-7For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before credit entries.Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearestdollar. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)No. Date Account Titles and ExplanationDebitCreditMar.1.31Mar.31Mar.3.31Mar.4.31Mar.31II2.5. Question 2 of 3-/7View PoliciesCurrent Attempt in ProgressLily Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly.The company has a 6%, $12,000 bank loan payable due in one year. Interest is payable on the first day of each followingmonth and was last paid on March 1.1.At the end of March, the company earned $260 interest on its investments. The bank deposited this amount in Lily's cashaccount on April 1.2.Lily has five employees who each earn $220 a day. Salaries are normally paid on Mondays for work completed Mondaythrough Friday of the previous week. Salaries were last paid on Monday, March 29. March 31 falls on a Wednesday this year.Salaries will be paid next on Monday, April 5.At the end of March, the company owed the utility company $540 and the telephone company $180 for services receivedduring the month. These bills were paid on April 10. (Hint: Use the Utilities Expense account for the utility and telephoneservices.)4.At the end of March, Lily has earned service revenue of $3,180 that it has not yet billed. It bills its clients for this amount onApril 4. On April 30, it collects $2,190 of this amount due.5.(a)For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before credit entries.Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearestdollar. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)No.Date Account Titles and ExplanationDebitCreditMar.II3.

Journal entry is the process of recording commercial transactions for the first time in the books of…

For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to dollar. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Cre Mar. 1. 31 Mar. 2.

For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to dollar. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Cre Mar. 1. 31 Mar. 2.

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 7.2MAD: Analyze and compare J. C. Penney and Macys J. C. Penney Company, Inc. (JCP) and Macys, Inc. (M) are...

