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Digiron [165]
3 years ago
10

Listed below are a few transactions and events of Piper Company. Piper Company records a year-end entry for $10,000 of previousl

y unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue. Prepare any necessary adjusting entries at December 31, 2017, for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the policy of recording cash received in advance in balance sheet accounts.)
Business
1 answer:
Mama L [17]3 years ago
6 0

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Account Dr, $10,400  

                To Sales account $10,000

                To Sales Tax Payable account $400      ($10,000 × 4%)

(Being cash received is recorded)

Here we debited the cash as it increased the assets and we credited the sales and sales tax payable as it increased the sales and liabilities.

2. Cost of Goods Sold Dr, $5,000  

                 To Inventory $5,000

(Being Cost of Goods sold is recorded)

Here we debited the cost of goods sold as it increase the expenses and we credited the inventory as it decrease the assets

3. Unearned Services Revenue Dr, $50,000  

                 To Earned Services Revenue  $50,000

(Being unearned service revenue is recorded)

Here we debited the unearned service revenue as it decreased the liabilities and we credited the earned service revenue as it increased the sales

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Alex777 [14]

Answer:

The amount of depreciation expense that should be recorded for the second year is $28,600

Explanation:

The computation of the depreciation per units or bolts under the units-of-production method is shown below:

= (Original cost - residual value) ÷ (estimated production bolts)

= ($206,520 - $11,000) ÷ (752,000 bolts)

= ($195,520) ÷ (752,000 bolts)

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Now for the second year, it would be

= Production units in second year × depreciation per bolts

= 110,000 units × 0.26

= $28,600

4 0
3 years ago
A german firm raising capital by selling stock through the london stock exchange is an example of _____.
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<span>A german firm raising capital by selling stock through the london stock exchange is an example of transnational financing.

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7 0
3 years ago
Royal Dutch Shell(RDS) acquires ethanol fuel from Brazilian Cosan energy company. The Ethanol costs 500 million Brazilian Real(B
Fudgin [204]

Answer:

The answer is 5000 future contracts

Explanation:

Solution

Given that:

Royal Dutch buys ethanol fuel from Brazilian energy company

Nowm,

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3 0
3 years ago
g When a monopolistically competitive industry is in long-run equilibrium: Multiple Choice price equals marginal cost. firms ear
kozerog [31]

Answer:

price equals minimum average total cost

Explanation:

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So this represents that price is equivalent to the average total cost

Hence, the last option is correct

8 0
3 years ago
You currently have 80 units of a product on the shelf. The demand for the product has been simulated as follows: Demand_Data.xls
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Answer:

how do you want the answer to be

Explanation:

???

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2 years ago
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