ACCY 1 Accounting Fundamentals Extra Credit Assignment – Journal Entry Practice Complete the following requirements by...

ACCY 1 Accounting Fundamentals Extra Credit Assignment – Journal Entry Practice Complete the following requirements by hand and upload your work in pdf to Canvas by March 20. No late assignment will be accepted. CASE: World Co. commenced operations on January 1, 2018 and has a year end of December 31 (reporting date). The company uses a perpetual inventory method. During 2018, the company had the following events: 1. January 1. Issued common stock for $40,000 cash. 2. April 1 Purchased equipment for $10,000 cash. This equipment has a monthly depreciation expense of $1000. 3. May 1 Paid auto insurance for 12 months in advance for $6,400. 4. July 1 Purchased inventory costing $7,000 on account from Sam Co. Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. In addition, freight costs of $500 were paid in cash. 5. July 10 Paid the amount due on its account payable to Sam Co. within the cash discount period. 6. September 1 Sold all inventory for $20,600 on account to Mac Co. under terms 1/10, n/45. 7. September 10 Received the payment from Mac Co. for the September 1 sale within the discount period. 8. September 30 Received cash from Victory Co. in advance for the merchandise order to be delivered in November. 9. October 1 Paid $4,000 cash for inventory received from Viva Inc. 10. November 31 Delivered the merchandise ordered on September 30 to Victory Co. Requirements: Prepare journal entries for the events above AND appropriate adjusting journal entries.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Complete the following for full credit in this assignment: Complete the coding requirement for the Class...

Complete the following for full credit in this assignment: Complete the coding requirement for the Class Method Bodies: Write the constructor: This should initialize all of your class fields and dynamically allocate memory for your array that will hold your stack data. You should use the constant “n” as the size for your fixed-size stack. Write the push method: This should add the item in the formal parameter to your stack. Caveat: You need to check and make sure you...

What would be the journal entry for the following transactions (include account, amount, debit or credit):...

What would be the journal entry for the following transactions (include account, amount, debit or credit): Jan 7 Issued common stock for $50,000 Feb 14 Purchased supplies on account for $3,750 Feb 20 Paid the invoice for Supplies that were purchased on Feb 14th Apr 3 Issued additional common stock for $30,000. Apr 8 Purchased merchandise of 6,000 yo-yos at $2.00 per yo-yo on account, terms 1/10, n/30. May 8 Paid the invoice of April 8 May 11 Sold 2,000...

When replenishing the petty cash fund: The journal entry includes a credit to: 1. Postage expense...

When replenishing the petty cash fund: The journal entry includes a credit to: 1. Postage expense 2. Supplies Expense 3. Cash 4. Petty Cash Selected data from the financial statements of Bloom's Garden Centre are provided below. 2017 2016 Cash and cash equivalents $ 60000 $ 38000 Inventory $30000 $28000 Total assets 450000 380000 Cash flow from operations $4500000 $3390000 Dividends $340000 $320000 Capital expenditures $2000000 $1800000 Which of the following would result from a vertical analysis of Bloom's cash...

Journal Entry Part 1 For the first part of your journal entry, reflect on the Five...

Journal Entry Part 1 For the first part of your journal entry, reflect on the Five Wishes presented on the Five Wishes website and PDF and complete your Five Wishes. Explain your state’s requirements for advance directives, including whether your Five Wishes can be turned into a formal document. Then, explain how your experience of completing your Five Wishes advance directive will help you guide discussions with patients and their families. Finally, explain how you might apply the Five Wishes...

Journalize the following accounting transactions with the correct Debit and Correct Credit entry. - borrowed money...

Journalize the following accounting transactions with the correct Debit and Correct Credit entry. - borrowed money from the bank - paid off the loan from the bank - bought equipment on account -paid off the equipment bought on account - Mr. Tucker invested money in his sole - proprietorship - paid the insurance bill - bought supplies for cash -made cash sales for the day - made sales on account - collected money from sales on account

Complete the first step in the accounting cycle: Record journal entries for the following transactions in...

Complete the first step in the accounting cycle: Record journal entries for the following transactions in the General Journal, which is the first sheet in the template file. Explanations are not needed. Dec. 1 Investors contributed $96,000 in exchange for shares of common stock. 8 Performed services on account for $32,350. 9 Purchased supplies on account for $672. 10 Purchased furniture at a purchase price of $12,000, by making a cash...

CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1): Calculate Social...

CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1): Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately for a year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his...

RECORD IN JOURNAL ENTRY FORM 1. Record the journal entry for paying off a supplier invoice...

RECORD IN JOURNAL ENTRY FORM 1. Record the journal entry for paying off a supplier invoice of $10,000 for raw materials on September 28th: 2. Record the journal entry for receive cash from a new shareholder who gave your company $300,000 in exchange for 3,000 shares of common stock, where the current market price is $100 per share. 3. Your company wants to expand your company to Seattle and lease office space downtown. You find an office building where you...

For this extra credit assignment, I want you to do a websearch! Hominin fossils are being...

For this extra credit assignment, I want you to do a websearch! Hominin fossils are being discovered in areas that are newly being investigated! (by the way…when I took this class-there were only a handful of these creatures---aren’t you lucky that they are being discovered now?!?). What I want you to do is choose one of the hominins below and answer the questions-very similar to your cave art exercise. Choose from: Australopithecus sediba Homo luzonensis Homo Naledi...

professor instructions for the assignment: You can earn extra credit if you read an article or...

professor instructions for the assignment: You can earn extra credit if you read an article or news item about a project we discussed in class and write a 2 page reaction paper about it. Your paper must tell me about the project you read about, what makes it a sustainable or resilient project, what are the impacts, what did you like about the article, what did you not like, etc.. I would like to write about this new project that...

Subjects