- B D 1 Prepare A Balance Sheet With The Data Provided In Part 3 Of The Problem 6 Tab The Balance Sheet Does Not Need 1 (13.32 KiB) Viewed 38 times
- B D 1 Prepare A Balance Sheet With The Data Provided In Part 3 Of The Problem 6 Tab The Balance Sheet Does Not Need 2 (32.31 KiB) Viewed 38 times
- B D 1 Prepare A Balance Sheet With The Data Provided In Part 3 Of The Problem 6 Tab The Balance Sheet Does Not Need 3 (42.33 KiB) Viewed 38 times
- B D 1 Prepare A Balance Sheet With The Data Provided In Part 3 Of The Problem 6 Tab The Balance Sheet Does Not Need 4 (41.39 KiB) Viewed 38 times
- B D 1 Prepare A Balance Sheet With The Data Provided In Part 3 Of The Problem 6 Tab The Balance Sheet Does Not Need 5 (23.5 KiB) Viewed 38 times
- B D 1 Prepare A Balance Sheet With The Data Provided In Part 3 Of The Problem 6 Tab The Balance Sheet Does Not Need 6 (29.71 KiB) Viewed 38 times
- B D 1 Prepare A Balance Sheet With The Data Provided In Part 3 Of The Problem 6 Tab The Balance Sheet Does Not Need 7 (85.68 KiB) Viewed 38 times
1. On February 7, 2021, Anas Corp. issues 10 shares of common stock. The par value per share is as follows: 3 S 4,518 4 s Each share is issued for the following amount per share (which already includes the par 6 value): 7 $ 9,036 8 9 Prepare Anas' journal entry to record the issuance of common stock (3 points). 10 Cash 90,360 Common Stock Paid-in Capital in Excess of Par 11 45,180 45,180 12
Prepare journal entries for each of the following 3 transactions by filling in the highlighted cells (3 points for part 1, 2 points for part 2, and 4 points for part 3 for a total of 9 points). The transactions are consecutive (in other words, they are NOT independent of each other). Numan Company purchases a computer on November 30, 2021 for the following amount: 3 $ 22,590 9 The following amount is paid in cash: 10 S 7,530 11 The following amount is financed with a 2-month, 12% note payable: 15,060 12 $ 13 14 1. Prepare Numan's journal entry to record the purchase of the computer
1 Maha Inc. purchased the following assets on September 19, 2021 (the fair 2 market values of the assets are included as well): 3 Land $ 75,300 4 Building $ 94,125 5 Machine $ 18,825 6 Total Fair Market Value of Assets $ 188,250 7 8 1. Maha Inc. paid the following amount for the assets: 9 $ 150,600 10 Prepare the journal entry to record the purchase (4 points). 11 Land 75300 12 Building 94125 13 Machine 18825 Cash 14 37650 Fram Instruction Ciren
On January 1, 2021, Mustafa Corporation purchased Mohammad Corporation for the following amount S 33.885 Prior to the purchase, the balance sheets for Mustafa Corporation and Mohammad Corporation are listed below. Prepare a combined balance sheet by filling in cells in column D (12 points) Assets: - Cash Accounts Receivable Land Goodwill 13 Total Assets Mustafa Mohammad Corporation Corporation Combined S 41,415 S 30,120 $ 71,535 S 33.885 S 18,825 $ 52,710 S 37.650 $ 86,595 $ 124.245 S 112,950 $ 135,540 248,490
3. On December 31, 2022, Hind Company sold the machine for the following amount: S 13,554 Record the journal entry to show 2022 depreciation (2 points). Record the journal entry to show the sale (4 points). 2022 depreciation journal entry: . Equipment 15,060 Accumulated Depreciation 4,518 Sale of machine journal entry: - Cash 13,554 Accumulated Depreciation 9,036 Equipment 15,060 Gain 3,012 В 9
On January 1, 2021, Ibtesam Corp. issued $80,000 face value bonds at 102. These bonds pay interest at a 12% annual rate and pay interest twice a year, on June 30th and December 31st. The bonds have a 2-year life. 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2021 (3 points) Cash Bonds Payable Premium 2. Prepare the journal entry to record the first interest payment on June 30, 2021 (3 points) Interest Expense Cash 3. Prepare the journal entry to record the second interest payment on December 31, 2021 (3 points). Bonds Payable Cash 1 3 4. On December 31, 2021, Ibtesam Corp. retired the bonds at 97. Prepare the journal entry to record the retirement (4 points). 5 Premium 26 Interest Expense