Barbecue Blog

Slowhand Services was formed on May 1, 2008. The following transactions took place during the first month.

Transactions on May 1:
1. Eric Clapton invested $50,000 cash in the company, as its sole owner.
2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,800 per month.
3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year.
4. Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
5. Paid $1,800 cash for a one-year insurance policy on the furniture and equipment.

Transactions during the remainder of the month:
6. Purchased basic office supplies for $500 cash.
7. Purchased more office supplies for $1,500 on account.
8. Total revenues earned were $20,000—$8,000 cash and $12,000 on account.
9. Paid $400 to suppliers for accounts payable due.
10. Received $3,000 from customers in payment of accounts receivable.
11. Received utility bills in the amount of $200, to be paid next month.
12. Paid the monthly salaries of the two employees, totalling $5,600.

(a) Prepare journal entries to record each of the events listed
(b) Post the journal entries to T accounts.
(c) Prepare a trial balance as of May 31, 2008.
Please do all of them I cant emial you

dat sounds lik your homework or assignment….do it urself man……anyways ….im doin a few journal entries.

you can use whatever you want….ive used both….payable and creditors
accounts payable/ creditors
accounts receivable/debtors

1. Dr cash 50000
Cr capital-eric Clapton 50000

2. no journal entry….the person is only hiring the workers…he is not paying any wages.

3. Dr rental agreement 48000
CR cash 24000
CR crediors 24000

4. Dr furniture & equip. 30000
CR cash 10000
CR creditors 20000

5. Dr insurance on furniture and equip. 1800
CR cash 1800

6. Dr office supplies 500
CR cash 500

7. Dr office supplies 1500
Cr accounts payable 1500

8. Dr services rendered (its a service business…therefore no sales) 20000
CR cash 8000
CR accounts receivable 12000

9. Dr accounts payable 400
CR cash 400

10. Dr Cash 3000
Cr accounts receivable 3000

11. Dr utility bills expense 200
Cr utility bills payable 200

12. Drwages and salaries expense 5600
Cr cash 5600
……………………………………………………

if u want nore answers….send me an email.

Transactions on May 1:
1. Stockholders invested $120,000 cash in the company in exchange for stock.
2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,000
per month.
3. Signed a 2-year rental agreement on a warehouse; paid $36,000 cash in advance for the first
year. (Hint: The portion of the cost related to May 2006 is an expense for this month.)
4. Purchased furniture and equipment costing $70,000. A cash payment of $20,000 was made
immediately; the remainder will be paid in 6 months.
5. Paid $3,000 cash for a one-year insurance policy on the furniture and equipment.
(Hint: The portion of the cost related to May 2006 is an expense for this month.)
Transactions during the remainder of the month:
6. Purchased basic office supplies for $1,000 cash.
7. Purchased more office supplies for $3,000 on account.
8. Total revenues earned were $30,000—$10,000 cash and $20,000 on account.
9. Paid $800 to suppliers for accounts payable due.
10. Received $5,000 from customers in payment of accounts receivable.
11. Received utility bills in the amount of $400, to be paid next month.
12. Paid the monthly salaries of the two employees, totalling $4,000.
Instructions
(a) Prepare journal entries to record each of the events listed.
(b) Post the journal entries to T accounts.
(c) Prepare a trial balance as of May 31, 2006.
(d) Prepare an income statement and a retained earnings statement for Chambers Brokerage
Services for the month ended May 31, 2006, and a balance sheet as of May 31, 2006.

Yeah right.

