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Tag: ACCT 211 Connect Homework

Liberty ACCT 211 Connect Homework Chapter 9 Problems Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 9 Problems Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 1. Determine the maturity date for each of the three notes described. Question 2 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) Question 3 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round

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Liberty ACCT 211 Connect Homework Chapter 9 Exercises Answers Complete Solutions

 Liberty ACCT 211 Connect Homework Chapter 9 Exercises Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Sylvestor Systems borrows $193,000 cash on May 15, 2017, by signing a 30-day, 7% note. 1. On what date does this note mature? 2. Assume the face value of the note equals $193,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note. (b) First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your journal entry to record payment

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Liberty ACCT 211 Connect Homework Chapter 8 Problems Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 8 Problems Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2017, at a total cash price of $830,000 for a building, land, land improvements, and four vehicles. 1-a. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. 3. Compute the depreciation expense for year 2017 on the land improvements assuming a five-year life and

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Liberty ACCT 211 Connect Homework Chapter 8 Exercises Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 8 Exercises Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Rizio Co. purchases a machine for $14,300, terms 1/10, n/60, FOB shipping point. The seller prepaid the $323 freight charges, adding the amount to the invoice and bringing its total to $14,623. The machine requires special steel mounting and power connections costing $989. Another $466 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $315 in damages occurred. Materials costing $40 are used in

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Liberty ACCT 211 Connect Homework Chapter 7 Problems Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 7 Problems Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 2.5% service charge for sales on its credit card. Access deducts a 1.5% service charge for sales on its card. Mayfair completes the following transactions in June. Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is

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Liberty ACCT 211 Connect Homework Chapter 7 Exercises Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 7 Exercises Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Vail Company recorded the following selected transactions during November Current Year. 1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger. Question 2 2. Prepare a schedule of accounts receivable. Question 3 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card,

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Liberty ACCT 211 Connect Homework Chapter 6 Problems Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 6 Problems Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year). 1. Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to

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Liberty ACCT 211 Connect Homework Chapter 6 Exercises Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 6 Exercises Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $75 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $57; postage expenses, $76; and miscellaneous expenses, $117. The petty cashier could not account for a $5 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund,

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Liberty ACCT 211 Connect Homework Chapter 5 Problems Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 5 Problems Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 1. Compute cost of goods available for sale and the number of units available for sale. Question 2 2. Compute the number of units in ending inventory. Question 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale

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Liberty ACCT 211 Connect Homework Chapter 5 Exercises Answers Complete Solutions

Liberty ACCT 211 Connect Homework Chapter 5 Exercises Answers Complete Solutions Just put your values given in Excel and automatically provide answers for you! Question 1 Walberg Associates, antique dealers, purchased the contents of an estate for $38,600. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’s warehouse was $1,750. Walberg Associates insured the shipment at a cost of $260. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $600. Determine the cost of the inventory acquired from the estate. Question 2 Laker

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