Questions from College Accounting

Q: Journalize the discounted note for Feather Co. from Exercise 5.

Journalize the discounted note for Feather Co. from Exercise 5. Exercise 5: Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the n...

Q: If Rusty Co. defaults on the note from Exercise 5,

If Rusty Co. defaults on the note from Exercise 5, what would be the journal entry for Feather Co., assuming a $6 protest fee? Exercise 5: Feather Co. received a $2,700, 5%, 30-day note from Rusty C...

Q: Talcum Co. discounts its own note at a bank. This

Talcum Co. discounts its own note at a bank. This $55,000 note results in the bank deducting $350 interest in advance. Draw a transactional analysis box for this situation.

Q: If in Exercise 8 the discount needs to be adjusted at year

If in Exercise 8 the discount needs to be adjusted at year-end by $54, what would be the journalized adjusting entry? Exercise 8: Talcum Co. discounts its own note at a bank. This $55,000 note resul...

Q: What four titles along with their classification are involved in the sale

What four titles along with their classification are involved in the sale of goods in a perpetual system?

Q: From the following information, calculate the cost of ending inventory and

From the following information, calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. The ending inventory reveals eight items...

Q: Complete the following from the general journal of Munro Co. (

Complete the following from the general journal of Munro Co. (see Figure 3.28): Figure 3.28:

Q: Calculate the total cost of the machine given the following:

Calculate the total cost of the machine given the following: List price…………………………………… $3,000 Cash discount………………………………….. 5% Freight $................................................. 63 Assembly…………...

Q: If in Exercise 8 the income tax method was used, prepare

If in Exercise 8 the income tax method was used, prepare the journal entry to record the exchange. Exercise 8: Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price...

Q: John Ring depreciates his truck by the straight-line method.

John Ring depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following: Cost………………………………………… $6,800 Residual value………………………… $2,300 Service of usef...