The following events apply to Gulf Seafood for the Year 1 fiscal year: The company started...

The following events apply to Gulf Seafood for the Year 1 fiscal year:

The company started when it acquired $60,000 cash by issuing common stock.
Purchased a new cooktop that cost $40,000 cash.
Earned $72,000 in cash revenue.
Paid $25,000 cash for salaries expense.
Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.

Required
a. Record the events in general journal format and post to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Cash					Equipment – Cooktop
Beg. Bal					Beg. Bal



End. Bal					End. Bal

Accumulated Depr.					Common Stock
Beg. Bal					Beg. Bal


End. Bal					End. Bal

Sales Revenue					Salaries Expense
Beg. Bal					Beg. Bal


End. Bal					End. Bal

Depreciation Expense
Beg. Bal


End. Bal

Solutions

Expert Solution

I HOPE IT'S USEFUL TO YOU IF YOU HAVE ANY DOUBT PLZ COMMENT GIVE ME UP-THUMB. THANKS.....

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The following events apply to Gulf Seafood for the 2016 fiscal year: 1. The company...

The following events apply to Gulf Seafood for the 2016 fiscal year: 1. The company started when it acquired $37,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14,900 cash. 3. Earned $21,300 in cash revenue. 4. Paid $14,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2016, the cooktop has an expected useful life of five years and an estimated salvage value of...

Timber Ridge, Inc. was started on January 1, Year. The following events apply to the company’s...

Timber Ridge, Inc. was started on January 1, Year. The following events apply to the company’s first year of operation. 1. On January 1 issued 3,000 shares of $1 par value common stock at a market price of $10 per share. 2. Purchased 500 shares of Timber Ridge stock (treasury stock) at a price of $10 per share on February 1. 3. Sold 200 (reissued) shares of the treasury stock at a price of $13 per share on March 15....

Problem 2: The following events apply to Sam’s Seafood Restaurant for the year ended December 31,...

Problem 2: The following events apply to Sam’s Seafood Restaurant for the year ended December 31, 2020, its first year of operations: The company acquired $50,000 cash by issuing common stock. Purchased a new cook top that cost $35,000 cash. Earned $36,000 in cash revenue. Paid $12,000 cash for salaries expense. Recorded depreciation expense on the cook top for 2020 using straight-line depreciation. The cooktop was purchased on January 1, 2020, the expected useful life of the cook top is...

Johny started Bowling Company on January 1, Year 1. The company experienced the following events during...

Johny started Bowling Company on January 1, Year 1. The company experienced the following events during its first year of operation: Earned $16,200 of cash revenue. Borrowed $12,000 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of interest payable at December 31, Year 1? b. What...

Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events...

Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: Earned $1,100 of cash revenue. Borrowed $2,200 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 9 percent annual interest rate. Required a. What is the amount of interest payable at December 31, Year 1? b....

Maben Company was started on January 1, Year 1, and experienced the following events during its...

Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: Acquired $34,000 cash from the issue of common stock. Borrowed $36,000 cash from National Bank. Earned cash revenues of $52,000 for performing services. Paid cash expenses of $47,000. Paid a $1,400 cash dividend to the stockholders. Acquired an additional $24,000 cash from the issue of common stock. Paid $9,000 cash to reduce the principal balance of the bank note. Paid...

The following events apply to Montgomery Company for 2016, its first year of operation: 1. Received...

The following events apply to Montgomery Company for 2016, its first year of operation: 1. Received cash of $42,000 from the issue of common stock. 2. Performed $61,000 of services on account. 3. Incurred $9,100 of other operating expenses on account. 4. Paid $34,000 cash for salaries expense. 5. Collected $41,000 of accounts receivable. 6. Paid a $4,300 dividend to the stockholders. 7. Performed $10,800 of services for cash. 8. Paid $6,800 of the accounts payable. Required a. Record the...

. The following events apply to the first year of operations for Mestro Financial Services Company:...

. The following events apply to the first year of operations for Mestro Financial Services Company: 1. Acquired $28,000 cash by issuing common stock on January 1, 2018. 2. Purchased $1,000 of supplies on account. 3. Paid $12,000 cask in advance for a one-year lease on office space. 4. Earned $23,000 of consulting revenue on account. 5. Incurred $16,000 of general operating expenses on account. 6. Collected $20,000 cash from receivables. 7. Paid $13,000 cash on accounts payable. 8. Paid...

The following transactions apply to Andrews Sales for Year 1: The business was started when the...

The following transactions apply to Andrews Sales for Year 1: The business was started when the company received $49,000 from the issue of common stock. Purchased equipment inventory of $175,500 on account. Sold equipment for $206,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $131,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent...

The following transactions apply to Ozark Sales for Year 1: The business was started when the...

The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $50,000 from the issue of common stock. Purchased equipment inventory of $380,000 on account. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent...

Subjects