4. A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to…
4. $9500 in services was preformed, with $4100 paid for in cash, and $5400 billed through Accounts Receivable…
Collected $900 rent for the period December 1, this year, to March 1 next year. The amount was added to Unearned Rent Revenue on December 1, this year.…
5. Exercise E9-10. Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.…
45,000 meals – 43,992 meals = 1008 meals x $1.84 revenue per meal = $1,854.72 profit.…
1,008 revenue 1,008 meals at $5.77-$5,816.16 for total cost per meal 1,008 at $3.971.44 for a total profit of $5,816.16-$3961.44=$1854.72…
Milwaukee Surgical Supplies, Inc., sells on terms of 3/10, net 30. Gross sales for the year are $1,200,000 and the collections department estimates that 30% of the customers pay on the tenth day and take discounts, 40% pay on the thirtieth day, and remaining 30% pay, on average, 40 days after the purchase. (Assume 360 days /year.)…
Bruno Manufacturing Inc. has sales of $2,200,000 for the first quarter of 2010. In making the sales, the company incurred the following costs and expenses.…
c. Ken received $25,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years, for $210,000.…
The beginning balance of cash is $45,000. What is the budgeted ending balance of cash?…
Read each transaction and record the appropriate journal entry for Morrison Consultants, which has a June 30 year end. Explanations are NOT required. 1. On June 30 2011, Morrison prepares an aging schedule of accounts receivable that shows estimated uncollectible accounts of $5,200. Before journal entries, the Allowance for Doubtful accounts has a debit balance of $300 and Accounts Receivable has a balance of $85,000. 2. On July 5, Morrison was notified that Sperry Ltd has declared bankruptcy and Morrison writes off its A/R of $800. 3. On September 12, Sperry notifies Morrison that it can pay its $800 debt and includes a cheque for the entire amount. Date Account Debit Credit…
Enter the transactions for May into the accounting equation, calculating new balances after each entry.…
9. What is the amount of Union Dues withheld for the employees for the month of October?…
Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.…
Click the Virtual Organization link on the student website to access company information on Riordan Manufacturing. Then, select one of the accounting cycles. This selection is the basis of this and subsequent Learning Team assignments, so obtain faculty approval for your selection.…