Use the information from the T-accounts below to create the related journal entries. Provide an explanation for
Question:
Transcribed Image Text:
Equipment 52,000 Cash Accounts receivable 0 10,000 8,0002 3 15,000 4,000 Inventory 8,000 6 25,000 0 75,000 11,000 4 21,000 6 Bank loan Accounts payable Common shares Revenue 75,000 4 11,000 15,000 25,000 6 10,000 0 31,000 6 Cost of goods sold 8 4,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
Trans DR CR 1 Accounts receivable 10000 Revenue 10000 To record a ...View the full answer
Answered By
Ashish Jaiswal
I have completed B.Sc in mathematics and Master in Computer Science.
4.90+
20+ Reviews
39+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Provide an explanation for the surprising fact that all-trans-1,2,3,4,5,6-exaisopropylcyclohexane is a stable molecule in which all isopropyl groups are axial. (You may find it helpful to build a...
-
Provide an explanation for the fact that -D-mannose is more stable than -D-mannose, whereas the opposite is true for glucose.
-
Use the information from BE5-14 for Mills Corporation. Determine Millss free cash flow, assuming that it reported net cash provided by operating activities of $400,000.
-
You work for North Carolina Parks and Recreation. Do you support or oppose the idea to unionize federal and state employees? Explain your thoughts below.
-
John Maynard Keynes described investors as having animal spirits, meaning that investors often make decisions based on emotion rather than logic. a. How might animal spirits explain the volatility of...
-
Use Table 4 of the Appendix to find tc for a 0.90 confidence level when the sample size is 22. Critical Values for Student's t Distribution TABLE 4 one-tail area 0.250 0.125 0.100 0.075 0.050 0.025...
-
Suppose that the full model is \(y_{i}=\beta_{0}+\beta_{1} x_{i 1}+\beta_{2} x_{i 2}+\varepsilon_{i}, i=1,2, \ldots, n\), where \(x_{i 1}\) and \(x_{i 2}\) have been coded so that...
-
Use the information in the adjusted trial balance reported in Exercise 4-4 to compute the current ratio as of the balance sheet date (round the ratio to two decimals). Interpret the current ratio for...
-
Our new client, Laser Company, is being audited for the first time on December 3I of Year 3, the end of its accounting period. In the course of our examination, we encounter in the ledger an assel...
-
Dorchester, Ltd. is an old-line confectioner specializing in high-quality chocolates. Through its facilities in the United Kingdom, Dorchester manufactures candies that it sells throughout Western...
-
Provide a description of the event represented by each of the following journalentries. a. Dr. Equipment 1,100,000 Cr. Cash Cr. Notes payable 350,000 750,000 2 b. Dr. Cash 2,500 Cr. Bank loan 2,500...
-
Use the information from the T-accounts below to create the related journal entries. Provide an explanation for each journalentry. Accumulated depreciation Cash 3 11,000 31,000 0 15,000 2 50,000...
-
Hann, Murphey, and Ryan have operated a retail furniture store for the past 30 years. Their business has been unprofitable for several years, since several large discount furniture stores opened in...
-
(a) Determine the rate of change of the following functions. Note that you must show all the steps in your working out, name any rule you are using, and your final answer must be fully simplified....
-
(a) Explain the test procedure by sketching a lever type consolidometer (front loading) and labelling the parts on it. What are the parameters which are obtained at the end of this test? o', kPa Dial...
-
If the reaction is endothermic, the sign of H will be negative and the reaction requires added heat negative and the reaction releases heat positive and the reaction releases heat positive and the...
-
Name the following compound: PBr3 Phosphorous bromide Potassium bromide Phosphorous (III) bromide Phosphorous tribromide Potassium(III) bromide Potassium tribromide 0 0 0 0 0
-
When 0.560 g of NA reacts with excess f2 to form NAf 12.8 kk of heat is evolved at standard state conditions
-
A pulse of concentrated NaCl solution is introduced as tracer into the fluid entering a vessel (V = 1 m 3 , v = 1 m 3 /min) and the concentration of tracer is measured in the fluid leaving the...
-
DEPARTMENT DATA EMPLOYEE DATA EmployeeNumber FirstName Mary Rosalie Richard George Alan 3 4 5 7 8 9 855555ES 12 13 14 15 16 17 Create the database tables in SQL or ACCESS: 18 19 20 PROJECT DATA Ken...
-
Using Eq. 30. 11, show that the normal component of the magnetic field is continuous across any surface. Data from Eq. 30. 11 B. d = 0.
-
The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 19 in the blank spaces. (a) _____ Prepare...
-
At Batavia Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account from a customer for $780...
-
The balance sheet debit column of the worksheet for Diaz Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $15,400; Supplies $5,200, and Short-term...
-
Melissa Cutt is thinking about buying some shares of EZLawn Equipment, at $36.44 per share. She expects the price of the stock to rise to $43.62 over the next 3 years. During that time she also...
-
At the beginning of the week, Taylan's restaurant had a beginning inventory of food and beverages totaling $4,000. During the week, additional food and beverages purchases totaled $3,000. At the end...
-
1. Identify the auditor's role in the internal and external auditing processes. 2. Identify one law, regulation, and statue affecting healthcare
Study smarter with the SolutionInn App