January Activity to review and record, respond as applicable 3-Jan Strong Construction purchases lumber on account....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
January Activity to review and record, respond as applicable 3-Jan Strong Construction purchases lumber on account. A large person driving an AZCO tow truck drives up to the office. The office manager hastily writes out a check for January's rent. 4-Jan The manager pays the BWLC for December 3 purchases. 4-Jan Beacon personnel are broke after the holidays. The manager pays accrued salaries. 4-Jan 4-Jan 4-Jan 4-Jan Joe Strong of Strong Construction calls to complain that 600 bd. ft. of framing lumber shipped in a recent order was defective. The office manager investigates the problem and agrees to grant a Sales Allowance. John Q. Homeowner has realized that he miscalculated the amount of lumber he needed for his home improvement project and asks the store manager if he can return some lumber. Beacon accepts the return. Jan 4 Beacon announces a revision to its credit policies. All account holders will be allowed a 2% discount if they pay their bills within 10 days. Other balances will continue to be due in 30 days. S Board Feet $ 3,200.00 2,000.00 $ 200.00 200.00 10-Jan Beacon receives a check from Strong for full payment of the Jan 3 purchase. Board Feet Cost per BF 10-Jan Beacon has recently negotiated a doubling of its credit limit with BWLC and purchases inventory, payingsome in cash and the rest on credit. BWLC will grant a 2% discount for bills paid within 10 days. 20,000.00 $ 0.90 Cash Paid $ 4,000.00 10-Jan Solid Construction has recently been awarded a large new job and its purchasing agent negotiates a volume discount on this purchase. Solid charges the amount to its account. 20,000.00 $ 1.50 17-Jan Beacon receives a check from Solid in full payment of its Jan 10 purchase. $ 17-Jan The Beacon Office Manager meets with a representative of the BWLC to discuss the defective lumber which Beacon had purchased from BWLC and sold to Strong Construction. BWLC agrees to a Purchase Return and Allowance. BWLC will allow Beacon to apply this to purchases made in January. $ 112.50 17-Jan Beacon mails a check to BWLC to pay the balance due on its 1/10 purchase. Cost per BF 20-Jan Beacon purchases Purple Heart, an exotic rainforest hardwood. Beacon writes two checks for its purchase. $ 6.00 $ 21-Jan Beacon ships the Purple Heart to the Cool Construction Co., a new account. Beacon invoices Cool for the purchase, which includes cost of the lumber and shipping. Shipping was paid via check this same day. $ Price for Lumber 1,000.00 $ Shipping Cost 35.00 Shipping Charge 19.40 BD Ft Purchased 100.00 Cash 25-Jan Dividends declared in December were paid on this day. Board Feet Cost per BF 26-Jan Beacon purchases lumber from BWLC paying some in cash and the balance on credit. $ 30,000.00 $ 0.90 Cash Paid $ 14,000.00 $ 31-Jan During the month of January Beacon pays wages $ 6,232.00 31-Jan Beacon remits/pays the sales tax it collected. (Hint: you should be able to determine the amount of the remittance from the general ledger account for sales tax payable.) ADJUSTING ENTRIES AND STATEMENT PREPARATION 31-Jan A physical inventory of office supplies showed some office supplies remained on hand. 31-Jan Compute and record the monthly insurance expense. 31-Jan Compute and record monthly depreciation expense for the forklift. 31-Jan Compute and record monthly depreciation expense for the office equipment. 31-Jan Compute and record monthly advertising expense. 31-Jan Compute and record the monthly rental income from Mark Peltz. 31-Jan Compute and record the monthly interest revenue from the note received in connection with the sale of 3 acres of land on December 15. 31-Jan Compute and record the monthly interest expense on the note given in connection with the acquisition of land on November 15, and the forklift acquired Dec 1. 31-Jan Compute and record all the accrued interest expense on the forklift. 31-Jan There are two days of accrued salary and wage expense for the month of January. $ $ 70.00 Base $ Base % 10% Note Changes must be made to November tab, not here January Activity to review and record, respond as applicable 3-Jan Strong Construction purchases lumber on account. A large person driving an AZCO tow truck drives up to the office. The office manager hastily writes out a check for January's rent. 4-Jan The manager pays the BWLC for December 3 purchases. 4-Jan Beacon personnel are broke after the holidays. The manager pays accrued salaries. 4-Jan 4-Jan 4-Jan 4-Jan Joe Strong of Strong Construction calls to complain that 600 bd. ft. of framing lumber shipped in a recent order was defective. The office manager investigates the problem and agrees to grant a Sales Allowance. John Q. Homeowner has realized that he miscalculated the amount of lumber he needed for his home improvement project and asks the store manager if he can return some lumber. Beacon accepts the return. Jan 4 Beacon announces a revision to its credit policies. All account holders will be allowed a 2% discount if they pay their bills within 10 days. Other balances will continue to be due in 30 days. S Board Feet $ 3,200.00 2,000.00 $ 200.00 200.00 10-Jan Beacon receives a check from Strong for full payment of the Jan 3 purchase. Board Feet Cost per BF 10-Jan Beacon has recently negotiated a doubling of its credit limit with BWLC and purchases inventory, payingsome in cash and the rest on credit. BWLC will grant a 2% discount for bills paid within 10 days. 20,000.00 $ 0.90 Cash Paid $ 4,000.00 10-Jan Solid Construction has recently been awarded a large new job and its purchasing agent negotiates a volume discount on this purchase. Solid charges the amount to its account. 