Reference no: EM132902817
Question - Transactions on May 1:
1. Jay BradFord invested $40,000 cash in the company, as its sole owner.
2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,200 per month.
3. Signed a 2-year rental agreement on a warehouse; paid $22,000 cash in advance for the first year.
4. Purchased furniture and equipment costing $31,900. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
5. Paid $2,000 cash for a one-year insurance policy on the furniture and equipment.
Transactions during the remainder of the month:
6. Purchased basic office supplies for $600 cash.
7. Purchased more office supplies for $1,500 on account.
8. Total revenues earned were $21,900-$8,900 cash and $13,000 on account.
9. Paid $400 to suppliers for accounts payable due.
10. Received $2,800 from customers in payment of accounts receivable.
11. Received utility bills in the amount of $500, to be paid next month.
12. Paid the monthly salaries of the two employees, totaling $6,400.
Required - Post the Journal entry to T accounts.
|
Calculate Total Debt including AND excluding the mortgage
: The credit limit is $24,000 and the annual rate of interest is 19.99%. Calculate Total Debt including AND excluding the mortgage
|
|
Record the entries for April
: On April 14 and 25, bonds with a face value of $890,000 and $360,000, respectively, were issued at par. Record the entries for April 14, 25, and 30
|
|
What is hardest decision
: What is the hardest decision you've ever had to make? Be prepared with a good example (that isn't too personal),
|
|
Describing coca-cola organizational structure
: Describing Coca-Cola's organizational structure and how it benefits, or detracts from, Coca-Cola's strategic plans.
|
|
Post the Journal entry to T accounts
: Hired two employees to work in the warehouse. They will each be paid a salary of $3,200 per month. Post the Journal entry to T accounts
|
|
Record the transfer of merchandise to the Nairobi Branch
: Rio Branch should record the transfer of merchandise to the Nairobi Branch by either a debit or credit entry that include the following
|
|
Calculate Catherine Gross Earnings
: Catherine works in Ontario and earns $78,000 per year. She is paid on a semi-monthly basis. Calculate Catherine Gross Earnings
|
|
What amount should Ashland report as inventory
: Ashland has adopted the lower-of-FIFO-cost-or-net-realizable-value approach to valuing inventory. What amount should Ashland report as inventory
|
|
Prepare a cash budget for June with explanation
: The company plans to purchase equipment of $10,000 in May & $20,000 in June. Prepare a cash budget for June with explanation
|