Required information [The following information applies to the questions displayed below.) On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and malls a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $90. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $6,300 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $18,900 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 140 razors for $12,600 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Dec. 36 Jan. 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet 2 3 4 5 1 6 7 8 12 Record the sales revenue of 70 razors for $6,300 cash. Note: Enter debits before credits General Journal Debit Credit Date Nov 11 Required information [The following information applies to the questions displayed below.) On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $90. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $6,300 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $18,900 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 140 razors for $12,600 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet 1 2 3 4 5 6 > 7 8 12 Record the cost of goods sold for 70 razors. Note: Enter debits before credits General Journal Debit Credit Date Nov 11 Required information [The following information applies to the questions displayed below.) On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $90. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $6,300 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $18,900 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 140 razors for $12,600 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet Record the sales revenue of 140 razors for $12,600 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan 05 Required information [The following information applies to the questions displayed below.) On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $90. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $6,300 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $18,900 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 140 razors for $12,600 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Dec. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet Record the cost of goods sold for 140 razors. Note: Enter debits before credits General Journal Debit Credit Date Jan 05 Required information [The following information applies to the questions displayed below.) On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $90. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $6,300 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $18,900 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 140 razors for $12,600 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet Seved Keesha Co. borrows $205,000 cash on November 1 of the current year by signing a 180-day, 10%, $205,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity 4 Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) View transaction list Journal entry worksheet MacBook Pro BO DU 2 $ 4 3 5 & 7 6 8 9 W E R T Y U 0 S D F G H J A company's income before interest expense and income taxes is $400,000 and its interest expense is $110,000. Its times interest earned ratio is: Multiple Choice 3.64 0 0.28 O 2.34 3.36 O o 102 The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, Lif it is a long-term liability, or if it is not a liability. Item Classification 1. Bonds payable (due in 9 months) 2. Notes payable (due in 120 days) 3. Current portion of long-term debt. 4. Bonds payable (due in 2 years) 5. Notes payable (due in 6 to 11 months) 6. Interest payable (due in 90 days) 7. FUTA taxes payable 8. Employee Union Dues Payable 9. Employee Medical Insurance Payable 10. Accounts receivable. Following are transactions for Ridge Company. Mar. 21 Accepted a $10,600, 180-day, 78 note from Tamara Jackson in granting a time extension on her past-due account receivable. Sept. 17 Jackson dishonored her note. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. (Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17, Total Through Maturity Principal $ 10,600 Rate(%) 7% Time 180/360 Total interest Interest Amount: General Journal > Seved Following are transactions for Ridge Company. Mar. 21 Accepted a $10,600, 180-day, 78 note from Tamara Jackson in granting a time extension on her past-due account receivable. Sept. 17 Jackson dishonored her note. Dec. 31 After trying several times to collect, Ridge Company vrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. (DO not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries. View transaction list Journal entry worksheet 1 2 3 Accepted a $10,600, 180-day, 7% note from Tamara Jackson in granting a time extension on her past due account receivable. Note: Enter debits before credits Dato General Journal Debit Credit Mar 21 Following are transactions for Ridge Company. Mar. 21 Accepted a $10,600, 180-day, 78 note from Tamara Jackson in granting a time extension on her past-due account receivable. Sept. 17 Jackson dishonored her note. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. (DC not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries, View transaction list Journal entry worksheet 2 3 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Note: Enter debits before credits General Journal Dato Dec 31 Debit Credit On November 1, Orpheum Company accepted a $10,900, 90-day, 12% note from a customer to settle his account. What entry should be made on the November 1 to record the acceptance of the note? Multiple Choice Debit Note Receivable $10,900, credit Accounts Receivable $10.900. Debit Note Receivable $11.227; credit Accounts Receivable $10,900, credit Interest Revenue $327. Debit Sales $10.900;credit Accounts Receivable $10,900, Debit Note Receivable $10,900, credt Cash $10.900 Debit Note Receivable $10,900, credit Sales $10,900