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Question: Prepare the adjusting entries. In some instances, you will need to establish new accounts.Freeny Corporation adjustment data and the unadjusted trial balance.
On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $2,000 plus a $3,500 note payable in one year. Interest of 6% per year is due when the note is repaid.
Adjusting Entries: Shabbona Corporation operates a retail computer store. To improve delivery services to customers, the company purchased a new truck on April.
Adjusting Entries: Wizard Industries purchase $12,000 of merchandise on February 1, 2010, subject to a trade discount of 105 and with credit terms of 3/15/, n/60. It returned $3,000 (gross price bef
Adjusting Entries: On April 1, 2010, Prince Company assigns $500,000 of its Accounts Receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2010.
Prepare the general journal entries to record each of these events. You may set up T accounts to keep track of some accounts. Do not prepare adjusting entries!
Shawn needs to record journal entries for various inventory purchases on account and subsequent payments. Record the journal entries using both the gross and net methods.
Adjusting entries: When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of annual fiscal period.
Adjusting Entries: William Bryant is the new owner of Ace Computer Services. At the end of August 2010, his first month of ownership, Bryant is trying to prepare monthly.
Adjusting Entries: Stephen King, D.D.S. opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred.
Use the financial information from Eric and Ian Company to compute any three activity ratios, any one liquidity ratio, any one debt ratio, any three profitability ratios, and any two market ratios.
Olive Branch Restaurant Corporation sells franchises throughout the western states. On January 30, 2013, the company entered into the following franchise agreement with Jim and Tammy Masters.
Beside each numbered balance sheet item, select the letter of its balance sheet classification. If the item shoud not appear on the balance sheet, choose the letter Z from the selection choices.
On March 1, fixtures and equipment were purchased for $4,000 with a downpayment of $2,000 plus a $2,000 note payable in one year. Interest of 7% per year is due when the note is repaid.
Determine a relevant range of activity, using the number of helmets produced as your activity index. Recast your manufacturing overhead budget into a flexible monthly budget for two additional activ
Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of year 2011.
JWS Transport Companys employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment
The Wexler Company is considering the purchase of a new machine costing $250,000. This machine is estimated to cost $5,000 per year in operating expenses but it will allow the company to earn an add
The following data pertain to activity and costs for two recent months.Assuming that these activity levels are within the relevant range, the mixed costs for November were.
Novacar Company manufactures automobiles. The red car division sells its red cars for $25,000 each to the general public. The red cars have manufacturing costs of $12,500 each for variable and $5,00
State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:Sold equipment with a book value of $65,000 for $83,000.
The cost formula for the maintenance department of the Eifel Co. is $6,500 per month plus $3.50 per machine hour used by the production department.
The following information pertains to Ortiz Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
Last year, Mahogany Company purchased an expensive robotics system to allow for more decorative door products in the deluxe product line.
On January 1, 2010, Ruby Company purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase.