User Account

All Pages

Prepare and determine what a correct journal entry

Assignment Help Financial Accounting
Reference no: EM132472700

Question 1: On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock. She journalized the transaction as follows but something is wrong with the journal entry. Use your knowledge of what a correct journal entry should look like to identify everything that is wrong. Select all answers which apply.

Date                      Accounts PR                            Debit            Credit

Jan 2                  Common Stock                                      40,000

                           Cash                            4,000

(Owner invested in business)

  1. The dollar amount is wrong in the Credit column
  2. Common Stock should be listed below Cash
  3. The Cash account should be listed first
  4. The Common Stock account should be indented as it is credited $ signs should be included in the Debit and Credit columns

Reference no: EM132472700

Questions Cloud

How much should you deposit each month : You want to purchase a new car in 8 years and expect the car to cost 40,000. How much should you deposit each month to end up with $40,000 in 8 years
How a student in the course can violate the policy : Describe in a one paragraph how a student in this course can violate this policy, based upon assignments (e.g., discussion postings, reports)
Calculate the Increase in Retained Earnings : Calculate the Increase (Decrease) in Retained Earnings on the Statement of Retained Earnings of Carpenter Printing Incorporated For the Month Ended May 31
Discuss how the financials over the past few years : Discuss how the financial over the past few year? Can the Levi company adapt to the current world environment and recreate the fashion statement of the product?
Prepare and determine what a correct journal entry : Prepare and determine what a correct journal entry . On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock
Calculate the Total Assets on the Balance Sheet : Assuming no further transactions, Calculate the Total Assets on the Balance Sheet of Carpenter Printing Incorporated As of May 31
Calculate profit margin and gross profit rate : Tamarisk, Inc. reported net sales of $247,000, cost of goods sold of $148,200, operating expenses of $61,400, Calculate profit margin and gross profit rate
Problem - Entries for Retirement and Issuance of Bonds : Problem - Entries for Retirement and Issuance of Bonds. Prepare journal entries to record the retirement of the old issue and the sale of the new issue on June
Prepare journal entries that sydney retailing buyer record : Prepare journal entries that Sydney Retailing (buyer) records for the e three transaction. Prepare journal entrie that Troy Wholesalers (seller) records

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare balance sheet for transportation corporation

The following lists of accounts was provided by Churyk Transportation, which has an April 30 fiscal year–end. Using these accounts, prepare a balance sheet for Churyk Transportation Corporation for fiscal 2010.

  Prepare a cost of goods manufactured schedule

Prepare a cost of goods manufactured schedule, a proforma income statement and proforma balance sheet.

  How much are henriettas realized and recognized gains

Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000. How much are Henrietta’s realized and recognized gains? ..

  On august 1 2011 delta inc purchased 20000 of merchandise

on august 1 2011 delta inc. purchased 20000 of merchandise on account. on the same day delta paid freight of 1200. the

  Record each asset and any additional assets

Connor purchased a business from Foster for $3,000,000 cash and got the following assets in the deal (FMV as determined by a third party):

  Prepare a flexible overhead budget

Prepare a flexible overhead budget based on the following amounts produced. 115,500 units, 116,500 units and 117,500 units.

  Prepare comparative condensed income statements

Prepare comparative condensed income statements for 2012 under FIFO and LIFO and how much more cash will be available for management under LIFO than under FIFO? Why?

  Determine how internal rate of return for project increase

Determine how internal rate of return for project increase if the initial cost of the project can be reduced, the required rate of return is reduced

  Prepare the journal entries to capture the swap contract

A New Zealand company has a foreign denominated asset in United States dollars worth US$600,000 on the 1 July 2016. The US debtor is due to repay this debt to the New Zealand company over the next 12 months. Assume the company are able to partner wit..

  Effect of deterrence in fraud management system

How important is the effect of deterrence in a fraud management system? What factors besides prosecutions deter fraud?

  How the ending june balances in the ledger

On June 1 John Stevens opened a real estate office in Hamilton called Stevens Realty. The following transactions were completed for the month of June.

  Clarify the revenue and costs considerations

The firm partners expect client billing revenue will increase by 35% while costs will be reduced by 20%. Clarify the revenue and costs considerations and other relevant issues that should be considered.

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