Question 1 C.S. Lewis Company had the following transactions invo

Question 1 C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014   Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2014   Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2014   Prepares adjusting entries. Feb. 1, 2015   Pays principal and interest to Lyon County State Bank. Apr. 1, 2015   Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2014 [removed] [removed] [removed]   [removed] [removed] [removed] Nov. 1, 2014 [removed] [removed] [removed]   [removed] [removed] [removed] Dec. 31, 2014 [removed] [removed] [removed]   [removed] [removed] [removed]   (Adjusting entry for First National Bank note.)     Dec. 31, 2014 [removed] [removed] [removed]   [removed] [removed] [removed]   (Adjusting entry for Lyon County State Bank note.)     Feb. 1, 2015 [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed] Apr. 1, 2015 [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed]           Question 2 In performing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1.   Poole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500. 2.   Waterman Company does not segregate sales and sales taxes. Its register total for April 15 is $25,680, which includes a 7% sales tax. Prepare the entry to record the sales transactions and related taxes for each client. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit   POOLE COMPANY     Apr. 10 [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed]   WATERMAN COMPANY     Apr. 15 [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed]       Question 3 Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2014, Moreno sells 15,000 subscriptions beginning with the December issue. Moreno prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue.     Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 [removed] [removed] [removed]   [removed] [removed] [removed]     SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting entry at December 31, 2014, to record sales revenue recognized in December 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 [removed] [removed] [removed]   [removed] [removed] [removed]     SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting entry at March 31, 2015, to record sales revenue recognized in the first quarter of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 [removed] [removed] [removed]   [removed] [removed] [removed]                                 Question 4 Suppose Kroger Co.’s 2014 financial statements contained the following data (in millions). Current assets   $ 7,450   Accounts receivable   $909 Total assets   23,093   Interest expense   502 Current liabilities   7,714   Income tax expense   532 Total liabilities   18,187   Net income   70 Cash   424             Compute working capital. (If answer is negative enter it with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Working capital   $[removed] million     SHOW LIST OF ACCOUNTS LINK TO TEXT Compute current ratio. (Round current ratio to 2 decimal places, e.g. 1.25 : 1.) Current ratio   [removed] :1                 Question 5 Mayberry Company has two fringe benefit plans for its employees: 1.   It grants employees 2 days’ vacation for each month worked. 10 employees worked the entire month of March at an average daily wage of $140 per employee. 2.   In its pension plan, the company recognizes 10% of gross earnings as a pension expense. Gross earnings in March were $40,000. No contribution has been made to the pension fund. Prepare the adjusting entries at March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. [removed] [removed] [removed]   [removed] [removed] [removed] 2. [removed] [removed] [removed]   [removed] [removed] [removed]

Related posts:

all in excel please.    Please submit your Homework Assignme
Computer Network Security
Plate Tectonics The Learning Objectives for Chapter 2 and this w
Online Custom Essay

Cost of your order

Pages

-

+

{{total || ""}}
Order Now

Why Choose Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Customer Support 24/7

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Services

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission and Business Papers

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Editing

Editing and Proofreading

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Coursework

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

See all services
eskort eskişehir - adana eskort - escort - izmit eskort - mersin eskorteskort eskişehir - adana eskort - escort - izmit eskort - mersin eskort