Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items
Question:
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment:
(1) $10,000 cash,
(2) $80,000 of equipment,
(3) $28,000 note payable owed on the equipment. For this transaction,
(a) analyze the transaction using the accounting equation,
(b) record the transaction in journal entry form,
(c) post the entry using T-accounts to represent ledger accounts. Use the following partial chart of accounts—account numbers in parentheses:
Cash (101);
Supplies (124);
Equipment (167);
Accounts Payable (201);
Note Payable (245);
Services Revenue (403).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a Analyze b Record c Post ...View the full answer
Answered By
Mwangi Clement
I am a tried and tested custom essay writer with over five years of excellent essay writing. In my years as a custom essay writer, I have completed more than 2,000 custom essays in a diverse set of subjects. When you order essays from me, you are working with one of the best paper writers on the web. One of the most common questions I get from customers is: “can you write my essay?” Upon hearing that request, my goal is to provide the best essays and overall essay help available on the web. I have worked on papers in subjects such as Nursing and Healthcare, English Literature, Sociology, Philosophy, Psychology, Education, Religious Studies, Business, Biological Sciences, Communications and Media, Physical Sciences, Marketing and many others. In these fields, my specialties lie in crafting professional standard custom writings. These include, but are not limited to: research papers, coursework, assignments, term papers, capstone papers, reviews, summaries, critiques, proofreading and editing, and any other college essays.
My extensive custom writings experience has equipped me with a set of skills, research abilities and a broad knowledge base that allows me to navigate diverse paper requirements while keeping my promise of quality. Furthermore, I have also garnered excellent mastery of paper formatting, grammar, and other relevant elements. When a customer asks me to write their essay, I will do my best to provide the best essay writing service possible. I have satisfactorily offered my essay writing services for High School, Diploma, Bachelors, Masters and Ph.D. clients.
I believe quality, affordability, flexibility, and punctuality are the principal reasons as to why I have risen among the best writers on this platform. I deliver 100% original papers that pass all plagiarism check tests (Turnitin, Copyscape, etc.). My rates for all papers are relatively affordable to ensure my clients get quality essay writing services at reasonable prices.
4.50+
5+ Reviews
14+ Question Solved
Related Book For
Principles Of Financial Accounting (Chapters 1-17)
ISBN: 9781260780147
25th Edition
Authors: John Wild
Question Posted:
Students also viewed these Business questions
-
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) computer equipment worth $80,000, and (3) to assume...
-
Nology Co. bills a client $65,000 for services provided and agrees to accept the following three items in full payment: (1) $12,000 cash, (2) Computer equipment worth $90,000, and (3) To assume...
-
Taylor Co. bills a client $48,000 for services provided and agrees to accept the following three items in full payment: (1) $7,500 cash, (2) Computer equipment worth $75,000, and (3) To assume...
-
Hello, I am not sure onm this and need help please, thank you! For each of the following situations, list which ACID property is being violated, then describe what an ACID-compliant DBMS would have...
-
Below are transactions for Wolverine Company during 2015. a. On December 1, 2015, Wolverine receives $4,400 cash from a company that is renting office space from Wolverine. The payment, representing...
-
Explain the respective roles of insurance contracts and derivatives in risk management. How are these two approaches to risk management different and why is there a need for both? Use examples to...
-
What are the advantages and disadvantages of certified environmental product declarations? Assuming that you are the environmental manager of Global Autos, with companies operating in Sweden,...
-
Toys R Us sells a variety of childrens toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2015. Required: 1. Prepare a multiple-step...
-
Jenkins loans to Trouble Inc an amount and receives a 5 year, $100,000, 8% note in return. Market rate at the time of the loan was 10%. Required: What value does Jenkins record for the Note...
-
1. Why is the millennial generation, in particular, so important to Amex? 2. This case focuses primarily on the battle between Chase and Amex over millennial consumers. But, as the content in this...
-
Use the information in Problem 1-3B to prepare the statement of owners equity for Audi Company for the current year ended December 31. The owner invested $100 cash during the year. Data from Problem...
-
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. a. Interest Payable b. Accounts Receivable c. Prepaid Insurance d. Buildings e. Accounts Payable f....
-
Everlasting Bubbles produces multicolored bubble solution used for weddings and other events. Everlasting Bubbles' plant capacity is 62,500 kits. If actual volume exceeds 62,500 kits, the company...
-
Ch. 21 - Final Exam > Pg. 4- Course Final Exam 8.8 GET $25 X F Richard and Katherine are man and wife. They own a house in tenancy by the entirety in the Florida Keys and live there all year. One day...
-
As a FedEx contractor, you own 50 trucks. Ten of your trucks are brand new, and each of these trucks has a 95% chance of being in service on any particular day. Twenty of your trucks are of an...
-
Monsta Cola hires us to help assign and report costs. The company has two departments: mixing and bottling. To aid our analysis, the following Tableau Dashboard is provided with information for the...
-
Describe what are residuals in a simple linear regression. Why relevant? are residual values
-
Exam #03 - Chapters 8, 9, 10 i 18 4 points eBook Ask Mc Graw LASER Problem 8-12 Stock Valuation and PE [LO2] The Dahlia Flower Company has earnings of $1.90 per share. The benchmark PE for the...
-
Describe the types of data that might be gathered by someone who is thinking of starting an accounting service. How might this businessperson use the data in making the startup decision?
-
Will the prediction interval always be wider than the estimation interval for the same value of the independent variable? Briefly explain.
-
Gelb Company currently manufactures 40,000 units of a key component for its manufacturing process at a cost of $4.45 per unit. Variable costs are $1.95 per unit, fixed costs related to making this...
-
Varto Company has 7,000 units of its sole product in inventory that it produced last year at a cost of $22 each. This years model is superior to last years and the 7,000 units cannot be sold at last...
-
Calla Company produces skateboards that sell for $50 per unit. The company currently has the capacity to produce 90,000 skateboards per year, but is selling 80,000 skateboards per year. Annual costs...
-
1. Beta convinces Alpha to drag their ice-fishing shack to a new location by pulling it with ropes. Alpha applies a force of 150 N [175] on one rope and Beta applies a force of 175 N [190] on another...
-
The module you have just completed can be regarded as the first step to eventually fulfilling a role in the justice system. Now we would like you to reflect on what you have learned and how this...
-
Firm X is considering the replacement of an old machine with one that has a purchase price of $150,000. The current market value of the old machine is $25,000 and the book value is also $25,000. What...
Study smarter with the SolutionInn App