FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question
Ayayai Corporation builds in-home theater systems. Ayayai's business is growing quickly. Therefore, the CEO, Paul Ayayai, decides to purchase three new trucks on September 20, 2017. The terms of acquisition for each truck are described below. The first truck's list price is $15,540. Ayayai exchanges home theater equipment from its inventory for the truck. The home theater equipment cost Molitor $9,620. Ayayai normally sells the equipment for $14,615. Ayayai uses a perpetual inventory 1. system. The second truck has a list price of $16,280. Ayayai makes a down payment of $3,700 cash on this truck and signs a zero- interest-bearing note with a face amount of $12,580. Payment of the note is due September 20, 2018. Ayayai would normally have to pay interest at a rate of 8% for such a borrowing. The list price of the third truck is $14,208. This truck is acquired in exchange for 888 shares of common stock in Ayayai Corporation. The stock has a par value per share of $10 and a market price of $14 per share. 3. Prepare the appropriate journal entries for the above transactions for Ayayai Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 5,275.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2.
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Transcribed Image Text:Ayayai Corporation builds in-home theater systems. Ayayai's business is growing quickly. Therefore, the CEO, Paul Ayayai, decides to purchase three new trucks on September 20, 2017. The terms of acquisition for each truck are described below. The first truck's list price is $15,540. Ayayai exchanges home theater equipment from its inventory for the truck. The home theater equipment cost Molitor $9,620. Ayayai normally sells the equipment for $14,615. Ayayai uses a perpetual inventory 1. system. The second truck has a list price of $16,280. Ayayai makes a down payment of $3,700 cash on this truck and signs a zero- interest-bearing note with a face amount of $12,580. Payment of the note is due September 20, 2018. Ayayai would normally have to pay interest at a rate of 8% for such a borrowing. The list price of the third truck is $14,208. This truck is acquired in exchange for 888 shares of common stock in Ayayai Corporation. The stock has a par value per share of $10 and a market price of $14 per share. 3. Prepare the appropriate journal entries for the above transactions for Ayayai Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 5,275.50. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2.
No. Account Titles and Explanation Debit Credit 1. 2. 3.
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Transcribed Image Text:No. Account Titles and Explanation Debit Credit 1. 2. 3.
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