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For the following transactions, prepare journal entries needed to adjust the company's books. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.a. Outstanding checks of $12,000.b. Bank service charge of $15.c. Deposit in transit of $2,300.
d.Interest earned of $5.
Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
Net sales:
Gross profit:
all purchases are paid as follows 20 two months after purchase 55 in the folowwing month and 25 in the month of
A $1,000 bond, paying interest annually on December 31, is purchased on January 1 at 110 as a long-term investment. The life of the bond is 5 years. Prepare entries for the first year and use the straight-line method of premium amortization. Also..
The corporation makes annual payments to the trustee, who invests the proceeds in securities (frequently government bonds) and uses the accumulated total to retire the bond issue at maturity.
At the beginning of the year, Albers, Inc., has total stockholders' equity of $840,000 and 40,000 outstanding shares of a single class of capital stock.
relevant cost case behemoth motors corp.behemoth motors corp. bmc is a major manufacturer of automobiles in the united
review the roles of management accounting within a company. what is the most important role of management accounting?
Company began operations on January 1, 2010, and appropriately uses the installment method of accounting. The following data are available for 2010:
Norman Corporation had 250,000 shares of common stock outstanding during the year. Norman declared and paid cash dividends of $200,000 on the common stock and $160,000 on the preferred stock. Net income for the year was $880,000. What is Norman's ..
it is important to properly classify and report current and long-term liabilities because they affect liquidity. refer
hawkeye runs a chain of drive in ice cream stands. they rented an ice cream machine for summer for 3600. the manager of
You have been employed as an entry level management accountant for little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of companys assets to personal use.
"Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs we know are direct." Do you agree? Why?
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