For each of the journal entries, prepare an explanation of the business event that is being

24,815 results

Accounting

For each of the journal entries, prepare an explanation of the business event that is being represented

Anonymous

For Pose for Pics, prepare journal entries, T-accounts and a trial balance Pose for Pics Preparing journal entries and trial balances Exercise 2-4 Prepare general journal entries for the following transaction of a new business called Pose for Pics. (please use Excel) Aug. 1 -...

Accounting

1. On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market rate of interest was 7%. Harris uses the effective interest rate method to amortize bond premium ...

Math

On July 15,2009, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms for the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts. 1. prepare the journal entries to record ...

Business Math

Problem 2: For each journal entry, prepare an explanation of the business event that is being represented: a. Loan payable $57,000 Cash $11,400 Inventory $45,600 b. Accounts payable $13,450 Cash $13,450 a. The company borrowed $57,000 from a bank. $45,600 of this was used to ...

accounting

To post proof for the day means to A. total the columns on the journal and add and subtract totals as required. B. match the journal entries against the ledger to detect errors. C. prepare a bank reconciliation statement. D. add in any accounts receivable that came in the mail

journal entries and trail balances

Prepare an August 31 trial balance for Pose-for Pics.

acc. 205

partner investments, journal entries. The LP partnership was formed on January 1,19X7, by investments from bill levy and marv parcells. levy contributed $30,000 cash and 80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000. prepare the ...

college financial planning

How do i prepare journal entries when they ask you to record perpetual system merchandising transactions of a company?

acct ch2

use information from T-account in exercise 2-15 to prepare general journal entries for each of the seven transaction a through g

college

Problem 2: For each journal entry, prepare an explanation of the business event that is being represented: a. Loan payable $57,000 Cash $11,400 Inventory $45,600 b. Accounts payable $13,450 Cash $13,450 a. The company borrowed $57,000 from a bank. $45,600 of this was used to ...

advance accounting

consolidation,prepare the journal entries on books of phillips to recod the acquistion of solina company's net assets

Accounting - Please Help

What would the Journal Entry be for this transaction: Notified by Alex's Engineering Co that Success's bid of $9,000 on a proposed project has been accepted. Alex's paid a $2,500 cash advance to Sucess Systems. Would I have two different journal entries for this? The one being...

accounting

P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. PORTER COMPANY Worksheet For the Year Ended December 31, 2008 Adjusted Account Trial Balance No. Account Titles Dr. Cr. 101 Cash 18,800 112 Accounts Receivable 16,200 126 Supplies 2,...

accounting

Your review of the general ledger of Home Interior Improvements and Designs Company reveals a beginning capital balance of $25,000. You also review the general journal for the accounting period and find the closing entries shown on the next page.Prepare a general journal entry...

finance

I have worked and worked on this problem and came up with 2 different answers for b. and now am unsure of my answer for a. Problem 2: For each journal entry, prepare an explanation of the business event that is being represented: a. Loan payable $57,000 Cash $11,400 Inventory...

Financial Accounting

Prepare the general journal entries for the following transactions: Jan 2, 2011 -- Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the balance. Dec. 31, 2011--Depreciation is computed ...

Accounting question

How are posting procedures for closing entries and for other general journal entries different?

accounting

hi,..!! i hope u can answer it,.. the following data are gathered prior to the preparation of the year end adjusting journal entries of IEMELIF enterprises: nature: last payment date: TAXES december 15, 20-7 ELECTRICITY december 22, 20-7 WATER december 10, 20-7 WAGES december ...

accounting

E4-19 On December 31, the adjusted trial balance of Oslo Employment Agency shows the following selected data. Accounts Receivable $24,000 Commission Revenue $92,000 Interest Expense 7,800 Interest Payable 1,500 Analysis shows that adjusting entries were made to (1) accrue $4,...

accounts

Analyze the transactions and do the following:- 1. Post to T Accounts 2. Prepare a Chart of Account 3. Record in the General Journal 4. Post to the General Ledger 5. Prepare a Trial Balance 6. Prepare a Six Column Worksheet 7. Prepare an Income Statement 8. Prepare a Capital ...

account (urgent!!pls help)

accounting question [prepare journal entries for the year end adjustment] A fire broke out in the office during the year. the insurance company agreed to pay compensation of $3000 to the company in December 2009.No entries for this compensation were made at the year end.This ...

financial acct

Crowns issed 40,000 shares of $5 par value common stock for $14 per share. Prepare journal entries using a chart of acct.

Accounting

I need help with this problem. Could someone possibly explain to me how to prepare the journal entry for this problem? Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual...

