Question
Hello, please help me with this task: specify which accounts should be DT and which Ct, and by which amount For example, the company bought
Hello, please help me with this task: specify which accounts should be DT and which Ct, and by which amount
For example, the company bought new equipment on credit for 3000
Dt Equipment (asset) 3000
Ct Payables 3000
1.The company received information that its supplier closed the company and the company is no longer liable for 3 000 debt owed
2.Kelly Green and Rose Violet form a partnership. Kelly contributes $130,000 cash and Rose contributes equipment worth $20,000 and a building worth $150,000. Kely paid 500 as a repayment of share capital not paid up.
3.The company paid a real estate tax of 800 for the current year (costs by nature applied)
4. Company sold fixed asset with initial value of 600 and fully depreciated. The price was 500 paid by cash
5.The company reclassified the land from agricultural to building. The value of land before is 30 000 and after reclassification is 20 000.
6.Guilty & Innocent, a law firm, performed legal services in late December for clients. The $30,000 of services would be billed to the clients in January of next year.
7. The company issued bonds and received 180 000 in cash from issuance. 8.At the end of year management decides to write off XYZ LTD debtor account balance as bad debt. The debit balance of XYZ LTD account is $500.
9.The company paid for warehouse rental space for 4 months in advance, 10 680. The whole amount for one year is 20 200. 10.Last year the company set up a warranty provision of 20 000. One of the clients asked for a repair of the products purchased which cost 2 800. Company used the warranty provision to settle the cost. 11.The company recorded monthly administrative costs of 20 000 of which 8 000 is a depreciation of administrative PPE. Other costs to be paid next month
12.On January 4th,2021, the company purchased two-year car insurance and paid 6 120. The insurance coverage will start on Feb. 1st, 2021. Record transaction for January.
13.On January 4th,2021, the company purchased two-year car insurance and paid 6 120. The insurance coverage will start on Feb. 1st, 2021. Record transaction for January.
14. Paid for advertising to be run in a national periodical for six month (starting this month). The cost was $ 36 000.
15.The company issued bonds and received 180 000 in cash from issuance.
16. In May the company purchased ST 500 shares of Bring at a price of $38. At the moment, that is on 31.12.2020, the market value of one share is $39. The accounting policy: at fair value. 17.Supplies were purchased on May 2 for $ 8000 with deferred payment. In December the company received information that its supplier closed the company. Show recording for December.
18.Assume that a company acquired a building on January 1, at a cost of 1 000 000. The building has an estimated useful life of 40 years and an estimated residual value of $200 000. Record the depreciation for the entire year on December 31? 19.The company received 600 as dividents from the shares owned.
20.On September 1, Professional Golfer Journal received a total of $120 000 as payment in advance for one year subscriptions to a monthly magazine. Record the transaction: By the end of the year, one-third of the magazines paid for in advance had been delivered. 21.The companys warehouse was flooded and the company lost the inventory worth 82 000. 22.Company obtained a grant from a government of 2 000 to conduct R&D activities over the next year.
23.The company Alfa incurred R&D. Company stated that the second stage of the project development cost is successfully finished 3 000. 24.The Brown Company purchase the Textile Company in 2020. The negative goodwill $16 000, will be depreciate for the next 4 years. Record depreciation for 2021.
25.Company repurchased from the market 20 of own shares at nominal value of 10 and purchase price of 4. All share were paid for in full cash. 26.Company purchased LT 100 shares of Gold at a price of $40. At the end of 2019, the market value is $41. The accounting polity: cost impairment loss.
27.Last year company issue 100 shares at a nominal price of $6 / share and issue price $7 / share with an emission expense $150. 28.The company received a return of the goods from client value of goods 2 000.
29.Last year the company set up a warranty provision of 20 000. One of the clients asked for a repair of the products purchased which cost 2 800. Company used the warranty provision to settle the cost. 30. On August 24, customer informs Gem Merchandise Co. that it has filed for bankruptcy, as a result Gem will receive nothing toward its $1400 interest receivable. After confirming this information, Gem concludes that it should remove of $1400. 31. The company Alfa incurred R&D. Company stated that the research costs are equal 2 000 and second stage (development cost) of the project is not finished but usefulness of it is almost 3 000. 32. Partner Z withdraws cash of $25,000 and Partner Y withdraws $18,000 from the company.
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