Prepare the journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM131033740

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: EM131033740


Write a Review


Accounting Basics Questions & Answers

  Prepare a bank reconciliation as of september for happ inc

Bank reconciliation The balance in Happ, Inc.'s general ledger Cash account was $12,430 at September 30, before reconciliation. Prepare a bank reconciliation as of September 30 for Happ, Inc.

  What is the fair value of the new parcel of land received

Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

  Sandi scott obtained a patent on a small electronic device

sandi scott obtained a patent on a small electronic device and organized scott products inc. to produce and sell the

  What sort of return must bill earn

What sort of return (interest) must Bill earn so he can retire according to his plan?

  Organization forms and taxation

There are several forms of business organizations. The Internal Revenue Code (IRC) taxes different forms in different ways. The tax implications can sometimes be important enough to determine the choice of the form.

  Improvement by convergence of us gaap into ifrs

Suggestions for improvement by convergence of US GAAP into IFRS

  Prepare schedules of accounts

Prepare schedules of accounts receivable, accounts payable, and inventory as at 30 April 2012, and reconcile these with the control accounts in the general ledger.

  At the time of green towers acquisition blue lofts

prepare journal entries for followingbull on january 1 20x2 green tower ltd. acquired all the outstanding common shares

  What is cost of goods sold per unit using variable costing

peggys pillows produces and sells a decorative pillow for 75.00 per unit. in the first month of operation 2000 units

  Accounting for the oil

During 2014, 24,000 barrels of oil were produced and 18,100 barrels were sold. Which of the following statements is correct with respect to the accounting for the oil well?

  What is the value of this investment today

What would the value of the investment be if the cash flows last 20 years (again, with the first payment today!)? How come the value of the investment IS NOT twice as much? (After all, you will receive twice as much cash in the 20 year annuity: 3600 ..

  Explain the top five reasons private companies

Identify and explain the top five reasons private companies go public. Explain information the firm is required to provide to the investor with complete transparency.

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