Intermediate Accounting

Prepare all the necessary journal entries to record the following transactions: 1. Sale of a 20 year convertible bond (dated March 1, 2001) with a face value of $1,000,000, interest rate 5%. The bonds were sold 4 months later on June 30, 2001 at 98 plus accrued interest of $16...

Accounting 225

Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and Utilities Expense. Post the general journal ...

Accounting

Flip Company's December 31, 2014 trial balance is as follows: Flip Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 54,500 Allowance for Doubtful Accounts 500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 ...

Accounting

prepare the necessary journal entries to clear the intangible asset account for separate intangible assets, other types of assets,and expenses indicated by the transactions

english

Hi, I have to compare Crossing Brooklyn Ferry by Walt Whitman to modern day time. The last couple of journal entries I've compared to well known songs and their lyrics. I'm thinking of comparing it to an important event or movie, but I'm not sure what to write about. Any ideas...

accounting principles

Success Systems had the following transactions and events in December 2015: Dec. 2 Paid $1,200 cash to Hilldale Mall for Success Systems’ share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company’s computer. 4 Received $7,000 cash from Alex’s ...

Accounting

Q.2. A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. Prepare the journal entries to record these merchandise transactions.

english (please answer soon)

Hi, I have to compare Crossing Brooklyn Ferry by Walt Whitman to modern day time. The last couple of journal entries I've compared to well known songs and their lyrics. I'm thinking of comparing it to an important event or movie, but I'm not sure what to write about. Any ideas...

accounting

Wilson Reed, the bookkeeper for Home Interior Improvements and Designs Company, has just finished posting the closing entries for the year to the ledger. He is concerned about the following balances: Capital account balance in the general ledger: $ 48,550 Ending capital ...

accounting

I have tried to figure out how to do this for four days and my textbook does not give an example on how to do this problem. Lower-of-Cost-or-Market Corrs Company began operations in 2007 and determined its ending inventory at cost and at lower of cost or market at December 31...

accounting

A company purchased 1000 units of inventory on September 25 and the cost per unit was $8.50. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. (Assume a perpetual inventory system). Prepare the journal entries to fully reflect these merchandise ...

ACCOUNTING

A company purchased 1000 units of inventory on September 25 and the cost per unit was $8.50. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. (Assume a perpetual inventory system). Prepare the journal entries to fully reflect these merchandise ...

Accounting

On June 1, Coble Company Ltd. borrows $64,000 from First Bank on a 6-month, $64,000, 9% note. The note matures on December 1. (List multiple debit/credit entries from largest to smallest.) a) Prepare the entry on June 1. b) Prepare the adjusting entry on June 30. c) Prepare ...

accounting

On January 1, 2008 Touring company agreed to buy some equipment from Jones Company. Touring company signed a note,agreeing to pay Jones company $500,000 for the equipment on December 31, 2010. The market rate of interest for this note was 10%. a. Prepare the journal entry ...

accounting

Easy Move Company made the following expenditures on one of its delivery trucks:Feb. 4.Replaced transmission at a cost of $4,625.May. 6.Paid $1,615 for installation of a hydraulic lift.Sept. 10.Paid $69 to change the oil and air filter.Prepare the journal entries for each ...

accounting

List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial balance e. journalizing and posting closing entries f...

Accounting

On Jan 1, 2009 the following activitis occurred: a) ICDI, a consulting services company, was orgainized and issed 10,000 shares of capita stock in exchange for $500,000 cash. b)UCDI entered into an agreement with a landlord and paid $60,000 or 6 months rent in advance. c) the ...

accounting

List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial balance e. journalizing and posting closing entries f...

Math

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 26. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system. 1. prepare ...

Accounting

BJK Company purchased 1000 shares of its own outstanding $10 par value common stock for $14 per share and then sold 400 shares six months later for $17 a share. Prepare the journal entries for the purchase of the stock and for the sale.

college accouting REALLY IMPORTANT PLEASE HELP =/

On Jan 1, 2009 the following activitis occurred: a) ICDI, a consulting services company, was orgainized and issed 10,000 shares of capita stock in exchange for $500,000 cash. b)UCDI entered into an agreement with a landlord and paid $60,000 or 6 months rent in advance. c) the ...

FND 154 Fundamentals of Accounting

Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise purchased from Botham. 3.on April 7, purchased equipment on account for $26,000. ...

accounting

Prepare adjusting journal entries for the year ended (or date of) December 31, 2005, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as ...

college princ. of accounting II

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Round all answers to 0 decimal places.) The equipment depreciates at $250 per month.

accounting

Write the journal entries to record the following transactions. A) Sold merchandise on account, $11,000, terms 2/10, net 30. The cost of merchandise sold was $8,000 (2 entries required). B) Issued a credit memorandum for $500 to the customer for merchandise sold in A. (2 ...

