2015 Jan. 9 Purchased computer equipment at a cost of $9,000, signing a six-month, 7% note payable for that amount. 29 Recorded the week's sales of $70,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $9,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 2% of sales of $604,000. 31 Accrued interest on all outstanding notes payable. 2016 Feb. 29 Paid the six-month 10% note, plus interest, at maturity.

2015 Jan. 9 Purchased computer equipment at a cost of $9,000, signing a six-month, 7% note payable for that amount. 29 Recorded the week's sales of $70,000, three-fourths on credit and one-fourth for cash. Sales amounts are subject to a 6% state sales tax. Ignore cost of goods sold. Feb. 5 Sent the last week's sales tax to the state. Jul. 9 Paid the six-month, 7% note, plus interest, at maturity. Aug. 31 Purchased merchandise inventory for $9,000, signing a six-month, 10% note payable. The company uses the perpetual inventory system. Dec. 31 Accrued warranty expense, which is estimated at 2% of sales of $604,000. 31 Accrued interest on all outstanding notes payable. 2016 Feb. 29 Paid the six-month 10% note, plus interest, at maturity.

Name: Part 1 of 8The following transactions of Plymouth Pharmacies occurred
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Part 1 of 8The following transactions of Plymouth Pharmacies occurred during 2015 and 2016:(Click the icon to view the transactions.)Journalize the transactions in Plymouth's general journal. Explanations are not required. (Record debits first, then

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 49P

See similar textbooks

Similar questions

Interest Receivable On June 1, 2016, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%. Required Prepare the journal entry on MicroTels books on June 1, 2016. Prepare the adjusting entry on MicroTels books on June 30, 2016. Prepare the entry on MicroTels books on July 31, 2016, when MaxiDriver repays the principal and interest.
Income Statement and Balance Sheet Fort Worth Corporation began business in January 2016 as a commercial carpet-cleaning and drying service. Shares of stock were issued to the owners in exchange for cash. Equipment was purchased by making a down payment in cash and signing a note payable for the balance. Services are performed for local restaurants and office buildings on open account, and customers are given 15 days to pay their accounts. Rent for office and storage facilities is paid at the beginning of each month. Salaries and wages are paid at the end of the month. The following amounts are from the records of Fort Worth Corporation at the end of its first month of operations: Required Prepare an income statement for the month ended January 31, 2016. Prepare a balance sheet at January 31, 2016. What information would you need about Notes Payable to fully assess Fort Worths longterm viability? Explain your answer.
The following transactions occurred during 2016 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2017. Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $2,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2016, supplies costing $1,250 remained on hand. Nov. 1 A customer borrowed $6,000 and signed a note requiring the customer to pay principal and 8% interest on April 30, 2017. Required: 1. Record each transaction in general journal form. Omit explanations. 2. Prepare any necessary adjusting entries at the year-end on December 31, 2016. No adjusting entries were recorded during the year for any item.
GJ started operating his new salon business (Sir George Salon) during 2017. He provides services for corporate accounts with 60-day payment term. He submits the following data in 2018: Supplies inventory, 1/1/2018 50,000 Supplies inventory, 12/31/2018 80,000 Revenues 3,000,000 Accounts receivable, Jan. 1, 2018 500,000 Accounts receivable, Dec. 31, 2018 700,000 Purchase of supplies from VAT registered entities (net) 100,000 Purchase of supplies from non-VAT registered entities 50,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
Global Advertising Company handles the advertising and promotion of various clients offering a credit term of 90 days. Its unadjusted trial balance on December 31, 2013, end of its first year of operation, showed others: Accounts Receivable, 250,000 and Professional Fees, 550,000. Among its transactions for the year 2014 are the following:a. Professional services rendered on account, 600,000.b. Total collections of previous and current accounts, 500,000.c. An account of one of its customers who became insolvent was written off amounting to 25,000.INSTRUCTIONS:a. Make journal entries to record the transactions for the year 2014.b. Record the adjustment for bad debts.c. Make a ledger accounts for Accounts Receivable and Bad Debts Expense. Post the entries made in "a" and starting with the opening balances in "b".d. Present the statement of financial position and income statement.
Company A bought a machine on January 1, 2015. The company signed a note to provide a cash payment for the machine to be paid on December 31, 2016. The market interest rate is 9%. The present value of the liability on January 1, 2015 is $1683. question: A.) record the journal entry for the acquisition of the machine on January 1, 2015. Make sure to clearly label your debits and credits and include classification of each account. b.) record the journal entries for the interest expense for 2015 and 2016. Round to the nearest dollar. Make sure to label debits and credits and include classification of each account. c.) Record the journal entry for the cash payment on December 31, 2016. Make sure the label debits and credits and include classifications of each account.
Hyun Bin opened his computer repair services shop on November 30, 2018. The followingtransactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period.Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6 months, P42,000.…
Like New Steam Cleaning performs services on account. When a customer account becomes four months old, Like New converts the account to a note receivable. During 2018,the company completed the following transactions: Record the transactions in Like New's journal. Round to the nearest dollar. (Use a 365-day year for computations. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period. Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6 months,…
Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period. Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6 months,…
Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period. Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6 months,…
Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period. Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investment Dec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms. Dec 3 Bought office supplies for 25,000. Expense method is used. Dec 5 Billed various customers for services rendered, P80,000. Dec 8 Paid rent for three months at P15,000 per month. Asset method is used. Dec 10 Paid taxes and licenses, P8,000. Dec 14 Received partial payment of billing on December 5, P50,000. Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis. Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000. Dec 20 Paid advertising expenses for 6…