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Prepare the following adjustments in good journal entry format.
(a) The beginning balance of the Supplies account was $315. During the month the company bought additional supplies in the amount of $830. At the end of the month a physical inventory showed $568 of unused supplies.
(b) The company has a Note Payable in the amount of $10,000 at an APR of 12%. The note will be paid at the end of 6 months. The interest expense for the month needs to be recorded.
(c) There are two employees at the North Park Store. One is a manager that gets paid on the 15th of every month for his work during the first part of the month and on the 1st of the following month for the second part of the month. His monthly salary is $2,500. The other employee is an administrative assistant who gets a week pay of $450. The last day of the month fell on Thursday.
(d) The unearned revenue account shows a balance of $35,000. According to the manager 60% of that amount has been earned.
(e) At the end of the month $8,400 of services had been performed but not yet billed.
Schedule of Cash Collections of Accounts Receivable
James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs.
On January 1, 2014, a corporation issued $400,000 of 10-year, 12% bonds. The interest is payable semi-annually on June 30 and December 31. The issue price was $413,153. Assuming the effective-interest method of amortization is used,
determine the total costnbsp from the given data.svens cookhouse is a popular restaurant located on lake union in
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Create journal entries for the transactions for Wilson Inc - On January 3, 2012, Brown, Inc. pays the company $30,000 Canadian dollars which the company converts to U.S. dollars. The exchange rate is $1 Canadian dollar buys $1 U.S. Dollar.
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Neither has any dependents nor itemized deductions. Based only on tax considerations, what marriage date would you recommend for the loving couple? How much would your choice saves in taxes?
Blanchford Enterprises is considering a project that has the given cash flow data. Determine the project's IRR? Note that a project's projected IRR can be less than the WACC (and even negative), in which case it will be rejected.
What journal entries are required when a cash dividend is declared.
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