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Wednesday, 16 May 2018

How to make journal entries, post to "T" Accounts and make a trial balance

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The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers that it uses in its budgeting and performance reports—the number of courses and the total number of students. For example, the school might run two courses in a month and have a total of 62 students enrolled in those two courses. Data concerning the company’s cost formulas appear below:

The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers that it uses in i...
The following data relate to the operations of Picanuy Corporation, a wholesale distributor of

The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Curr...
Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. They are issued at $680,186 and their market rate is 10% at the issue date.

Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. They are ...
Lopez Company began operations on January 1, 2010, and it estimates uncollectible accounts using the allowance method. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2010 a. Sold $1,352,900 of merchandise (that had cost $979,400) on credit, terms n/30. b. Wrote off $18,100 of uncollectible accounts receivable. c. Received $672,500 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.40% of accounts receivable will be uncollectible. 2011 e. Sold $1,507,500 of merchandise (that had cost $1,313,800) on credit, terms n/30. f. Wrote off $26,200 of uncollectible accounts receivable. g. Received $1,356,100 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.40% of accounts receivable will be uncollectible. Required: Prepare journal entries to record Lopez’s 2010 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system.) (Round your intermediate calculations to the nearest dollar amount.)

Lopez Company began operations on January 1, 2010, and it estimates uncollectible accounts using the allowance method. During its first ...
Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as products ready to ship to customers?

Inventory is a balance sheet line item that includes all items used in the creation of products. Which of the following is classified as pro...
Valenko Company provided the following account balances for the year ended December 31

Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.

The following information is available for Lock-Tite Company , which produces special-order security products and uses a job order cost...
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on Dece...
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2013 and was completed in 2015. The following are a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2013 and was comple...
Listed below are a few events and transactions of Kodax Company. 2013 Jan. 2 Purchased 23,000 shares of Grecco Co. common stock for $410,000 cash plus a broker’s fee of $3,200 cash. Grecco Co. has 92,000 shares of common stock outstanding and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $1.70 per share. Dec. 31 Grecco announced that net income for the year is $489,900. 2014 June 1 Grecco declared and paid a cash dividend of $2.30 per share. Dec. 31 Grecco announced that net income for the year is $705,400. Dec. 31 Kodax sold 9,000 shares of Grecco for $330,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest dollar amount.)

Listed below are a few events and transactions of Kodax Company. 2013 Jan. 2 Purchased 23,000 shares of Grecco Co. co...

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