What are the journal entries for the following information: a) Pine recorded $3,000 of depreciation on the
Fantastic news! We've Found the answer you've been seeking!
Question:
What are the journal entries for the following information:
Transcribed Image Text:
a) Pine recorded $3,000 of depreciation on the equipment. b) Pine prepared a closing entry to close out revenues of $35,000. c) A company had FV-OCI investments that were purchased for $40,000. The fair value of the investments at year-end is $38,000. d) Service revenue includes fees received in advance from clients of $4,800. e) At the beginning of the year the company had a non-interest bearing note payable with a present value of $36,920 based on the company's market rate of 6%. Interest at year-end is calculated using the effective interest method. f) The company uses the percentage of completion method on a construction project and invoiced $320,000 in progress billings. g) The company sells products have a one-year assurance-type warranty. The company estimates that the cost will be $4,000. a) Pine recorded $3,000 of depreciation on the equipment. b) Pine prepared a closing entry to close out revenues of $35,000. c) A company had FV-OCI investments that were purchased for $40,000. The fair value of the investments at year-end is $38,000. d) Service revenue includes fees received in advance from clients of $4,800. e) At the beginning of the year the company had a non-interest bearing note payable with a present value of $36,920 based on the company's market rate of 6%. Interest at year-end is calculated using the effective interest method. f) The company uses the percentage of completion method on a construction project and invoiced $320,000 in progress billings. g) The company sells products have a one-year assurance-type warranty. The company estimates that the cost will be $4,000.
Expert Answer:
Answer rating: 100% (QA)
a Depreciation Expense Accumulated Depreciation Debit Depreciation Expense 3000 Cre... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
The trial balance and the other information for consulting engineers Mustang Rovers Consulting Limited follow: Additional Information: 1. Service revenue includes fees received in advance from...
-
The trial balance and other information for consulting engineers Mustang Rovers Consulting Limited follow: Additional information: 1. Service revenue includes fees received in advance from clients of...
-
Genevieve Shannara has always wanted to open her own kennel and grooming services; she had been grooming pets for friends and family from her apartment for extra cash since high school. When the...
-
John Wilson is a conservative investor who has asked your advice about two bonds he is considering. One is a seasoned issue of the Capri Fashion Company that was first sold 22 years ago at a face...
-
Based on the number of voids, a ferrite slab is classified as either high medium, or low. Historically, 5% of the slabs are classified as high, 85% as medium, and 10% as low. A sample of 20 slabs is...
-
A sphere (k = 185 W/m K, = 7.25 x 105 m2/s) of 30-mm diameter whose surface is diffuse and gray with an emissivity of 0.8 is placed in a large oven whose walls are of uniform temperature at 600 K....
-
Assume that Bonsai Boards has the following LIFO perpetual inventory record for snowboards for the month of November: At November 30, the accountant for Bonsai Boards determines that the current...
-
On August 3, 2013, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value...
-
If operations run on less than full capacity, what is the result on cost driver rates?
-
The financial statements of Aritzia Inc. are presented in Appendix A at the end of this textbook. Instructions a. What title does Aritzia use for its income statement? What title does Aritzia use for...
-
Conclude five of the main requirements for the success of INFORMATION SYSTEMS MANAGEMENT with examples.
-
What are patterns, frameworks, class libraries, and components? How are they used to enhance the evolving design of the system?
-
Assume the same facts as in Problem 38. What is the due date of the estate tax return? Problem 38 Kermit Ames died on January 15, 2019. The fair market value of his house was $150,000 on his date of...
-
An investor has \(\$ 10,000\) to invest between two investment projects. The rate of return per dollar invested in the two projects can be represented as the outcome of a bivariate random variable...
-
Assume the same facts as in Problem 35. What is Martha's income tax basis in the house? Problem 35 On June 28, 1998, Bart Richards married Martha Joiner in Atlanta, Georgia. Because Bart was so happy...
-
When drawing a sequence diagram, what guidelines should you follow?
-
Biscuit Belly recently paid an annual dividend of $1.85. The company has announced that future dividends will be increasing by 2.2 percent annually. How much are you willing to pay for one share of...
-
Danielle has an insurance policy with a premium of $75 per month. In September she is in an accident and receives a bill worth $2990 for the repair of her own property. Her deductible is $250 and her...
-
What are some of the limitations of a trial balance?
-
Assume you have just been hired as the management accountant in charge of providing your firms managers with product information. What activities might you undertake if you were participating in the...
-
Each of the following situations describes an event that affected the stock market price of a particular company. a. The price of a common share of McDonnell Douglas, Inc., increased by over $5 per...
-
Consider the mass \(m\) suspended by a nonlinear hardening spring as shown in Figure 2.34. The spring obeys \(F=k x^{3}\) and has an original length of \(L\). The coordinate \(x\) is the stretch of...
-
Calculate the equivalent torsional spring constant for the stepped shaft shown in Figure 2.40. The two shafts have negligible mass and are made of a material with shear modulus \(G_{1}\) and...
-
A disk of mass \(m\) is mounted between two shafts with different properties, as shown in Figure 2.39. (a) What is the natural frequency of the system? (b) If the disk is rotated \(\theta\), where...
Study smarter with the SolutionInn App