1. Prepare Journal Entries to record the following selected transactions of Lampkin Inc. whose fiscal year-end...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Prepare Journal Entries to record the following selected transactions of Lampkin Inc. whose fiscal year-end is December 31, 2019. Show all workings) 2. Show the adjustment entry required on December 31, 2019. ampkin Inc. was incorporated on Jan. 1, 2017 to produce and sell candy bars. The following ransactions relate to certain securities acquired by Lampkin Inc., which has a fiscal year ending on December 31: 2018 Feb. 10. Purchased 8,000 shares of the 150,000 outstanding shares of Dames Corporation at $36 per share. The brokerage commission amounted to $864. July 15. Received a cash dividend of $2.25 per share from Dames Corporation Dec. 31. The market value of Dames Corporationshareswas $33 per share. 2019 Jan. 3. Purchased 30,000 of the 150,000 shares outstanding of Betty D Inc., $675,000. July 26. Sold 1,000 shares of Dames Corporation shares for $32 per share. The brokerage commission amounted to $125. Dec 22. Received a cash dividend of 40 cents per share from Betty D Inc Dec.30. The market prices of Dames Corporation and Betty D Inc were $38 per share and $18 per share respectively. 1. Prepare Journal Entries to record the following selected transactions of Lampkin Inc. whose fiscal year-end is December 31, 2019. Show all workings) 2. Show the adjustment entry required on December 31, 2019. ampkin Inc. was incorporated on Jan. 1, 2017 to produce and sell candy bars. The following ransactions relate to certain securities acquired by Lampkin Inc., which has a fiscal year ending on December 31: 2018 Feb. 10. Purchased 8,000 shares of the 150,000 outstanding shares of Dames Corporation at $36 per share. The brokerage commission amounted to $864. July 15. Received a cash dividend of $2.25 per share from Dames Corporation Dec. 31. The market value of Dames Corporationshareswas $33 per share. 2019 Jan. 3. Purchased 30,000 of the 150,000 shares outstanding of Betty D Inc., $675,000. July 26. Sold 1,000 shares of Dames Corporation shares for $32 per share. The brokerage commission amounted to $125. Dec 22. Received a cash dividend of 40 cents per share from Betty D Inc Dec.30. The market prices of Dames Corporation and Betty D Inc were $38 per share and $18 per share respectively.
Expert Answer:
Answer rating: 100% (QA)
IN THE BOOKS OF JOURNAL ENTRIES LAMPKIN INC AT THE YEAR ENDED 31st DEC 2019 Date Particula... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries to record the following selected transactions of Ridge Company. Mar. 21 Accepted a $ 9,500, 180- day, 8% note dated March 21 from Tamara Jackson in granting a time extension...
-
Prepare journal entries to record the following selected transactions of Calio Company. Mar. 21 Accepted a $17,200, 180-day, 7% note dated March 21 from James Penn in granting a time extension on his...
-
Prepare journal entries to record the following selected transactions of Paloma Company. Mar. 21 Accepted a $3,100, 180-day, 10% note dated March 21 from Salma Hernandez in granting a time extension...
-
You recently joined an accounting consulting firm. Your first client is a new manufacturing start-up that is trying to set up their costing system, and develop good processes for their upcoming...
-
HotFoot Shoes would like to maintain their cash account at a minimum level of $25,000, but expect the standard deviation in net daily cash flows to be $2,000, the effective annual rate on marketable...
-
When obtaining feedback from trainees regarding their views of a specific training program, it is best that the feedback be a. Obtained from all future program trainees. b. Given anonymously and by...
-
Harper has completed tests of accounts payable and other liabilities for the Hawthorne Corporation, and now plans to determine whether there are any loss contingencies arising from litigation,...
-
Carol is a single mother who owns a wholesale auto parts distributorship. The business is organized as a sole proprietorship. Her business has advanced, and she can no longer devote the time...
-
Michelle, a single nurse at the local hospital (with no dependants) received $105,000 in wages and a $5,000 fully franked dividend. She has work related expenses of $2,000 and is also undertaking a...
-
The Case Study - "Lemonade: Delighting Insurance Customers with AI and Behavioral Economics". 1. How do you explain the phenomenal growth experienced by Lemonade? 2. Does Lemonade create a unique...
-
TranscribedText: Sullivan, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2024, follow: Sullivan's selling and...
-
The excerpt highlights the perception of separate accounting accreditation among administrators of non-accounting accredited programs. It suggests a discrepancy in the value placed on such...
-
Job 422 had $5,000 in actual direct labor costs for the Assembly Department and $4,500 in actual direct labor costs in the Packaging Department. If the predetermined overhead allocation rate is 90%...
-
Which would best help the external auditor evaluate the objectivity of the client's internal auditor? Group of answer choices Evaluate the quality of the internal auditor's documentation Determine if...
-
1 April 30 Commissions revenue 15,350 Income summary 15,350 2 April 30 Income summary ? Insurance expense 130 Rent expense 2,900 Office supplies expense 1,000 Repairs expense 250 Telephone expense...
-
If I save 15% of my $45,000 gross income for the next 22 years, how much money would I have saved?
-
refer to Figure 3 below. Note that this example is not explained in the text, but applies the same principles.
-
Stephen Schor, an accountant in New York City, advised his client, Andre Romanelli, Inc., to open an account at J. P. Morgan Chase Bank, N.A., to obtain a favorable interest rate on a line of credit....
-
Hovak Company has credit sales of $ 4.5 million for year 2013. At December 31, 2013, the companys Allowance for Doubtful Accounts has an unadjusted debit balance of $ 3,400. Hovak prepares a schedule...
-
Use the data for Valley Company in Problem 5-4 to complete the following requirements. In Problem 5-4, Valley Companys adjusted trial balance on August 31, 2013, its fiscal year- end, follows. On...
-
Adria Lopez expects second quarter 2014 sales of her new line of computer furniture to be the same as the first quarters sales (reported below) without any changes in strategy. Monthly sales averaged...
-
Consider the following situations: (a) Assume that you are a partner in a two partner practice with total practice income of 250 000. One of your clients (a private limited company with a turnover of...
-
Discuss the arguments for and against requiring the mandatory rotation of auditors.
-
Now that you have read the IFAC Code and the FRC Ethical Standard do you think that they have been influenced by prior work on auditing theory? Justify a Yes or No answer.
Study smarter with the SolutionInn App