l AT&T ?5:05 PM55%8. Assume the facts in problem 7. In July the architect drew up the plans and delivered them to the client.Prepare the appropriate adjusting journal entry for July.9. You are a financial planner. In July you drafted a financial plan for $2,800Since you know the client well and she has good credit, you will accept full payment in August. Preparethe appropriate entry for July.delivered it to the client.10. Your company issued bonds several years ago (borrowed money) and interest payments of $600 aremade twice a year on July 1, and January 1. Prepare the appropriate journal (adjusting journal entry)entry for the month of February 2007 to recognize one month of interest expense.11. On November 14, your company declared dividends of $7,000,000 to be paid on January 19 of the nextyear. Prepare the appropriate journal entry for November.12. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. OnAugust 31, it purchased $50,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n30. Prepare the appropriate journal to record the purchase of these tires.13. Assume the facts in problem 12. The company paid the invoice on September 2.14. Assume the facts in Problem 12. Prepare the appropriate journal entry for Louisiana Tire Sales thatpertain to August 31. Hint: You are the seller.15. Assume the factsProblem 13. Prepare the appropriate journal entry. Hint: You are the seller. l AT&T ?5:05 PM55%Your company purchased six months worthpurchase price was $25,000.1.supplies on January 1. This is a credit purchase. Thef supplies was taken and $18,000 worth ofAssume the facts in problem 1. On March 31, an inventorysupplies was remaining in inventory.2.A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policywas delivered.3.Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month ofFebruary.5.On March 1, 2016 conference room furniture for was purchased on credit for $12,000.6.Assume the facts in problem 5. The furniture has a 12 year life. Record the appropriate adjustingentry.On May 16, an architect was given $1,500 to draft house plans. The plans will be drawn up some timein July. Prepare the appropriate journal entry for May.7.

Since you have asked multiple questions, we will solve the first seven questions for you. If you…

Answered: 1. Your company purchased six months…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 10SPB

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Purchases transactions Hoffman Company purchased merchandise on account from a supplier for 65,000, terms 1/10, n/30. Hoffman returned 7,500 of the merchandise and received full credit. A. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? B. What account is debited by Hoffman Company to record the rerurn?
Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash 13,500 Accounts Receivable 72,000 Merchandise Inventory, January 1,2019 257,000 Estimated Returns Inventory 35,000 Office Supplies 3,000 Prepaid Insurance 4,500 Land 150,000 Store Equipment 270,000 Accumulated DepreciationStore Equipment 55000 Office Equipment 78,500 Accumulated DepreciationOffice Equipment 16000 Accounts Payable 27,800 Customer Refunds Payable 50,000 Salaries Payable 3,000 Unearned Rent 8,300 Notes Payable 50,000 Shirley Wyman, Capital 515,600 Shirley Wyman, Drawing 25,000 Sales 3280000 Purchases 2650000 Purchases Returns and Allowances 93,000 Purchases Discounts 37,000 Freight In 48,000 Sales Salaries Expense 300,000 Advertising Expense 45,000 Delivery Expense 9,000 Depreciation ExpenseStore Equipment 6,000 Miscellaneous Selling Expense 12,000 Office Salaries Expense 175,000 Rent Expense 28,000 Insurance Expense 3,000 Office Supplies Expense 2,000 Depreciation Expense-Office Equipment 1,500 Miscellaneous Administrative Expense 3,500 Rent Revenue 7,000 Interest Expense 2,000 Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash 125,000 Accounts Receivable 340,000 Merchandise Inventory. July 1,2018 415,000 Estimated Returns Inventory 25,000 Office Supplies 9,000 Prepaid Insurance 18,000 Land 300,000 Store Equipment 550,000 Accumulated DepreciationStore Equipment 190,000 Office Equipment 250,000 Accumulated DepreciationOffice Equipment 110,000 Accounts Payable 85,000 Customer Refunds Payable 20,000 Salaries Payable 9,000 Unearned Rent 6,000 Notes Payable 50,000 Amy Gant, Capital 820,000 Amy Gant, Drawing 275,000 Sales 6,590,000 Purchases 4,100,000 Purchases Returns and Allowances 32,000 Purchases Discounts 13,000 Freight In 45,000 Sales Salaries Expense 580,000 Advertising Expense 315,000 Delivery Expense 18,000 Depreciation ExpenseStore Equipment 12,000 Miscellaneous Selling Expense 28,000 Office Salaries Expense 375,000 Rent Expense 43,000 Insurance Expense 17,000 Office Supplies Expense 5,000 Depreciation Expense-Office Equipment 4,000 Miscellaneous Administrative Expense 16,000 Rent Revenue 32,500 Interest Expense 2,500 Instructions 1.Does Simkins Company use a periodic or perpetual inventory system? Explain. 2.Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3.Prepare the closing entries for Simkins Company as of June 30, 2019. 4.What would the net income have been if the perpetual inventory system had been used?

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