S2-9 – Journal Entries (Architect)
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given the transactions for the architect company — prepare the journal entries.
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Given the transactions for the architect company — prepare the journal entries.
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Create journal entries for the purchase of equipment and annual depreciation, show the posted account balances, and the equipment’s book value.
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Given the amount borrowed and interest rate on note — prepare a journal for lending money, accrual of interest, and the collection of principle and interest.
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Given the merchandise sold and the cost of sales… prepare the journal entries and which company owns the merchandise at the end of the given dates.
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Given the accounting tasks for the law firm… create t-accounts and figure out the ending balances.
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Given the information on the company’s first year of operations — prepare the journal entry using the percent of sales method, as well as what it should report on the balance sheet.
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Given balance, accounts receivable, and a credit balance — calculate the amount of uncollectible account expense using the percent-of-sales and aging-of-receivables method.
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Given the information on the loan the state bank lent out to the company — compute the interest for the three years, which party has the given list of things including expenses and revenues, and the amount paid if the note is paid off.
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Given the inventory transactions for the corporation — prepare the journal entry using the perpetual inventory system and show what the corporation will report.
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Prepare the income statement using the average cost, FIFO, and LIFO methods.
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