Prepare the journal entry for each transaction in good form

Assignment Help Accounting Basics
Reference no: EM133123220

Question - Prepare the journal entry for each transaction in good form.

1. Purchased $2,000 of inventory on account.

2. Bought equipment worth $50,000 by paying $5,000 and signing a two-year note for the balance.

3. Paid for the inventory purchased in 1 above.

4. Sold 600 shares of $2 par value stock to investors for $4,000.

5. Workers earned wages of $300 which will be paid in January of next year.

Reference no: EM133123220

Questions Cloud

Write up the necessary accounts : On 1 February 2011 the directors of Maccos Ltd issued 50,000 ordinary shares of shs1 each at shs1.20 per share, Write up the necessary accounts
Analyse and discuss one good and one bad service : Analyse and discuss one good and one bad service encounter that you have personally experienced in the last 12 months. You may have been either the service
Determine the fair value of the consideration given : The carrying amount of the liability in XYZ's books immediately before the business combination is 480,000. Determine the fair value of the consideration given
Calculate the current price of bond for State Corporation : In the secondary market, investors are now demanding a 5% return for the risk associated with this bond. Calculate the current price of the bond
Prepare the journal entry for each transaction in good form : Prepare the journal entry for each transaction in good form - Workers earned wages of $300 which will be paid in January of next year
What is the break-even point in cards : Sports R Us, a producer of sports trading cards, has asked you to complete several calculations. What is the break-even point in cards
Quebecor printing is commercial printing company : Quebecor Printing is a commercial printing company that is expanding, acquiring ailing printing companies, and moving into international markets
Prepare an income statement : Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Majka Company
Find the actual cost of sales : The operation had an opening inventory of $5,200 and closing inventory of $9,400. Find the Actual Cost of Sales

Reviews

Write a Review

Accounting Basics Questions & Answers

  Entry to record the replenishment of the petty cash fund

Prepare the journal entry to record the replenishment of the petty cash fund.

  Why would royal carpen cleaning accept credit cards instead

royal carpet cleaning provided 90000 of services during 2011 its first year of operations. all customers paid for the

  How much warranty expense is reported for November

On October 29, Lobo Co. began operations by purchasing razors for resale. How much warranty expense is reported for November and December

  Journalize the entries to record the interest payment

On January 1, 2019 Russo Company issued $200,000 of 5 year 10% bonds to finance its operations. Journalize the entries to record the Interest Payment

  As a manager what factors do you consider when determining

as a manager what factors do you consider when determining the most effective way to communicate a message to you

  What was the final bank balance in the ledger at November

Unpresensented cheqyes were $700 and there was an outstanding deposit of $2300. What was the final bank balance in the ledger at 30 November

  Discuss the same after-tax return that it earns in country z

What return would the company need to be able to generate before tax in its home country in order to earn the same after-tax return

  Good faith hospital needs to sell bonds

Good Faith Hospital needs to sell bonds to finance major renovations and purchases of modern equipment. The hospital recently experienced

  What is the break-even quantity per truck

Estimate the average Selling price and average COGS per unit. What is the "break-even" quantity per truck

  Prepare a table to allocate the lump-sum purchase price

Prepare a table to allocate the lump-sum purchase price to the separate assets purchased (round percents to the nearest 1%)

  Determine berclair basic and diluted earnings per share

During 2011, the market price of the common shares averaged $68 per share. Compute Berclair's basic and diluted earnings per share for the year ended December

  Determine the dollar amount of dividends

During 2020, Alpha distributed $35,000 in dividends. Use this information to determine for 2020 the dollar amount of dividends

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd