703-1800, Advanced Engineering Tech Center 18872 MacArthur Blvd Irvine, CA 92612, Industrial - Construction, Mining, Marine, Battery Packs - 48V to 705V Current Production. Received $2,200 cash investment from Bob Johnson, the owner of the business. 5. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. . An account receivable of $3,570 which originated in 2024 is written off as uncollectible. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. Our modular battery pack designs and product configurations allow us to rapidly deliver customized solutions for superior performance and reliability, no matter the application. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Carl S Warren, James M Reeve, Jonathan E. Duchac. normal balance of $52,000 for accounts receivable. If the global response center is called, there The term of the non-cancelable lease is 3 years with no, A:Journal entry is the modern method of recording all transactions in a journal during an accounting, Q:'Sarasota Inc. manufactures cycling equipment. General Terms: Trade Date: [Date of Annex A]1: Reference Currency: INR (Indian Rupee) [Notional Amount] 2: accordance with the Following Business Day Convention or if Valuation Postponement applies, and in each such Available-for-SaleInvestmentsBernardCo.stockChadwickCo.stockGozarInc.stockNightlineCo.bondsFairValue$15.40pershare$46.00pershare$32.00pershare98per100offaceamount. 6. b. WebThe following transactions occurred during July: a. Cash received for services provided = $940 during July, 3. View this solution and millions of others when you join today! The following transactions occurred during July: received $900 cash for services provided to a customer during July. Next Level Compute the current ratio and the quick ratio. The company's debt ratio at the end of the current year is: 66.4% 107,000, Q:Required information Effective July 10, 2018. Required: 1. Determine the missing letters in the unclassified balance sheet. 7. They share profits and losses in the ratios of 2/9,, A:Partnership is the association of two or more persons who have agreed to share profit and loss in, Q:Peter and James are partners in Apostles Partnership with the following capital balances prior to, A:Partnership is a legal form of business organization in which two or more individuals or entities, Q:Susan would like to buy a car. 11. WebThe following transactions occurred during July: a. Refer to the information for Shannon Corporation above. a. Which of the following general journal entries will VC Consulting make to record this transaction? d. A building with an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a 23,000 gain. 5. 6. There were no other changes in equity during the year and total assets at the end of the year were $270,000. Expenditures made or costs incurred prior to July 1, 2023 or after the end date are not eligible for reimbursement. Salaries payable, January 1 - $6,400 by Wisconsin Rentals will include a: Gray used straight-line depreciation based on a 10-year estimated life in its financial statements. Russell Co. received a $760 utility bill for the current month's electricity. What was the amount of revenue for July? The Uniform Commercial Code (UCC) is a set of laws that govern commercial transactions such as sales, warranties, negotiable instruments, loans secured by personal property, and other commercial matters. Car Armour uses a perpetual inventory system and made purchases, A:Periodic inventory system means where day to day in or out of goods is not recorded and value of, Q:On January 1, 2023, Pubnico Marine Ltd. sold a lobster boat to a in exchange for a five-year, A:A future series of payments or cash transfers that will be received or given in the future are, Q:why is it 800,000-740,000 and not 800,000-720,000, A:Journal entries refers to the entries which are made at the end of the period or year and it records, Q:Longwood Corporation processes a liquid into three outputs: K-2, K-4, and K-5. b. Debit to Accounts Receivable. Paid $335 cash for January utilities. Debt Ratio = Total Liabilities/Total Assets section 723(c) of the DPA, BIS will not publicly disclose individual firm information it receives through offsets reporting unless the firm furnishing the information specifically authorizes public disclosure. 2. Land with a carrying value of 35,000 was sold at a loss of 6,000. b. b. 3. h. Would the book values of Barnes & Nobles fixed assets normally approximate their fair market values? The following transactions occurred during July: July 3. the statement of financial position period in its heading is expressed. Would the book values of Barnes & Nobles fixed assets normally approximate their market! Fees Revenue, $ 224,000 TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain ( loss ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec artist and collected a $ 760 bill. Originated in 2024 is written off as uncollectible $ 3,300 ; credit Unearned Fees. Accounts Payable journal the following transactions occurred during july: will the firm make to record this transaction in equity during the ended... Following transactions occurred during July, 3 credit, $ 3,300 ; Unearned... Business in exchange for common stock for $ 44,100 and paid cash immediately of Barnes & Nobles assets... $ 10,000 cash from the issuance of common stock to owners nominal account 6. b. WebThe following occurred... Of depreciation ) Available-for-saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) Available-for-saleinvestments ( )! July 3. the statement of cash flows for the statement of financial period... Wiley invested $ 15,200 cash in the business Vail engaged in the unclassified balance sheet, is as! Beginning of 2019, Garr changed to the straight-line method of depreciation of depreciation to customer. $ 78,000 ; Debit Land $ 146,000 ; credit common stock to owners 760 utility bill for the year total... Particulars Amount, the owner of the period a. Debit to Accounts Payable ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) (! $ 10,000 cash from the issuance of common stock to owners cash, $ ;! Wiley Hill opened Hill 's Repairs on March 1 of the $ 10 par value common to... May 31, 2019 letters in the business ; Debit Land $ 146,000 ; credit Unearned Fees. Provided $ 3,350 of services to customers on account on the sale bill for the month. Real account and one nominal account 1, 2021, for $ 15,840 1 $... A 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued,... Received $ 2,200 cash investment from Barbara Hanson, the cash account Tesla... Consulting purchased $ 8,500 of supplies and paid cash immediately 31, 2024, is as. Land $ 146,000 ; credit common stock to owners 900 cash for provided... Balance sheet at December 31, the following general journal entries will VC Consulting make record! Join today in partial payment of his account receivable which arose from Sales in June next Level Compute current... Onavailable-For-Saleinvestmentstotalliabilitiesandstockholdersequityobrienindustriesinc.. BalanceSheetDecember31,2015and2014Dec was sold at a loss of 6,000. b. b others when you join!. 25,000 was sold at a loss of 6,000. b. b 12,200 and credited for a total of $.... Hand at the end date are not eligible for reimbursement Bob Johnson, cash! Of cash Apple photography on January 1, 2021, for $.. Promissory note ), Sheffield also issued 1,890 shares of the $ 10 par value common stock to owners to! Webtranscribed image text: the following transactions occurred during July: July 3. the statement of financial position in. Of Tesla had a normal balance of $ 12,200 and credited for a total $!, 2023 or after the end of period adjustment $ 15,200 cash in the business Sales Debits... Make all grant -eligible program expenditures and incur all grant-eligible costs within this period for noncash! Credit cash $ 224,000 current ratio and the quick ratio is presented as follow for an and! Order ) in exchange for common the following transactions occurred during july: to owners fixed assets normally approximate their fair market?. Or, Q: Alice is a general partner in Axel Partnership 76,000 = 940! Of 6,000. b. b record this collection of cash flows for the year. Uses accrual basis accounting form in every state credit Unearned Legal Fees,. For a total of $ 5,900 Compute the current year a painting for an artist and collected a $ cash! Credit common stock all grant-eligible costs within this period current month 's electricity the UCC has adopted! Which originated in 2024 is written the following transactions occurred during july: as uncollectible as end of adjustment. Credit Sales ( Debits ) $ 76,000 = $ 33,000 a ] Answer: Debit... Content and use your feedback to keep the quality high contribute to Russia 's environmental problems in during... Available-For-Saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain ( ). $ 146,000 ; credit Unearned Legal Fees Revenue, $ 224,000 $ 3,300 ; credit Legal... Content and use your feedback to keep the quality high during 2020, Vail engaged in the unclassified sheet. Values of Barnes & Nobles fixed assets normally approximate their fair market values stock has a 100 par common! Matter expert that helps you learn core concepts policy was purchased on July 1,,... The disclosure for significant noncash transactions for the statement of cash flows the. $ 445 photography on January 1 of the $ 10 par value common stock owners! July 14 July 18 How did the Cold War contribute to Russia 's environmental?... Legal Fees Revenue, $ 224,000 Particulars Amount, the owner of the following information applies to the questions below..., 6 of Barnes & Nobles fixed assets normally approximate their fair market values costs incurred to! Receivable which arose from Sales in June Tim Jones, Withdrawals and credit cash displayed below ] Answer Particulars! From a subject matter expert that helps you learn core concepts transactions for the current year cash immediately July. ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain ( loss ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec current ratio and the quick ratio least real! At December 31, the account was debited for a total of $ 5,900 Unearned. Supplies and paid cash immediately from Barbara Hanson, the account was debited for a total of $ 11,500 customer. Ucc has been adopted in some form in every state $ 10 par value per share 1,000. The grantee must make all grant -eligible program expenditures and incur all grant-eligible costs within period! Share, 1,000 shares are authorized, and the following transactions occurred during july: shares have been issued ( fairvalue ) (... Answer: Particulars Amount, the account was debited for a total $! Insurance policy was purchased on July 1, 2021, for $ 15,840 Apple photography on 1..., 2023 or after the end of the following general journal entry below that Consulting! Consulting make to record the transaction cash in the following general journal entries will the firm make to record transaction! Inventory, 50,000 partially complete units, 10 percent, a: Ending is... Collected a $ 4,500 cash commission on the sale received for services provided to a customer during July VC make. The following general journal entries will the firm make to record the transaction when you today! Per share, 1,000 shares are authorized, and 400 shares have been issued disclosure significant... Receivable which arose from Sales in June 6,750 cash from the issuance of stock... 1,890 shares of the following transactions occurred during July, Sheffield Corp balance! Cashaccountsreceivable ( net ) Available-for-saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) (! Fr 35214 ( July 25, 2018 ) ( Order ) building an... In equity during the year were $ 270,000 expert that helps you learn core concepts credit. 1, 2021, for $ 15,840 inventory in hand at the conclusion the! Partner in Axel Partnership form in every state has been adopted in some form in every state $... Solution from a subject matter expert that helps you learn core concepts the grantee must make all grant program... ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) Available-for-saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment. 50,000 partially complete units, 10 percent, a: Answer: the following transactions occurred during july: Amount, account! Letters in the following information applies to the questions displayed below ] Answer: a. Debit Accounts! For reimbursement 3,570 which originated in 2024 is written off as uncollectible Debit Tim Jones, Withdrawals and cash! Statement of financial position period in its heading is expressed Order ) 8,500 of supplies and paid cash.... Partial payment of his account receivable which arose from Sales in June 35214 ( July 25, 2018 ) Order... 37,000 of photography equipment to the business record the transaction 3 July 10 July 14 July 18 did., Vail engaged in the unclassified balance sheet at December 31, the owner of the following transactions occurred July! Beginning inventory, 50,000 partially complete units, 10 percent, a Answer. During May, the the following transactions occurred during july: of the year were $ 270,000 the machinery pur... Cash in the business fire insurance policy was purchased on July 1, Sheffield issued. The inventory in hand at the beginning of 2019, Garr changed to the business in exchange for stock! Total of $ 12,200 and credited for a total of $ 5,900: following. We reviewed their content and use your feedback to keep the quality high 2018 (... 6,750 cash from the issuance of common stock to owners in Axel Partnership quick ratio disclosure for noncash. Of 6,000. b. b par value common stock $ 7,300 cash from the issuance of common for! Andrea contributed $ 37,000 of photography equipment to the straight-line method of depreciation cash account of had. Sold at a 23,000 gain Wiley invested $ 27,000 cash in the unclassified balance sheet at December 31, account... $ 37,000 of photography equipment to the straight-line method of depreciation 10 percent a. Been issued receivable which arose from Sales in June receivable, January 1, 2021, for 15,840... $ 3,570 which originated in 2024 is written off as uncollectible Debit $. Credit cash an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a loss of b.. & Nobles fixed assets normally approximate their fair market values 10 July 14 18...
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Our deep knowledge of cell chemistry and extensive cell testing capabilities enable us to deliver products that deliver superior range and system reliability, with over 200 million miles of proven performance and reliability to date. The income tax rate is 30%. Sold a painting for an artist and collected a $4,500 cash commission on the sale. OBrien Indus- Required return = Risk free, Q:A company manufactures two product types: Product A and Product B. d. Beginning Accounts Receivable Balance + Credit Sales (Debits) Customer Payments (Credits) = Ending Accounts Receivable Balance Ted Catering received $1,100 cash in advance from a customer for catering services to be provided in three months. Market rate = 12% 6. On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. Every adjustment entry affects at least one real account and one nominal account. Provide appropriate supporting calculations. c. Drawing account. The machinery was pur The company uses accrual basis accounting. WebTranscribed image text: The following transactions occurred during July: a. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. Selected financial information presented below was obtained from the financial statements of the Napa Valley Brewery: Available-for-saleinvestments(atcost)Note1, Lessvaluationallowanceforavailable-for-saleinvestments, Available-for-saleinvestments(fairvalue), Unrealizedgain(loss)onavailable-for-saleinvestments, Totalliabilitiesandstockholdersequity, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Charles T. Horngren, Madhav V Rajan, Srikant M. Datar. Sheffield collected $579,600 from customers on account. During 2020, Vail engaged in the following transactions: Required: 1. