User Account

All Pages

Record the transactions in smooth sound journal

Assignment Help Accounting Basics
Reference no: EM131714244

Question - The following transactions of Smooth Sounds Music Company occurred during 2012 and 2013:

2012

Mar 3 Purchased a piano (inventory) for $50,000, signing a six-month, 8% note payable.

May 31 Borrowed $85,000 on an 8% note payable that calls for annual installment payments of $17,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable.

Sep 3 Paid the six-month, 8% note at maturity.

Dec 31 Accrued warranty expense, which is estimated at 2.5% of sales of $196,000.

Dec 31 Accrued interest on the outstanding note payable.

2013

May 31 Paid the first installment and interest for one year on the outstanding note payable.

Required - Record the transactions in Smooth Sound's journal. Explanations are not required.

Reference no: EM131714244

Questions Cloud

Explain the importance of the cash conversion cycle : Explain the importance of the cash conversion cycle. Discuss the purpose of the cash conversion cycle and its components.
Discuss the projectile and gunshot trauma of the skeleton : You need an annotated bibliography done for my forensic anthropology class. It has to be 10 journal articles or book chapters.
What is the frequency of this uv light : Photons of a certain ultraviolet light have an energy of 6.49 10-19 J.
Discuss pathological ramifications of the condition : the gastrointestinal system and discuss the epidemiological characteristics and pathological ramifications of the condition
Record the transactions in smooth sound journal : Mar 3 Purchased a piano (inventory) for $50,000, signing a six-month, 8% note payable. Record the transactions in Smooth Sound's journal
Analyze the association between fat content and sodium : Fast food is often considered unhealthy because much of it is high in both fat and sodium. But are the two related? Here are the fat and sodium contents.
Identify characteristics of viruses : Identify characteristics of viruses. Describe the classification of viruses. Discuss viral replication in microbiology. Describe virus-like agents.
Find the initial separation between mass and spring : Now, the external force is rapidly removed so that the compressed spring can push up the mass. Find the initial separation between mass and spring.
Consequence of the uncertainties : Obtain an explicit formula for the velocity of the ball v leaving the spring gun in terms of the measured quantities, v(h, ?x), where h is the height

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assuming that a periodic inventory system is used what is

piper pipes has the following inventory data

  Suppose that in 2013 global launches an aggressive

suppose that in 2013 global launches an aggressive marketing campaign that boosts sales by 15. however their operating

  Wabaunsee corporation uses the direct method

Wabaunsee allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.

  Problem regarding current product mix

At the current product mix, how many bottles of Shiny Coat and Flea-B-Gone must the Doggy Palace sell in a year in order to earn a profit of $25,000? (number of each)

  Why is it important for accountants to act in ethical manner

Why is it important for accountants to act in an ethical manner? How does the public view the ethical obligation of governmental accountants

  Types of evidence during their audit of black oil

Assume that the auditors find serious weaknesses in the internal control of Black Oil, Inc., a producer and distributor of fine wines. Would these internal control weaknesses cause the auditors to rely more or less upon each of the following types..

  Identify decisions that managers

Identify decisions that managers like Choi must make in applying decision methods.

  Discuss the accounting treatment or disclosure

Discuss the accounting treatment or disclosure that should be accorded a declared but unpaid cash dividend; an accumulated but undeclared dividend on cumulative preferred stock; a stock dividend distributable.

  Assume no interest is accrued on june 30

Suppan Company uses the straight-line method to amortize bond premium or discount.The bonds were sold at 96.Assume no interest is accrued on June 30.

  Compare job order costing with process costing

Define job order costing. Compare and contrast job order costing with process costing. Trace the flow of costs through a job order costing system

  Company working capital-current ratio

Indicate the effect of each item on a Company's working capital, current ratio, and acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect.

  Computing amount paid to common shareholders

Intrepid Inc. declared a $1,000,000 cash dividend. It currently has 15,000 shares of 6%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Intrepid distribute to the common ..

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