User Account

All Pages

What are the journal entries for each august transaction

Assignment Help Financial Accounting
Reference no: EM132971308

Problem 1. Roofers, Inc. had the following transactions for August. What are the journal entries for each August transaction below that Roofers would record. The company records adjusting entries monthly.

1. In August the company had $450,000 of credit sales and $200,000 cash sales. The beginning balances in its accounts receivable account was $125,000 and its allowance for bad debt account had a credit balance of $8,000. The company uses the percent of credit sales to calculate bad debt and estimate 3% will become uncollectible. Record the bad debt entry for August:

2. In January of this year, Roofers bought a truck for $120,000. The building has a useful life of 7 years and a salvage value of $10,000. Roofers uses the straight-line method to depreciate. Record the depreciation entry for August rounding the answer to the nearest dollar:

3. During August, Roofers repurchased 500 shares of its $.01 par value common stock for $55 a share. Record this stock entry for August:

4. At the end of August, Roofers resold 50 of the repurchased shares for $65 a share. Record this stock entry for August:

Reference no: EM132971308

Questions Cloud

Which of the actions is most likely for nonpublic company : The accountant encounters significant scope restriction for which there are not adequate alternative procedures available. Which of the actions is most likely?
How much interest is paid over the life of the loan : Question - John Black is considering to purchasing a land from Real Estate Ltd for $1,000,000. How much interest is paid over the life of the loan
Solve the unlevered npv of the investment : Your client will only proceed with the project if its returns are greater than his WACC or cost of equity. Calculate the unlevered NPV of this investment
Calculate the cash amount of the interest payments : Calculate the CASH AMOUNT of the Interest Payments each time a payment is made and the INTEREST EXPENSE we would record each payment
What are the journal entries for each august transaction : What are the journal entries for each August transaction below that Roofers would record. The company records adjusting entries monthly.
What is cost of goods sold using variable costing : In addition, the company has fixed selling and administrative costs of $154,600 per year. What is cost of goods sold using variable costing
Prepare the issuer journal entry for each : Prepare the issuer's journal entry for each of the following separate transactions. On April 1, OP Co. issues no-par value common stock for $89,000 cash
How much will lisa receive : How much will Lisa receive? Lisa and Mike are partners in a business. The income that the business earns is divided between Lisa and Mike in a 2:3 ratio
What is jessica weighted average in the class : Jessica wants to calculate her grade in her accounting class. What is Jessica's weighted average in the class rounded to the nearest whole number?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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