User Account

All Pages

Journalize the issuance of the note

Assignment Help Accounting Basics
Reference no: EM131732129

Question 1 - On June 1, Addidas Co. sold 15,000 yearly subscriptions of its monthly magazine to customers for $22.00 each. Customers received their first subscription of the magazine July 1. Prepare the journal entries for June 1 and July 1.

Madison Co. sells 13,000 scanners at a price of $250.00 each. The selling price includes a warranty (1 year) on parts. Madison expects that 4.5% of the scanners will be defective and that warranty repair costs will be $56 per unit. Complete the following:

a. Journalize the sale (assume a 7.75% sales tax rate).

b. Estimate, and then journalize the warranty liability.

Question 2 - Madison 101 honored scanners (from #5 above). Prepare the journal entry needed.

Lucy Company signed a 4 - year, 6.5%, $160,000 note payable. They are required to make annual payments of $40,000 (principal), and interest owed.

a. Journalize the issuance of the note.

b. Journalize the first two annual payment.

Reference no: EM131732129

Questions Cloud

What does it mean to humanize capitalism : What does it mean to humanize capitalism? How can multinational corporations avoid exploitation?
Types of aggregate healthcare reports : Describe at least 3 types of aggregate healthcare reports that you believe would be commonly used by healthcare executives
Majority of perks offered by organisations : The course material points out that the majority of perks offered by organisations are provided at a cost to the employer.
Effects of various processes on project management : Evaluate the effects of project management tools on productivity. Assess and predict trends in capacity and scheduling management, and finally.
Journalize the issuance of the note : On June 1, Addidas Co. sold 15,000 yearly subscriptions of its monthly magazine to customers for $22.00 each. Journalize the issuance of the note
Equivest pledged these shares to secure loans : Equivest, a partnership, owned 10,000 shares of Altec International, Inc. Equivest pledged these shares to secure loans by Lloyds Bank.
Management and the union negotiate a labor agreement : If an organization is unionized it is necessary that both management and the union negotiate a Labor Agreement.
Global perspective an essential component of sociology : Why is a global perspective an essential component of sociology in the contemporary world?
What activities sustain change best : How can a leader sustain change but avoid developing such an insistence on the new change that the organization can't change again next time?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Differences between the french government

Discuss the differences between the French government's and the beer industry's estimates of the price elasticity of demand for beer.

  Effective-interest method for amortizing debt

The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be June 30.

  What is the break-even sales volume and dollars

What is the break-even sales volume and dollars for each nut? Rounded.

  Rise in the operating profits

AZ sells its utensils wholesale for $0.85 each; the average cost per unit is $0.83, of which $0.12 is fixed costs. If AZ were to accept BV's offer, what would be the increase in AZ's operating profits?

  What is the total amount to be budgeted in pounds

What is the total amount to be budgeted in pounds for direct materials to be purchased for the month

  Which company would be better positioned to obtain the loan

Which company would be better positioned to obtain the loan? Elaborate on your responses

  Johnston co cleans and applies powder coat paint to metal

johnston co cleans and applies powder coat paint to metal items on a job-order basis. johnston has budgeted the

  Shown below are selected data from the balance sheet of

shown below are selected data from the balance sheet of compros a small electronics store cash 75 accounts receivable

  Calculate the cost of the 35,000 units

Calculate the cost of the 35,000 units completed and transferred out and the 30,000 units, 40% complete, in the ending Work in process

  Starmax company pays workers producing the product lotrim

starmax company pays workers producing the product lotrim an average standard wage of 9 per hour. the standard amount

  What is avery federal income tax withholding

Using the wage bracket withholding table below with a $63 standard withholding allowance for each exemption, what is Avery's federal income tax withholding

  Calculate sales revenue and gross profit under each of the

gregs bicycle shop has the following transactions related to its top-selling mongoose mountain bike for the month of

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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