Make a journal of the transactions

Assignment Help Cost Accounting

Reference no: EM1387307

1. The CPA invested $200,000 cash into his new firm in exchange for 200,000 shares of capital stock at $1.00 per share.

2. The CPA signed a bank note with the Bank for $100,000. The note has a 5 year term. Five equal payments of $25,709 are due on December 31 of each year. The interest rate for the note is 9%. Prepare the entries for the note along with the necessary amortization schedule. Prepare the amortization schedule for the entire term of the loan. Only book the entries for the first year of the note payable (not all 5 years).

3. The CPA, purchased office supplies for $700. The entire purchase was made on account.

4. The CPA earned $750,000 by performing accounting services for clients during 2012. Of the total service revenue earned, $250,000 consisted of cash sales. The remainder of the sales were on account.

5. The value of the office supplies on hand at the end of the year (12/31/2012) was $175.

Make a journal of the transactions, which ones will be debit and credit.

Reference no: EM1387307

Questions Cloud

Point estimatuion of the population mean : The response of the GSS question in 2006 about the number of hours daily spent watching TV, the responses by the seven subjects who identified themselves as Hindus were 2,3,2,1,0,1,4,3. find a point estimate of the population mean for Hindus. The ..

Illustrate what is the effect of an increase in the desired : Illustrate what is the effect of an increase in the desired confidence level on the number of observations necessary in a time study?

Identifying your path in life : As a college graduate how can utilize Stedman's message that he trying to convey in his book toward life presently and also into the future?

Explain how array simplifies program development : Describe the requirement for complex data structures and how they are utilized. Describe the design and application of arrays and how array simplifies program development.

Make a journal of the transactions : The value of the office supplies on hand at the end of the year - Make a journal of the transactions

Would you recommend which the leader gets some body : Would you recommend which the leader gets some body piercing to help establish rapport with the division workforce? Explain your reasoning.

The tennis club has a number of inventories it must manage : The tennis club has a number of inventories it must manage and must minimize all its expenses to stay in business. For each inventor, describe a goo management policy or system

Metaphysical account of reality : Propose an account of at least one metaphysical account of reality from the assigned readings with support from the course texts and online lectures.

Explain how cooperative strategies further assist dunkin : Franchises account for approximately illustrate what percent of total retail sales in the United States? Explain how could cooperative strategies further assist Dunkin Donuts with its master plan for growth?

User Account

All Pages