1 answer

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 copiersPrepare the journal entries and adjusting entries for the above transactions. (Credit account titles are automatically indent(To record depreciation of the new delivery truck) (To record interest on the note payable) (To record the insurance)

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

regular entries:
Date Accounts Title Debit $ Credit $
1-Sep Delivery truck 58400
Cash 20000
Notes Payable 38400
(purchase of truck with financing on Notes)
1-Sep Pre-paid Insurance 1920
Cash 1920
(purchase on insurance for one year for truck)
5-Sep Inventory 12000
Accounts payable 12000
(inventory purchased on credit)
12-Sep Cash 7500
Unearned revenue 7500
(advance payment of revenue received)
18-Sep Cash 12750
Accounts Receivable 4250
Sales revenue 17000
(sales revenue recorded)
COGS 12500
Inventory 12500
(cost of sales recorded)
30-Sep Dividend payable 12000
Cash 12000
(being dividend due paid)
Adjustment entries:
30-Sep Depreciation exp. 2800 (58400-8000)*4/(6*12)
Acc. Dep. 2800
(depreciation on truck recorded)
30-Sep Interest expense 288 (38400*9%*1/12)
Interest payable 288
(interest on Note payable made due)
30-Sep Insurance expense 160 (1920/12)
Prepaid Insurance 160
(being insurance expense for sept recorded)
.

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%?...
1 answer
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...
1 answer
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...
1 answer
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...
1 answer
Explain the basic difference between psychological egoism and ethical egoism. Do you agree with psychological egoism?...
Explain the basic difference between psychological egoism and ethical egoism. Do you agree with psychological egoism? Do you agree with ethical egoism? Why or why not?...
1 answer
<HW 29 Section 12.1-12.3 The Elastic Curve The cantilever beam ABC (Figure 1)shown is composed of...
<HW 29 Section 12.1-12.3 The Elastic Curve The cantilever beam ABC (Figure 1)shown is composed of two solid cylindrical sections: AB has a diameter of dı = 2.00 in and BC has a diameter of d2 6.00 in . The two moments, MA = 69.0 kipºft and MB = 56.0 kip. ft , are applied externally at p...
1 answer
Given the system transfer f unction: Y(s) 104 osts3 R(s) S+8S+52 From the step response, determine...
Given the system transfer f unction: Y(s) 104 osts3 R(s) S+8S+52 From the step response, determine peak time, overshoot, and settling time...
1 answer
Moor Company uses a job-order costing system and applies overhead costs to jobs at a rate...
Moor Company uses a job-order costing system and applies overhead costs to jobs at a rate of 120% of direct labor cost. Moor Company started the month of June with three jobs in process. The cost of beginning work in process plus the costs added during June are shown below: ...