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Assume the following transactions occurred during the year. The annual accounting period ends on December 31. Jan. 15 Purchased and paid for merchandise for resale at an invoice cost of $15,600. A periodic inventory system is used. Apr. 1 Borrowed $800,000 from a bank for general use, executing a one-year, 5% note payable June 14 Received a $12,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14. Dec. 15 Received an electric bill for $25,680. The bill will be paid in early January. Dec. 31 Determined wages owed to employees to be $13,500 that will be paid on January 2. Required: 1. Prepare journal entries for each of the transactions listed .2. Prepare any required adjusting entries on December 31.
speedy parcel service operates a fleet of delivery trucks in a large metropolitan area. a careful study by the companys
Assume Ingrid Swenson buys the set 1 hour 50 minutes into the sale. What will Ingrid pay? Round each calculation to the nearest cent. What is the markdown percent? Round to the nearest hundredth percent.
write a 700- to 1050-word paper in which you differentiate between managerial and financial accounting.address the
In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
The company reported estimated Returns and allowances in 2003 of $200,000. Burghoff actually purchased 11,000 units of its product from its manufacturer in 2003 at an average cost of $300 per unit.
Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the straight-line method. Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the effective-interest method.
Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January
april corporation in its first 3 years of operation paid out the following dividends year 1 0 year 2 27000 year 3
During the current year, Danny - a calendar-year taxpayer - acquired and placed in service the following business assets:
Tarrah Company's variable expenses are 72% of sales. The company's break-even point in sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
What is the future value of a 7%, 5-year ordinary annuity that pays $300 each year? If this were an annuity due, what would its future value be?
Dillon Corporation splits its common stock 2 for 1, when the market value is $40 per share. Prior to the split, Dillon had 50,000 shares of $10 par value common stock issued and outstanding. After the split, the par value of the stock:
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