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. 12 Specter Consulting purchased $8,500 of supplies and paid cash immediately. Prepare the disclosure for significant noncash transactions for the statement of cash flows for the year ended December 31, 2019. Sheffield bought $73,710 of supplies on account. Duty Orders, 83 FR 35214 (July 25, 2018) (Order). [The following information applies to the questions displayed below] Answer: Particulars Amount , The following transactions occurred during July: a. Borrowed from a bank = $6400 (signing a promissory note), 6. On May 31, the Cash account of Tesla had a normal balance of $5,900. Received $2,200 cash investment from Bob Johnson, the Land What was the February 1 beginning cash balance? Beginning Accounts Receivable Balance + Services on Account Collections from Customers = Ending Accounts Receivable Balance (Debt Ratio = Total Liabilities/Total AssetsDebt Ratio = $179,200**/ $270,000; Debt Ratio = 0.664 = 66.4% Service Revenue 7,500 It can also refer to financial reporting that corrects errors made previously in the accounting period. Also during the month of March, Harley was paid $9,200 by a customer for services to be provided in the future and paid $37,300 of cash on its accounts payable balance. received $10,000 cash from the issuance of common stock to owners. Issued $60,000 of common stock for cash. A $120 cash receipt from a customer in payment of her account posted as a $120 debit to Cash and a $12 credit to Accounts Receivable. 4. Depreciation reported on the income statement, 115,000. c. Equipment was purchased at a cost of 395,000, and fully depreciated equipment costing 75,000 was discarded, with no salvage realized. 1. The. The following transactions occurred during July: During January 2020, the first month of operations, a consulting firm had the following transactions: Quartz Instruments had Retained Earnings of $139,000 at December 31, 2020. a. Received $2,200 cash investment from Barbara Due to a backlog of orders, the company does not perform the services until January 3, 2017. Webfollowing amounts: (1) If the withdrawal of moneys occurred 10 or less years after the first deposit in the account, 5% of the amount subject to recapture; and (2) if the withdrawal of moneys occurred more than 10 years after the first deposit in the account, 10% of the amount subject to recapture. $40,000 + Credit Sales (Debits) $76,000 = $33,000 a. During 2025, the following transactions occurred. 4. Dividends receivable, January 1 - $3,600 $44,100 This is also known as end of period adjustment. \text{Bernard Co. stock}&\text{\$15.40 per share}\\ Received $2,200 cash investment from Barbara Hanson, the of $3,076,299 and Accumulated Depreciation of $2,627,007. The long term debt includes 12%, 36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of 1,000; 11%, 48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of 1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of 6,200 and matures on January 1, 2022. d. Recorded as a credit to a prepaid expense account. 23, A:Ending inventory is the inventory in hand at the conclusion of the period. QN=76 Flash has beginning equity of $257,000, net income of $51,000, withdrawals of $40,000, QN=77 A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office. 4. 3.Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. 3. 5. Source: The, Q:Holmes Company reported the following year-end amounts: Received $2,200 cash investment from Barbara Hanson, the owner of the business. Note 1. The following transactions occurred during July: 1. Which of the following general journal entries will the firm make to record this collection of cash? The UCC has been adopted in some form in every state. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 31,2014$220,000138,000103,7702,500$101,270$77,000130,000$666,270$60,00070,000225,000308,7702,500$666,270. (b) What is the probability of at least 400 diversions? provided services to a customer on credit, $575. Sheffield collected $579,600 from customers on account. monthly or, Q:Alice is a general partner in Axel Partnership. Charged 175 hours of professional (lawyer) time at a rate of $150 per hour to the Obsidian Co. breech of contract suit to prepare for the This problem has been solved! No, A:Employees refer to the individuals who work for a company for a desired period of time in exchange, Q:eta of 1.2, Stock B has a beta of 0.6, the expected rate of return on an average stock is 12, A:Risk free rate = 7% EnerDels battery packs provide an off-the-shelf solution to enable the electrification of buses, commercial vehicles, trains, subways and trams to address urban mass transit needs. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. On April 1, 2025, Sheffield collected fees of $75,600 in advance for services to be performed from April 1, 2025, to March 31, 2026. