User Account

All Pages

Make a general journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM132823759

Special Transactions

The following is a list of unrelated transactions.

1. Owner took inventory for personal use. Value $400 (plus $40 GST).

2. Account receivable - Charlie Power, owing $300 (plus $30 GST), has been declared bankrupt. $30 (plus $3 GST) ONLY is received as full settlement. The balance is to be written off.

3. Purchased the following business from Harry's Pizza for $28,000.

Fair value of assets and liabilities were:

Vehicle $10,000,

Accounts Receivable 11,000,

Inventory $4,000

Accounts Payable $5,000.

Paid Harry's Pizza the agreed amount.

(No GST required for this transaction)

4. Purchased a new Delivery Van from U-Beaut Motors. Paid cash $22,000 (Inc GST).

5. Unpaid wages at the 30th June $250.

Required:

Problem 1: General Journal entries to record the above transactions.

Reference no: EM132823759

Questions Cloud

How much were the dividends for the period : If Kralis Corporation earned Net income of $440,000 during 2020, how much were the Dividends for the period? Kralis Corporation's Retained earnings balance
Designing an international compensation program : Describe the consideration that should be taken when designing an international compensation program
What are some of the central therapeutic approaches : What are some of the central therapeutic approaches? Would the population you are researching be difficult for you to work with? Are there any psychosocial.
What are the company total assets : The opening balance in the owner's capital account is $60,000; in drawings $20,000; revenues $320,000; and expenses $255,000. What are the company total assets
Make a general journal entries to record the transactions : Account receivable - Charlie Power, owing $300 (plus $30 GST), has been declared bankrupt. General Journal entries to record the transactions.
Describe the different between a manager and a leader : Describe the different between a manager and a leader. Which of the two do you identify with most closely?
What are the strengths and weaknesses of the intervention : Being able to identify, critically review and appropriately apply evidence-based interventions is a critical aspect of special education.
Think about the importance of belonging : You are working as an RTA in a 150-bed complex care facility. You are assigned to the Cedar Cottage Unit where you have 32 Residents of varying ability.
What is kramer corporation basis in the equipment : Karen transfers the following assets to Kramer Corporation in exchange for all of its stock: What is Kramer Corporation basis in the equipment

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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