1. The catalog price of an item is $875. The trade-discount rate is 20 percent. What is the net price?
A. $700
B. $650
C. $720
D. $778

2. A discount from the catalog price is called the ______________ .
A. net price
B. trade discount
C. cash discount
D. list price

3. The catalog price of an item is $45. The trade-discount rate is 35 percent. What is the net price?
A. $32.89
B. $45.90
C. $29.25
D. $33.89

4. The catalog price of an item is $250.55. The trade-discount rate is 30 percent. What is the net price?
A. $180.56
B. $175.39
C. $210.75
D. $112.34

5. Kitchen cabinet knobs in the Designer Hardware catalog list for $3.00. The trade-discount rate is 20 percent. What is the net price?
A. $2.60
B. $1.98
C. $2.79
D. $2.40

6. The catalog price of PRP Technologies’s management software is $1,200. The trade-discount rate is 35 percent. What is the net price?
A. $569
B. $780
C. $304
D. $329

7. The catalog price of a desktop lamp is $130. The Lighting Etc. company offers a 20 percent trade-discount rate. What is the net price?
A. $411
B. $231
C. $104
D. $506

8. Thors Retail purchases the items shown from Thors Wholesalers. Find the net price for charcoal.

Item List Price Trade-
Discount Rate
Lighter Fluid $5.76 20%
Charcoal 5.40 25%
Peat Moss 8.90 10%

A. $3.01
B. $4.05
C. $5.12
D. $5.23

9. Claretta Romerez runs a glassware shop. She buys glasses from National Stemware and Accessories. The company grants a 40 percent trade-discount rate to all retail outlets. Use the complement method to determine how much Romerez pays for a case of 48 glasses that retails for $145.
A. $87
B. $65
C. $78
D. $45

10. Brianni Daniels runs Nancy’s Hardware. She buys hammers from Paul Manufacturing. Paul Manufacturing grants a 30 percent trade-discount rate to all retail outlets. Use the complement method to determine how much Daniels pays for a case of hammers that retails for $145.
A. $127.89
B. $521.00
C. $101.50
D. $201.78

11. Find the trade-discount rate for assorted push pins listed on the invoice for Office Central Supply.

Qty
Product Price per Unit Gross Amount Net Amount
10 Invisible Tape, 6/pk $10.19 $101.90 $ 81.52
15 Velcro Fastener Tape, 50/pk 8.15 122.25 100.05
20 Assorted Push Pins, 300/pk 2.50 50.00 45.25

A. 80.55%
B. 56.66%
C. 9.5%
D. 79.13%

12. Pierce Home Improvement receives a 35 percent trade-discount rate on ceiling fans from Home Outlet, Inc. What is the net price of 2 ceiling fans listed at $119.20 per fan?
A. $255.97
B. $154.96
C. $261.95
D. $174.96

13. Auto Tool Supply varies the rate of discount with the items purchased. Sam’s Car Service received the invoice shown below. What is the trade-discount rate for the utility pliers?

AUTO TOOL SUPPLY
Use Invoice Number on All Correspondence All Items Net Unless Otherwise Specified
Quantity
Shipped Ordered

Description Unit
Price Gross
Amount
Discount Net
Amount
5 5 2965 – Bolt Cutter $2.32 $11.60 $ 1.90 $ 9.70
10 10 2053 – Bar Clamps 1.53 15.30 5.57 9.73
12 12 2310 – Utility Pliers 3.23 38.76 11.25 27.51

A. 45.14%
B. 71.68%
C. 43.22%
D. 29.02%

14. Trend Beauty Supply Warehouse offers discounts on most items it sells. What is the trade-discount rate for K-8 Nail Polish?

Trend Beauty Shop Warehouse
Item List Net
K-8 Nail Polish $15.99 $11.50
ShampooEase 8.99 6.58
Round Brushes 6.30 4.98

A. 18.98%
B. 28.08%
C. 29.18%
D. 38.08%

15. The list price is $490. The chain discount is 20 percent less 10 percent. What is the net price rate?
A. 72%
B. 64%
C. 26%
D. 68%

16. The list price is $350. The chain discount is 30 percent less 15 percent. What is the net price?
A. $305.22
B. $208.25
C. $405.99
D. $108.65

