Entries by mary WAMBUGU

Alpha Company established a petter cash fund on July 1, 2017 by writing a cheque in the following amount of $500 and placing the proceeds into a strong box.

August 22, 2019 in /by

Alpha Company established a petter cash fund on July 1, 2017 by writing a cheque in the following amount of $500 and placing the proceeds into a strong box. The custodian, Mr. Faithfully Honest accepted the responsibility for the petty cash fund on that date. The following petty cash events occurred based on the receipts […]

 

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Baltimore Company experienced an increase in total assets of $10,500 during the current year.

August 22, 2019 in /by

Baltimore Company experienced an increase in total assets of $10,500 during the current year. During the same time period, total liabilities increased $2,100. Shareholders made no investments during the year and no dividends were paid. How much was Baltimore’s net income Annapolis Corporation’s trial balance included debits to expense accounts of $165,000, credits to revenue accounts of $252,000, […]

 

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During 2018, Towson Company had credit sales of $58,000 and cash sales of $10,000.

August 22, 2019 in /by

During 2018, Towson Company had credit sales of $58,000 and cash sales of $10,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $63,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also […]

 

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On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment.

August 22, 2019 in /by

On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.  Need Journal entry for Dec 31 On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $2,000. Friday, April 3, Bravo paid employee wages of $5,000 for the […]

 

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