On January 5, Barnaby, Incorporated, purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit

On January 5, Barnaby, Incorporated, purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

See similar textbooks

Similar questions

Milano Gallery purchases the copyright on a painting for $210,000 on January 1. The copyright is good for 10 more years. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31. View transaction list Journal entry worksheet 1 > Record the purchase of the copyright on a painting for $210,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01
On June 1, 2024, Tech Company purchased a patent for $252,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only six years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Date Accounts and Explanation Debit June 1 Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Print Done X
On January1, Orange Manufacturing paid $40,000 for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only eight years. Assuming the straight-line method of amortization, record the journal entry for amortization for Year 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31
Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Nester Company whose fiscal year end is December 31, You MUST show the details of any calculations either in parenthesis or as a footnote. Date Transaction Description 7/1/20Y5 Accepted a 5-month, 6% note in settlement of a past due customer account, Barns Company, with a $9,000 balance. 11/1/20Y5 Accepted a promissory note from a Nester Company executive in exchange for providing the executive with S20,000 to be used for relocation costs. The note carries interest of 9% and is due in 8 months. 12/1/20Y5 Received the amount due on the note from Barns Company. 12/31/20Y5 Accrued interest on the 8-month note received from the Nester Company executive. 7/1/20Y6 Received full payment from the Nester Company executive.
On March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring monthly payments of $450 starting March 31. The journal entry to record the first payment would include a _______ to Notes Payable of debit; $376. credit; $74. credit; $376. debit; $74.
create a journal entry for Jul 01 Purchased equipment, paying $6,060 cash and signing a 2-year note payable for $19,240. The equipment has a 8-year useful life. The note has a 9% interest rate, with interest payable on the first day of each following month.
Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance.
Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
The following are selected 2019 transactions of Kelly Company a. October 1: Purchased inventory from Sid Corporation on account $100,000. Kelly records purchases gross and uses a periodic system. b. November 1: Issued a $60,000 6-month 10% note to Sid in payment of account. c. November 1: Borrowed $80,000 from FB Bank by signing a 15 month, zero interest bearing $110,000 note. Required: 1. Prepare the journal entries for the transactions above. 2. Prepare the adjusting entries as at December 2019
Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9