Answer Happy

EE Аа 20 1 4/9/2022 Orca Company sold common stock for $100,000 in cash. 2 4/11/2022 Please record the necessary March adjusting entries: - Interest for both of the note poyables - Prepaid Insurance for March has been used - Prepaid Rent for March has been used - Orca Company estimates bad debt as 8% of current A/R - Orca Company used 1/2 of the remaining supplies - $30,000 of solaries is recorded, but not paid - Utilities of $1,900 ore paid 4/11/2022 Orca Company sold 150 units of Inventory on account for $100 per unit -- Recall you are using FIFO, Orca Company has 70 units of $50 inventory remaining (from March 4th) and 500 units of $65 inventory (from March 21st) 4/11/2022 Orca Company pays an appraiser to assess useful life and salvage value for its building and equipment, which are going to begin being depreciated. The following is noted: - Incurs "appraisal expense of $500 which is paid in cash and is NOT capitalized. - The Building with book value of $495,000 has a salvage value of $45,000 and useful life of 25 years. - The Equipment with book value of $3,000 has $0 of salvage value and 6- year useful life Record depreciation expense and accumulated depreciation for 2 months for the building (February March) and 3 months for the Equipment (Jan-March). 5 4/13/2022 Orca Company released a new advertising campaign worth $10,000 with its new slogan "Wonderful are the Waves". Orca Company paid legal and registration costs of $18,000 for trademarking the phrase. 6 4/13/2022 Orca Company purchased 200 units of inventory for $55 per unit 1 7 4/13/2022 Orca Company decides to sell its building. The purchaser agrees to take on Orca Company's note owed on the building and pay an additional $20,000 Orca Company sells 100 units of inventory for $100 on account + 8 4/15/2022 9 4/15/2022 A customer pays orco company 515,000 for services to be provided later. 10 11 4/15/2022 A customer recently sued Orca Company. Orca Company hired a law firm for $1,000, paid in cash, and the firm told Orca Company that a $10,000 lossis probable Record the contingent liabilita
11 4/18/2022 Orca Company leases a new piece of equipment. The payments on the lease are paid annually and are $500 for 6 years with a borrowing rate of 5% and all payments are made of the end of April, starting this year. Orca Company issues a bond of face value $15,000. Orca Company will pay 4% annual interest on the bond. 127 4/18/2022 13 4/18/2022 Orca Company provides services of $40,000 to a customer and is paid in cash 14 4/20/2022 Please begin recording the adjusting entries for Oreo Company ONLY RECORD THE FOLLOWING ENTRIES BELOW (even if more gre technically needed" Orca Compony estimates bad debt os 8% of current A/R - Utilities of $1,250 are paid - Orca company accrues interest on the noto receivable it has recorded - Orca Company records the additional depreciation on its Equipment - Orca Company makes a lease payment Orca Compony records income Tax expense and Income Tax payable of 20% of current income before taxes 15 4/20/2022 16 4/22/2022 In addition, please record the closing entries. You can record the closing entries as debit/credits to the total values for revenues and expenses instead of individual revenue and expense accounts (see the Excel provided) Orca Compony currently has $175,000 in its common stock. Orca Company completed its common stock contract and established a por value of $1 on its common stock for 10,000 shares outstanding. As such, Orca Company needs to adjust the current equity accounts to remove common stock and record Additional Paid in Capital for the excess over par value Orca Company repurchases 1,000 shares of its own common stock for 88 per share Orca Company immediately receives an opportunity to resell 500 of those shares at $12 per shore. Record this resole of the treasury stock 17 4/22/2022 18 4/22/2022
2:091 <Notes April 26, 2022 at 2:09 PM February 23rd 2/23/2022 Orca Company incurs a $250 service fee related to its bank account which is paid in cash 2/23/2022 Orca Company provides services to a customer for $16,000, to be paid on account 2/23/2022 Orca Company pays a $10,000 dividend to its shareholders 2/23/2022 Orca Company collects the accounts receivable from the customer serviced on 2/4 (note, this adjusts an entry from submission #1) February 25th 2/25/2022 Orca Company provides the services to the customer from 217 and collects the remainder of the cash owed. 2/25/2022 Orca Company provides services to a customer worth $12,000, to be paid on account 2/25/2022 Orca Company is finally ready to begin selling its inventory. On 2/25 Orca Company purchases 200 units of additional inventory from its sunnier at $50 per unit