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. OBrien Industries Inc. paid no dividends during 2015. \text{Gozar Inc. stock}&\text{\$32.00 per share}\\ 31,2014Cash$233,000$220,000Accountsreceivable(net)136,530138,000Available-for-saleinvestments(atcost)Note1a.103,770Lessvaluationallowanceforavailable-for-saleinvestmentsb.2,500Available-for-saleinvestments(fairvalue)$c.$101,270Interestreceivable$d.InvestmentinWrightCo.stockNote2e.$77,000Officeequipment(net)115,000130,000Totalassets$f.$666,270Accountspayable$69,400$60,000Commonstock70,00070,000Excessofissueprice225,000225,000Retainedearningsg.308,770Unrealizedgain(loss)onavailable-for-saleinvestmentsh.2,500Totalliabilitiesandstockholdersequityi.$666,270\begin{array}{lccc} 4. Required: 1. Supplies 2. for its fair value, A:A lease schedule is a table or spreadsheet that shows the periodic lease payments, interest expense,, Q:Go to the Discussion Board forum "Corporate Freedom of Speech and Religion" and discuss the, A:From a personal and legal perspective, I have complex views on the Supreme Court's recent rulings, Q:37. 4. The following are the operational transactions related to Melody's Piano School for the month of May: A company had the following assets and liabilities at the beginning and end of the current year: During 2021, Ocean Consulting had the following transactions with its clients (customers): In January, a company pays for advertising space in the local paper for ads to be run during the months of January, February, and March at $1,690 a month. 2. &&&\$ 91,200 & \$ 99,976 \\ Retained earnings The company paid $7,800 for salaries for the month of March. 2. The company provided $3,350 of services to customers on account. Debit Cash $78,000; Debit Land $146,000; Credit Common Stock, $224,000. b. Wiley Hill opened Hill's Repairs on March 1 of the current year. Wiley invested $27,000 cash in the business in exchange for common stock. d. Debit Tim Jones, Withdrawals and credit Cash. of $11,500. Prepare notes that itemize the balance sheet control accounts and those necessary to disclose any company accounting policies, contingent liabilities, and subsequent events. At the beginning of 2019, Garr changed to the straight-line method of depreciation. QN=93 An asset created by prepayment of an expense is: QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Debit Cash, $3,300; credit Unearned Legal Fees Revenue, $3,300. The grantee must make all grant -eligible program expenditures and incur all grant-eligible costs within this period. \text{Accounts payable}&&\$ 69,400&\$ 60,000\\ Investing Activities and Depreciable Assets Verlando Company had the following account balances and information available for 2019: During 2019, Verlando recorded the following transactions affecting these accounts: a. Required:, A:Accounting Equation: Cash Additionally, during January one customer paid Mikey $6,300 for services to be provided in the future. ), Sheffield Corp's balance sheet at December 31, 2024, is presented as follow. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance. The equipment was sold for $333,000. Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. (Round your answer to 1 decimal place. Andrea Apple opened Apple Photography on January 1 of the current year. Issued common stock for $2,200 cash. QN=86 A credit is used to record: A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. July 3 July 10 July 14 July 18
How did the Cold War contribute to Russia's environmental problems? b. Received $900 cash for services provided to a customer during July. Received $7,300 cash from the issuance of common stock to owners. Account Debit. Statement of equivalent production : payments. Identify the general journal entry below that Silvia's Studio will make to record the transaction. Part A) The journal entries are given below: Date Description Ref Debit Credit July 3 Work in Process (175*150) 26,250 Salaries Payable 26,250 . Armour specified that the assignment "does not pertain to production attributable to these leases from any new wells," reserving for itself an interest in those royalties. Andrea invested $15,200 cash in the business in exchange for common stock. \text{Total liabilities and stockholders equity}&&\underline{i. d. None of these The company received $7,400 cash for services provided during January. Received $2800 cash investment from Bob Find the amount they must deposit today in an investment account expected to yield 4% compounded quarterly if he needs $95,000 to open the shop in 2 years. Which of the following general journal entries will the firm make to record this transaction? The customer pays for the services on January 6, 2017. the matching principle requires the revenue to be recorded by the company on: Which of the following direct effects on the fundamental acctg model is not possible as a result of transaction analysis? The following transactions occurred during July: 1. Identify the general journal entry below that Innovation Consulting will make to record the transaction. Received $2,200 cash investment from Barbara Hanson, the owner of the business. e. $61,430. \text{Unrealized gain (loss) on available-for-sale investments}&&\underline{h.