Reference no: EM131219493
Journalize the entries for the following transactions:
Sold merchandise for cash $12, 050. The cost of merchandise sold was $9, 000.
Sold merchandise on account $6, 000.The cost of merchandise sold was $4, 000.
Sold merchandise to customers who used MasterCard and Visa $30, 780. The cost of the merchandise sold was $20, 000
Sold merchandise to customers who used American Express $17, 650. The cost of the merchandise sold was $10, 500
Received an invoice from National Credit Company for $1, 900.00 representing a service fee paid for processing MasterCard, Visa and American Express sales.
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Prepare statement of shareholders equity for the month
: The Hilton Retail Company started operations on September 1, 2016. Prepare journal entries for the September transactions above. Use good form for the journal entries. Prepare a statement of shareholders’ equity for the month of September.
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About the trial balance
: The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventories, $36,000; equipment (net), $91,000; accounts payable, $25,00..
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Determine the present worth of five equal annual deposits
: The plan was to leave $4,400 on deposit in a savings account for 12 years at 10.0% interest compounded annually. It became necessary to withdraw $1,800 at the end of the 5th year. How much will be on deposit at the end of the 12-year period? Determin..
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The memo should present clear explanations and discussion
: Louis, Toi, Alonzo, and Sylvia, (L, T, A, and S) a local public accounting firm, uses job order costing to capture the costs of reviews performed. There were no review jobs in process on July 1. Records maintained by L, T, A and S reveal the followin..
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Journalize the entries for the transactions
: Journalize the entries for the following transactions: Sold merchandise for cash $12, 050. The cost of merchandise sold was $9, 000. Sold merchandise on account $6, 000.The cost of merchandise sold was $4, 000. Received an invoice from National Credi..
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Interest and principal is due at the end of the note period
: Al borrows $40,000 from the bank. This loan is in the form of a note that is due in two years (7/31/16) and bears interest at the rate of 6% per year. All of the interest and principal is due at the end of the note period. What is the journal entry f..
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Describe the nature and purpose of the taxes
: Describe the nature and purpose of the following taxes:
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Determine the amount of depreciation expense for the years
: Razar Sharp Company purchased equipment on July 1, 2014, for $33,750. The equipment was expected to have a useful life of three years, or 5,940 operating hours, and a residual value of $1,080. Determine the amount of depreciation expense for the year..
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Potential tax problems-new winery investment
: Vincent Vineyard, MD, is a very successful physician in Temecula, California. He earns approximately $800,000 per year from his medical practice. His two children have graduated from college and he and his wife are now "empty-nesters." Vincent, Jr., ..
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