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Natasha2012 [34]
3 years ago
11

Transactions for Ivanhoe Company for the month of June are presented below. June 1 Issues common stock to investors in exchange

for $5,830 cash. 2 Buys equipment on account for $1,550. 3 Pays $560 to landlord for June rent. 12 Sends Wil Wheaton a bill for $510 after completing welding work. Journalize the transactions.
Business
1 answer:
beks73 [17]3 years ago
6 0

Answer:

The Journal entries are as follows:

(a) On June 1,

Cash A/c Dr. $5,830

      To common stock  $5,830

(To record the issue of common stock for cash)

(b) On June 2,

Equipment A/c Dr. $1,550

       To accounts payable   $1,550

(To record the purchase of equipment on account)

(c) On June 3,

Rent expense A/c Dr. $560

      To cash                           $560

(To record the rent expense)

(d) On June 12,

Accounts receivable A/c Dr. $510

            To Welding service revenue $510

(To record the welding service revenue)

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The short run is defined as A. a period of time of five years or less. B. the period of time in which all factors of production
allochka39001 [22]

Answer:

C. the period of time in which at least one factor of production is fixed.

Explanation:

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3 years ago
Which one of the following types of losses is excluded from the determination of net income in income statements? Material losse
alexgriva [62]

Answer: The correct answer is "Material losses resulting from correction of errors related to prior periods.".

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3 years ago
While any given advertisement for a product may focus on only one or a few purchasing motives, the _____. advertising campaign s
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3 years ago
Read 2 more answers
On January 1, 2019, Amazon issues $100,000 in bonds having a stated rate of 10%. The bonds mature in 2 years (Dec. 31, 2020) and
Nutka1998 [239]

Answer:

cash                   96,535 debit

discount on BP    3,465 debit

          Bonds Payable          100,000 credit

Explanation:

We need to determinate the price at which the bonds were issued:

Which is the present value of the coupon payment and maturity

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\  

Coupon payment: 100,000 x 10% / 2 = 5,000

time 4  (2 years x 2 payment per year)

rate 0.06  (12% annual / 2 = 6% semiannual)

5000 \times \frac{1-(1+0.06)^{-4} }{0.06} = PV\\  

PV $17,325.5281  

 

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity (face value)   $100,000.00  

time   4.00  

rate  0.06

\frac{100000}{(1 + 0.06)^{4} } = PV  

PV   79,209.37  

 

PV c $17,325.5281  

PV m  $79,209.3663  

Total $96,534.8944  

As the bonds are issued below face value there is a discount:

100,000 - 96,535 = 3,465

the entry will recognize the cash procceds and the creation of a liaiblity

we will also use an auxiliar account for the discount on the bonds

7 0
3 years ago
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