Journalize the following transactions for Ivanhoe Company.(a) Purchased 6,800 units of raw materials on account for $12,910. The standard cost was $13,600.(b)Issued 6,650 units of raw materials for production. The standard units were 6,790.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Account Titles and Explanation(a)Raw Materials InventoryAccounts PayableManufacturing OverheadDebit13600(b)Work in Process Inventory12635Raw Materials InventoryManufacturing OverheadCredit6901291012635

Step 1:The recording of financial and economic transactions in chronological order in the accounting…

Answered: Journalize the following transactions…

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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I have the entire chart completed as seen in the attachment but I can not figure out what I am doing wrong on the two parts marked with red x's.Please help. Duke Company’s records show the following account balances at December 31, 2021: Sales revenue $ 16,800,000 Cost of goods sold 9,900,000 General and administrative expense 1,090,000 Selling expense 590,000 Interest expense 790,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. $390,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $490,000 was written off as obsolete. Material losses of this type are considered to be unusual. It was discovered that depreciation expense for 2020 was understated by $59,000 due to a mathematical error. The company experienced a negative foreign currency translation adjustment of $290,000 and had an unrealized gain on debt securities…
Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as an Accounting Officer. As per job description, you are required to assist in the preparation of the financial statements. The Accounts Manager has extracted a list of balances as at December 2021 for you to review. Revenue 7 600 010 Administrative Expenses 2 300 000 Distribution Costs 980 231 Interest paid on loan Purchases 125 000 4 500 330 1 018 900 Inventories at 1 January 2021 Trade receivables 630 340 Provision for doubtful debts at Jan 2021 19 634 Bad debts 70 110 Non- current Investment 300 900 Additional notes i. Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021 and Distribution Costs of $50 528 owing at 31 December 2021 Provision for Doubtful Debts is to be maintained at 10% of receivables ii. iii. Inventories at 31 December 2021 were valued at $1 000 000 iv. Provide for corporation tax of S80 000 which is payable on October 1, 2022 Loan interest…
Rite Shoes was involved in the transactions described below. Purchased $8,200 of inventory on account. Paid weekly salaries, $920. Recorded sales for the first week: Cash: $7,100; On account: $5,300. Paid for inventory purchased in event (1). Placed an order for $6,200 of inventory. Required:Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Credit Prepare separate entries for each transaction for Sandhill Company. The merchandise purchased by Teal Mountain on June 10 cost Sandhill $2,090, and the goods returned cost Sandhill $280. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date く Account Titles and Explanation > (To record credit sale) > (To record cost of goods sold) > Debit To record credit for recoint of goods returned)
Splish Company sold $8,950 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries ignoring cost of goods sold entries when (a) Splish makes the sale. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) (b) Splish grants an allowance of $658 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) (c) at year-end; Splish estimates that an additional $200 in allowances will be granted to Elkins. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account…
Sold $32,800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) . Date April 28 April 28 Account Titles and Explanation May 3 May 3 Accounts Receivable Sales Refund Liability (To record sales) Cost of Goods Sold Estimated Inventory Returns Inventory (To record cost of goods sold) Date Account Titles and Explanation (To record sales returns) Debit (To record cost of goods returned) 32800 Debit 23040 960 On May 3, merchandise with a selling price of $1,260 was returned by Valez. The goods had a cost of $960 and they were restor to inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is…
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On March 2, Riverbed Company sold $832,000 of merchandise on account to Swifty Corporation, terms 2/10, n/30. The cost of the merchandise sold was $603,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation (b) Your answer is correct. (c) Inventory Accounts Payable e Textbook and Media List of Accounts ✓ Your answer is correct. Inventory eTextbook and Media On March 6, Swifty Corporation returned $83,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Accounts Payable List of Accounts ➡ Your answer is partially correct. Account Titles and Explanation…
(a) Your answer is correct. On March 2, Riverbed Company sold $832,000 of merchandise on account to Swifty Corporation, terms 2/10, n/30. The cost of the merchandise sold was $603,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (b) Inventory Accounts Payable eTextbook and Media List of Accounts Debit 832,000 Debit Credit 832,000 Attempts: 1 of 3 used On March 6, Swifty Corporation returned $83,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Credit
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax $74,000 5,950 Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 1,980 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet re to search ASUS

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