Full Accounting Cycle Project Scenario: On August 1, 2022, the following were the account balances of Beam's Repair Services. Account Balances for Beam's Repair Services Debit $ 6,040 Accumulated Depreciation-Equipment 2,910 4,000 1,030 10,000 Cash Accounts Receivable Notes Receivable Supplies Equipment Aug. 1 Transactions: During August, the following summary transactions were completed. 3 Aug. 1 $23,980 3 5 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Transactions: During August, the following summary transactions were completed. 10 Credit 600 2,300 1,260 1,420 12,000 6,400 $23,980 Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. $ Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Purchased store equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Paid August rent $380. Received $1,200 cash from customers in payment on account. Paid $3,120 for salaries due to employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. 12 15 20 22 Purchased supplies on account $800. 25 Paid $2,900 cash for employees' salaries. 27 Billed customers $3,760 for services performed. 29 Received $780 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate.

Subject: accounting

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

Allocating Transaction Price to Performance Obligations and Recording Sales Value Dealership Inc. markets and sells the vehicles to retail customers. Along with a new vehicle purchase, a customer will receive a free annual maintenance contract for one year from the date of purchase. The standalone selling price of a vehicle is $30,000 and the standalone selling price for the annual maintenance contract is $400. During October 2020, Value Dealership Inc. sold 30 vehicles for $30,250 per vehicle, each with a free annual maintenance contract. When answering the following questions: Round each allocated transaction price to the nearest dollar. If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). a. Ignoring the cost entries, record the journal entry in October 2020 for Value Dealership’s sale of vehicles with the associated maintenance contracts to customers.…

Sheridan Construction Company has entered into a contract beginning January 1, 2025, to build a parking complex. It has been estimated that the complex will cost $596,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $902,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date (a) $256,280 339,720 270,000 Gross profit recognized in 2025 Gross profit recognized in 2026 2025 Sok and Media 240,000 Gross profit recognized in 2027 $ GA $ LA 2026 Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter O. Do not leave any fields blank.) 5 $429,120 166,880 555,000 505,000 2027 $606,000 902,000 902.000

Explain clearly

Subject :-Accounting

subject; accounting

journal entries needed for march 31, sept 30, and dec 31

In 2021, Montana Corp. entered into a contract to begin work on a two-year project. Montana recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions): Accounts receivable, 12/31/2021 (from construction progress billings) $37.5 $140 Actual construction costs incurred in 2021 Cash collected on project during 2021 $105 Construction in progress, 12/31/2021 $210 Estimated percentage of completion during 2021 Selected Amounts O $70,000,000 What is the amount of gross profit on the project recognized by Montana during 2021? O $60,000,000 $35,000,000 O $105,000,000 50 %