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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Accounting
Prepare and submit journal entries for the following transactions. Follow the
correct form and be sure to indicate debits and credits.
Asset Purchase: Prepare a journal entry for the purchase of a truck on May 10 for
$67,800, paying $12,500 cash and the remainder on account.
Fees Earned: Prepare a journal entry on May 25 for the fees earned on account,
$758.00.
Owner's Withdrawal: Prepare a journal entry on November 1 for the payment of
$14,500 to the owner of Common Sense Consulting Services, James Howard, for
personal use.
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- Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions:arrow_forwardRecord the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…arrow_forwardPrepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020arrow_forward
- On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and issuing a $64,500 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $38,100 Accounts payable $160,000 Accounts Receivable 67,500 Stockholders' equity 165,800 Inventory 75,800 $325,800 Land 29,400 Buildings (net) 55,200 Equipment (net) 52,200 Copyrights 7,600 $325,800 The recorded amounts all approximate current fair values except for land (worth $45,400), inventory (worth $94,900), and copyrights (worth $11,300).arrow_forwardReview the following transactions. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 330 water bottles for their merchandise inventory, on credit, for $14 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier. Prepare any necessary journal entries for Tolbert Enterprises. If an amount box does not require an entry, leave it blank. Apr. 7 Apr. 15arrow_forward
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