Gently Laser Clinic purchased laser equipment for $5,186 and paid $618 down, with the remainder to be paid later. The correct entry WOUIU DU
Q: Cepe A. Ko entered into the following transactions during December 2019: 1. Cepe A. Ko invested the…
A: The journal entries are prepared to keep the record of daily transactions of the business.
Q: Rizio Company purchases a machine for $13,600, terms 2/10, n/60, FOB shipping point. Rizio paid…
A: Computation of cost recorded for this machine: Amount Invoice price of machine $ 13,600…
Q: Rizio Company purchases a machine for $14,000, terms 2/10, n/60, FOB shipping point. Rizio paid…
A: Cost of assets: As per the generally accepted accounting principles, the cost of assets includes all…
Q: In June 2018, Park Hospital purchased medicines from Jove Pharmaceutical Company at a cost of…
A: Other operating revenue: It can be defined as revenue that is earned by a business through its…
Q: On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a…
A: As per Indian Accounting Standard 16 , Property , Plant & Equipment, Initially Property , Plant…
Q: Capital and Revenue Expenditures On August 5, GTS Co. paid $3,280 to repair the transmission on one…
A: 1. THE REPAIR OF TRANSMISSION IS A REVENUE EXPENDITURE THAT RETURNS THE VEHICLE TO ITS PREVIOUS…
Q: Capital and Revenue Expenditures On April 29, GTS Co. paid $1,570 to repair the transmission on one…
A: Capital expenditures are those expenditures that are incurred for acquiring, replacing or modifying…
Q: Gently Laser Clinic purchased laser equipment for $8,500, paid $2,250 down, with the remainder to be…
A: Accounts payable = Total purchase Cost - down payment = $8,500 - $2,250 = $6,250
Q: Rizio Company purchases a machine for $13,800, terms 2/10, n/60, FOB shipping point. Rizio paid…
A: The cost of the machine: When a business purchases a machine, it is recorded at cost. The cost…
Q: Dorothea Company acquired several fixtures for its new building, including display cases, shelves…
A: The Company acquired several fixtures for its new building, including display cases, shelves and…
Q: HP Company purchased equipment on January 1 at a list price of $127,000, with credit terms 2/10,…
A: Equipment cost includes all cost such as - installation charges , slab rate charge , taxes etc.…
Q: Rizio Co. purchases a machine for $11,000, terms 2/10, n. Rizio paid within the discount period and…
A: in this problem you have to calculate discounted price of machine and calculate all expenses and…
Q: A company incurred the following costs for a new delivery truck: Purchase price $148,000 Sales…
A: Cost of asset is the amount at which the asset is bought by the entity from the market. It, not only…
Q: new medical practice purchases computer equipment that cost $15,000 to be used for medical billing.…
A: Depreciation as per straight line method = (Cost - residual value)/useful life
Q: On July 2, 2020, Covenant Construction London's area's dedicated general contractor purchased a…
A: Profit or loss on sale of old equipment Particulars…
Q: On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his…
A: The question is based on the concept of Depreciation Accounting.
Q: Hummer Company purchased a delivery truck. The total cash payment was $30,000, including the…
A:
Q: Danube Corp. purchased a used machine for $17,000. The machine required installation costs of $7,000…
A: Formula: Asset value to be recorded = Machine purchased value + Installation costs + Insurance while…
Q: Hanna Estrella began the practice of medicine on May 1, 2020. During May she completed the following…
A: Income statement is a statement which shows the revenue and expenditure of the organisation and…
Q: Safety Hospital purchased a new MRI equipment. The cost is $450,000.00. Charges to install the…
A: Cost = $450,000 Installment cost = $50,000 Useful life = 5 Years
Q: Rizio Co. purchases a machine for $12,000, terms 1/10, n/60, FOB shipping point. Rizio paid within…
A: Net purchase price=Purchase price-DIscount=$12,000-$120=$11,880
Q: For each of the following items, enter the correct letter to show whether the expenditure should…
A: In financial accounting capital expenditure (CapEx) and operating expenditures (OPEX) are two…
Q: Linda Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of…
A: Insurance Expense = Total amount of policy x 1 months / 12 months = $12,360*1/12 = $1,030
Q: Rizio Company purchases a machine for $12,400, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: Cost of assets: As per the generally accepted accounting principles, the cost of assets includes all…
Q: Kegler Bowling buys scorekeeping equipment with an invoice cost of $175,000. The electrical work…
A: Lets understand the basics. As per IAS 16 "Property, plant and equipment", PPE should initially…
Q: Rizio Company purchases a machine for $9,600, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: Cost of machine includes the purchase price , freight and other ancillary costs incurred to make it…
Q: A machine was purchased for $7,000, terms 2/10, n/60, FOB vendor's factory. The invoice was paid…
A: Given that, Cost of machine = $7,000 Trade discount = $7,000 * 2% = $140 Freight charges = $175…
Q: Raza Hospital purchased X-ray machine on 4 Jan, 2015 at a list price of Rs.850,000 with a trade…
A: As per the standard accounting practices when we purchase a capital asset, then upto…
Q: capital and Revenue Expenditures On April 29, Rocket Co. paid $1,760 to repair the transmission on…
A: All expenditure incurred by the organization to buy machines, or expenditure on fixed assets, This…
Q: On June 12 of year 1, Javier purchased a building, including the land it was on, to assemble his new…
A: Depreciation expense on an asset can be charged using various methods. MACR is one of them which is…
Q: 1. Ryan received a travelling allowance of R72 000 (R6 000 a month) from his employer. He used two…
A: Traveling allowances are taxable in the hands of the receiver under the head income from salary. But…
Q: Wildhorse Co. purchased equipment on January 1 at a list price of $155000, with credit terms 3/10,…
A: Compute the total cost of new equipment:
Q: Kedai Ali purchased a personal computer. Its invoice price was RM10,000 with terms of 2/30, n/60. A…
A: Following is the answer to given question
Q: Rizio Co. purchases a machine for $12,500, terms 2∕10, n∕60, FOB shipping point. Rizio paid within…
A:
Q: Prepare journal entries to the following transactions for the year 2020. Sept. 1 Paul Barney…
A: It is the first book where transactions are recorded.
