Donald Reagan started a new business in November of the current year. The following are the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Donald Reagan started a new business in November of the current year. The following are the business transactions completed by The DR Consulting Company during the month of November. Note: the company uses a perpetual, FIFO cost flow system for inventory. Using the following transactions, record journal entries for The DR Consulting Company. If no journal entry is needed input "No Journal Entry Needed". November 1 Donald Reagan invested $116,000 cash along with office equipment valued at $27,000 in exchange for 11,750 shares of common stock of a new company named The DR Consulting Company. The common stock has a $1 par value/share. November 2 The company purchased a 6-month insurance policy by paying the insurance company $660 cash. November 3 The company purchased land valued at $49,000 and a building valued at $161,000. The purchase is paid with $31,900 cash and a long-term note payable for $178,100. November 5 The company purchased $3,600 of office supplies on credit with terms n/15. November 7 Donald Reagan invested an automobile in the company in exchange for more common stock. The automobile has a value of $20,030. November 9 The company purchased 3,900 units of inventory for $12.04 per unit with terms n/30. November 11 The company paid $3,550 cash salary to an assistant. November 13 The company provided services to a client and collected $6,825 cash. November 14 The shipping cost for the inventory purchase of November 9, was $520 with terms FOB Destination. November 15 The company paid $95 cash for this month's utilities. November 16 The company sold 3,100 units of inventory to Big Al's for $23.00 per unit with terms 2/10,n/30. November 17 The company paid $3,600 cash to settle the account payable created on November 5. November 19 The company purchased $20,000 of new office equipment by paying $20,000 cash. November 20 The company purchased 5,660 units of inventory for $12.12 per unit with terms 1/15,n/30. November 21 The company completed $6,775 of services for a client on credit, who must pay within 30 days. November 22 The shipping costs for the inventory sale of November 16, were $320 with terms FOB Destination. November 23 The company paid $3,550 cash salary to an assistant. November 24 The company received payment from Big Al's for the sale made on November 16. November 25 The company received $3,160 cash in partial payment on the receivable created on November 21. November 26 The shipping cost for the inventory purchase of November 20, was $283 with terms FOB Shipping Point. November 27 The company sold 2,450 units of inventory to Little Matt's for $23.00 per unit for cash. November 30 The shipping costs for the inventory sale of November 27, were $260 with terms FOB Shipping Point. Note: Round all dollar amounts to the nearest whole dollar. Do not round the interim calculations, only round the final answers. View transaction list Journal entry worksheet < 19 10 11 12 13 14 24 November 14: The shipping cost for the inventory purchase of November 9, was $520 with terms FOB Destination. Record the payment of the shipping charges if needed. Note: Enter debits before credits. S.No/Date Nov 14 Account Title Debit Credit Record entry Clear entry View general journal Donald Reagan started a new business in November of the current year. The following are the business transactions completed by The DR Consulting Company during the month of November. Note: the company uses a perpetual, FIFO cost flow system for inventory. Using the following transactions, record journal entries for The DR Consulting Company. If no journal entry is needed input "No Journal Entry Needed". November 1 Donald Reagan invested $116,000 cash along with office equipment valued at $27,000 in exchange for 11,750 shares of common stock of a new company named The DR Consulting Company. The common stock has a $1 par value/share. November 2 The company purchased a 6-month insurance policy by paying the insurance company $660 cash. November 3 The company purchased land valued at $49,000 and a building valued at $161,000. The purchase is paid with $31,900 cash and a long-term note payable for $178,100. November 5 The company purchased $3,600 of office supplies on credit with terms n/15. November 7 Donald Reagan invested an automobile in the company in exchange for more common stock. The automobile has a value of $20,030. November 9 The company purchased 3,900 units of inventory for $12.04 per unit with terms n/30. November 11 The company paid $3,550 cash salary to an assistant. November 13 The company provided services to a client and collected $6,825 cash. November 14 The shipping cost for the inventory purchase of November 9, was $520 with terms FOB Destination. November 15 The company paid $95 cash for this month's utilities. November 16 The company sold 3,100 units of