Prepare journal entries for the given transactions

Assignment Help Financial Accounting
Reference no: EM13844561

Question- The following selected transactions relate to liabilities of Chicago Glass Corporation for 2013. Chicago's fiscal year ends on December 31.

1. On January 15, Chicago received $7,000 from Henry Construction toward the purchase of $66,000 of plate glass to be delivered on February 6.

2. On February 3, Chicago received $6,700 of refundable deposits relating to containers used to transport glass components.

3. On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price.

4. First quarter credit sales totaled $700,000. The state sales tax rate is 4% and the local sales tax rate is 2%.

Required: Prepare journal entries for the above transactions.

Reference no: EM13844561

Questions Cloud

About use the boost methodology : You are required to logically extend the functionality of the Maze Game introduced during lectures, via the modification of the code base as well as documentation and implementation of various user stories.
Microsoft revenues and profits : Microsoft, like other software makers, has been shocked by the increasing number of applications available on the Internet and not on the PC, many of which have been pioneered by Google and Yahoo! These include better and faster versions of Intern..
Managing complex organization : The essays should focus on Things of great personal interest, Points of agreement or disagreement, Insights, or aha experiences.  Relate these things to your work or organizational life.
Prepare the appropriate adjusting entry for vacations earned : MullerB Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. Prepare the appropriate adjusting entry for vacations earned but not taken in 2013.
Prepare journal entries for the given transactions : First quarter credit sales totaled $700,000. The state sales tax rate is 4% and the local sales tax rate is 2%. Prepare journal entries for the above transactions.
Measure performance management in organizations : Evaluate the use of metrics to measure performance management in organizations. Analyze the behavioral factors that should be considered by an organization when they are measuring an employee's performance. Justify your responses with references t..
Contrast essay on brown vs the educational system : Compare and contrast essay on brown vs the educational system and jim crow laws in mla format with a work cited page with a online referance and a book referance due by tonight can anyone help me?
Determine the amount of interest expense : Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption.
Case study the sallys pet store : Data Gathering( such as interview, etc.) and Data Analysis(such as Document Analysis, etc) to determine system's requirements

Reviews

Write a Review

Financial Accounting Questions & Answers

  Preparation of income statement and classified balance

preparation of income statement and classified balance sheet.preparing financial statementsthe following account

  Normative accounting theories

Find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after June 2013

  Arrangements in its consolidated financial statements

Rosie Corporation has 70% of the outstanding voting stock of Smith Corporation and 10% of the voting stock of Tommy Corporation. Smith also just spent $10,000 to acquire 20% of Tommy’s voting stock. Smith has issued irrevocable letters of credit to g..

  How much of net income

interest on original investment at 10%, salary allowances of $28,803 and $30,420 respectively, and the remainder equally. How much of the net income of $118,415 is allocated to X?

  What is the over-or underapplied variable overhead

Wissota Co. applies overhead based on direct labor hours. The variable overhead standard is 4 hours at $6 per hour. During February, Wissota Co. spent $56,700 for variable overhead. 9,150 labor hours were used to produce 2,400 units. What is the over..

  Consider the purchase of an outstanding bond

On April 1, 2014, you consider the purchase of an outstanding bond that is issued on April 1, 2013. It has an 8% annual coupon and has a 30 year original maturity. It matures at the end of March 2043. There are five years of call protection, which is..

  What factors may cause variation from client to client

What factors may cause variation from client to client and industry to industry with respect to auditing tests?

  Determining tax effect of transaction

A firm is selling an existing asset for $5000. The asset when purchased cost $10,000, was depreciated under MACRS using a five-year recovery period and has been depreciated for four full years.

  Create a journal entries to both reimburse the fund

Prepare journal entry to reimburse it on January 8. Create a journal entries to both reimburse the fund and increase it to $240 on January 8, assuming no entry

  Assuming that you are the controller for a publicly traded

assuming that you are the controller for a publicly traded company your cfo has asked you to prepare a presentation for

  Equivalent units for conversion costs

Baker Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 13,600 units in its beginning work in process inventory that were 90% complete with respect to conversion costs.

  Briefly review the consolidated statements of cash flows

Have operating cash flows been sufficient to meet investing needs and to pay dividends? b. Were there significant changes to any of the specific line-item details that you think would require further explanation or analysis?

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