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On January 2, 2016, Alpha Company purchased a patent for $72,000. The patent has a remaining legal life of nine years and an expected service life of eight years. Use this information to prepare the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write "No Entry Required."
General Journal:
Date Accounts Debit Credit
Kimm Company has gathered the information shown below about its product. Direct materials. Each unit of product contains 4.30 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.50 pounds.
Record each transaction. The company uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, Rent Expens..
It is required to have the equivalent of $5,000,000 of today’s money available in 25 years from now. Inflation is expected to average 4% per year over the next 25 years. How much money needs to be available in 25 years from now.
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $288,000 and machine hours to be 14,400. Actual manufacturing overhead and..
Describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements
A company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600. Assume the use of periodic inventory procedure, the cost of ending invento..
In Quickbooks to record the Amercian Express Credit card deposit for the day, and reduce the doposit by 2%. create a make Amex deposit trasaction and enter 2% in the discount Fee field. From the check register, directly enter the date, and enter the ..
Marcus, a resident of Texas, has found the ideal gift for his wife in celebration of their upcoming wedding anniversary, which is a $22,000 diamond tennis bracelet. However, Marcus is appalled at the prospect of paying the state and local sales tax o..
Zane has received a prize which entitles him to receive annual payments of $10,000 for the next 10 years. Which of the following is to be referred to in order to calculate the total value of the prize today?
Thornwood Lanes bought a service vehicle for $25,000 by issuing a 6 percent installment note on December 31, 2009. Prepare the amortization table using the effective interest rate method.
Guehler Electric sold $ 2,928,000 , 11 %, 10-year bonds on January 1, 2014. - Guehler Electric uses the straight-line method to amortize bond premium or discount.
Under traditional product costing, compute the total unit cost of both products. Prepare a simple comparative schedule of the individual costs by product
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