User Account

All Pages

Prepare the journal entry to record the purchase

Assignment Help Accounting Basics
Reference no: EM132034678

Question - Simons Equipment Ltd. purchased a delivery truck on June 1 for $42,000, paying $8,000 cash and signing a 6%, 2-month note for the remaining balance. The estimated useful life of the truck is expected to be 5 years. Simons prepares monthly financial statements.

Instructions

(a) Prepare the journal entry to record the purchase of the delivery truck on June 1.

(b) Prepare any adjusting journal entries that should be made on June 30.

(c) Show how the delivery truck will be reflected on Simons Equipment's statement of financial position at June 30.

Reference no: EM132034678

Questions Cloud

Calculate freddie corporation operating income : Company X produces a molded hard plastic covers for I-pads. Calculate Freddie Corporation's operating income for 2014 if variable costs had been 58% of revenues
What is the maximum volume the flask : What is the maximum volume the flask can have if equilibrium exists between liquid and vapor CS2?
Proper physical states and charges of ions : Remember that it includes proper physical states and charges of ions.
Compare the sound of the song to any other track : Briefly compare the sound of the song to any other track from the 1970s on the required listening and briefly discuss some differences.
Prepare the journal entry to record the purchase : Simons Equipment Ltd. purchased a delivery truck on June 1 for $42,000, Prepare the journal entry to record the purchase of the delivery truck on June 1
What is the specific heat capacity of the alloy : If the final temperature of the system is 31.10°C, what is the specific heat capacity of the alloy?
Explain differences between types of diabetes : Reflect on differences between types of diabetes including type 1, type 2, gestational, and juvenile diabetes. Select one type of diabetes.
Calculate the ph of the mixture that forms : 50.0-mL of this buffer solution is reacted with 50.0 mL of0.250 M HCl (aq). Calculate the pH of the mixture thatforms.
Calculate the specific heat of iron : Calculate the specific heat of iron. Assume that the density of the water is 1.00 g/mL.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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