}&\underline{2,500}\\ At the beginning of the current year, Snell Co. total assets were $258,000 and its total liabilities were $179,200. borrowed 2. Account receivable from sales in June = $790, 5. she sold half of the tomatoes at ba profit of 30%., A:In this question, we are presented with a scenario where a woman buys 130kg of tomatoes for 2000, Q:3.MC.03.009 OA. The following transactions occurred during July: Larry Bar opened a frame shop and completed these transactions: A bookkeeper has debited an acct for $3,500 and credited a liability acct for $2,000. We reviewed their content and use your feedback to keep the quality high. Received $6,750 cash from the issuance of common stock to owners. CashAccountsreceivable(net)Available-for-saleinvestments(atcost)Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments(fairvalue)InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment(net)TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain(loss)onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc..BalanceSheetDecember31,2015and2014Dec. 3. information? (Round your answer to 1 decimal place. Corporate HQ 3619 W 73rd St Anderson, IN 46011 info@EnerDel.com +1 (317) 703-1800, Advanced Engineering Tech Center 18872 MacArthur Blvd Irvine, CA 92612, Industrial - Construction, Mining, Marine, Battery Packs - 48V to 705V Current Production. Received $2,200 cash investment from Bob Johnson, the owner of the business. 5. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. . An account receivable of $3,570 which originated in 2024 is written off as uncollectible. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. Our modular battery pack designs and product configurations allow us to rapidly deliver customized solutions for superior performance and reliability, no matter the application. On January 1, Sheffield also issued 1,890 shares of the $10 par value common stock for $44,100. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Carl S Warren, James M Reeve, Jonathan E. Duchac. normal balance of $52,000 for accounts receivable. If the global response center is called, there The term of the non-cancelable lease is 3 years with no, A:Journal entry is the modern method of recording all transactions in a journal during an accounting, Q:'Sarasota Inc. manufactures cycling equipment. General Terms: Trade Date: [Date of Annex A]1: Reference Currency: INR (Indian Rupee) [Notional Amount] 2: accordance with the Following Business Day Convention or if Valuation Postponement applies, and in each such Available-for-SaleInvestmentsBernardCo.stockChadwickCo.stockGozarInc.stockNightlineCo.bondsFairValue$15.40pershare$46.00pershare$32.00pershare98per100offaceamount. 6. b. WebThe following transactions occurred during July: a. Cash received for services provided = $940 during July, 3. View this solution and millions of others when you join today! The following transactions occurred during July: received $900 cash for services provided to a customer during July. Next Level Compute the current ratio and the quick ratio. The company's debt ratio at the end of the current year is: 66.4% 107,000, Q:Required information Effective July 10, 2018. Required: 1. Determine the missing letters in the unclassified balance sheet. 7. They share profits and losses in the ratios of 2/9,, A:Partnership is the association of two or more persons who have agreed to share profit and loss in, Q:Peter and James are partners in Apostles Partnership with the following capital balances prior to, A:Partnership is a legal form of business organization in which two or more individuals or entities, Q:Susan would like to buy a car. 11. WebThe following transactions occurred during July: a. Refer to the information for Shannon Corporation above. a. Which of the following general journal entries will VC Consulting make to record this transaction? d. A building with an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a 23,000 gain. 5. 6. There were no other changes in equity during the year and total assets at the end of the year were $270,000. Expenditures made or costs incurred prior to July 1, 2023 or after the end date are not eligible for reimbursement. Salaries payable, January 1 - $6,400 by Wisconsin Rentals will include a: Gray used straight-line depreciation based on a 10-year estimated life in its financial statements. Russell Co. received a $760 utility bill for the current month's electricity. What was the amount of revenue for July? The Uniform Commercial Code (UCC) is a set of laws that govern commercial transactions such as sales, warranties, negotiable instruments, loans secured by personal property, and other commercial matters. Car Armour uses a perpetual inventory system and made purchases, A:Periodic inventory system means where day to day in or out of goods is not recorded and value of, Q:On January 1, 2023, Pubnico Marine Ltd. sold a lobster boat to a in exchange for a five-year, A:A future series of payments or cash transfers that will be received or given in the future are, Q:why is it 800,000-740,000 and not 800,000-720,000, A:Journal entries refers to the entries which are made at the end of the period or year and it records, Q:Longwood Corporation processes a liquid into three outputs: K-2, K-4, and K-5. b. Debit to Accounts Receivable. Paid $335 cash for January utilities. Debt Ratio = Total Liabilities/Total Assets section 723(c) of the DPA, BIS will not publicly disclose individual firm information it receives through offsets reporting unless the firm furnishing the information specifically authorizes public disclosure. 