Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 12.00

Jo's Flower Shop

On July 1, 2012, Jo's Flower Shop borrowed $25,000 from the bank. Jo signed a ten-month, 8% promissory note for the entire amount. Jo's uses a calendar year-end. Round your answers to the nearest whole dollar.

Required:

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1. Prepare the journal entry on July 1 to record the issuance of the promissory note.

2. Prepare any adjusting entries needed at year-end. Use months in calculation. Do not round intermediate calculations. If required, round your final answer to the nearest dollar.

3. Prepare the journal entry on May 1 to record the payment of principal and interest. For a compound transaction, if an amount box does not require an entry, leave it blank. Use months in calculation. Do not round intermediate calculations. If required, round your final answer to the nearest dollar.

Prepare all journal entries necessary to record the events related to the warranty transactions during the year.

A. During the year, it sold 100,000 dishwashers for $325 each.

B. Analysis of past warranty records indicates that 12% of all sales will be returned for repair within the warranty period. Clean expects to incur expenditures of $14 to repair each dishwasher. The account Estimated Liability for Warranties had a balance of $120,000 on January 1.

C. Clean incurred $150,000 in actual expenditures during the year.

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 04:08 PM My Price 12.00

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