Determine activities pertain to entree co for current year

Assignment Help Financial Accounting
Reference no: EM132472556

Question 1: Determine The activities pertain to Entrée Co. for the current year. Prepare the journal entry that should be made on Entrée's books for each activity.

Point 1. All sales were made on account and totaled $650,000. The cost of merchandise sold amounted to $407,000.

Point 2. Collections on accounts receivable totaled $585,000.

Point 3. Accounts receivable written off as uncollectible totaled $9,000.

Point 4. Entrée collected $50,000 as prepayment for services to be performed by Entrée at a later date.

Point 5. Merchandise inventory purchased on account totaled $420,000. Entrée Co. uses the perpetual method to account for inventory and thus debits Inventory (rather than Purchases) for purchases of merchandise.

Point 6. Payments to merchandise suppliers totaled $378,000.

Point 7. Equipment having an original cost of $80,000 was sold for $35,000. The accumulated depreciation on this equipment at the date of sale was $50,000.

Point 8. Salaries earned by employees totaled $160,000. Entrée records employee salaries by crediting Salaries Payable.

Point 9. Payments to employees for salaries recorded in entry #8 totaled $148,000.

Point 10. During the year, 50,000 shares of Entrée's previously unissued $10 par value common stock were issued for $27 per share.

Point 11. Cash dividends of $60,000 were declared by Entrée in December and will be paid to shareholders in the first quarter of next year.

Point 12. Patents were purchased for $40,000 cash.

Point 13. Entrée made an end-of-period adjusting entry to recognize that $34,000 of the amount collected in entry #4 was earned in the current year.

Point 14. The balance in the allowance for doubtful accounts was increased by $12,000 in an end-of-period adjusting entry.

Point 15. Patent amortization in the amount of $8,000 was recognized in an end-of-period adjusting entry. Entrée Co. credits the Patent account directly (rather than accumulated amortization) for patent amortization.

Reference no: EM132472556

Questions Cloud

Determine bank reconciliation for stewart recording studio : In reviewing cheques returned by the bank, the bookkeeper discovered that cheque, Prepare the bank reconciliation for Stewart Recording Studio at April 30
What is the difference in cash flow between the two firms : What is the difference in cash flow between the two firms? Given that the tax rate is 40 percent, compute the cash flow for both companies.
Determine the divisional income from operations : Determine the divisional income from operations for the Retail Division and the Commercial Division. Do not round interim calculations.
SHR044-6 Mobilising Organisational Creativity and Innovation : SHR044-6 Mobilising Organisational Creativity and Innovation Assignment Help and Solution, Majan University College - Assessment Writing Service
Determine activities pertain to entree co for current year : Determine The activities pertain to Entrée Co. for the current year. Prepare the journal entry that should be made on Entrée's books for each activity.
SCIE2267 Quantitative Methods in Environmental Management : SCIE2267 Quantitative Methods in Environmental Management Assignment Help and Solution, The University of Western Australia. Prepare report on PCB concentration
How much of the partnership profit should be assigned : How much of the $46,000 partnership profit for 2018 should be assigned to each partner? The partnership agreement of Jones, King, and Lane
Implement the proposed improvements for the organisation : Evaluate how leadership and management styles facilitate continuous improvement in organisations and help to embed change
SCLG3702 - Quantitative Methods Assignment : SCLG3702 - Quantitative Methods Assignment Help and Solution, The University of Sydney, Australia. Assessment - Comparing Groups Problems

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd