On July 1, 2016, Alpha Company, a world famous international monthly food publication, sold 1,000 two-year subscriptions to their highly demanded monthly magazine. Each subscription sold for $15 each. Monthly magazines are mailed at the end of each month. Use this information to prepare the July 1 subscription sale and the year end adjusting General Journal entries […]
On July 1, 2016, Alpha Company borrowed $125,000 from Mega Bank. Alpha signed a 6% note, due in one year. Alpha uses accrual basis for accounting and its fiscal year ends on December 31. Use this information to prepare the compound General Journal entry (without explanation) for the payment of the note on June 30, […]
On July 1, 2016, Alpha Company purchased from Zulu Company, a truck for $34,000. Alpha signed a Note Payable due in one year for $36,040. Alpha uses accrual basis for accounting and its fiscal year ends on December 31. Use this information to prepare the compound General Journal entry (without explanation) for the payment of […]
The following are selected accounts for the Alpha Dog Company after all Fiscal Year December 31, 2016, adjusting entries & closing entries have been posted. All balances are normal. Account Amount Common Stock, $5 par $160,000 Treasury Stock, at cost $10 per share 25,000 Dividends Payable 7,000 Paid in Capital in excess of par, Common […]
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