20,000.00 $ 1.50 17-Jan Beacon receives a check from Solid in full payment of its Jan 10 purchase. $ 17-Jan The Beacon Office Manager meets with a representative of the BWLC to discuss the defective lumber which Beacon had purchased from BWLC and sold to Strong Construction. BWLC agrees to a Purchase Return and Allowance. BWLC will allow Beacon to apply this to purchases made in January. $ 112.50 17-Jan Beacon mails a check to BWLC to pay the balance due on its 1/10 purchase. Cost per BF 20-Jan Beacon purchases Purple Heart, an exotic rainforest hardwood. Beacon writes two checks for its purchase. $ 6.00 $ 21-Jan Beacon ships the Purple Heart to the Cool Construction Co., a new account. Beacon invoices Cool for the purchase, which includes cost of the lumber and shipping. Shipping was paid via check this same day. $ Price for Lumber 1,000.00 $ Shipping Cost 35.00 Shipping Charge 19.40 BD Ft Purchased 100.00 Cash 25-Jan Dividends declared in December were paid on this day. Board Feet Cost per BF 26-Jan Beacon purchases lumber from BWLC paying some in cash and the balance on credit. $ 30,000.00 $ 0.90 Cash Paid $ 14,000.00 $ 31-Jan During the month of January Beacon pays wages $ 6,232.00 31-Jan Beacon remits/pays the sales tax it collected. (Hint: you should be able to determine the amount of the remittance from the general ledger account for sales tax payable.) ADJUSTING ENTRIES AND STATEMENT PREPARATION 31-Jan A physical inventory of office supplies showed some office supplies remained on hand. 31-Jan Compute and record the monthly insurance expense. 31-Jan Compute and record monthly depreciation expense for the forklift. 31-Jan Compute and record monthly depreciation expense for the office equipment. 31-Jan Compute and record monthly advertising expense. 31-Jan Compute and record the monthly rental income from Mark Peltz. 31-Jan Compute and record the monthly interest revenue from the note received in connection with the sale of 3 acres of land on December 15. 31-Jan Compute and record the monthly interest expense on the note given in connection with the acquisition of land on November 15, and the forklift acquired Dec 1. 31-Jan Compute and record all the accrued interest expense on the forklift. 31-Jan There are two days of accrued salary and wage expense for the month of January. $ $ 70.00 Base $ Base % 10% Note Changes must be made to November tab, not here
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Suppose the returns on an asset are normally distributed. The historical average annual return for the asset was 5.6 percent and the standard deviation was 10.3 percent. a. What is the probability...
-
Problem 8-34 Neveready Flashlights Inc. needs $480,000 to take a cash discount of 2/10, net 70. A banker will loan the money for 60 days at an interest cost of $7,300. a. What is the annual rate on...
-
01/03: Strong Construction purchases 2,000 bd. ft on account for $3,200 01/04: The Manager pays BWLC for December 3 purchases (27,000) 01/04: Beacon Personnel are broke after the holidays. The...
-
In 1976, Mohamed EI-Iladad earned an undergraduate accounting degree in his native Egypt. Before he began his accounting career, El-Hadad completed his compulsory service in the Egyptian military...
-
If S = {x| 0 < x < 10}, M = {x| 3 < x 8}, And = {x| 5 < x < 10}, find (a) M. N; (b) M N; (c) M N' ; (d) M N.
-
Selected comparative financial data (in thousands, except for share price) for Cineplex Inc. are shown below. Instructions (a) Calculate the following ratios for 2014: 1. Asset turnover 2. Current...
-
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the...
-
1. Given that Blades expects to use the cash flows generated by the Thai subsidiary to pay the interest and principal of the notes, would the effective financing cost of the baht-denominated notes be...
-
Exercise 20-14 (Algorithmic) (LO. 1) For 2021, the Guess Trust retains all of its income items, which include only $178,000 of net investment income and $64,500 of profits from an active business...
-
True/False? The discounted payback method screens projects on the basis of how long it takes for net receipts to equal investment outlays. This calculation ignores time-value-of-money considerations.
-
Jorge presented a speech that prepared the main elements and spoke to the key points from notes. What kind of speech did Jorge give?
-
Janet is a new administrator of a small program with 5 classrooms. One of her first issues is reorganizing the closing down procedures at the end of each day. In this program, the teachers are...
-
Density is a physical property that relates the mass of asubstance to its volume. a) Calculate the density (in g/mL) of aliquid that has a mass of 0.155 g and a volume of 0.000275 L. a- calculate the...
-
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. RENN-DEVER CORPORATION Statements of...
-
Rodriguez Corporation leases a building to Olaf, Inc. on January 1 , 2 0 2 5 . The following facts pertain to the lease agreement: 1 . The lease term is 8 years with equal annual rental payments of...
-
Watch thevideo interview of Captain Tammie Jo Shults (refer to the Learn section for Watch item) discussing the events of SWA Flight 1380. What were some of the decision-making processes involved and...
-
Show that every group G with identity e and such that x * x = e for all x G is abelian.
-
The standard costs for a manufacturing business are \($12\) per unit for direct materials, \($8\) per unit for direct labour, and \($5\) per unit for manufacturing overhead. The sales projection is...
-
What is Munchs expected profit for April? a. $192,500 b. $56,000 c. $66,000 d. $59,000 Munch Enterprises makes a small toy car that is voice activated. Projected sales for the next four months are...
-
Bobby Jones Inc. is planning sales of 55,000 units for the next three months. The company has a beginning inventory of 10,000 units and would like to have an ending inventory of 15,000 at the end of...
Study smarter with the SolutionInn App