At the beginning of the month, a company purchased a new truck for $135,000, paying $63,000 cash and agreeing to pay the balance over 12 months through a no-interest financing offer provided by the car dealer. The entry to record the purchase of the truck is recorded at month-end. What would the effect of this transaction on the company's current month-end accounting equation? A. No effect on Assets; $135,000 decrease in Liabilities; $135,000 increase in Stockholders' Equity. B. $66,000 increase in Assets; $66,000 increase in Liabilities; No effect on Stockholders' Equity. C. $135,000 increase in Assets; No effect on Liabilities; $135,000 increase in Stockholders' Equity. D. No effect on Assets; $72,000 increase in Liabilities; $72,000 decrease in Stockholders' Equity.

Current Attempt in Progress Swifty Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities: 1. Swifty's cash register showed the following totals at the end of the day on March 17: pre-tax sales $55,000, GST $2,750, and PST $3,850. 2. 3. Swifty remitted $49,000 of sales taxes owing from March to the government on April 30. Swifty paid its employees for the week of August 15 on August 20. The gross pay was $80,000. The company deducted $4,240 for CPP, $1,264 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. 4. Swifty recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,240 and $1,770, respectively. 5. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. 6. On December 31, Swifty's legal counsel believes that the company will have to pay damages of $62,000 next year to a local…

Acme Inc. recognized the following transactions during their first year of business

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Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:  Cash $22,000Investments (short-term) $3,000Accounts receivable $3,000Inventory $20,000Notes receivable (long-term) $1,000Equipment $50,000Factory building $90,000Intangibles $5,000Accounts payable $15,000Accrued liabilities payable. $4,000Notes payable (current) $7,000Notes payable (noncurrent) $47,000Common stock $10,000Additional paid-in capital $80,000Retained earnings $31,000 During the current year, the company had the following summarized activities: Purchased short-term investments for $10,000 cash. Lent $5,000 to a supplier, who signed a two-year note. Purchased equipment that cost $18,000; paid $5,000 cash and signed a one- year note for the balance. Hired a new president at the end of the year. The contract was for $85,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins…

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An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible accounts on December 31 per aging 300,000 What is the “amortized cost” of accounts receivable on December 31?

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ook ht rint rences In its first year of operations, Cloudbox has credit sales of $230,000. Its year-end balance in accounts receivable is $13,000, and the company estimates that $3,000 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $29,500, Cash is $21,500, and Prepaid Rent is $3,750. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Bad debts expense 8 Allowance for doubtful accounts Debit Credit