Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PASS RHE JOURNAL ENTRIES OF THE FOLLOWING:: A company owes $200,000 on a bank loan. 2. T&T Corporation buys land for $4 million in January

PASS RHE JOURNAL ENTRIES OF THE FOLLOWING:: A company owes $200,000 on a bank loan. 2. T&T Corporation buys land for $4 million in January 2023. 3. A company decided to buy a van for $200,000 and use it for the next 5 years. Please calculate depreciation according to the straight-line method. Include the transactions for the purchase and yearly depreciation. 4. Corus Company has $12 million in revenue and an expense position of $9.5 million. Please calculate the net profit. Out of the net profit, $2 million is considered a dividend to be paid. Please show the entry accordingly. 5. Purchased supplies for $8,000 cash. 6. Paid $7,168 for salaries and wages for June. 7. Paid $768 in advance for July rent. 8. Provided $19,200 in services on account. 9. Paid $1,280 on accounts payable. 10. Received $336 from customers as deposits for future services. 11. Received a bill for $2,400 from the plumber who repaired a broken pipe in the restrooms but will not pay the bill until July. 12. Purchased equipment for cash of $1,248. 13. Provided $2,500 of services on account. 14. Received $2,000 cash for services provided in October. 15. Received $500 cash for services to be provided in November. 16. Received $1,500 cash on account for service provided in September. 17. Paid September's warehouse rental bill on account for $500. 18. Received October's rental bill of $750. Please post the entry for the month-end.

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

Authors: Warren, Reeve, Duchac

12th Edition

1133952410, 9781133952411, 978-1133952428

More Books

Students also viewed these Accounting questions