FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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8. Assume the facts in problem 7. In July the architect drew up the plans and delivered them to the client.
Prepare the appropriate adjusting journal entry for July.
9. You are a financial planner. In July you drafted a financial plan for $2,800
Since you know the client well and she has good credit, you will accept full payment in August. Prepare
the appropriate entry for July.
delivered it to the client.
10. Your company issued bonds several years ago (borrowed money) and interest payments of $600 are
made twice a year on July 1, and January 1. Prepare the appropriate journal (adjusting journal entry)
entry for the month of February 2007 to recognize one month of interest expense.
11. On November 14, your company declared dividends of $7,000,000 to be paid on January 19 of the next
year. Prepare the appropriate journal entry for November.
12. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. On
August 31, it purchased $50,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n
30. Prepare the appropriate journal to record the purchase of these tires.
13. Assume the facts in problem 12. The company paid the invoice on September 2.
14. Assume the facts in Problem 12. Prepare the appropriate journal entry for Louisiana Tire Sales that
pertain to August 31. Hint: You are the seller.
15. Assume the facts
Problem 13. Prepare the appropriate journal entry. Hint: You are the seller.
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Transcribed Image Text:l AT&T ? 5:05 PM 55% 8. Assume the facts in problem 7. In July the architect drew up the plans and delivered them to the client. Prepare the appropriate adjusting journal entry for July. 9. You are a financial planner. In July you drafted a financial plan for $2,800 Since you know the client well and she has good credit, you will accept full payment in August. Prepare the appropriate entry for July. delivered it to the client. 10. Your company issued bonds several years ago (borrowed money) and interest payments of $600 are made twice a year on July 1, and January 1. Prepare the appropriate journal (adjusting journal entry) entry for the month of February 2007 to recognize one month of interest expense. 11. On November 14, your company declared dividends of $7,000,000 to be paid on January 19 of the next year. Prepare the appropriate journal entry for November. 12. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. On August 31, it purchased $50,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n 30. Prepare the appropriate journal to record the purchase of these tires. 13. Assume the facts in problem 12. The company paid the invoice on September 2. 14. Assume the facts in Problem 12. Prepare the appropriate journal entry for Louisiana Tire Sales that pertain to August 31. Hint: You are the seller. 15. Assume the facts Problem 13. Prepare the appropriate journal entry. Hint: You are the seller.
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Your company purchased six months worth
purchase price was $25,000.
1.
supplies on January 1. This is a credit purchase. The
f supplies was taken and $18,000 worth of
Assume the facts in problem 1. On March 31, an inventory
supplies was remaining in inventory.
2.
A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy
was delivered.
3.
Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month of
February.
5.
On March 1, 2016 conference room furniture for was purchased on credit for $12,000.
6.
Assume the facts in problem 5. The furniture has a 12 year life. Record the appropriate adjusting
entry.
On May 16, an architect was given $1,500 to draft house plans. The plans will be drawn up some time
in July. Prepare the appropriate journal entry for May.
7.
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Transcribed Image Text:l AT&T ? 5:05 PM 55% Your company purchased six months worth purchase price was $25,000. 1. supplies on January 1. This is a credit purchase. The f supplies was taken and $18,000 worth of Assume the facts in problem 1. On March 31, an inventory supplies was remaining in inventory. 2. A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy was delivered. 3. Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month of February. 5. On March 1, 2016 conference room furniture for was purchased on credit for $12,000. 6. Assume the facts in problem 5. The furniture has a 12 year life. Record the appropriate adjusting entry. On May 16, an architect was given $1,500 to draft house plans. The plans will be drawn up some time in July. Prepare the appropriate journal entry for May. 7.
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