Entries by mary WAMBUGU

The beginning of year accounts payable was $82,000. Purchases on trade accounts during the year were $452,000, and payments on account were $415,000.

August 29, 2019 in /by

Examine the following items and prepare the current liabilities section of the Balance sheet for Annapolis Corporation as of December 31, 2015 The beginning of year accounts payable was $82,000.  Purchases on trade accounts during the year were $452,000, and payments on account were $415,000.   The company incurs substantial costs in its manufacturing plant.  […]

 

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Prepare the journal entries for the eight following transactions. Use dates but descriptions are not required. On 10/1/15, Equipment was purchased for $10,000 cash down payment and a 10% per annum promissory note of $40,000.

August 29, 2019 in /by

Prepare the journal entries for the eight following transactions.  Use dates but descriptions are not required. On 10/1/15, Equipment was purchased for $10,000 cash down payment and a 10% per annum promissory note of $40,000. On  12/31/15, the fiscal year ended and the accrued interest was recorded as an adjusting entry. On June 30, 2016 […]

 

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A company buys a new parcel of land. Which of the following items is properly debited to the land account? paving a road to access the land

August 29, 2019 in /by

Question 1 A company buys a new parcel of land. Which of the following items is properly debited to the land account? paving a road to access the land demolishing an existing structure the fees on a mortgage loan on the land planting of trees and shrubs Question 2 What type of asset is subject […]

 

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Complete journal entries for the following transactions: 1. Sales for the month of June were $75,000. Using a percentage allowance method of 1% record the allowance.

August 29, 2019 in /by

Complete journal entries for the following transactions: 1. Sales for the month of June were $75,000.  Using a percentage allowance method of 1% record the allowance. 2.  On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay 3. On July 15, surprisingly one of the customers who […]

 

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