2:091 < Notes 2/25/2022 Orca Company provides services to a customer worth $12,000, to be paid on account 2/25/2022 Orca Company is finally ready to begin selling its inventory. On 2/25 Orca Company purchases 200 units of additional inventory from its supplier at $50 per unit ($10,000 total), paying using a check (cash equivalent) February 28th 2/28/2022 Orca Company sells 200 units of inventory for $80 per unit and is paid in cash. Recall that Inventory is $50 per unit. 2/28/2022 Orca Company receives $500 as a dividend for the investment it made on February 4th. 2/28/2022 Orca Company records its salaries to be paid to employees in February of $25,000 2/28/2022 Orca Company receives a February utilities bill of $2,000. It plans to pay the bill the next business day March 2nd
2:091 < Notes ༡ པས པས ས པས། །ས་ utilities bill of $2,000. It plans to pay the bill the next business day March 2nd 3/2/2022 Orca Company sells 50 units of inventory for $80 per unit on account. The sale has terms of 2/10,n/30. Recall inventory was purchased for $50 per unit. 3/2/2022 Orca Company performs its adjusting entries for March. Here are the entries you need to record: - Interest for BOTH note payables - Prepaid Insurance - Prepaid Rent - It pays the Utilities it receives on 2/28 - It pays its salaries it initially accrued for on 2/28 - It has used $1,250 of supplies of the $2,000 it had purchased 3/2/2022 Orca Company pays its rent for March AND April. $500 each 3/2/2022 Orca Company records an allowance of 5% of current A/R including the transactions on March 2nd. (Totals $32,000) March 4th
2:091 <Notes LUKSULLIVIO UHI MILICII LITU. TULID VUL, UU; March 4th 3/4/2022 Orca Company collects the receivable of $16,000 from services provided on February 23rd. No update is made to the allowance. 3/4/2022 Orca Company receives payment for the inventory sold on 3/2. Note this payment comes within 10 days of purchase 3/4/2022 Orca Company purchases 100 units of inventory at $50 per unit using cash 3/4/2022 A customer returns 20 units of inventory purchased on 2/28. The inventory is not defective, so Orca Company adds it back to its inventory supply 3/4/2022 Orca Company sells 100 units of inventory at $80 per unit. The customer is able to pay for half now and Orca Company assings the rest on account with terms 1/10, n/30. 3/4/2022 Orca Company is told its customer serviced on 2/25 has gone insolvent. This requires Orca Company to record a write-off for the accounts receivable from the customer.
2:091 < Notes 3/4/2022 In addition, Orca Company is paid $11,000 of the Accounts Receivable of the insolvent customer from 2/25. Orca Company must record a recovery related to this $11,000 March 21st, 23rd 3/21/2022 Orca Company purchased 500 units of inventory from its supplier, on account. The supplier offered Orca Company a price of $65 per unit. Orca Company adopted the FIFO Method of inventory 3/21/2022 Orca Company negotiated a Promissory Note with the customer which purchased inventory on 3/4 ($4,000 balance). The note has terms of 6% interest owed in 6 months 3/23/2022 Orca Company sold 100 units of inventory on account. Due to recent demand, Orca Company raised its price to $100 per unit for the inventory.
2:07 Search < Notes J.VV / FILI I RIESE UITU VILU LUTY puts $15,000 down. Accounting Cycle Project Transactions (2/2) • Schedules a service to be performed later, but receives the $3,000 for the service now • Pays the supplier for inventory purchased on 1/9 (owed $5,000) • Pays the employee salaries allocated on 1/31 for the month of January ($20,000) • Pays January utilities of $1,750 • Pays rent for February ($500) Accounting Cycle Project Transactions (2/4) • Provides services to a customer worth $16,000. The customer pays for half of the service now and the rest is on account • Purchases liability insurance for its business starting in February at $12,000 for the year. Note all $12,000 is paid immediately • Purchases $2,000 of supplies, on account. The supplies purchased on 1/1 have all been used. • Purchases a $30,000 equity stake (investment) in a start-up company • Orca Company prepares its January adjusting and closing entries (performed together in class on 2/7)
2:07 <Notes Accounting Cycle Project Transactions (217) • Sells Common Stock for $50,000 • Provides Services to Customers worth $10,000 and is paid in cash • Purchases new advertisements for $4,400 • Pays for supplies purchased on 2/4 • Provides the services to customers scheduled on 2/2 • A customer approaches Orca Company and requests a service worth $6,000. The customer pays Orca Company $2,000 now and will pay the other $4,000 once the service is provided.