Question: The State Fair Company completed the following transactions during 2014. The annual accounting period ends on December 31, 2014. April Borrowed $700,000 from Borlaug Bank for general use; executed a 10- June July Dec. Received a $15,000 customer deposit from Ward Nefstead for services to Performed $3,750 of the services paid for by Ward Nefstead Received an electric bill for $27,860. State Fair will pay it next January Dec. Determined wages of $52,000 earned but not yet paid on December 31 Prepare journal entries for each of these transactions.Electronics4U manufactures high-end whole- home electronic systems. The company provides a 1-year warranty for all products sold. The company estimates that the warranty cost is $200 per unit sold, and it reported liability for estimated warranty costs of $1,000,000 at the beginning of this year. If, during the current year, the company sold 50,000 units for a total of $243 million and paid warranty claims of $7,500,000 on current and prior- year sales, what amount of liability would the company report on its balance sheet at the end of the current year? a) $2,500,000 b) 3,500,000 c) $9,000,000 d) $10,000,000 Assume that Cart Sales Company completed the following note payable transactions: 2016: Jul. 1 Purchased delivery truck costing $57,000 by issuing a one- Dec. Accrued interest on the note payable 2017: Jul. 1 Paid the note payable at maturity 1. How much interest expense must be accrued on December 31, 2016?2. Determine the amount of Cart Sales' final payment on July 1, 2017.3. How much interest expense will Cart Sales report for 2016 and for 2017?

The following facts relate to gift cards sold by Sunbru Coffee Company during 2018. Sunbru’s fiscal year ends on December 31. (a.) In October 2018, sold $3,100 of gift cards, and redeemed $510 of those gift cards. (b.) In November 2018, sold $4,100 of gift cards, and redeemed $1,410 of October gift cards and $710 of November gift cards. (c.) In December 2018, sold $3,100 of gift cards, and redeemed $210 of October gift cards, $2,100 of November gift cards, and $410 of December gift cards. (d.) Sunbru views a gift card to be “broken” (with a remote probability of redemption) two months after the end of the month in which it is sold. Thus, an unredeemed gift card sold at any time during July would be viewed as broken as of September 30. Required:1. Prepare all journal entries appropriate to be recorded only during the month of December 2018 relevant to gift card sales, gift card redemptions, and gift card breakage.2. Determine the balance of the deferred revenue liability to be…

On November 1, 2021, Jonas Company established an agency in Laguna sending its merchandise samples costing P31, 500 and a working fund of P18, 000 to be maintained on the imprest basis. During the month, the agency transmitted to the home office sales orders which were billed at P128, 760 of which 50% was collected. A home office disbursement chargeable to the agency is the procurement of office furniture costing P50, 000 which is to be depreciated at 24% per year. The agency paid expenses of P7, 630 and received replenishment from the home office. On November 30, 2021, the agency samples were valued at P20, 150. The gross profit on goods shipped averages 33 1/3% of cost. How much is the net income of the agency for the month of November 2021?   a. 25, 752 b, None of the above c. 6, 772 d. 12, 210 e. 5, 772

Dimples Company sells subscriptions to a specialized directory, which is issued semi-annually and distributed to subscribers on April 15 and October 15. Subscriptions acquired after the March 31 and September 30 deadlines are kept for the following issue. Cash from subscribers is received evenly throughout the year and is credited to deferred subscription revenues. The following data are for 2021: Unearned Subscriptions, 12/31/2020 - P3,000,000 Cash receipts from subscribers - P14,400,000 How much should Dimples report Unearned Subscription on its December 31, 2021 statement of financial position?

Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hitzu Company sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 5% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $147 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copier. Exercise 9-13 (Algo) Financial statement Impact of warranty transactions LO P4 Analyze each of the following transactions: (a) the copier's sale: (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. Show each transaction's effect on the accounting equation-specifically. identify the…

Bygone Company manufactures and sells computers. On January 1, 2021, the entity sold a computer costing P400,000 for P600,000. The buyer signed a noninterest bearing note for P600,000 payable in three equal installments every December 31. The cash selling price of the computer is P540,000. Required:Prepare journal entries for the current year.

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hitzu Company sold a copier (that costs $6,500) for $13,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 5% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $93 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copier. Exercise 9-13 (Algo) Financlal statement impact of warranty transactions LO P4 Analyze each of the following transactions: (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. Show each transaction's effect on the accounting equation-specifically, identify the…

Required information [The following information applies to the questions displayed below.] Hitzu Company sold a copier (that costs $4,500) for $9,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 6% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $108 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copier. Analyze each of the following transactions: (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. Show each transaction's effect on the accounting equation-specifically, identify the accounts and amounts (including+ or -) for each. (Enter all amounts as positive value.) Date August 16 August 16 December 31 January 5 Assets 4…

The following transactions pertain to the general borrowings made during 2021 by Owshi Company in connection with the construction of the company’s new warehouse: • 8% bank loan- $2,400,000 • 6% short-term note- $1,600,000 • 8% long-term note- $2,000,000 The construction started on January 1, 2021 and the warehouse was completed on December 31, 2021. Expenditures on the warehouse were as follows: • January 1- $400,000 • March 31- $1,000,000 • June 30- $1,200,000 • September 30- $1,000,000 • December 31- $400,000 How much is the capitalizable borrowing cost of Owshi Company?

Publishing completed the following transactions during 2018 Oct 1: Sold a six-month subscription (starting on November 1), collecting cash of $540, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 Nov. 15: Remitted (paid) the sales tax to the state of Tennessee. Date Accounts and Explanation Debit Credit Nov. 15 Dec. 31: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Date Accounts and Explanation Debit Credit Dec. 31