World History Honors

Write a series of five journal entries from the point of view of a member of a tribe that has been conquered by the Incas. Make sure that you bring out positive and negative aspects of Inca rule. Each journal entry should be about 200 words.

Accounting

On July 1, 2011, ABC Grocers, Inc. purchased an investment in the 5 yr 10@ (stated rate) debt securities with a face value of $400,000 of Brighton Corporation, a publicly traded company. At the time of purchase the market interest rate for similar risk debt was 8%. Interest is...

Accounting urgent

Prepare the journal entries to record the following transactions on Panther Company’s books using a perpetual inventory system. (For multiple debit/credit entries, list accounts in order of magnitude.) (a) On March 2 Panther Company sold $853,700 of merchandise to Eagle ...

accounting

Worthington Company issued $1,000,000 face value , six-year, 10% bond on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1, and January 1. Worthington uses a calendar year-end. 1. Prepare the journal entry to record the issuance of ...

math

A & B Antiques issued the following bonds: Date of issue and sale: April 1, 20-1 Principal amount: $430,000 Sale price of bonds: 100 Denomination of bonds: $1,000 Life of bonds: 10 years Stated rate: 8%, payable semiannually on September 30 and March 31 Prepare journal entries...

HISTORY

PLLEASE HELP ME i have no clue what to put. Write a series of five journal entries from the point of view of a member of a tribe that has been conquered by the Incas. Make sure that you bring out positive and negative aspects of Inca rule. Each journal entry should be about ...

accounting

Can uot help me with journal entries

college

accounting/// which journal would be used if you returned merchandise that had been bought on account , sales journal, purchase journal, cash receipts journal, cash payments journal or general journal. i thought it would be on a general journal

English - ms. sue

3. How do writer create loneliness of narrator? Is the sensation of being alone, being solitary, part of the notio n of “madness”? i not sure if some of my answer be right. The author create lonliness of narrator through journal. There be no one that understand her, so she...

Accounting

On January 1, 2008, Boston Enterprises issues bonds that have a 3,400,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds are sold at par. How much interest will Boston pay (in cash) to the bondholders every six months? ...

anne frank.

Is their a website that has a few of annes journal entries?

accounting

Invested $19,000cash in the business along with $6,000 of office equipment. How would this journal entry be posted to the general journal.

Intermediate Financial accounting III

The common stock of Warner Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $8; book value is $77 per share. 5.24 million shares are issued and outstanding. ...

accounting

The Bean Company makes a sale with an invoice price of $97,000 on 10/1/14. The note is due on 10/1/17. There is no interest rate stated in the note. The market rate for similar notes is 10%. Assume annual compounding of interest. Prepare the journal entries for 10/1/14, 12/31/...

acct. correction

can someone correct these for me thanks. for the accounting cycle. i have to place these in order. a) Posting the journal entries b) Journalizing and posting adjusting entries c) Preparing the adjusted trial balances d) Journalizing and posting closing entries e) Analyzing ...

accounting

How do I make general journal entries from a adjusted trial balance?

Accounting 1

Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The...

Accounting Concepts

To close the accounting cycle for Joe Smith's business, complete the following: Journalize and post the adjusting entries for Joe's business. Make the following adjusting entries: (Note: you may need to create additional ledger accounts) Adjustment for expired insurance ...

Accounting

Questions 1. What is the issuing price for bonds A and B respectively? Show your calculations. 2. For bond A, provide the journal entries for • the issuance of bond, and • the first three interest payments. Please write down the date for each journal entry. Show your ...

accounting

On March 1, 2008, five-year bonds are sold for $254,013 that have a face value of $250,000 and an interest rate of 10%. Interest is paid semi-annually on March 1 and September 1. Using the straight-line amortization method, prepare the borrower's journal entries on March 1, ...

accounting

This is the question: "Use page 3 of the journal. Jornalize and post the adjusting entries." Can you tell me how to do that?

accounting

owner got personal loan from his bank and sign note payable.what is the journal entries?

accounting

A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the current month of October: Record these ...

accounting-installment sales journal entry

Question: On 12/31/07, Company A sold equipment for $1,800,000. The equipment had a carrying amount of $1,200,000. At the time of the sale the buyer paid $300,000 cash and signed a $1,500,000 note bearing interest of $1,500,000 note bearing interest at 10% payable in five ...

accounting

A company that uses perpetual inventory system made the following cash purchases and sales: January 1 Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 units for $16 per unit. Prepare general journal entries to reord the ...