Q: Company A purchases land on January 1, 2021 ftor $ 40,000 with a note payable. Other cost indudes $…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Question a. Give the truck account and Depreciation account from 2011 to 2014. Question b. Do you…
A: Meaning of Depreciation Depreciation is the decrease in the value of an asset as the asset is used…
Q: On October 01, 2011 Juneja Transport Company purchased 2 Trucks for Rs. 10,00,000 each. On July 01,…
A: Introduction Depreciation may be defined as that type of gradual loss which occurs due to decrease…
Q: Oct. 1, 2021 Purchased a storage unit (Equipment) for $5,000 cash to store dog treats to be sold to…
A: Journal is the primary book where the transactions are originally recorded. Further, a journal entry…
Q: The Outpatient clinic of eastside Hospital acquired X – ray equipment for 79,000 with an expected…
A: Depreciation is allocation of capital asset expenditure over it’s life years. Depreciation is…
Q: his repairs pathroom. John requests one of his clients, who owes him $5,000 for accoun services, to…
A: Income refers to the earning derived by an individual or a business in the normal course from their…
Q: Carla Vista Company purchased equipment on account on September 3, 2019, at an invoice price of…
A: Calculate the cost of equipment.
Q: $215 were paid by Rizio. The machine required mounting and power connections costing $657. Another…
A: Discount Recieved = Invoice Price of Assets × Discount Rate =$ 9500 × 10% = $95
Q: On 1 May 2020, Ron Trading purchased a new machine. The following payments relate to the machine.…
A: SOLUTION- A JOURNAL ENTRY IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF A…
Q: Reem Company purchases a new delivery truck for $56,000. The sales taxes are $3,000. The logo of the…
A: Cost of truck = Purchase Price + sales taxes + logo painting cost + safety testing
Q: Kedai Ali purchased a personal computer. Its invoice príce was RM10,000 with terms of 2/30, n/60. A…
A: Term 2/30 , net 60 means that , if the customer made payment with in 30 days , then we will allow…
Q: Holt Industries received a $2,000 prepayment from the Ramirez Company for the sale of new office…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Blossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $365,470. On April 2, it paid $2,170 for delivery of the machine. A one-year, $4,120 insurance policy on the machine was purchased on April 5. On April 19, Blossom paid $7,580 for installation and testing of the machine. The machine was ready for use on April 30. (a) Determine the cost of the machine. Cost of the machine $__________Dane ASA bothpurchases and constructs various equipment it uses in its operations. The followingitems for two different types of equipment were recorded in random order during thecalendar year 2019. PurchaseCash paid for equipment, including sales tax of €5,000 €105,000Freight and insurance cost while in transit 2,000Cost of moving equipment into place at factory 3,100Wage cost for technicians to test equipment 6,000Insurance premium paid during first year of operation on this equipment 1,500Special plumbing fixtures required for new equipment 8,000Repair cost incurred in first year of operations related to this equipment 1,300ConstructionMaterial and purchased parts (gross cost €200,000; failed to take 1% cashdiscount)€200,000Imputed interest on funds used during construction (share financing) 14,000Labor costs 190,000Allocated overhead costs (fixed—€20,000; variable—€30,000) 50,000Profit on self-construction 30,000Cost of installing equipment 4,400InstructionsCompute the total cost…4 - Our company has purchased a machine for 600.000 TL excluding 18% VAT. He paid 47.200 TL, including 18% VAT, for the assembly of the machine in question. Which of the following accounts is correct to use in the relevant accounting record ? a) 253 Plant Machinery and Equipment Hs. 600.000 TL (Borrower) B) 191 VAT Deductible 115.200 TL (Creditor) NS) 391 Calculated VAT Hs. 72.000 TL (Borrower) D) 253 Plant Machinery and Equipment Hs. 640.000 TL (Borrower) TO) 253 Plant Machinery and Equipment Hs. 755,200 TL (Borrower)
- Sheridan Company incurs the following costs in purchasing equipment: invoice price, $40,500; shipping, $1,025; installation and testing, $1,600; one-year insurance policy, $2,750.What is the cost of the equipment?On 1 May 2020, Ron Trading purchased a new machine. The following paymentsrelate to the machine.List price $21,500Purchase discount $2,000Transportation cost $300Repair of damage parts incurred in transporting the machine $1,000Fees paid to test the machine before use $500Fees paid to the installer to install the machine $800Machine operator’s salary for the first month of operation $3,000Maintenance costs for the first month of operation $300(i) Identify and compute the cost of the machine to be recognised. Explainyour reasoning.(ii) Journalise the transactions. Assume the above payments are paid in cash.14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 252 Buildings Hs. 72.000 TL (Borrower) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 250 Land and Lands Hs. 400.000 TL (Borrower) D) 391 Calculated VAT Hs. 72.000 TL (Borrower) TO) 191 VAT Deductible 72.000 TL (Creditor)
