On June 15, 201X, Thompson Company prepared voucher no. 93 to record the purchase of equipment on
Question:
On June 15, 201X, Thompson Company prepared voucher no. 93 to record the purchase of equipment on account for $870. On June 18, Thompson Company decided to pay $870 in two equal installments. (Voucher nos. 94 and 95 were prepared.) Prepare the appropriate journal entries in general journal form for June 15 and 18.
Step by Step Answer:
201X Jun 15 Equipment 8 7 0 ...View the full answer
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
On June 15, 201X, James Company prepared voucher no. 89 to record the purchase of equipment on account for $940. On June 18, James Company decided to pay $940 in two equal installments. (Voucher nos....
-
On May 15, 201X, Orange Company prepared voucher no. 91 to record the purchase of equipment for $930. On May 18, Orange Company decided to pay $930 in two equal installments. (Voucher nos. 92 and 93...
-
On October 15, 201X, Austin Company prepared a voucher no. 88 to record the purchase of equipment for $860. On October 18, Austin Company decided to pay $860 in two equal installments. (Voucher nos....
-
A wooden bookshelf has external dimensions as follows :Height = 110cm, Depth = 25cm, Breadth = 85cm (see figure). The thickness of the plank is 5 cm everywhere. The external faces are to be polished...
-
Suppose you know with certainty that the Clark Capital Corporation will pay a dividend o $10 per share on every January I forever. The continuously compounded risk-free rate is 5% (also forever). (a)...
-
All organizations would benefit from hiring the smartest people they can get. Do you agree or disagree with this statement
-
Which of the following techniques is the most efficient way to process customer payments and update accounts receivable? a. EFT b. VMI c. FEDI d. ACH
-
You have been assigned to the confirmation of aged accounts receivable for the Blank Paper Company audit. You have tested the aged trial balance and selected the accounts for confirming. Before the...
-
3.Using lab 6 part 2, if there was unlimited capacityat each workstation, what would the weekly profit be? (Useformat:$12,345withno decimal places)
-
Kennedy Prisby, age 33, is single and has no dependents. Her social security number is 111-22-3333. Her address is 101 North Fork Ave., Cedar City, UT 84720. She has no intention of donating to the...
-
On November 10, 201X, a voucher for $1,020 for merchandise purchased on account from Gardner Company was prepared by Nicole Corporation. On November 14, Nicole decided to return the merchandise due...
-
Morrow Company records invoices at gross in its voucher system. From the following transactions, (a) Record in general journal form the appropriate entries at gross and? (b) Record the entries as if...
-
a. State what is meant by the de Broglie wavelength of an electron. b. The diagram shows the principles of an electron tube used to demonstrate electron diffraction. i. Calculate the kinetic energy E...
-
The value of a 37% interest in Take'm or Leave'm Corp. was $675,000 before discounts and premiums. Using Mergerstat data the control premium was 34%. In addition the applicable marketability discount...
-
Omega Corporation uses breakeven analysis to study the effects of expansion projects it considers. Currently, the firm's plastic bag business segment has fixed costs of P120,000, while its unit price...
-
What does a change in the reported unit cost of a particular productimply about the economic costs of that product? Also, identify one specific condition when a change in the reported unit cost of a...
-
Identify issues relevant to a corporation's funding choice between debt and equity. A corporation must determine how it plans to finance its investment decisions. A business must consider its current...
-
What role does the cost allocation method (which is already in place) play in the method of revenue allocation? Which method would division managers prefer?
-
Compare and contrast a rules-based accounting system and a principles-based accounting system. Which one do you think results in the more accurate financial statements?
-
Identify one local business that uses a perpetual inventory system and another that uses a periodic system. Interview an individual in each organization who is familiar with the inventory system and...
-
Match the following partial list of column headings for Mia Frezells synoptic journal. Use only one number for each letter. 1. Cash Dr. 2. Accounts Payable Dr. 3. Purchases Discounts Cr. 4. Sundry...
-
Mel Blanc uses a modified-cash-basis system. His companys payroll records show deductions for income tax, $266; CPP, $59; and EI, $22. Please record the necessary entry for the remittance of source...
-
Match the partial list of column headings for Pete Moores synoptic journal on the next page to the statements following the list. Use only one number for each letter. 1. Cash Cr. 2. Accounts Payable...
-
An acceleration clause: A. Allows the borrower to pay the loan off early. B. Allows the borrower to reduce the principal balance at a faster rate. C. Allows the borrower to make subsequent draw-downs...
-
Aaron's chairs is in the process of preparing a production cost budget for August. Actual cost in July for 120 chairs were: Materials Cost: $4,500 Labor Cost: $2,510 Rent: $1,500 Depreciation :...
-
A small town has 4000 families. The average number of children per family is mu = 2, with a standard deviation sigma = 1.3. A sampling distribution of the mean for n = 50 is developed for this...
Study smarter with the SolutionInn App