The following information is from the records of attorney Matt Black. Write a brief explanation of the accounting event represented in each of the general journalentries.
Answer to relevant QuestionsEach of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 ...Duval Inc. acquired $50,000 cash by issuing a promissory note to the National Bank on May 1, 2013. Duval issued a promissory note with a one-year term and a 6% annual interest rate. Required Prepare the general journal ...Toyo Company is holding land that cost $900,000 for future use. However, plans have changed and the company may not need the land in the foreseeable future. The president is concerned about the return on assets. Current net ...The following information is available for two different types of businesses for the 2013 accounting period. Blake Consulting is a service business that provides consulting services to small businesses. University BookMart ...In 2013, Byrd Incorporated sold land for $82,000 cash. The land had originally cost $50,000. Also, Byrd sold inventory that had cost $176,000 for $265,000 cash. Operating expenses amounted to $41,000.Required a. Prepare a ...
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