Entries by Grace Wahito

(TCO B) Adjusting entries: Retained Earnings at 1/1/1X was $0 and at 12/31/1X

February 12, 2020 in /by

(TCO B) Adjusting entries: Retained Earnings at 1/1/1X was $0 and at 12/31/1X was $400,000. During 201X, cash dividends of $60,000 were paid and a stock dividend of $100,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write DR for debit […]

 

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(TCO F) Daniels Company deposits all receipts and makes all payments by check.

February 12, 2020 in /by

(TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records. MARCH 31 BANK RECONCILIATIONBalance per bank $26,746 Add: Deposits in transit 2,100 Deduct: Outstanding checks  (3,800) Balance per books  $25,046 Month of April Results Per Bank Per Books Balance April 30 $27,995 $24,355 […]

 

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TCO G) In your audit of Garza Company, you find that a physical inventory on December 31, 2010

February 12, 2020 in /by

TCO G) In your audit of Garza Company, you find that a physical inventory on December 31, 2010, showed merchandise with a cost $541,000 was on hand at that date. You also discover the following items were all excluded from the inventory count. • Merchandise of $71,000, which is held by Garza on consignment. The consignee is […]

 

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(TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000

February 12, 2020 in /by

(TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000. The machine has an 8­year estimated life and a $144,000 estimated salvage value. Logan expects to manufacture 1,800,000 units over the life of the machine. During Year 2, Logan manufactured 300,000 units. Instructions: Calculate the Year 2 depreciation expense using […]

 

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