...BMGT220 Week 1 to 7 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-1-7-homework-solutions/ Problem 1 Record the following journal entries below. The first two are done for you as examples. Date Event 1/2/2010 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation 1/4/2010 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later. 1/12/2010 Received $30,000 from customers for services rendered. 1/15/2010 Received a bill for construction supplies used in the amount of $4,000. 1/18/2010 Provided $6,400 of services on account. 1/20/2010 Paid employees $4,600 for wages earned. 1/22/2010 Collected the amount due for work provided on January 18. 1/23/2010 Paid the amount due on equipment purchased on January 4. 1/25/2010 Purchased (and used immediately) construction supplies for cash in the amount of $1,200. 1/31/2010 The company paid Amanda Smith a $3,000 dividend PROBLEM 2 Record the following journal entries below. Hint - some transactions do not require a journal entry Date Event 6/2/2011 Jose Alverado invested $50,000 cash in the capital stock of a new corporation 6/3/2011 Paid rent for June in amount of $2,000. 6/6/2011 Hired an assitant to be paid $6,000 per month. 6/7/2011 Signed contract with Alpha Company to provide services for $15,000. 6/8/2011 Purchased on account and immediately used...
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...BMGT220 Week 1 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-1-homework-solutions/ Problem 1 Record the following journal entries below. The first two are done for you as examples. Date Event 1/2/2010 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation 1/4/2010 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later. 1/12/2010 Received $30,000 from customers for services rendered. 1/15/2010 Received a bill for construction supplies used in the amount of $4,000. 1/18/2010 Provided $6,400 of services on account. 1/20/2010 Paid employees $4,600 for wages earned. 1/22/2010 Collected the amount due for work provided on January 18. 1/23/2010 Paid the amount due on equipment purchased on January 4. 1/25/2010 Purchased (and used immediately) construction supplies for cash in the amount of $1,200. 1/31/2010 The company paid Amanda Smith a $3,000 dividend PROBLEM 2 Record the following journal entries below. Hint - some transactions do not require a journal entry Date Event 6/2/2011 Jose Alverado invested $50,000 cash in the capital stock of a new corporation 6/3/2011 Paid rent for June in amount of $2,000. 6/6/2011 Hired an assitant to be paid $6,000 per month. 6/7/2011 Signed contract with Alpha Company to provide services for $15,000. 6/8/2011 Purchased on account and immediately used $1,500...
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...BMGT220 Week 6 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-6-homework-solutions/ Problem 1 On October 1, 20X4, Farmer Engineering Services purchased a new laser surveying instrument. Farmer paid $5,000 down and executed the following promissory note: ………………………. ………………….. Problem 2 Examine the following items and prepare the current liabilities section of the Balance sheet for Annapolis Corporation as of December 31, 2007 The beginning of year accounts payable was $100,000. Purchases on trade accounts during the year were $650,000, and payments on account were $610,000. The company incurs substantial costs for electricity to run its servers and air conditioning systems. As of December 31, 2007, it is estimated that $55,000 of electricity has been used, although the monthly billing for December has not yet been received. Annapolis Corporation sells web hosting plans for as low as $25 per month. However, it requires its customers to prepay in 6-month increments. As of the end of the year, $375,000 had been collected for 2008 web hosting plans. Web hosting services are subject to sales taxes, and Annapolis Corporation collected $65,000 during the year. All of these amounts have been remitted to taxing authorities, with the exception of $5,000 that is due to be paid in January, 2008. The company has total bank loans of $1,500,000. This debt bears interest at 6%, payable monthly. As of December 31, 2007, all interest...
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...BMGT220 Week 5 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-5-homework-solutions/ To the side of each senario, record the three required journal entries for a purchase at par, a premium purchase, and a purchase of bonds at discount. The first entry has been made for you. Dorchester Inc. invested $100,000 in 5-year bonds issued by Ace Brick Company. The bonds were purchased at par on January 1, 20X1, and bear interest at a rate of 8% per annum, payable semiannually. (a) Prepare the journal entry to record the initial investment on January, 20X1. (b) Prepare the journal entry that Dorchester would record on each interest date. (c) Prepare the journal entry that Dorchester would record at maturity of the bonds. Problem 2 Evaluate the following features or comments and decide if the description would pertain to a capital lease or an operating lease. Operating Lease Capital Lease The lessee reports the leased asset on its balance sheet x Payments are reported fully as rent expense x Ownership of the property passes to the lessee by the end of the lease term x The lease term is at least 75% of the remaining life of the property x Interest expense is measured and reported by the lessee x Depreciation of the leased asset is not reported by the lessee x At the inception of the lease, the lessee records both an asset and liability x ...
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