l AT&T ?5:05 PM55%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 $2,800Since you know the client well and she has good credit, you will accept full payment in August. Preparethe appropriate entry for July.delivered it to the client.10. Your company issued bonds several years ago (borrowed money) and interest payments of $600 aremade 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 nextyear. Prepare the appropriate journal entry for November.12. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. OnAugust 31, it purchased $50,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10 n30. 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 thatpertain to August 31. Hint: You are the seller.15. Assume the factsProblem 13. Prepare the appropriate journal entry. Hint: You are the seller. l AT&T ?5:05 PM55%Your company purchased six months worthpurchase price was $25,000.1.supplies on January 1. This is a credit purchase. Thef supplies was taken and $18,000 worth ofAssume the facts in problem 1. On March 31, an inventorysupplies was remaining in inventory.2.A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policywas delivered.3.Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month ofFebruary.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 adjustingentry.On May 16, an architect was given $1,500 to draft house plans. The plans will be drawn up some timein July. Prepare the appropriate journal entry for May.7.

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1. Your company purchased six months worth of supplies on January 1. This is a credit purchase. The purchase price was $25,000. 2. Assume the facts in problem 1. On March 31, an inventory of supplies was taken and $18,000 worth of supplies was remaining in inventory. 3. A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy was delivered. Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month of February 4. 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. 7. 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.

1. Your company purchased six months worth of supplies on January 1. This is a credit purchase. The purchase price was $25,000. 2. Assume the facts in problem 1. On March 31, an inventory of supplies was taken and $18,000 worth of supplies was remaining in inventory. 3. A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy was delivered. Assume the facts in problem 3. Record the appropriate adjusting journal entry for the month of February 4. 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. 7. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journal entries 1. Your company purchased six months worth of supplies on January 1. This is a credit purchase. The purchase price was $25,000. 2. Assume the facts in problem 1. On March 31, an inventory of supplies was taken and $18,000 worth of supplies was remaining in inventory. 3. A one-year insurance policy was purchased on January 1, for $19,000. Cash was paid when the policy was delivered. 4. 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. 7. 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.
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