Question
In: Accounting
Prepare the journal entries for these transactions. 1) Dur Company purchased equipment on January 2, 2013,...
Prepare the journal entries for these transactions.
1) Dur Company purchased equipment on January 2, 2013, for $112,000. The equipment had an estimated useful life of 5 years with an estimated salvage value of $12,000. Dur uses straight-line depreciation on all assets. On January 2, 2017, Dur exchanged this equipment plus $12,000 in cash for newer equipment. The old equipment has a fair value of $50,000. (Assume that the exchange has commercial substance.)
2) Same transaction except (The exchange lacks commercial substance).
3) Cheng Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated depreciation of $27,000. The new truck is worth $37,000. Cheng also made a cash payment of $36,000. Prepare Cheng's entry to record the exchange. (The exchange lacks commercial substance.)
4) Slaton Corporation traded a used truck for a new truck. The used truck cost $20,000 and has accumulated depreciation of $17,000. The new truck is worth $35,000. Slaton also made a cash payment of $33,000. Prepare Slaton's entry to record the exchange. (The exchange lacks commercial substance.)
Solutions
ekkarill92 answered 3 hours agoRelated Solutions
Prepare journal entries to record each of the January through March transactions 1. The company paid...
Prepare journal entries to record each of the January
through March transactions
1. The company paid cash to Lyn Addie for five days’ work at the
rate of $235 per day. Four of the five days relate to wages payable
that were accrued in the prior year.
· 2. Santana Rey invested an additional $23,100 cash in the
company in exchange for more common stock.
· 3. The company purchased $6,700 of merchandise from Kansas
Corp. with terms of 1/10,...
Prepare journal entries for the transactions
Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1 Sold merchandise on account to Dodson Company for $10,400, terms 3/10, n/30.
March 3 Dodson Company returned merchandise worth $200 to Molina.
March 9 Molina collected the amount due from Dodson Company from the March 1 sale.
March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used...
Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...
Required:
1. Prepare journal entries to record each of these
transactions for 2017.
2. Prepare a statement of retained earnings for
the year ended December 31, 2017.
3. Prepare the stockholders’ equity section of the
company’s balance sheet as of December 31, 2017.
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par
value, 70,000 shares authorized,
49,000 shares issued and outstanding
$
1,225,000
Paid-in capital in excess of par
value, common stock
98,000...
Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...
Required:
1. Prepare journal entries to record each of these
transactions for 2017.
2. Prepare a statement of retained earnings for
the year ended December 31, 2017.
3. Prepare the stockholders' equity section of the
company’s balance sheet as of December 31, 2017.
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par value,
100,000 shares authorized,
50,000 shares issued and outstanding
$
1,250,000
Paid-in capital in excess of par
value, common stock
70,000...
Prepare journal entries for each of the transactions and adjustments Chapati Company started business on January...
Prepare journal entries for each of the transactions and
adjustments
Chapati Company started business on January 1, 2016. Some of the
events that occurred in its first year of operations follow:
1.An insurance policy was purchased on February
28 for $1,800.
2.During the year, inventory costing $140,000
was purchased, all on account.
3.Sales to customers totalled $200,000. Of
these, $40,000 were cash sales.
4.Payments to suppliers for inventory that had
been purchased earlier totalled $110,000.
5.Collections from customers on account...
Prepare journal entries to record the following transactions for Cosmotown for 2013. The Town records encumbrances...
Prepare journal
entries to record the following transactions for Cosmotown for
2013. The Town records encumbrances only for its Supplies
appropriation.
a. Cosmotown adopted the following budget for the
year:
Revenues:
Property
taxes
$275,000
Licenses and
fees
35,000
Appropriations:
Salaries
255,000
Supplies
40,000
Interest
1,500
b. Property tax bills amounting to $275,000 were sent
to the property owners.
c. Because property taxes were not due to be
received for several months...
Prepare journal entries for these transactions for Year 1 and Year 2 and post them to...
Prepare journal entries for these transactions for Year 1 and
Year 2 and post them to T-accounts. lines
1 through 19
[The following information applies to the questions displayed
below.]
Sun Corporation received a charter that authorized the issuance
of 119,000 shares of $6 par common stock and 18,000 shares of $75
par, 6 percent cumulative preferred stock. Sun Corporation
completed the following transactions during its first two years of
operation:
Year 1
1.Jan. 5 Sold 17,850 shares of the...
Prepare journal entries to adjust the books of McGarrett Corp. at December 31, 2013. -Purchased Machine...
Prepare journal entries to adjust the books of McGarrett Corp.
at December 31,
2013.
-Purchased Machine B used in the factory for $450,000 on July 1,
2010. Machine B has an estimated useful life of 12 years and a
residual value of $30,000. McGarrett uses straight-line
depreciation.
-Sales for 2013 amounted to $4,000,000, including $600,000 of
sales on credit. Bad debt losses are estimated based on actual
experience to be .25% of credit sales.
-The dollar value of office supplies...
Prepare journal entries to adjust the books of McGarrett Corp. at December 31, 2013. -Purchased Machine...
Prepare journal entries to adjust the books of McGarrett Corp.
at December 31, 2013.
-Purchased Machine B used in the factory for $450,000 on July 1,
2010. Machine B has an estimated useful life of 12 years and a
residual value of $30,000. McGarrett uses straight-line
depreciation.
-Sales for 2013 amounted to $4,000,000, including $600,000 of
sales on credit. Bad debt losses are estimated based on actual
experience to be .25% of credit sales.
-The dollar value of office supplies...
Prepare journal entries to record the transactions for TC Company Listed below are the transactions of...
Prepare journal entries to record the transactions for
TC Company
Listed below are the transactions of TC Company (a service
company organized as a corporation), for the month of March. Record
the following transactions for TC Company.
Mar 1
Nancy R. invests $50,000 cash in exchange for common stock in
TC Company.
1 Takes out a $5,000, 30-day
short term note payable with an annual
interest rate of
6%.
1 Purchases...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Work from the Brown and Goldstein lab provided insights into cholesterol homeostasis that were used to...
- I am wanting to know how to write guessing game program in java that prompts the...
- Prepare the journal entries for these transactions. 1) Dur Company purchased equipment on January 2, 2013,...
- How do we build a Smart Basket for a customer? Can we rank the products customers...
- a. The initial cost of the extraction equipment is $2,500,000. In addition to this cost, the...
- What are five events from the Pentateuch that shape the biblical story and maintain a central...
- Create a JUNIT test program in Java for this program: package edu.odu.cs.cs350; import java.util.Arrays; /** *...
ADVERTISEMENT