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In: Accounting
he following selecred rransaccions occurred during 2016 and 2017 for Mediterranean Importers. The company ends irs...
he following selecred rransaccions occurred during 2016 and 2017 for Mediterranean Importers. The company ends irs accouncin. g year on April 30. 2016 Learning Objective 4 Receivables 5I7 Recorded credit card sales of $96,000, net of processor fee of 1 %. Ignore Cost of Goods Sold. Loaned $23,000 to Jess Prich.et!, an executive with the company; on a one- year, 12% note. Accrued interest revenue on the Prichett note. Collected the maturity value of the Prichett note. Learning Objective 4 Feb. 1, 2017 Cash DR $21,200 Feb. Apr. 6 Apr. 30 ? 2017 Feb. 1 loaned $20,000 cash to Candace Smith on a one-year. 6% note. Sold goods to Green Masters. receiving a 90-day, 9% note for $10,000. Ignore Cost of Goods Sold. Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Green Masters note. Collected the maturity value of the Smith note. Journalize all required entries. Make sure co determine che missing maturity dare.
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The following transactions occurred during the month of June 2016 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June
2016 for the Stridewell Corporation. The company owns and operates
a retail shoe store.
1.
Issued 100,000 shares of common
stock in exchange for $500,000 cash.
2.
Purchased furniture and fixtures at a cost of $100,000. $40,000
was paid in cash and a note payable was signed for the balance
owed.
3.
Purchased inventory on account at a cost of $200,000. The
company uses the perpetual inventory system.
4.
Credit sales...
The following selected transactions for Sadie's Welding Supplies, an Alberta company, occurred in 2016 and 2017....
The following selected transactions for Sadie's Welding
Supplies, an Alberta company, occurred in 2016 and 2017. The
company's year-end is December 31 and uses a perpetual inventory
system. GST = 5%
2016
Oct
14
Purchased an office building for $265,000 by issuing a 6%, 10
note payable. (Do not apply GST)
22
Sold inventory costing $14,500 to a customer for $42,000 plus
GST, 2/10, n/30.
Nov.
1
Received payment for the October 22nd sale. (Do not apply
discount to GST)...
The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2016 for the
Wainwright Corporation. The company owns and operates a wholesale
warehouse.
1.
Issued 44,000 shares of common
stock in exchange for $440,000 in cash.
2.
Purchased equipment at a cost of $54,000. $17,000 cash was paid
and a note payable was signed for the balance owed.
3.
Purchased inventory on account at a cost of $106,000. The
company uses the perpetual inventory system.
4.
Credit sales for the month
totaled $190,000. The...
The following situation occurred during 2016 for one of your audit clients, The Stride Well Company:...
The following situation occurred during 2016 for one of your
audit clients, The Stride Well Company:
Discovery that depreciation expenses were omitted by
accident from 2015’s income statement.
1.) Select one situation from above, and identify the
appropriate reporting treatment from the list below (consider each
event to be material):
As an unusual gain or loss.
As a prior period adjustment.
As a change in accounting principle.
As a discontinued operation.
As a change in accounting estimate.
As a change...
Klaben Motors Inc., was formed on January 1, 2016. The following transactions occurred during 2016: On...
Klaben Motors Inc., was formed on January 1, 2016. The following
transactions occurred during 2016: On January 1, 2016, Klaben
issued its common stock for $510,000. Early in January, Klaben made
the following payments: a. $220,000 for equipment b. $243,000 for
inventory (9 cars @ $27,000 each) c. $25,000 for 2016 rent on a
store building. In February, Klaben purchased 3 cars for inventory
on account. Cost for this inventory was $117,000 ($39,000 each).
Before year-end, Klaben paid $70,200 of...
Klaben Motors Inc., was formed on January 1, 2016. The following transactions occurred during 2016: On...
Klaben Motors Inc., was formed on January 1, 2016. The following
transactions occurred during 2016: On January 1, 2016, Klaben
issued its common stock for $510,000. Early in January, Klaben made
the following payments: a. $220,000 for equipment b. $243,000 for
inventory (9 cars @ $27,000 each) c. $25,000 for 2016 rent on a
store building. In February, Klaben purchased 3 cars for inventory
on account. Cost for this inventory was $117,000 ($39,000 each).
Before year-end, Klaben paid $70,200 of...
Klaben Motors Inc., was formed on January 1, 2016. The following transactions occurred during 2016: On...
Klaben Motors Inc., was formed on January 1, 2016. The following
transactions occurred during 2016: On January 1, 2016, Klaben
issued its common stock for $510,000. Early in January, Klaben made
the following payments: a. $220,000 for equipment b. $243,000 for
inventory (9 cars @ $27,000 each) c. $25,000 for 2016 rent on a
store building. In February, Klaben purchased 3 cars for inventory
on account. Cost for this inventory was $117,000 ($39,000 each).
Before year-end, Klaben paid $70,200 of...
Question 1 The following transactions for Carleton Company occurred during January 2016: Jan. 1 Purchased a...
Question 1
The following transactions for Carleton Company occurred during
January 2016:
Jan.
1
Purchased a two-year insurance policy for cash, $8,400
4
Paid utilities bill received December 2015, $450
9
Performed a service on account, $1,200
16
Paid bimonthly salary to employees, $2,700
21
Received $800 from a customer on account
25
Received $600 from January 9 transaction
30
Prepared the adjusting entry for insurance from January 1
transaction
30
Accrued wages of $2,750
Show the total amount of...
DIRECTIONS: A) Prepare journal entries for the following items The following transactions occurred during 2017 (the...
DIRECTIONS: A) Prepare journal entries for the following items
The following transactions occurred during 2017 (the company uses a
perpetual inventory system with FIFO):
1) Jan 4 Stockholders invested an additional $10,000 cash in the
business in exchange for common stock
2) Jan 4 Purchased 20 turkeys at $50 each on account from Turkey
Farms.
3) Jan 4 Established a $200 petty change fund
4) Jan 5 Sold 6 turkeys for $200 each to Mr. Pilgrim, terms
2/10, n/30.
5)...
Larry is the sole proprietor of a trampoline shop. During 2017, the following transactions occurred. •...
Larry is the sole proprietor of a trampoline shop. During 2017,
the following transactions occurred.
• Unimproved land adjacent to the store was condemned by the
city on February 1. The condemnation proceeds were $15,000. The
land, acquired in 1986, had an allocable basis of $40,000. Larry
has additional parking across the street and plans to use the
condemnation proceeds to build his inventory.
• A truck used to deliver trampolines was sold on January 2 for
$3,500. The truck...
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