Business, 22.04.2021 21:10, didraga777

The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $33,000 cash by issuing common stock.
2. Purchased a new cooktop that cost $13,200 cash.
3. Earned $22,400 in cash revenue.
4. Paid $14,400 cash for salaries expense.
5. Adjusted the records to reflect the use of the cooktop.
6. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $2,800.
7. Use straight-line depreciation.
8. The adjusting entry was made as of December 31, Year 1.
Required:
Record the events in general journal format and post to T-accounts.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 02:50, smariedegray

Acompany set up a petty cash fund with $800. the disbursements are as follows: office supplies $300 shipping $50 postage $30 delivery expense $350 to create the fund, which account should be credited? a. postage b. cash at bank c. supplies d. petty cash

Answers: 2

continue

Business, 22.06.2019 12:10, huangjianhe135

The following transactions occur for badger biking company during the month of june: a. provide services to customers on account for $32,000. b. receive cash of $24,000 from customers in (a) above. c. purchase bike equipment by signing a note with the bank for $17,000. d. pay utilities of $3,200 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (decreases to account classifications should be entered as a negative.)

Answers: 1

continue

Business, 22.06.2019 20:40, bbygrill

Robert owns a life insurance policy that he purchased when he first graduated college. it has a $100,000 death benefit and robert pays premiums for it every month out of his checking account. the insurance robert has is most likely da. permanent life insurance o b. term life insurance o c. group life insurance o d. individual life insurance

Answers: 1

continue

Business, 22.06.2019 22:10, zahraa244

Afirm plans to begin production of a new small appliance. the manager must decide whether to purchase the motors for the appliance from a vendor at $10 each or to produce them in-house. either of two processes could be used for in-house production; process a would have an annual fixed cost of $200,000 and a variable cost of $7 per unit, and process b would have an annual fixed cost of $175,000 and a variable cost of $8 per unit. determine the range of annual volume for which each of the alternatives would be best. (round your first answer to the nearest whole number. include the indifference value itself in this answer.)

Answers: 2

continue

Do you know the correct answer?

The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when...