User Account

All Pages

Prepare journal entries of all mentioned transactions

Assignment Help Financial Accounting
Reference no: EM133053592

Question - Jacob and sons, Inc is a grocery store that purchased on January 1st a new vehicle for the delivery of clients.

The price of the vehicle if $50,000. The company estimates the useful life or 8 years and a salvage value of $2,000.

In order to finance the purchase the company issued a 5% note payable. Interests are paid every 1st of January of the following year. On 1st of June the company contracted a 12 months insurance policy for $900.

At 31st of November the company had received an order from a client for $20,000. The client has made the payment and the merchandise has been delivered on 31st of December.

1. Prepare the journal entries of all the above mentioned transactions (purchase of the vehicle, issuance of the note payable, prepayment of the insurance, and advance payment from the client.

2. Prepare the adjusting entries to be made on 31st of December (depreciation, interest, insurance, unearned revenue).

Reference no: EM133053592

Questions Cloud

What single payment made today would be : What single payment made today would be equivalent to these original payments? Assume that money earns 3.75% compounded semi-annually
Fertility drugs and ovarian cancer : Stanford University medical researchers conducted a study on the correlation between the use of fertility drugs and ovarian cancer.
What is the annual after-tax cost to Idaho Office Supply : What is the annual after-tax cost to Idaho Office Supply if it provides Seiko with the $18,900 increase in salary? (Ignore payroll taxes.)
Focus on mobile networks : We looked at networks in general; however, in this discussion we're looking at wireless networks, mostly focusing on mobile networks
Prepare journal entries of all mentioned transactions : Prepare the journal entries of all the above mentioned transactions (purchase of the vehicle, issuance of the note payable, prepayment of the insurance
Database and information system : What is the relationship between a database and an information system? What impact does this relationship have on database design?
Explain the accounting treatment for the transfer : Explain the accounting treatment for the transfer of owner-occupied property on 1 January 2020 and for the year ended 31 December 2020
The available radio frequencies : What are the various technologies employed by wireless devices to maximize their use of the available radio frequencies?
Secure multi-party computation : Three important protocols discussed were Secure Multi-Party Computation (SMPC), Policy-Backed Token (PBT) and Open Asset Protocol (OAP).

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd