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Posted on Aug 29, 2024

H 1 2,200 shares of Toyota Corporation Common Stock 1,100 shares of G.M. Corporation Common Stock $ $ $ 100,000 $125,000 67,000 $ 34,000 167,000

H 1 2,200 shares of Toyota Corporation Common Stock 1,100 shares of G.M. Corporation Common Stock $ $ $ 100,000 $125,000 67,000 $ 34,000 167,000 $ 159,000 Prepare the adjusting entry (if any) for 20X1, assuming the securities are classified as trading 12 On 1/1/X1, ABC Corporation purchased, as a held-to-maturity investment, $200,000 of the 8%, 5-year bonds of Intuit Corporation for $177,824 which provides an 11% return. Prepare ABCs 12/31/X1 journal entry to reflect the receipt of annual interest and discount amortization. Assume the bond investment pays interest annually on 12/31 cach year and that effective interest amortization is used. Note: Notice that a discount account is not used for this investment. Therefore, for purposes of this adjusting entry, amortize the discount directly to the investment account. 13 ABC Corporation prepares an aging schedule on 12/31/XI that estimates total uncollectible accounts at $25,000. Assuming that the allowance method is used, prepare the entry to record bad debt expense. 14 On 1/1/X1. ABC Corporation signed a 5-year no cancelable lease for a delivery vehicle. The terms of the case called for ABC to Corporation to make Instruction Undulatan Adjustment Needed A Journantes 12-91.1 Accounts Asathula W 13 - Hy B 7 SC O- 8 7 % 5 9 8 6 7:7 27 O U Y T R W L J H G 5 C Credit Debit 945,282 167,000 190,00 $ 350,000 24,600 177,824 75,000 150,000 4,000 60,000 20,000 2 Unadjusted Teal Balance 3 December 31, 20X1 4 5 6 Cash $ 7 Short term investments 8 Fair value adjustment (Trading) 9 Accounts receivable 10 Allowance for doubtfd accounts 11 Inventory 12 Purchases 13 Prepaid inuence 14 LT (Debt) investments (HTM) 15 Land 16 Building 17 Accumulated depreciation building 10 Equipment 19 Accumulated depreciation equipment 20 Pater 21 Accounts payable 22 Nous payable 23 Income taxes payable 24 Uncament revenue 25 Bonde Puyable 26 Premium on Bonde Puyable 27 Common stock 28 PCI Excem of PurCommon Stock 29 Reedeming 30 Treasury sock 31 Dividende 32 Sales Review 33 Avenue 34 Warse 35 Office apo 36 Anos expen 37 Depreciation expen 1 Upen 39 lewe en 40 Lt 5 42 37.500 75,240 235,000 63,800 35,000 800,000 61.771 86,000 13,000 49.000 41,000 1.162.995 8.00 67,600 21,700 24,000 31.000 7300 45 40 Instructions Unadjusted Trial Balance Adjustments Noo 13 H 1 2,200 shares of Toyota Corporation Common Stock 1,100 shares of G.M. Corporation Common Stock $ $ $ 100,000 $125,000 67,000 $ 34,000 167,000 $ 159,000 Prepare the adjusting entry (if any) for 20X1, assuming the securities are classified as trading 12 On 1/1/X1, ABC Corporation purchased, as a held-to-maturity investment, $200,000 of the 8%, 5-year bonds of Intuit Corporation for $177,824 which provides an 11% return. Prepare ABCs 12/31/X1 journal entry to reflect the receipt of annual interest and discount amortization. Assume the bond investment pays interest annually on 12/31 cach year and that effective interest amortization is used. Note: Notice that a discount account is not used for this investment. Therefore, for purposes of this adjusting entry, amortize the discount directly to the investment account. 13 ABC Corporation prepares an aging schedule on 12/31/XI that estimates total uncollectible accounts at $25,000. Assuming that the allowance method is used, prepare the entry to record bad debt expense. 14 On 1/1/X1. ABC Corporation signed a 5-year no cancelable lease for a delivery vehicle. The terms of the case called for ABC to Corporation to make Instruction Undulatan Adjustment Needed A Journantes 12-91.1 Accounts Asathula W 13 - Hy B 7 SC O- 8 7 % 5 9 8 6 7:7 27 O U Y T R W L J H G 5 C Credit Debit 945,282 167,000 190,00 $ 350,000 24,600 177,824 75,000 150,000 4,000 60,000 20,000 2 Unadjusted Teal Balance 3 December 31, 20X1 4 5 6 Cash $ 7 Short term investments 8 Fair value adjustment (Trading) 9 Accounts receivable 10 Allowance for doubtfd accounts 11 Inventory 12 Purchases 13 Prepaid inuence 14 LT (Debt) investments (HTM) 15 Land 16 Building 17 Accumulated depreciation building 10 Equipment 19 Accumulated depreciation equipment 20 Pater 21 Accounts payable 22 Nous payable 23 Income taxes payable 24 Uncament revenue 25 Bonde Puyable 26 Premium on Bonde Puyable 27 Common stock 28 PCI Excem of PurCommon Stock 29 Reedeming 30 Treasury sock 31 Dividende 32 Sales Review 33 Avenue 34 Warse 35 Office apo 36 Anos expen 37 Depreciation expen 1 Upen 39 lewe en 40 Lt 5 42 37.500 75,240 235,000 63,800 35,000 800,000 61.771 86,000 13,000 49.000 41,000 1.162.995 8.00 67,600 21,700 24,000 31.000 7300 45 40 Instructions Unadjusted Trial Balance Adjustments Noo 13