- record the purchase
Q: General entry purchase return
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: purchase discount
A: The purchase term "2/10, n/30" means that 2% discount will be available if the payment is made…
Q: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…
A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…
Q: cost of purchase.
A: Purchase is the taking delivery of the ownership of goods in exchange of consideration paid by the…
Q: Journalizing Purchases Transactions
A: Above all purchase transactions are on Credit. journal entries will be as follows.
Q: How to journaalize entries from accounting for purchase with frieght transaction?
A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…
Q: A form used to request the responsible person or department to purchase merchandise or other…
A: Person responsible to make purchase would require the details to the purchases required to be made.
Q: effect of purchase on account on current rattion
A: Current Ratio (CR): It is one of the liquidity ratios which measures the company’s ability to pay…
Q: How to journalize entries from accounting for purchase with frieght transaction?
A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…
Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL
A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…
Q: initiate the purchase requisition for fre supplies of the material?
A: Option a is wrong because the maximum level is the maximum number of inventory that can be held by…
Q: 4. Which of the following accounts are used when recording a purchase?
A: 1. If Cash purchase: If the purchase is made out of cash, both cash and inventory accounts are used…
Q: book value
A: To understand book balue first you have to understand about Historical Cost Principle. Historical…
Q: Give an example and explain how to journalize depreciation entry.
A: Depreciation is a reduction of value of an asset over its useful life time. It is an accounting…
Q: the building and journalize the purchase.
A: Definition: Property, plant, and equipment: These assets are long-lived economic resources which are…
Q: recorded up to the date of sale. The entry to record the sale would include a
A: In the given case; Original cost of the asset = 20000 accumulated depreciation = 17000 Carrying…
Q: How do you find invoice
A: The question is based on the concept of Invoice and method to retrieve it. Invoice is a commercial…
Q: Net realizable val = purchases entory - Decembe
A: The theory of lesser of cost or net realizable value states that inventory must be recorded at the…
Q: D. Unearned gift certificates revenue
A: Revenue refers to the amount that is earned when the goods are sold or services are provided to…
Q: Why is a “blind” purchase order used as a receiving report document?
A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…
Q: jorunalize the transactions
A: Journal entries recording is the first step in accounting cycle process, in which atleast one…
Q: Discuss the objects of the cut off on the sales and collection cycle.
A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…
Q: Record the following purchase transactions of Money Office Supplies.
A: Journal: Journal is the book of original entry. Journal consists of the day today financial…
Q: Explain certificate of deposit (CD).
A: Money Market Instruments are short term financial instruments which helps in increasing financial…
Q: a. calculate the purchase consideration b. calculate the goodwill or bargain purchase for this…
A: When one company takes over another and establishes itself as the new owner, the purchase is called…
Q: Define Book value.
A: Asset Asset refers to an economic resource that an entity or an individual holds for gaining future…
Q: Prepare a journal entry to record the purchase.
A: The cost of land purchased would be split between intangible assets of surface rights and mineral…
Q: C.ompute the Purchase Journal
A: Purchase Journal is prepared as :- Purchase journal Date Purchaseinvoice…
Q: In the Invoice Lookup, when view
A: Answer: SAGE 50 is the accounting software that is used by many business to record their day to day…
Q: Summarize the process to determine whether you can afford a particular purchase
A: The process is a defined way that helps individuals to analyze the particular item for taking the…
Q: How do i adjust entries for a merchanting buisness
A: Adjusting entries are the journal entries passed at the end of the financial year to close all the…
Q: Appropriation account
A: Appropriation accounts keep aside money/ profits for various specific purposes. For example dividend…
Q: Explain how to record accrued interest.
A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…
Q: Describe how accounts are used to record information about the effects oftransactions?
A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…
Q: What is the purpose of the blind copy of a purchase order?
A: Definition: Blind copy: The copy of purchase order (PO) which contains no information about the…
Q: Match the items
A: Answer: Deferred Tax Liabilities – are always presented as non-current liability in the statement of…
Q: describe the purposes, similarities, and differences among purchase requisitions, purchaseorders,…
A: Purchase requisition is a document which is used by the employee on the behalf of the company for…
Q: Define Gift card.
A: Cash sales These refer to sales made by companies in the form of liquid currency as cash. These are…
Q: What questions should be asked after a returned item hasbeen counted and recorded?
A: Returned items are goods that are returned to the manufacturer or secondary retailers.
Q: How do you journalize entries on FOB shipping and FOB destination?
A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…
Q: Write out the journal entries needed to record this sale.
A: Step 1 Journal is the Part of Book Keeping.
Q: Explain how to record the purchase of supplies.
A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…
Q: Define the term book value.
A: Accumulated depreciation: The total amount of depreciation expense deducted, from the time asset…
Q: e purchases journal.
