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2 years ago

Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred:

Business

1 answer:

FromTheMoon [43]2 years ago

7 0

Answer:

Explanation:

Journal entry is a record of transaction in their respective accounts using the debit and credit system. Debit entry represents an increase and credit a decrease.

S / NO Particulars Debit Credit

1 Cash 200,000

Share stock 200,000

2 Inventory 483,000

Account payable 483,000

3. Account receivable 675,000

Sales 675,000

Cost of goods 405,000

Inventory 405,000

4 Cash 562,000

Account receivable 562,000

5 Account payable 431,000

Cash 431,000

6 Motor Vehicle 39,000

Cash 39,000

7 Rent 25200

Prepaid rent 2100

Cash 27300

8 Operating Expenses 20,000

Cash 18,000

Operating exp payable 2,000

9 Depreciation 2,000

Motor Vehicle 2,000

10 Dividends payable 8500

Cash 8500

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2 years ago

On January 1, 2021, Taco King leased retail space from Fogelman Properties. The 10-year finance lease requires quarterly variabl

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Answer:

<u>Jan 1st, 2021 entry:</u>

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Interest expense 7,537 debit

Lease Liability 15,263 debit

Cash 22,800 credit

Explanation:

We will assume a 750,000 sales revenue per quarter. As this was their historical and expected value:

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Now, we solve for the present value of the lease payment:

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C 22,500

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PV $746,168.2419

we subtract the first payment of 22,500

lease liability reocrded in the enrty: 723.668

As lease sales were 760,000

lease payment: 760,000 x 3% = 22,800

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Answer:

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2 years ago

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Answer:

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2 years ago