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On December 1, 2013 Insto Photo Company purchased merchandise, invoice price $25
On December 1, 2013 Insto Photo Company purchased merchandise, invoice price $25,000, and issued a 12%, 120-day note to Ringi Chemicals Company. Insto uses the calendar year as it…
On December 1, 2013, Dresden Company (a U.S. company located in Albany, NY) purc
On December 1, 2013, Dresden Company (a U.S. company located in Albany, NY) purchases inventory from a foreign supplier for 60,000 local currency units (LCU). Dresden will pay in …
On December 1, 2014, Boline Distributing Company had the following account balan
On December 1, 2014, Boline Distributing Company had the following account balances. Debit Credit During December, the company completed the following summary transactions. Adjust…
On December 1, 2014, Kelso Company acquired new equipment in exchange for old eq
On December 1, 2014, Kelso Company acquired new equipment in exchange for old equipment that it had acquired in 2011. The old equipment was purchased for $140,000 and had a book v…
On December 1, 2015 the Good-Buy Company (American) sold inventory to the Adios
On December 1, 2015 the Good-Buy Company (American) sold inventory to the Adios Company (Mexican), with payment of 12,000 pesos to be received March 1, 2016. The Good-Buy Company …
On December 1, 2015, Clark Co. leased office space for five years at a monthly r
On December 1, 2015, Clark Co. leased office space for five years at a monthly rental of $70,000. On the same date, Clark paid the lessor the following amounts: First month's rent…
On December 1, 2015, John and Patty Driver formed a corporation called Susquehan
On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing th…
On December 1, 2015, John and Patty Driver formed a corporation called Susquehan
On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing th…
On December 1, 2015, John and Patty Driver formed a corporation called Susquehan
On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing th…
On December 1, 2015, John and Patty Driver formed a corporation called Susquehan
On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing th…
On December 1, 2015, Lavender Manufacturing Company (a corporation) purchased an
On December 1, 2015, Lavender Manufacturing Company (a corporation) purchased another company’s assets, including a patent. The patent was used in Lavender’s manufacturing operati…
On December 1, 2015, Liang Chemical provides services to a customer for $87,000.
On December 1, 2015, Liang Chemical provides services to a customer for $87,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at …
On December 1, 2016, Ford Motors USA sold some cars to a French customer with th
On December 1, 2016, Ford Motors USA sold some cars to a French customer with the total selling price of € 1 Billion (Euros), payable on April 1, 2017. Assuming the following US D…
On December 1, 2016, General Mole borrowed $320,000 at 12% interest and pledged
On December 1, 2016, General Mole borrowed $320,000 at 12% interest and pledged $420,000 in accounts receivable as collateral. Additionally, General Mole was charged a finance fee…
On December 1, 2016, Half-Pint Company accepted a $24.000, 120 day, 8% note from
On December 1, 2016, Half-Pint Company accepted a $24.000, 120 day, 8% note from a customer in granting an extension to a past due account. Half-Pint Company's accounting period e…
On December 1, 2016, Lynch Incorporated sold $18,000 of merchandise with terms 2
On December 1, 2016, Lynch Incorporated sold $18,000 of merchandise with terms 2/10, n/EOM. On December 11, 2016, collections were made on sales originally billed for $12,000, and…
On December 1, 2016, XYZ Co. agreed to rent space in ABC\'s building for $4,500
On December 1, 2016, XYZ Co. agreed to rent space in ABC's building for $4,500 per month, and XYZ paid ABC on December 1 in advance for the first three months' rent. The entry mad…
On December 1, 2016, an advance rent payment of $13,800, representing a three-mo
On December 1, 2016, an advance rent payment of $13,800, representing a three-month prepayment for the months of December, January, and February, was received in cash from the com…
On December 1, 2017, Arthur, Inc. had 40,000 shares of $10 par value common stoc
On December 1, 2017, Arthur, Inc. had 40,000 shares of $10 par value common stock issued and outstanding. The next day it declared a 50% stock dividend. The market value of the st…
On December 1, 2017, Boerne Company sold merchandise to a customer for $40,000.
On December 1, 2017, Boerne Company sold merchandise to a customer for $40,000. In payment for the merchandise, the customer signed a 6% note requiring the payment of interest and…
On December 1, 2017, Prosen Distributing Company had the following account balan
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit During December, the company completed the following summary transactions. Suppli…
On December 1, 2017, Ringling Company (a U.S.-based company) entered into a thre
On December 1, 2017, Ringling Company (a U.S.-based company) entered into a three month forward contract to purchase 1,000,000 pesos on March 1, 2018. The following U.S. dollar pe…
On December 1, 2017, Rodriguez Distributing Company had the following account ba
On December 1, 2017, Rodriguez Distributing Company had the following account balances. Debit Credit During December, the company completed the following summary transactions. Jou…
On December 1, 2018, Liang Chemical provides services to a customer for $71,000.
On December 1, 2018, Liang Chemical provides services to a customer for $71,000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at …
On December 1, 2018, Liang Chemical provides services to a customer for $85,000.
