Asset versus expense recognition. Give the journal entry that Midland Grocery Stores should make on the receipt
Question:
Asset versus expense recognition. Give the journal entry that Midland Grocery Stores should make on the receipt of each of the following invoices, assuming that it has made no previous entry.
a. From Eastern Electric Supply Company, $430 for lightbulbs purchased for use in its stores
b. From Price Waterhouse, certified public accountants, $1,500 for services in filing income tax returns
c. From General Electric Company, $ 1 4,720 for refrigerators Midland purchased for its stores
d. From White Stationery Company, $450 for office supplies Midland purchased
e. From Showy Sign Company, $790 for a neon sign acquired
f. From Sidley & Austin, attorneys, $2,000 for legal services in changing from the corporate to the partnership form of organization g. From Bell Telephone Company, $90 for telephone service for next month h. From Madison Avenue Garage, $73 for repairs to a forklift truck i. From Commonwealth Edison, $190 for electricity used for lighting last month
Step by Step Answer:
Financial Accounting An Introduction To Concepts Methods And Uses
ISBN: 9780030259623
9th Edition
Authors: Clyde P. Stickney, Roman L. Weil