- On July 2, 2020, Covenant Construction London's area's dedicated general contractor purchased a 312GR Skid Steer (i.e., construction equipment). Covenant traded in equipment with a book value of $2,000 (initial cost $40,000) and paid $50,035 in cash one month after the purchase. The old equipment could have been sold for $9,535 at the date of the trade but was accepted for trade-in allowance of $9,500 on the new equipment. (This is all the information) a) Prepare all journal entries you consider necessary relating to the above information. Round to the nearest dollar.At the end of the year the Investment in Bacolod account of the home office isP300,500. However, there are transactions discovered to have errors.•Bacolod branch bought equipment on June 1, 2020 costing P63,800 for thehome office's use and the policy is to record the asset in Bacolod's books.During that time the home office recorded the equipment and credited itsreciprocal account of its Bacolod branch.•The policy of the company regarding the equipment's depreciation is that ithas a life of 8 years with no salvage value and the straight-line method shouldbe used. No entry has been made by the home office and branch.•The home office ships merchandise to Bacolod amounting to P96,700. Bacolodrecorded the transaction as P97,600•Bacolod pays the home office's creditors in the amount of P32,400 and sends adebit memo to the home office.•Upon receipt of the debit memo, the home office debited its reciprocalaccount in the amount of P23,400 twice.What is the unadjusted balance of the home office…At the end of the year the Investment in Bacolod account of the home office isP300,500. However, there are transactions discovered to have errors.•Bacolod branch bought equipment on June 1, 2020 costing P63,800 for thehome office's use and the policy is to record the asset in Bacolod's books.During that time the home office recorded the equipment and credited itsreciprocal account of its Bacolod branch.•The policy of the company regarding the equipment's depreciation is that ithas a life of 8 years with no salvage value and the straight-line method shouldbe used. No entry has been made by the home office and branch.•The home office ships merchandise to Bacolod amounting to P96,700. Bacolodrecorded the transaction as P97,600•Bacolod pays the home office's creditors in the amount of P32,400 and sends adebit memo to the home office.•Upon receipt of the debit memo, the home office debited its reciprocalaccount in the amount of P23,400 twice. What is the net adjustment of the home office…
- At the end of the year the Investment in Bacolod account of the home office isP300,500. However, there are transactions discovered to have errors.•Bacolod branch bought equipment on June 1, 2020 costing P63,800 for thehome office's use and the policy is to record the asset in Bacolod's books.During that time the home office recorded the equipment and credited itsreciprocal account of its Bacolod branch.•The policy of the company regarding the equipment's depreciation is that ithas a life of 8 years with no salvage value and the straight-line method shouldbe used. No entry has been made by the home office and branch.•The home office ships merchandise to Bacolod amounting to P96,700. Bacolodrecorded the transaction as P97,600•Bacolod pays the home office's creditors in the amount of P32,400 and sends adebit memo to the home office.•Upon receipt of the debit memo, the home office debited its reciprocalaccount in the amount of P23,400 twice. What is the net adjustment of the investment…For each of the following transactions, state whether the cost would be capitalized (C) or recorded as an expense (E). A. Purchased a machine, $100,000; gave long-term note B. Paid $600 for ordinary repairs C. Purchased a patent for $45,300 cash D. Paid $200,000 cash for addition to old building E. Paid $20,000 for monthly salaries F. Paid $250 for routine maintenance G. Paid $16,000 for major repairsThe following costs were incurred to purchase a machine: Purchase price 50,000 Transportation costs 800 Insurance during transportation 100 Interest on loan during first month of assets use 250 Determine the acquisition cost.