On December 1, 2018, Liang Chemical provides services to a customer for $85,000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at …
On December 1, 2018, a U.S. company sold merchandise to a foreign company for 75
On December 1, 2018, a U.S. company sold merchandise to a foreign company for 750,000 yuan. The payment in yuan is due on January 31,2019. The spot rate was as follows: $0.20 per …
On December 1, 2019, Jim\'s JavaJoint borrowed $50,000 from its bank in order to
On December 1, 2019, Jim's JavaJoint borrowed $50,000 from its bank in order to expand its operations. The firm issued a four-month, 6 percent note for $50,000 to the bank and rec…
On December 1, 2019, Jim’s Java Joint borrowed $50,000 from its bank in order to
On December 1, 2019, Jim’s Java Joint borrowed $50,000 from its bank in order to expand its operations. The firm issued a four-month, 6 percent note for $50,000 to the bank and re…
On December 1, 2019, Owl Co. entered into an operating lease for its executive o
On December 1, 2019, Owl Co. entered into an operating lease for its executive offices for 5 years at a monthly rental of $50,000, paying the landlord the following amounts: Owl C…
On December 1, 20X7, George Jimenez needed a little extra cash for the upcoming
On December 1, 20X7, George Jimenez needed a little extra cash for the upcoming holiday season, and sold 250 shares of Microsoft stock for $70 per share less a broker's fee of $20…
On December 1, 20X8, Winston Corporation acquired 100 shares of Linked Corporati
On December 1, 20X8, Winston Corporation acquired 100 shares of Linked Corporation at a cost of $40 per share. Winston classifies them as available-for-sale securities. On this sa…
On December 1, Aggie Magazine Publishing Company (AMPCO) received $1,200 in adva
On December 1, Aggie Magazine Publishing Company (AMPCO) received $1,200 in advance from customers for 6-month subscriptions, with the first issue to be mailed December 15. AMPCO …
On December 1, Allison reviews her investment portfolio and finds out that she h
On December 1, Allison reviews her investment portfolio and finds out that she has had a very profitable year. To offset some of her gains, Allison sells 100 shares of Little Bear…
On December 1, Company $8,600 of merchandise to a customer who signs a 3-months
On December 1, Company $8,600 of merchandise to a customer who signs a 3-months note to pay the purchase price plus interest at 10% at the due date of March 1. What journal entry …
On December 1, Discount Electronics Ltd. has three DVD players left in stock. Al
On December 1, Discount Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $85. One of the three DVD players left in stock, with se…
On December 1, Discount Electronics Ltd. has three DVD players left in stock. Al
On December 1, Discount Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $64. One of the three DVD players left in stock, with se…
On December 1, Discount Electronics has three DVD players left in stock. All are
On December 1, Discount Electronics has three DVD players left in stock. All are identical, all are priced to sell at $85. One of the three DVD players left in stock, with serial …
On December 1, Howard Company received Brooks Company\'s $7,500, 60-day, 18% not
On December 1, Howard Company received Brooks Company's $7,500, 60-day, 18% note receivable in settlement of a past due account. At the end of the fiscal year, on December 31, How…
On December 1, JumpStart Company provides $2,800 in services to clients. Require
On December 1, JumpStart Company provides $2,800 in services to clients. Required: *Refer to the Chart of Accounts for exact wording of account titles * The Journal should consist…
On December 1, Klyak Ellectronics Ltd. has three DVD players left in stock. All
On December 1, Klyak Ellectronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $160. One of the three DVD players left in stock, with ser…
On December 1, LoPrice Electronics has three DVD players left in stock. All are
On December 1, LoPrice Electronics has three DVD players left in stock. All are identical, all are priced to sell at $85. One of the three DVD players left in stock, with serial #…
On December 1, LoPrice Electronics has three DVD players left in stock. All are
On December 1, LoPrice Electronics has three DVD players left in stock. All are identical, all are priced to sell at $85. One of the three DVD players left in stock, with serial #…
On December 1, Miser Corporation exchanged 2,000 shares of its $25 par value com
On December 1, Miser Corporation exchanged 2,000 shares of its $25 par value common stock held in treasury for a parcel of land to be held for a future plant site. The treasury sh…
On December 1, Quality Electronics has three DVD players left in stock. All are
On December 1, Quality Electronics has three DVD players left in stock. All are identical, all are priced to sell at $99. One of the three DVD players left in stock, with serial #…
On December 1, Quality Electronics has three DVD players left in stock. All are
On December 1, Quality Electronics has three DVD players left in stock. All are identical, all are priced to sell at $104. One of the three DVD players left in stock, with serial …
On December 1, Shamrock, Electronics has three DVD players left in stock. All ar
On December 1, Shamrock, Electronics has three DVD players left in stock. All are identical, all are priced to sell at $78. One of the three DVD players left in stock, with serial…
On December 1, Steve, a famous singer, contracted with Allen to sing at Allen’s
On December 1, Steve, a famous singer, contracted with Allen to sing at Allen’s theatre on December 31 for a fee of $25,000 to be paid immediately after the performance. a. Steve,…
On December 1, Sylvia Workman started a haireutting business called Expressions.
On December 1, Sylvia Workman started a haireutting business called Expressions. She invested $10,000 cash and $15,000 of equipment in the 2. company. On December 1, Expressions p…
On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as r
On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company. What is the journal entry that should be rec…
On December 1, YR05 Nord Inc. sold $100 of merchandise to Jones Inc. The sale wa
On December 1, YR05 Nord Inc. sold $100 of merchandise to Jones Inc. The sale was on account with terms 3/10 net/30. This inventory cost Nord Inc. $70. (for question 25 and 26) 25…