# Need help as soon as possible with correct answers Application Problem 3-8A Offcopy Ltd. (OL) is...

###### Question:

Need help as soon as possible with correct answers

Application Problem 3-8A Offcopy Ltd. (OL) is an office supply company that also sells and services commercial office copiers. OL was founded in 2016 and has seen significant growth since then. OL's bookkeeper retired in August and ding the following transactions from the month of September 2020: Regular entries: Sept. 1 1 5 12 OL purchased a new delivery truck for $58,400, paying$20,000 cash and financing the balance using a note payable at 9% per annum. The note payable is due in 12 months, and interest on the note must be paid on the first day of every month, beginning on October 1, 2020. OL's management has determined that the truck will have a useful life of six years and a residual value of $8,000. (Use Notes Payable) OL paid$1,920 for an insurance policy on the new truck for the period September 1, 2020, to August 31, 2021. The company purchased inventory on credit at a cost of $12,000. Pinamalas University, one of OL's largest customers, signed a photocopy service contract with OL. The contract runs from October 1, 2020, to September 30, 2021, and will mean that OL services all of the university's photocopiers. In accordance with the contact terms, Pinamalas paid OL$7,500, representing the first month's service revenue under the contract. OL sold $17,000 of office supplies, of which one-quarter was on account and the balance was cash. The cost to OL of the products sold was$12,500. OL paid dividends in the amount of $12,000, which had been declared by the board (and recorded) in August 2020. 18 30 Adjusting entries: Sept. 30 30 30 OL made the necessary month-end adjusting entry related to the depreciation of the new delivery truck. OL made the necessary month-end adjusting entry related to the interest on the note payable. OL made the necessary month-end adjusting entry related to the insurance policy. Prepare the journal entries and adjusting entries for the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Prepare the journal entries and adjusting entries for the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record purchase of new delivery truck) (To record payment of insurance) Sept. 18 (To record sale of goods) (To record the cost) Adjusting entries: (To record depreciation of the new delivery truck) (To record interest on the note payable) (To record the insurance) ## Answers #### Similar Solved Questions 1 answer ##### Please help MAC 1114 Quiz Chapter 7 B Names Solve each equation on 0 θ <... Please help MAC 1114 Quiz Chapter 7 B Names Solve each equation on 0 θ < 2π. Explain what you did 6 points each) 1. 4 sin2 θ-3-0 3. tan e+V30 4, 4sin2 θ 1 + 4 cos θ... 1 answer ##### A 24-volt battery is hooked to four 25-watt light bulb in series. a. Draw a digram... A 24-volt battery is hooked to four 25-watt light bulb in series. a. Draw a digram of this circuit b. Find the voltage across each light bulb c. Find the current in each light bulb d. Find the resistance in each light bulb... 1 answer ##### An airline passenger departs Seattle, Washington, at 6:45 a.m. and lands in Portland, Maine, after a... An airline passenger departs Seattle, Washington, at 6:45 a.m. and lands in Portland, Maine, after a 6.25-hour direct flight. What is the local time upon arrival? (Hint: Check the time zones of the cities in question in the problem.)... 1 answer ##### Smith Company can produce two types of carpet cleaners, Brighter and Cleaner. Data on these two... Smith Company can produce two types of carpet cleaners, Brighter and Cleaner. Data on these two products are as follows: Sales volume in units Unit sales price Unit variable cost Brighter 400$1,000 cleaner 600 $1,000 700 200 The number of machine hours to produce one unit of Brighter is 1, while th... 1 answer ##### Part C please. The second picture is there to reference the circuit from part B if needed. Part C please. The second picture is there to reference the circuit from part B if needed. Correct Learning Goal: To calculale allagee in a ballery charging circuit and lo calculale the capectance needed in rectfier circuite Part B A rectier crcut is one thet oonwens BC power 1o de power. The mos: b... 1 answer ##### A study looked at n 238 adolescents, all free of severe illness. Subjects wore a wrist... A study looked at n 238 adolescents, all free of severe illness. Subjects wore a wrist actigraph, which allowed the researchers to estimate sleep patterns. Those subjects classifjed as having low sleep efficiency had an average systolic blood pressure that was 5.8 millimeters.bf mercury (mm Hg) high... 1 answer ##### 5. [5 points] Let relation R (A, B, C, D, E) satisfy the following functional dependencies:... 5. [5 points] Let relation R (A, B, C, D, E) satisfy the following functional dependencies: AB → C BC → D CD → E DE → A AE → B Which one of the following FDs is also guaranteed to be satisfied by R? A. B. BCD → A A-B D. CE → B... 1 answer ##### Multivariable Calculus M273 Page 4 of 4 Section 17.1 5. (1 Bonus Credit) ExTRA CREDIT. Fix >0. Co... Multivariable Calculus M273 Page 4 of 4 Section 17.1 5. (1 Bonus Credit) ExTRA CREDIT. Fix >0. Consider the region A bounded by the straight line segment from (0,0) to (1,0), the portion of the hyperbola parametrized by r(t) = (cosh(t), sinh(t)) for 0 < t <t, and the straight line segment f... 1 answer ##### Use a contour to evaluate So° sin x 2 dx Use a contour to evaluate So° sin x 2 dx... 1 answer ##### Please explain why Which of the following statements is true for the voltaic cell using the... Please explain why Which of the following statements is true for the voltaic cell using the reaction: Cu(s) + 2Ag+(aq) + 2Ag(s) + Cu2+(aq) Electrons spontaneously flow from the Cu electrode to the Ag electrode. Electrons spontaneously flow from the Ag electrode to the Cu electrode. O Cations migrat... 1 answer ##### What is the tax on$250 if the rate is 6%?
What is the tax on \$250 if the rate is 6%?...
##### I am working in a paper for my clinical class -nursing i need to do the nursing process for a resident that lives in a n...
I am working in a paper for my clinical class -nursing i need to do the nursing process for a resident that lives in a nursing home with dementia with disturbance . Assessment: Diagnoses: planning: implementation evaluation...
##### Suppose the angle of elevation x from an observation post to a plane is 82 degrees...
Suppose the angle of elevation x from an observation post to a plane is 82 degrees while the angle of elevation from the Airport control tower to the plane y is 40 degrees. The distance from the airport control tower to the observation post is 2 miles. Find the distance from the observation point to...
##### 002- Wand Statistics Bio Page Teaching * Test Information Description Instructions Timed Test This test has...
002- Wand Statistics Bio Page Teaching * Test Information Description Instructions Timed Test This test has a time limit of 1 hour and 40 minutes. You will be notified when time expires, and you may continue or submit Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain Mul...