Prepare the journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM131033739

QUESTION 1 - Gabrial Ltd. was incorporated on February 1, 2014 and is authorized to issue an unlimited number of preferred and common shares. The company entered into the following transactions during the year:

Feb 10- Issued 30,000 common shares for $2.30 per share.

Feb 21- Issued 4,000 common shares to the company's accountants as payment for a bill of $18,000 for services performed in helping the company to incorporate.

Mar 16- Issued 1,000 preferred shares for $95 per share.

Sep 10- Reacquired 3,000 common shares for $1.75 per share.

Instructions: Prepare the journal entries to record the above transactions.

QUESTION 2 - Walters Accounting Company receives its annual property tax bill for the calendar year on May1, 2015. The bill is for $32,000 and payable on June 30, 2015. Walters paid the bill on June 30, 2015. The company prepares quarterly financial statements and had initially estimated that its 2015 property taxes would be $30,000.

Instructions: Prepare all the required journal entries for 2015 related to the property taxes.

Reference no: EM131033739

Ending inventory and cost of goods sold

What was ending inventory and cost of goods sold on 12/31 under the FIFO cost flow assumption? What was ending inventory and cost of goods sold on 12/31 under the LIFO cost fl

Firm executing money market hedge

Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the firm executes a money market hedge?

Practitioner-related publication pertinent

Read an article from practitioner-related publication pertinent to your major field (Marketing or Management). Provide a summary of each article. Your summary should identify

Expense in the statement of activities

The infrastructure has a basis of $400 million and would be depreciated over a 40 year life, if depreciation were charged. The amount that would be shown as expense in the S

Investing in other business lines

In the analysis above, we have argued that firms should invest in projects as long as the return on equity is greater than the cost of equity. Assume that a firm is consider

Estimate of the maximum value of the kidman properties

FINA3324 Assignment 2016. Provide your estimate of the maximum value of the Kidman properties that DomaCom should pay. The maximum price is the price at which you think an inv

Improve management of receivables and inventory turnover

Do changes in turnover ratios affect profitability? Explain - identify any steps Tym might have taken, or might wish to take, to improve management of receivables and invento

Evergreen has hired an accountant to prepare financial

Evergreen has hired an accountant to prepare financial statements to determine how well his company is doing after three months. All adjustments affect one balance sheet accou


Write a Review

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