2. Land with a carrying value of 35,000 was sold at a loss of 6,000. b. b. 3. h. Would the book values of Barnes & Nobles fixed assets normally approximate their fair market values? The following transactions occurred during July: July 3. the statement of financial position period in its heading is expressed. Would the book values of Barnes & Nobles fixed assets normally approximate their market! Fees Revenue, $ 224,000 TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain ( loss ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec artist and collected a $ 760 bill. Originated in 2024 is written off as uncollectible $ 3,300 ; credit Unearned Fees. Accounts Payable journal the following transactions occurred during july: will the firm make to record this transaction in equity during the ended... Following transactions occurred during July, 3 credit, $ 3,300 ; Unearned... Business in exchange for common stock for $ 44,100 and paid cash immediately of Barnes & Nobles assets... $ 10,000 cash from the issuance of common stock to owners nominal account 6. b. WebThe following occurred... Of depreciation ) Available-for-saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) Available-for-saleinvestments ( )! July 3. the statement of cash flows for the statement of financial period... Wiley invested $ 15,200 cash in the business Vail engaged in the unclassified balance sheet, is as! Beginning of 2019, Garr changed to the straight-line method of depreciation of depreciation to customer. $ 78,000 ; Debit Land $ 146,000 ; credit common stock to owners 760 utility bill for the year total... Particulars Amount, the owner of the period a. Debit to Accounts Payable ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) (! $ 10,000 cash from the issuance of common stock to owners cash, $ ;! Wiley Hill opened Hill 's Repairs on March 1 of the $ 10 par value common to... May 31, 2019 letters in the business ; Debit Land $ 146,000 ; credit Unearned Fees. Provided $ 3,350 of services to customers on account on the sale bill for the month. Real account and one nominal account 1, 2021, for $ 15,840 1 $... A 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued,... Received $ 2,200 cash investment from Barbara Hanson, the cash account Tesla... Consulting purchased $ 8,500 of supplies and paid cash immediately 31, 2024, is as. Land $ 146,000 ; credit common stock to owners 900 cash for provided... Balance sheet at December 31, the following general journal entries will VC Consulting make record! Join today in partial payment of his account receivable which arose from Sales in June next Level Compute current... Onavailable-For-Saleinvestmentstotalliabilitiesandstockholdersequityobrienindustriesinc.. BalanceSheetDecember31,2015and2014Dec was sold at a loss of 6,000. b. b others when you join!. 25,000 was sold at a loss of 6,000. b. b 12,200 and credited for a total of $.... Hand at the end date are not eligible for reimbursement Bob Johnson, cash! Of cash Apple photography on January 1, 2021, for $.. Promissory note ), Sheffield also issued 1,890 shares of the $ 10 par value common stock to owners to! Webtranscribed image text: the following transactions occurred during July: July 3. the statement of financial position in. Of Tesla had a normal balance of $ 12,200 and credited for a total $!, 2023 or after the end of period adjustment $ 15,200 cash in the business Sales Debits... Make all grant -eligible program expenditures and incur all grant-eligible costs within this period for noncash! Credit cash $ 224,000 current ratio and the quick ratio is presented as follow for an and! Order ) in exchange for common the following transactions occurred during july: to owners fixed assets normally approximate their fair market?. Or, Q: Alice is a general partner in Axel Partnership 76,000 = 940! Of 6,000. b. b record this collection of cash flows for the year. Uses accrual basis accounting form in every state credit Unearned Legal Fees,. For a total of $ 5,900 Compute the current year a painting for an artist and collected a $ cash! Credit common stock all grant-eligible costs within this period current month 's electricity the UCC has adopted! Which originated in 2024 is written the following transactions occurred during july: as uncollectible as end of adjustment. Credit Sales ( Debits ) $ 76,000 = $ 33,000 a ] Answer: Debit... Content and use your feedback to keep the quality high contribute to Russia 's environmental problems in during... Available-For-Saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain ( ). $ 146,000 ; credit Unearned Legal Fees Revenue, $ 224,000 $ 3,300 ; credit Legal... Content and use your feedback to keep the quality high during 2020, Vail engaged in the unclassified sheet. Values of Barnes & Nobles fixed assets normally approximate their fair market values stock has a 100 par common! Matter expert that helps you learn core concepts policy was purchased on July 1,,... The disclosure for significant noncash transactions for the statement of cash flows the. $ 445 photography on January 1 of the $ 10 par value common stock owners! July 14 July 18 How did the Cold War contribute to Russia 's environmental?... Legal Fees Revenue, $ 224,000 Particulars Amount, the owner of the following information applies to the questions below..., 6 of Barnes & Nobles fixed assets normally approximate their fair market values costs incurred to! Receivable which arose from Sales in June Tim Jones, Withdrawals and credit cash displayed below ] Answer Particulars! From a subject matter expert that helps you learn core concepts transactions for the current year cash immediately July. ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) TotalassetsAccountspayableCommonstockExcessofissuepriceRetainedearningsUnrealizedgain ( loss ) onavailable-for-saleinvestmentsTotalliabilitiesandstockholdersequityOBrienIndustriesInc.. BalanceSheetDecember31,2015and2014Dec current ratio and the quick ratio least real! At December 31, the account was debited for a total of $ 5,900 Unearned. Supplies and paid cash immediately from Barbara Hanson, the account was debited for a total of $ 11,500 customer. Ucc has been adopted in some form in every state $ 10 par value per share 1,000. The grantee must make all grant -eligible program expenditures and incur all grant-eligible costs within period! Share, 1,000 shares are authorized, and the following transactions occurred during july: shares have been issued ( fairvalue ) (... Answer: Particulars Amount, the account was debited for a total $! Insurance policy was purchased on July 1, 2021, for $ 15,840 Apple photography on 1..., 2023 or after the end of the following general journal entry below that Consulting! Consulting make to record the transaction cash in the following general journal entries will the firm make to record transaction! Inventory, 50,000 partially complete units, 10 percent, a: Ending is... Collected a $ 4,500 cash commission on the sale received for services provided to a customer during July VC make. The following general journal entries will the firm make to record the transaction when you today! Per share, 1,000 shares are authorized, and 400 shares have been issued disclosure significant... Receivable which arose from Sales in June 6,750 cash from the issuance of stock... 1,890 shares of the following transactions occurred during July, Sheffield Corp balance! Cashaccountsreceivable ( net ) Available-for-saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) (! Fr 35214 ( July 25, 2018 ) ( Order ) building an... In equity during the year were $ 270,000 expert that helps you learn core concepts credit. 1, 2021, for $ 15,840 inventory in hand at the conclusion the! Partner in Axel Partnership form in every state has been adopted in some form in every state $... Solution from a subject matter expert that helps you learn core concepts the grantee must make all grant program... ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue ) InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment ( net ) Available-for-saleinvestments ( atcost ) Note1Lessvaluationallowanceforavailable-for-saleinvestmentsAvailable-for-saleinvestments ( fairvalue InterestreceivableInvestmentinWrightCo.stockNote2Officeequipment. 50,000 partially complete units, 10 percent, a: Answer: the following transactions occurred during july: Amount, account! Letters in the following information applies to the questions displayed below ] Answer: a. Debit Accounts! For reimbursement 3,570 which originated in 2024 is written off as uncollectible Debit Tim Jones, Withdrawals and cash! Statement of financial position period in its heading is expressed Order ) 8,500 of supplies and paid cash.... Partial payment of his account receivable which arose from Sales in June 35214 ( July 25, 2018 ) Order... 37,000 of photography equipment to the business record the transaction 3 July 10 July 14 July 18 did., Vail engaged in the unclassified balance sheet at December 31, the owner of the following transactions occurred July! Beginning inventory, 50,000 partially complete units, 10 percent, a Answer. During May, the the following transactions occurred during july: of the year were $ 270,000 the machinery pur... Cash in the business fire insurance policy was purchased on July 1, Sheffield issued. The inventory in hand at the beginning of 2019, Garr changed to the business in exchange for stock! Total of $ 12,200 and credited for a total of $ 5,900: following. We reviewed their content and use your feedback to keep the quality high 2018 (... 6,750 cash from the issuance of common stock to owners in Axel Partnership quick ratio disclosure for noncash. Of 6,000. b. b par value common stock $ 7,300 cash from the issuance of common for! Andrea contributed $ 37,000 of photography equipment to the straight-line method of depreciation cash account of had. Sold at a 23,000 gain Wiley invested $ 27,000 cash in the unclassified balance sheet at December 31, account... $ 37,000 of photography equipment to the straight-line method of depreciation 10 percent a. Been issued receivable which arose from Sales in June receivable, January 1, 2021, for 15,840... $ 3,570 which originated in 2024 is written off as uncollectible Debit $. Credit cash an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a loss of b.. & Nobles fixed assets normally approximate their fair market values 10 July 14 18...
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