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Analyze Lowes for three years Lowes Companies, Inc. (LOW), a major competitor to The Home Depot, Inc. (HD) in the home improvement retail business, operates over 1,800 stores. Lowes recently reported the following end-of-year balance sheet data (in millions): a. Compute the ratio of liabilities to stockholders equity for all three years. Round to two decimal places. b. What conclusions regarding the margin of protection to creditors can you draw from the trend in this ratio for the three years?
Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during June 20Y5 were described .it the end of Chapter 1. The following transactions were completed during July, the second month of businesss operations: July 1. Peyton Smith made an additional investment k PS Music in exchange for common stock by depositing 5,000 in PS Mu wet checking account. 1.Instead of continuing to share office space with a local real estate agency. Peyton decided to rent office space near a local musk store, Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft and fire. The policy covers a one year period. 2.Received 1,000 on account 3. On behalf of PS Musk, Peyton signed a contract with a local radio station. KXMD, to provide guest spots for the next three months. The contract requires PS Musk to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 2SO on account 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart. 7,500. 8.Paid for a newspaper advertisement 200. 11.Received 1.000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Pane 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account 850 21.Paid 620 to Upload Musk for use of its current musk demos in making various musk sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500 Received 750, with the remainder due August 4.20YS. 27.Paid electric Ml 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500, Received S00 with the remainder due on August 9. 20Y5. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1.400 royalties (musk expense) to National Musk Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts Receivable 1,000 14 Supplies 170 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4.000 33 Dividends 500 41 Fees Earned 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 67S 53 Utilities Expense 300 54 Music Expense 1.590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 20Y5, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 20Y5.
Cornerstone Exercise 3-12 Accrual- and Cash-Basis Revenue McDonald Music sells used CDs for S4.00 each. During the month of April, McDonald sold 7,650 CDs for cash and 13,220 CDs on credit. McDonalds cash collections in April included $30,600 for the CDs sold for cash, $12,800 for CDs sold on credit during the previous month, and $29,850 for CDs sold on credit during April. Required: Calculate the amount of revenue recognized in April under (1) cash-basis accounting and (2) accrual-basis accounting.
Analyze and compare J. C. Penney and Macys J. C. Penney Company, Inc. (JCP) and Macys, Inc. (M) are large department store chains in the United States. Information from recent annual reports for both companies is as follows (in millions): J. C. Penney Macys Cash (end of year) 119 1,109 Short term investments (end of year) 781 Operating expenses 4,640 8,256 Depreciation expense 616 1,061 a. Determine the days cash on hand for each company. Round to one decimal place. b. Which company has the better liquidity position?
Scenario: It's 12/31 and I'm doing financial statement accounting adjustments. On October 1st, my company borrowed $25,000 from the a bank involving a 1-year, 12% note payable. Principal ands interest are due after 1 year. On the Balance Sheet, I thought the Liabilities and Stocholders Equity would be $7k and -$7k, respectively, but that's not correct. I figured for the Income Statement, the Expenses and Net Income would be $7k and -$7k, respectively. That also isn't correct. The categories are correct, but my $ figures aren't. Could someone please help.
Carry out the adjustment journal entries on 31 December 20X1 (accounting year 01.01-31.12) of the Kapa company. On 1/2/20X1 the company received a bank loan of 60,000€ with a duration of one year at an annual interest rate of 5%. Capital and interest are payable at the end of the loan agreement. On 01/3/20X1 the company received the rents for the next twelve months amounting to 1000 €. The accountant entered the amount in an effective account. On 01/05/20X1 the company paid the annual insurance premiums of the means of transport amounting to 30000. The accountant entered the amount into a claim account. On 1/11/20X1 it granted a loan of €9000 to a supplier for seven months, at an annual interest rate of 7%. Interest will be collected on the date of repayment of the loan. On 1/12/20X1 it collects €3500 as a deposit for services that will be offered from 15/12/20X1 until 31/12/20X2. The accountant enters the event in an income account.
Q 4. Following are the five events of DDT CORPORATION:a. On December 31, purchased a machinery at a price of $ 6,00,000 and signed a note payable due in six months with interest of 9 percent.b. On December 31, estimated that warranty work costing $ 5,00,000 will need to be performed in coming months on those products which were sold in this year with a 12-month warranty.c. On December 31, pay checks totaling $ 289,000 were issued to employees .As these cheques were issued after banking hours on December 31, no cash will be disbursed from payroll bank account until early in January next year. The amounts withheld from employee’ pay and payroll taxes on the employer, $ 51000 and $ 27000 respectively, were remitted to tax authorities next month.d. On November 1, borrowed $ 900000 from a bank signing a 90 day note payable for $ 918000, with interest included in the face amount.e. On November 3, signed a contract for the purchase of 30000 barrels of oil per month in the coming year at a…
Problem 4-2 – Current and non-current liabilities Grill Company is selling audio and video appliances. The company’s fiscal year ends on March 31. The following information relates to the obligations of the company as of March 31, 2021: Notes Payable Grill Company has signed several long-term notes with financial institutions. The maturities of these notes are given below. The total unpaid interest for all of these notes amounts to P408,000 on March 31, 2021. Due date Amount April 30, 2021 P720,000 July 31, 2021 1,080,000 September 1, 2021 540,000 February 1, 2022 540,000 April 1, 2022 to March 31, 2023 3,240,000 Total P6,120,000 Estimated warranties Grill Company has a one year product warranty on some selected items. The estimated warranty liability on sales made during the 2019 – 2020 fiscal year and still outstanding as of March 31, 2020, amounted to P302,400. The warranty costs on sales made from April 1, 2020 to March 31, 2021, are estimated at P756,000. The…
ACCT 3303, Spring 2022PROJECT 1Due March 6Transactions for Blackberry Mountain Inc for the month of January is as follows: 1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000. 2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest. 6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January. 9 Services are performed for customers on account. Invoices totaling $9,800 are mailed. 10 Services are performed for cash customers: $7,600. 15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest. 16 Wages for the first half of the month are paid on January 16: $4,200 20 The company receives $3,000…
7 Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500.…
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Indicate basic debit–credit analysis.LO4 Dudley Advertising Ltd had the following transactions during August of the current year. Indicate (a) the basic analysis and (b) the debit–credit analysis. Aug. 1 Issued shares to investors in exchange for $15 000 cash. 4 Paid insurance in advance for 6 months, $1800. 16 Received $9000 from clients for services rendered. 27 Paid secretary $500 salary.