Journal entry-floral arrangements for holidays and events

Assignment Help Accounting Basics
Reference no: EM13142661

Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period. Both parties agreed to satisfy the remaining balance with a ten-month note, at 14% interest, all payable at the end of the note. Please record the appropriate journal entry establishing the note on Adrian's books.

Reference no: EM13142661

Questions Cloud

Probability distribution for the duration of service call : The service call can take 1, 2, 3, or 4 hours. The different types of malfunction occur at about the same frequency. Develop a probability distribution for the duration of a service call.
Define what is the federal express philosophy toward quality : What is the Federal Express philosophy toward quality? What specific elements/actions has FedEx implemented in its quality improvement history?
Journalize transactions-prepare stockholders equity section : Received inventory valued at $16,000 and equipment with market value of $9,500 for $3,700 shares of the $2.00 par common stock. Journalize the transactions and Prepare the stockholders equity section
What other objectives can you identify to improve the human, : What other objectives can you identify to improve the human, information, and organization capital of DAP if it is to succeed with its strategy?
Journal entry-floral arrangements for holidays and events : Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period.
Compare the sympathetic and parasympathetic nervous system : Compare the sympathetic and parasympathetic nervous system in terms of structure, physiology, and chemical transmitters released.
Find probability that sample contains four minorities : Twenty-five percent of the employees of a large company are minorities. A random sample of 7 employees is selected. What is the probability that the sample contains exactly 4 minorities?
What are the main policy aspects of the clean water act : What are the major policy aspects of the Clean Water Act? What is the history and statutory basis for federal regulation of wetlands? What are the national permits? What are the origin and significance of the no net loss policy?
Amount of depreciation-double-declining-balance method : What is the amount of depreciation, using the double-declining-balance method, for the third year of use for equipment costing $9,000, with an estimated residual value of $600 and an estimated life of three years?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Dates of the debt reduction

The mortgage holder on the vacation home agreed to reduce the mortgage from $60,000 to $50,000. The value of the personal residence was $80,000 and the value of the vacation home was $45,000 at the dates of the debt reduction.

  What existing provisions in the act

Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact.

  Guidance for particular transaction

What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?

  What will be the ending accounts payable balance

Tidbit Inc. has a sales budget for next month of $800,000. Cost of goods sold is expected to be 25 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.

  Analyze the impact to cpas

Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.

  How much income is each beneficiary entitled to receive

The Ricardo trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.

  Investment to contract services

Do you think that it is a wise investment to contract services taht provide security agains fraud or should it be an in-house department?

  Transactions between unrelated parties involve payments

All of the following transactions between unrelated parties involve payments to be made in succeeding taxable years. For which of the following transactions may the installment method not be used?

  Restructuring of the bank

As stipulated, your company is having financial difficulty and has asked the bank to restructure its $3 million note outstanding. The present note has 3 years remaining and pays a current interest rate of 10%.

  Identifiable net assets problem

On April 1, 2011, BigBen Company acquired 30% of the shares of LittleTick, Inc. BigBen paid $100,000 for the investment, which is $40,000 more than 30% of the book value of LittleTick's identifiable net assets.

  Explain this type of revenue recognition transaction

Explain this type of revenue recognition transaction, and what factors should be considered in determining when to recognize revenue in this transaction?

  Computing amount of ending finished goods inventory

During its first year of operations, Martin Company paid $4,000 for direct materials and $8,500 for production workers' wages. What is the amount of ending finished goods inventory for the first year?

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