Identify the accounts to be debited and credited

Assignment Help Accounting Basics
Reference no: EM13512324

Transactions for Marlin Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction.

June 1 Issues common stock to investors in exchange for $5,000 cash.
2 Buys equipment on account for $1,100.
3 Pays $740 to landlord for June rent.
12 Bills Matt Wilfer $700 for welding work done.

Reference no: EM13512324

Questions Cloud

Find the angle in degrees west of north : A commuter airplane starts from an airport and takes the route shown in the figure below. The plane first flies to city A located 175 km away in a direction 30.0° north of east. Find the angle in degrees west of north
Provide the journal entry for wells contribution : The patent had a book value of $35,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $280,000.
Calculate the height from which the ball was thrown : A ball is tossed from an upper-story window of a building. The ball is given an initial velocity of 9.00 m/s at an angle of 20.0° below the horizontal. Find the height from which the ball was thrown
Explain a patient recieves all her nutrition from fluid : A patient recieves all her nutrition from fluid given through the vena cava. every 12 hours, 750mL of a solution that is 4%(m/v) amino acids (protein) and 25% (m/v) glucose (carbohydrate) is given along with 500 mL of a 10%t (m/v) lipid (fat)
Identify the accounts to be debited and credited : Transactions for Marlin Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction.
Determine the following amounts donna ahern : Net income (or net loss) during 2010, assuming that as of December 31, 2010, assets were $960,000, liabilities were $156,000, and there were no additional investments or withdrawals.
How many milliseconds does each vibration take : The speed of sound in air at 20 C is 344m/s. How many milliseconds does each vibration take
Define equilibrium the total pressure in the container : A 0.831-g sample of SO3 is placed in a 1.00 L container and heated to 1100 K. The SO3 decomposes to SO2 and O2: 2SO3 (g) 2SO2 (g) + O2 (g). At equilibrium the total pressure in the container is 1.300 atm.
How far from the center of the earth is it : An interplanetary spaceship passes through the point in space where the gravitational forces from the moon and the earth on the ship exactly cancel. How far from the center of the earth is it

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determining the interest expense

On September 1, 2009, Barrett Corporation signed a one-year, 8% interest-bearing note payable for $50,000. Assume that Barrett Corporation maintains its books on a calendar year basis. What amount should Barrett Corp. record as interest expense fo..

  Prepare material and labor journal entries

Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Prepare material and labor journal entries

  What is the npv of a project that costs 100000 and returns

what is the npv of a project that costs 100000 and returns 50000 annually for three years if the opportunity cost of

  Employer in accordance with the adoption plan

They spent $15,000 in connection with the adoption, all of which was paid by the employer in accordance with the adoption plan. How much of the employer paid adoption costs must be included in their income?

  What is the cost of the equipment

Tyson Chandler Company purchased equipment for $10,000. Sales tax on the purchase was $500. Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the ..

  Concept of straight-line amortization

Menke uses straight-line amortization. Ignoring income taxes, the amount reported in Menke's 2010 income statement from this investment should be $4,500.

  Revenues and other operating costs problem

Revenues and other operating costs are expected to be constant over the project's three-year life. What is the project's NPV?

  A corporation adopted the doalr value lifo method of

a corporation adopted the doalr value lifo method of inventory valuation on dec 31 2011. its inventory at that date was

  Methods of accounting for treasury stock

What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.

  Variances-journal entries

Aquafloat Corporation manufactures raft for us in swimming pools. The standard cost for material and labor is $89.20 per raft. Compute the following amounts. Indicate whether each variance is favorable or unfavorable.

  Land recorded in the purchaser books

A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:

  On this date the company concludes that the equipment has a

on january 1 2012 the eugene company ledger shows equipment 36000 and accumulated depreciation 13600. the depreciation

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