Firefly Company had the following two transactions related to its delivery truck. 1. Paid $45 for an
Question:
1. Paid $45 for an oil change.
2. Paid $400 to install special shelving units, which increase the operating efficiency of the truck. Prepare Firefly’s journal entries to record these two transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (19 reviews)
1 Repair Expe...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
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 Accounting questions
-
Sabina Company had the following two transactions related to its delivery truck. 1. Paid $38 for an oil change. 2. Paid $400 to install special shelving units, which increase the operating efficiency...
-
Harmon Company had the following two transactions related to its delivery truck. 1. Paid $38 for an oil change. 2. Paid $400 to install special shelving units, which increase the operating efficiency...
-
Krieg Company had the following two transactions related to its delivery truck. 1. Paid $38 for an oil change. 2. Paid $400 to install special shelving units, which increase the operating efficiency...
-
12. For a piece of material, the steady state flow of material across its thickness is 0.250 x 10 kg/m-hr. If the concentrationon the high side of the material is 1.85 kg/m and is 0.06 kg/m on the...
-
1. Select at least three variables that you believe have a linear relationship. a. Specify which variable is dependent and which are independent. 2. Collect the data for these variables and describe...
-
Perform the indicated operation. Simplify the answer when possible. 610
-
Effectiveness of passionate advertising messages. Refer to the Journal of Advertising Research (March 2020) study of whether communication of passion in advertising positively influences consumers...
-
Medicis Pharmaceutical Corp. makes Solodyn, a prescription oral antibiotic. Medicis warns physicians that "autoimmune syndromes, including drug-induced lupus-like syndrome," may be associated with...
-
Describe what the current rate method and the temporal method and explain under what circumstance(s) should they used. If the current rate method Is use, the gain or loss on translation Is Included...
-
Now reevaluate the first analytical procedure you performed (i.e., based only on average aggregate loan and interest averages). Using hindsight, please indicate on the scale below your assessment of...
-
On January 1, 2010, the Ramirez Company ledger shows Equipment $29,000 and Accumulated Depreciation $9,000. The depreciation resulted from using the straight-line method with a useful life of 10...
-
Prepare journal entries to record the following. (a) Gomez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage...
-
Suppose that a function f has a positive average rate of change from 1 to 4. Is it correct to assume that function f only increases on the interval (1,4)? Make a sketch to support your answer.
-
Concord Timber Company owns 9,000 acres of timberland purchased in 2014 at a cost of $1.470 per acre. At the time of purchase. the land without the timber was valued at $420 per acre. In 2015,...
-
Foofy computes z-scores for a set of normally distributed exam scores. She obtains a z-score of -3.96 for 8 out of 20 of the students. What do you conclude?
-
Part 1 Recording Using the financial statements for the hypothetical company - Big Box Retailer-record the transactions for the year to the financial statement. The financial statements may be found...
-
Finding Standard Deviation from a Frequency Distribution. In Exercises 37-40, refer to the frequency distribution in the given exercise and compute the standard deviation by using the formula below,...
-
STAR Co. provides paper to smaller companies whose volumes are not large enough to warrant dealing directly with the paper mill. STAR receives 100-feet-wide paper rolls from the mill and cuts the...
-
In her will, Teressa granted a life estate to Amos in certain real estate, with remainder to Brenda and Clive in joint tenancy. All the rest of Teressas estate was left to Hillman College. While...
-
On January 1, 2018, Khalid Ltd., which follows IAS 17, entered into an eight-year lease agreement for three dryers. Annual lease payments for the equipment are $28,500 at the beginning of each lease...
-
Registers are storage locations within the CPU itself. True Or False.
-
Kitchen Help Inc. (KHI) is a manufacturer of toaster ovens. To improve control over operations, the president of KHI wants to begin using a flexible budgeting system, rather than use only the current...
-
Rensing Groomers is in the dog-grooming business. Its operating costs are described by the following formulas: Grooming supplies (variable) y = $0 + $5x Direct labor (variable) y = $0 + $14x Overhead...
-
Rensing Groomers is in the dog-grooming business. Its operating costs are described by the following formulas: Grooming supplies (variable) y = $0 + $5x Direct labor (variable) y = $0 + $14x Overhead...
-
Jeannie is an adjunct faculty at a local college, where she earned $680.00 during the most recent semimonthly pay period. Her prior year-to-date pay is $18,540. She is single and has one withholding...
-
The company sold merchandise to a customer on March 31, 2020, for $100,000. The customer paid with a promissory note that has a term of 18 months and an annual interest rate of 9%. The companys...
-
imer 2 0 2 4 Question 8 , PF 8 - 3 5 A ( similar to ) HW Score: 0 % , 0 of 1 0 0 points lework CH 8 Part 1 of 6 Points: 0 of 1 5 Save The comparative financial statements of Highland Cosmetic Supply...
Study smarter with the SolutionInn App