inventory to Big Al's for $23.00 per unit with terms 2/10,n/30. November 17 The company paid $3,600 cash to settle the account payable created on November 5. November 19 The company purchased $20,000 of new office equipment by paying $20,000 cash. November 20 The company purchased 5,660 units of inventory for $12.12 per unit with terms 1/15,n/30. November 21 The company completed $6,775 of services for a client on credit, who must pay within 30 days. November 22 The shipping costs for the inventory sale of November 16, were $320 with terms FOB Destination. November 23 The company paid $3,550 cash salary to an assistant. November 24 The company received payment from Big Al's for the sale made on November 16. November 25 The company received $3,160 cash in partial payment on the receivable created on November 21. November 26 The shipping cost for the inventory purchase of November 20, was $283 with terms FOB Shipping Point. November 27 The company sold 2,450 units of inventory to Little Matt's for $23.00 per unit for cash. November 30 The shipping costs for the inventory sale of November 27, were $260 with terms FOB Shipping Point. Note: Round all dollar amounts to the nearest whole dollar. Do not round the interim calculations, only round the final answers. View transaction list Journal entry worksheet < 19 10 11 12 13 14 24 November 14: The shipping cost for the inventory purchase of November 9, was $520 with terms FOB Destination. Record the payment of the shipping charges if needed. Note: Enter debits before credits. S.No/Date Nov 14 Account Title Debit Credit Record entry Clear entry View general journal
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Growth Strategy A. Organic Growth This section describes how JB Hi-Fi Australia can take advantage of various organic growth strategies, including new product development, market development and...
-
For a small country like the Philippines, a move to free trade would have huge advantages. It would let consumers and producers make their choices based on the real costs of goods, not artificial...
-
It is the year 2018. In your company, central planning has given way to frontline decision making, and bureaucracy has given way to teamwork. Shopfloor workers use handheld computers and robots. A...
-
What is equity capital? Explain the advantages to the firm of raising capital this way. What are the disadvantages?
-
The following equation is sometimes used to forecast financial requirements: AFN = (A0*/S0) (S) (L0*/S0) (S) MS1 (1 POR) What key assumption do we make when using this equation? Under what...
-
Santos Unlimited ( SU ) was originally unlevered with 4 1 0 0 shares outstanding. However, after a major financial restructure, SU now has $ 3 9 0 0 0 of debt, with an annual interest expense of 9...
-
Where do you classify the unrealized gains of the investment in unlisted shares? (1 Point) a. Non-current liabilities b. Profit or loss c.Current liabilities d. Revaluation expense
-
Would you, as a government, use the IPSAS as a reference/basis for the implementation of an accrual-based accounting system in your country/ jurisdiction, or would you start from scratch? Why (not)?
-
3. To construct a confidence interval for p1 p2, we must have two ______________ samples. In Exercises 3 and 4, fill in each blank with the appropriate word or phrase.
-
The point estimate for p1 p2 is p1 p2, where p1 = x1n1 and p2 = x2n2. In Exercises 5 and 6, determine whether the statement is true or false. If the statement is false, rewrite it as a true...
-
Is it a good idea to implement a uniform accounting system in the EU, knowing the cost and effort it takes, in these times of economic instability?
-
What could be the possible reasons for the difference in growth rate towards the IPSAS at local and central levels of government?
-
In the auditing process Select one: a. the criteria for evaluating information will not vary depending on the information being audited. b. evidence are gathered by the auditor to determine whether...
-
The time to assemble the first unit on a production line is 10 hours. The learning rate is 0.94. Approximately how long will it take for the seventh unit to be assembled? The number of hours needed...
-
A comparative balance sheet for Cirrus Corporation is provided in the Working Papers. The income statement for the current year indicates that net income was \($20,900.00\) and the depreciation...
-
The following information was taken from the financial statements of Flexcor Corporation on December 31 of the current year. The comparative income statement of Flexcor Corporation reveals the...
-
The following business transactions represent selected cash receipts (cash inflows) and cash payments (cash outflows) of Ridge Development Corporation. a. dividend payment b. payment of insurance...
Mathematics And Its Applications Closure Spaces And Logic 1st Edition - ISBN: 1441947582 - Free Book
Study smarter with the SolutionInn App