A: Purchases journal is an accounting record used to update every transactions of purchase made.
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- The Salient company uses the revaluation model for its building. It acquired a building on January 1, 2018 for $450,000 cash. The useful life is 25 years and the residual value is $50,000. On December 31, 2019 and December 31, 2021, the fair value of the building was assessed at $422,000 and $380,000, respectively. Required- Prepare all the journal entries from January 1, 2018 to December 31, 2021. Determine the balance of the Accumulated Other Comprehensive Income (AOCI) account on December 31, 2019 and December 31, 2021, and specify whether it is a debit or a credit balance.GALING Co. acquired a building on March 1, 2021. The costs related to the acquisition are as follows: Purchase price: P7,000,000; Options: P300,000 (of which P100,000 is incurred on a building which is not acquired) Repairs of P500,000 which consists of renovation, remodeling of office space and new partitions before occupying the building. How much should be recorded as cost of the building? a. P7,800,000 b.P7,700,000 c.P7,500,000 d. P7,300,000The Salient company uses the revaluation model for its building. It acquired a building on January 1, 2018 for $450,000 cash. The useful life is 25 years and the residual value is $50,000. On December 31, 2019 and December 31, 2021, the fair value of the building was assessed at $422,000 and $380,000, respectively. Required- a) Prepare all the journal entries from January 1, 2018 to December 31, 2021. b) Determine the balance of the Accumulated Other Comprehensive Income (AOCI) account on December 31, 2019 and December 31, 2021, and specify whether it is a debit or a credit balance.
- A building with an appraisal value of $132,577 is made available at an offer price of $159,843. The purchaser acquires the property for $35,884 in cash, a 90-day note payable for $24,556, and a mortgage amounting to $56,520, The cost of the building to be reported on the balance sheet is Oa. $123,959 Ob. S132577 Oc. S116960 Od, S159.843A building with an appraisal value of $129,802.00 is made available at an offer price of $150,878.00. The purchaser acquires the property for $33,175.00 in cash, a 90-day note payable for $25,972.00, and a mortgage amounting to $57,161.00. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? Select the correct answer. $129,802.00 $150,878.00 $117,703.00 $116,308.00At December 31, 2019, certain accounts included in the property, plant, and equipment section of Reagan Company’s balance sheet had the following balances. Land Buildings Leasehold improvements Equipment $230,000 890,000 660,000 875,000 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to a real estate agent. Costs of $35,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,000. 2. A second tract of land (site number 622) with a building was acquired for $420,000. The closing statement indicated that the land value was $300,000 and the building value was $120,000. Shortly after acquisition, the building was demolished at a cost of $41,000. A new building was constructed for $330,000 plus the following costs. Excavation fees Architectural design fees Building permit fee Imputed…
- At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land $309,520 Buildings—Structure 882,660 Leasehold Improvements 704,970 Equipment 844,620 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2. Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees $37,550 Architectural design fees…On July 1, 2021, Company A purchased land and buildings and agreed to rent the facility to a non-affiliated company on a month-by- month basis. Pertinent details follow: i. The company paid 6.0million fortheinvestmentpropertyplus200,000 in related legal fees. The purchase price was allocated 80% to the building and 20% to the land. ii. The estimated useful life of the building is 30 years at which time the salvage value is expected to be $0. iii. The company uses the straight-line method to depreciate all depreciable assets. iv. An appraisal valued the investment property at $6.4 million as at December 31, 2021, year-end-5.1millionbuildingand1.3 million land. Required (1) Prepare the journal entry to record the purchase of the property. (2) Prepare the year-end adjusting entries for 2021 assuming that the company elects to use the cost model to account for investment property. (3) Prepare the year-end adjusting entries for 2021 assuming that the company elects to use the fair value…Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitable organization that operates homeless shelters. X
- an entity acquired furniture and fittings on 1 July 2021 for $42 000. The estimated useful life of the furniture and fittings at acquisition date was 8 years and the residual value was $2000. The company sold all the furniture and fittings on 1 January 2027 for $18 000. The journal entry to reflect the sale is:At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land $309,730 Buildings—Structure 882,700 Leasehold Improvements 704,930 Equipment 844,920 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2. Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees $37,960 Architectural design…Accounting Sleepy Ltd negotiated a purchase of land, building and equipment from Bambi Corp. The purchase was completed on June 28, 2021 at a total cash cost of $800,000. The estimated market value of each asset at the time was: land, $330,000; building, $520,000; and machinery, $150,000. Required: 1. Prepare journal entries to record each of the purchase of the assets on June 28, 2021. 2. How much depreciation will be recorded for the December 31, 2021 year end assuming declining balance depreciation years and 5 years on the machinery? Company policy is to start depreciating assets at the beginning of the month following acquisition. on the building over 40
