Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer with details 1/10 customer uses Winwin's credit card to purchase merchandise from Winwin Co. for $2,200. 4/10 Winwin accepts a Visa card from

image text in transcribed
please answer with details
image text in transcribed
1/10 customer uses Winwin's credit card to purchase merchandise from Winwin Co. for $2,200. 4/10 Winwin accepts a Visa card from AAA bank for $7.500 merchandise sold. Visa charges a 7% service fee. 1/11 Winwin loaned $350,000 cash to BBB on a J-year, 10% note. 15/12 Buy goods from Payee lnc., issuing a $1,600,120-day, 7% note. 1/12 Received a S35,000, 3-month, 6\% note to settle an open account from Mika Co. 31/12 Aecrued interest revenue and interest expense on all notes receivable. Instructions Journalize the transactions for Winwin Co. Problem 2: 3p Presented here are selected transactions for Tiger co. in 2021 1/I Retired a piece of machinery that was purchased on January 1, 2011. The machine cost \$45,000 on that date and had a useful life of 10 years with no salvage value. 30.6 Sold a computer that was purchased on January 1, 2020. The computer cost $100,000 and had a useful life of 5 years with no salvage value. The computer was sold for $90,000. 31/12 Discarded a delivery truck that was purchased on June 1, 2014. The truck cost \$59,000 and was depreciated based on an E year userul iife with a $9,000 salvage value. Instructions Journalize all entries required on the above dates, Tiger Company uses straight-line depreciation. Problem 3: 4p William Company issued $9,000,5%,5-year bonds on January 1, 2021, at 105. Interest is payable annually on January 1. William uses straight-line amortization for bond premium or discount. Instructions Prepare the journal entries to record the following events. (a) The issuance of the bonds. (b) The acerual of interest and the discount/premium amortization on December 31, 2021. (c) The payment of interest on January 1, 2022. (d) The redemption of the bonds one year before maturity at 103

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

Step: 3

blur-text-image

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

Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

11th edition

78025400, 978-0078025402

More Books

Students also viewed these Accounting questions

Question

Explain the significance of IRCA.

Answered: 1 week ago

Question

9. Why do people try to attain difficult goals')

Answered: 1 week ago

Question

What is the persons job (e.g., professor, student, clinician)?

Answered: 1 week ago