Business Communication

If the purpose of your message is to ask local businesses to sponsor your event, your desired outcome would most likely be__________. a.to inform them about your event. b. to promote understanding about your event's goal. c. to propose ways in which they could help. d. for the...

accouting class

Is this order correct for the accouting cycle: 1. Analyzing transactions and events 2. Journalizing transactions and events 3. Posting the journal entries 4. Preparing an unadjusted trial balance 5. Journalizing and posting adjusting entries 6. Preparing the adjusted trial ...

accounting

You issue a $120,000 bond at par on March 31 due in 10 years that pays 11%. You pay interest on September 30. You pay off the bond ten years later. Assume that the company makes no adjusting entries. What journal entries should be recorded to issue the bond, pay interest and ...

Accounting

On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been ...

accounting

A company that uses perpetual inventory system made the following cash purchases and sales: January 1 Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 units for $16 per unit. Prepare general journal entries to reord the ...

RE: accounting

When posting a journal entry how would I post the following. March 9 Completed a 7,500 project for a client who must pay within 30 days. March 22 Received 3,500 cash as a partial payment fro the work completed on March 9 Please help immediately thanks Thank you for using the ...

Accounting

Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions.

accounting

how do i prepare year-end adjusting entries?

accounting

Prepare a journal entry for the purchase of office supplies on October 14 for 9,000, paying $1,800 cash and the remainder on account????????? if anyone knows how to do this can you help me out please!!!! (this is accounting - journal entry for asset purchase)

accounting

John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009. John's purchased merchandise on account for $5,000. FREIGHT CHARGE OF $300 WERE PAID IN CASH. JOHN'S RETURNED SOME OF THE MERCHANDISE PURCHASED IN...

HIS 125

• Create a timeline of four to six significant events that occurred during World War II. o Include the following in your timeline:  The year the event occurred  The name and a short description of the event  A short explanation of why the event was ...

english

I have to write an English paper discussing a current event; I chose Obama Care, but was told it is not a current event. I know the bill was passed in 2014, but discussions are still being posed about it and there are continuing developments, so why is this not a current event?

Accounting question

my question is..... how or what are the steps to preparing general journal entries.

Advanced accounting

Up owns 80% of Down. During 2009 Down began selling merchandise to Up at gross profit margin of 20%. Sales by Down to Up for the year totaled $80,000, of which $10,000 remain unsold. In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%. Up’s Ending inventory ...

math

There was a competition that attracted 630 entries for a $250 prize. Molly gets paid $7.50 per hour for checking the entries, which takes her 2 minutes each. How much do they pay Molly to check the entries?

accounting

debit and credit journal entries- Sold merchandise with retail value of $6,000 and a cost of $4,080 to Chang Corp., invoice dated Jan. 13.

Journal

You see I have this notebook and like I want to use it for to write down journal entries about my middle school and high school life. But I'm writing this to god telling him about my day and list of things to prey to him. Like first I type it then print it then tape it into ...

accounting

Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depreciation) and a fair value of $7,700. Required: 1. Prepare the journal entry to record the exchange. ...

Accounting

On Hune 1, Coble Company Ltd. borrows $40,000 from first Bank on a 6-month, $40,000, 9% note. The note matures on December 1. a) Prepare the entry on June 1. b)Prepare the adjusting entry on June 30. c) Prepare the entry at maturity(december 1), assuming monthly adjusting ...

Accounting

Please explain how I would go about doing this. Indicate which of the following transactions require entries to accounts used only for budgetary control purposes, even if other accounts also are involved. Prepare the general journal entries required. Assuming a beginning total...

accounts

pass the journal entries for the following (1) discountd bill of rs.1000 at1% by bank (2) interest allowed by bank rs.5000

Accounting

Please prepare the following journal entries. Indicate which account should be debited and which account should be credited along with the dollar amount of the debit and credit. a) Investors invested $100,000 in exchange for 10,000 shares of common stock. b) Company paid a ...

International Accounting

On December 1, Year1, El Primero Company purchases inventory from a foreign supplier for 40,000 coronas. Payment will be made in 90 days after El Primero has sold this merchandise. Sales are made rather quickly and El Primero pays this entire obligation on February 15, Year 2...

advanced accounting

prepare the investment-related entries on pert company's books for 2009

English - ms. sue

3. How do writer create loneliness of narrator? Is the sensation of being alone, being solitary, part of the notio n of “madness”? i not sure if some of my answer be right. The author create lonliness of narrator through journal. There be no one that understand her, so she...

accounting

Prepare the journal entries for each transaction. Post to the ledger and prepare a trial balance. May 2 Purchased merchandise on account from Wendy Supply Co. P10,000 terms, 2/10,n/30 3 Sold merchandise for P4,500 terms P500 down balance 2/10,n/30. 4 Paid P500 cash for freight...

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