User Account

All Pages

Prepare journal entries for the following events

Assignment Help Accounting Basics
Reference no: EM13880454

Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for parties and special events. Prepare journal entries for the following events relating to the year ended December 31. If the event is not a transaction, write no transaction.

a. Blue Light Arcade received $ 50 cash on account for a birthday party held two months ago.

b. Agreed to hire a new employee at a monthly salary of $ 3,000. The employee starts work next month.

c. Paid $ 2,000 for a table top hockey game purchased last month on account.

d. Repaid a $ 5,000 bank loan that had been outstanding for six months. (Ignore interest.)

e. The company purchased an air hockey table for $ 2,200, paying $ 1,000 cash and signing a short- term note for $ 1,200.

Reference no: EM13880454

Questions Cloud

Analyze the accounting equation effects of the transactions : Analyze the accounting equation effects of the transactions in M2- 17 using the format shown in the chapter and compute total assets, total liabilities, and total stockholders' equity. a. Ordered and received $ 12,000 worth of cotton candy machines f..
What actions should each country take and why : Does the asymmetry in the countries' sizes cause them to take different attitudes toward expanding output? Explain why or why not. Comment on whether or not a prisoner's dilemma is present.
The first threeyear renewal option : What is the length of the lease term that Culinary Creations should assume in recording the transactions related to the lease?
Prepare an unadjusted trial balance as at 30 june 2015 : Prepare journal entries to record the June 2015 transactions for the business and post these journal entries to suitable T accounts and prepare an unadjusted trial balance as at 30 June 2015
Prepare journal entries for the following events : Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for parties and special events. Prepare journal entries for the following events relating to the year ended December 31. If the event is not a transaction, write no..
Asset and lease liability under the residual value guarantee : What is the amount to be added to the right of use asset and lease liability under the residual value guarantee?
Give a careful explanation of a nash equilibrium : Is it ever an advantage to move first in a zero-sum game? When is it an advantage to have the first move in a non-zero-sum game? Provide an example in which it is advantageous to have the second move.
A helmet has an open cell polystyrene foam liner : A helmet has an open cell polystyrene foam liner that is designed to absorb the kinetic energy from an impact. The foam has a relative density of 10% and the Young's modulus of the solid polystyrene that the foam is made from is 1.5GPa. How much ener..
Residual value at the end of the lease term. : 1.On January 1, Garcia Supply leased a truck for a four year period, at which time possession of the truck will revert back to the lessor.

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