Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you please solve the last 5 questions (6,7,8,9,10), I will thump up 1 Company A purchases land on January 1, 2021 for $ 40,000

Can you please solve the last 5 questions (6,7,8,9,10), I will thump up

image text in transcribedimage text in transcribed

1 Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, in transfer taxes and a $ 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit Credit 2 The company depreciation for this year on equipment is $ 5000. General Journal Page Credit Date Account Titles and Explanation Debit 3 On April 1, Company A discards equipment with a cost of $ 15,000 and accumulated depreciation of $ 15,000. General Journal Page Date Account Titles and Explanation Debit Credit 4- Assume an oil well cost $ 500,000 an is estimated to hold 50,000 barrels of oil. There is no residual value. 2000 barrels are extracted during the year. General Journal Page Date Account Titles and Explanation Debit Credit 5- Company A has excess cash to invest and pays $ 80,000 to buy $ 80,000 face value, 5 %, five-year Company B bonds on February 10, 2021. Company A plans hold the bonds until maturity. General Journal Page Date Account Titles and Explanation Debit Credit Activate Win Go to Settings to Company A pays $100,000 to purchase 20 % of the common stock of Company B. General Journal Page Date Account Titles and Explanation Debit Credit 7- On payday, company A makes payment of $ 24,350 to its employees and record the following entry: General Journal Account Titles and Explanation Page Credit Date Debit 8. Company A has $ 100,000 of 5 5 bonds payable that mature in five years. The company issues these bonds at face value on March 1, 2020. General Journal Page Date Account Titles and Explanation Debit Credit 9. Company A pays first semiannual interest payment of $ 2500. General Journal Page Date Account Titles and Explanation Debit Credit 10. Company A has $ 100,000 of 5 % bonds that mature on December 31, 2020. (Note that all interest has already been paid and the discount is fully amortized. General Journal Page Date Account Titles and Explanation Debit Credit Ativ Go to

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Objective Questions And Explanations

Authors: Irvin N. Gleim

7th Edition

0917539664, 978-0917539664

More Books

Students also viewed these Accounting questions

Question

Describe the estate planning process.

Answered: 1 week ago

Question

BPR always involves automation. Group of answer choices True False

Answered: 1 week ago