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So I got through part of the first sections and got so lost. Can you help? Exercise 102 Your answer is partially correct. Try again.

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So I got through part of the first sections and got so lost. Can you help?

image text in transcribed Exercise 102 Your answer is partially correct. Try again. On June 1, Merando Company borrows $111,000 from First Bank on a 6month, $111,000, 8% note. (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit June 1 Cash Credit 111000 Notes Payable 111000 (b) Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 Interest Expense Interest Payable (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Dec. 1 Notes Payable Interest Payable Cash 111000 4440 115440 (d) What was the total financing cost (interest expense)? Total financing cost Credit $ Exercise 103 Your answer is partially correct. Try again. In performing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1. Poole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $40,500 and sales taxes $2,025. 2. Waterman Company does not segregate sales and sales taxes. Its register total for April 15 is $23,754, which includes a 7% sales tax. Prepare the entry to record the sales transactions and related taxes for each client. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit POOLE COMPANY 1. Apr. 10 Cash 42525 Sales Revenue 40500 Sales Taxes Payable 2025 WATERMAN COMPANY 2. Apr. 15 SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 1 of 3 used SAVE FOR LATER Copyright 20002016 by John Wiley & Sons, Inc. or related companies. All rights reserved. SUBMIT ANSWER Exercise 104 (Part Level Submission) Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $29 per year. During November 2017, Moreno sells 14,736 subscriptions beginning with the December issue. Moreno prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. (a) Prepare the entry in November 30 for the receipt of the subscriptions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (b) Prepare the adjusting entry at December 31, 2017, to record sales revenue recognized in December 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (c) Prepare the adjusting entry at March 31, 2018, to record sales revenue recognized in the first quarter of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Exercise 105 (Part Level Submission) Debit Credit Dan Noll's gross earnings for the week were $1,950, his federal income tax withholding was $338, and his FICA total was $149. (a) What was Noll's net pay for the week? (Round answer to 0 decimal places, e.g. 5,275.) Noll's net pay for the week (b) Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable: not Cash.) (Assume FICA rate of 7.65%. Credit accounts titles are automatically indented when the amount is entered. Do not indent manually.) Debit Account Titles and Explanation Credit (c) Record the issuing of the check for Noll's pay in the general journal.(Assume FICA rate of 7.65%. Credit accounts titles are automatically indented when the amount is entered. Do not indent manually.) Debit Account Titles and Explanation Credit Exercise 106 According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $138.50 for FICA taxes, $12.50 for federal unemployment taxes, and $87.50 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 10.50.) Account Titles and Explanation Debit Credit Exercise 108 On January 1, 2017, Klosterman Company issued $557,000, 13%, 10year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (c) Prepare the journal entry to record the payment of interest on January 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Problem 103A (Part Level Submission) Debit Credit On May 1, 2017, Herron Corp. issued $570,000, 11%, 5year bonds at face value. The bonds were dated May 1, 2017, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, 2017 (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 (c) Show the balance sheet presentation on December 31, 2017. (Enter account name only and do not provide descriptive information.) Herron Corp. Balance Sheet $ $ (d) Prepare the journal entry to record payment of interest on May 1, 2018.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, 2016 (e) Prepare the adjusting entry to record the accrual of interest on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2018 (f) Assume that on January 1, 2019, Herron pays the accrued bond interest and calls the bonds at 101. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2019 (To record payment of interest) Jan. 1, 2019 (To record redemption of bonds) Debit Credit

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