Homework Answers
| Date | General Journal | Debit | Credit |
| Dec 28, 2018 | Inventory | $215600 | |
| Accounts payable | $215600 | ||
| (To record inventory purchased on account) | |||
| Jan 6, 2019 | Accounts payable | $215600 | |
| Cash | $215600 | ||
| (To record payment to Tristar Communications) | |||
Inventory= ($20000*11)-2%*($20000*11)
= $215600
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On December 28, 2018, Videotech Corporation (VTC) purchased 11 units of a new satellite uplink system...
On December 28, 2018, Videotech Corporation (VTC) purchased 11 units of a new satellite uplink system from Tristar...
On December 28, 2018, Videotech Corporation (VTC) purchased 11 units of a new satellite uplink system from Tristar Communications for $20,000 each. The terms of each sale were 2/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. (If no entry is required for a transaction/event, select "No...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: ...
On January 1, 2018, the general ledger of Big Blast Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
24,700
Accounts Receivable
43,500
Inventory
44,000
Land
82,600
Allowance for Uncollectible Accounts
3,100
Accounts Payable
28,200
Notes Payable (9%, due in 3 years)
44,000
Common Stock
70,000
Retained Earnings
49,500
Totals
$
194,800
$
194,800
The $44,000 beginning balance of inventory consists of 440
units, each costing $100. During January 2018, Big Blast Fireworks
had the following inventory transactions:
...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on account 2. Paid weekly salaries, $1,050. 3. Recorded sales for the first week: Cash: $8,400; On account: $6,600. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges...
Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment $55,000 3,200 800 1,000 2,000 The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Journal entry worksheet Record the purchase of equipment. Note: Enter debits before credits. Transaction General Journal Debi Debit Credit...
As a long-term investment at the beginning of the 2018 fiscal year, Florists International purchased 30%...
As a long-term investment at the beginning of the 2018 fiscal year, Florists International purchased 30% of Nursery Supplies Inc.'s 20 million shares for $63 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $40 million and distributed cash dividends of $1.00 per share. At the end of the year, the fair value of the shares is $59 million Required: Prepare the appropriate journal...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later, Elroy resold 450 shares of the treasury stock for $38 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$25 par...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$25 par value, 100,000 shares authorized,
60,000 shares issued and outstanding
$
1,500,000
Paid-in capital in excess of par value, common stock
80,000
Retained earnings
370,000
Total stockholders' equity
$
1,950,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 4,500 shares of its own stock at $20 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
On December 28, 2018, Videotech Corporation (VTC) purchased 11 units of a new satellite uplink system from Tristar Communications for $20,000 each. The terms of each sale were 2/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019. Prepare the journal entries on December 28 and January 6 to record the purchase and payment. (If no entry is required for a transaction/event, select "No...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
On January 1, 2018, the general ledger of Big Blast Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
24,700
Accounts Receivable
43,500
Inventory
44,000
Land
82,600
Allowance for Uncollectible Accounts
3,100
Accounts Payable
28,200
Notes Payable (9%, due in 3 years)
44,000
Common Stock
70,000
Retained Earnings
49,500
Totals
$
194,800
$
194,800
The $44,000 beginning balance of inventory consists of 440
units, each costing $100. During January 2018, Big Blast Fireworks
had the following inventory transactions:
...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on account 2. Paid weekly salaries, $1,050. 3. Recorded sales for the first week: Cash: $8,400; On account: $6,600. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment $55,000 3,200 800 1,000 2,000 The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Journal entry worksheet Record the purchase of equipment. Note: Enter debits before credits. Transaction General Journal Debi Debit Credit...
As a long-term investment at the beginning of the 2018 fiscal year, Florists International purchased 30% of Nursery Supplies Inc.'s 20 million shares for $63 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $40 million and distributed cash dividends of $1.00 per share. At the end of the year, the fair value of the shares is $59 million Required: Prepare the appropriate journal...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later, Elroy resold 450 shares of the treasury stock for $38 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$25 par value, 100,000 shares authorized,
60,000 shares issued and outstanding
$
1,500,000
Paid-in capital in excess of par value, common stock
80,000
Retained earnings
370,000
Total stockholders' equity
$
1,950,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 4,500 shares of its own stock at $20 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
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