Questions from College Accounting

Q: Prepare general journal entries for the following transactions: May 22

Prepare general journal entries for the following transactions: May 22 Received a 30-day, 6% note in payment for merchandise sale of $22,000. June 21 Received $110.00 cash (interest) on the old (May 2...

Q: Prepare general journal entries for the following transactions: Aug.

Prepare general journal entries for the following transactions: Aug. 4 Received a 120-day, 7% note in payment for accounts receivable balance of $4,000. 14 Discounted the note at a rate of 8%. Sept. 5...

Q: At the end of the year, the following interest is earned

At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on $6,000, 60-day, 5.5% note (for 24 days) $22.00 Interest on...

Q: Prepare general journal entries for the following transactions: June 15

Prepare general journal entries for the following transactions: June 15 Purchased $6,000 worth of equipment from a supplier on account. July 15 Issued a $6,000, 30-day, 7% note in payment of the accou...

Q: Prepare general journal entries for the following transactions: Sept.

Prepare general journal entries for the following transactions: Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Nov. 14 P...

Q: What are the distinctive features of ToyJoy’s income statement? Its statement

What are the distinctive features of ToyJoy’s income statement? Its statement of retained earnings? Its balance sheet?

Q: List three items of information about each cash receipt entered in the

List three items of information about each cash receipt entered in the cash receipts journal.

Q: At the end of the year, the following interest is payable

At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal. Interest on $8,000, 90-day, 8% note (for 18 days) $32.00 Interest on $4...

Q: Lam Company purchased the following long-term assets. Determine the

Lam Company purchased the following long-term assets. Determine the purchase cost of each asset.

Q: On January 1, 20-1, Dan’s Demolition purchased two

On January 1, 20-1, Dan’s Demolition purchased two jackhammers for $2,500 each with a salvage value of $100 each and estimated useful lives of four years. On January 1, 20-2, a stronger blade to impro...