17. The list price of a gas grill is $150. Back Yard Grillers is offering a chain discount of 30 percent less 10 percent. What are the two complements of 30 percent and 10 percent?
A. 70%; 90%
B. 30%; 10%
C. 90%; 70%
D. 30%; 10%

18. The list price of a file cabinet is $250. The office supply store is offering a chain discount of 30 percent less 20 percent. What is the single equivalent discount (SED)?
A. 33%
B. 29%
C. 44%
D. 55%

19. The list price of a coffee pot is $160. K&B Designs is offering a chain discount of 40 percent less 30 percent. What is the discount?
A. $46.65
B. $75.85
C. $65.11
D. $92.80

20. Stone Technologies offers trade discounts and additional discounts to encourage large orders. What is the net price of item number 34N2 if the invoice total is over $500?

Item Number List Price Trade Discount Additional Discounts
34N2 $125.15 30% 25% (if invoice total is over $500)
65M2 95.50 20% 20% (if invoice total is over $2,000

1A
2B
3C
4B
5D
6B
7C
8B
9A
10C
11C
12B
13D
14B
15A
16B
17A
18C
19D
2075

Duhhhh!!! Wasted so much time on it. I better be correct.

Help with adjusting entries?
I just want to check my answers against someone who can help…. If you can’t do all of these it’s ok, just try as many as possible… thanks a lot!

1) the provision for doubtful accounts receivable is recorded by providing a charge to Bad Debt Expense in an amount equal to 2% of net sales.
2) an inventory count on office supplies revealed that $830 of supplies is on hand at the end of the year.
3) A physical inventory on January 2, 2008 results in a total dollar value assigned to ending inventory at lower cost or market of $ 539,930.
4) The insurance premium outstanding on Jan 1 2007 covers the period Jan 1 through August 31, 2007. The insurance premium of $8460 recorded in August covers the period of September 1, 2007 through August 31, 2008. The company esimates that 75% of premiums are attributable to general activity and 25 % to selling activity.
5) the payroll summary for the employees who are paid biweekly shows the following at the year end:

Delivery and Warehouse wages 5600
FICA tax payable 375
Fed Withholding tax 1036
State withholding tax 218

Net Pay $3971

6) The employers FICA tax ($375) must be accrued; no state or fed tax is incurred during the 4th qrtr because all wages and salaries earned during the last qrtr exceed the maximum subject to unemployment tax.
7) interest accrued has 8% on mortgage notes payable since Jul 1, 2007. The next six month interest payment at 9 % on the bonds is due on March 1, 2001 and matures March 1, 2011. (USe straight line) ( there are two entries for this)
the interest accrued on the year end on notes receivable is composed of the following:

Plateville Plumbers 12%, 6 months, due end of March 1350
Bilder Constr., 14%. 6 months, due June 14, 2008 295
Bevs Build, 12%, 6 months due June 26, 2008 23

Total 1668

The interest accrued at the year end of 2007 on the note payable of 15000 at 8% is $1800. Interest is payable on January 2,2008 ( the note is due in 2008)

9) A warehouse lease payment of $10,890 is made on Sept 1, 2007 for rent through Feb end, 2008. ( Prepaid rent is for advance lease payments on the warehouse)
10) $530 is owed to Company A and $279 is owed to Company B for utility services provided during December 2007.

1.
Dr. bad debt expense (with 2% of sales, you havent mentioned the mount)
Cr. Provision for doubtful debts

3. (in case of periodic inventory system)

Dr. inventory 539,930
Cr. Trading account / manufacturing account 539,930

4.

Dr. Prepaid insurance 5,640
Dr. Insurance expense (admin expenses) 2,115
Dr. Insurance expense (selling expense) 705
Cr. Insurance premium 8,460

5.

Dr. Salaries and wages expense 5,600
Cr. FICA tax withheld 375
Cr. FED withholding tax 1036
Cr. State withholding tax 218
Cr. Bank / cash 3,971

6.

Employers FICA tax 375
Employers FICA tax accrued 375

Now I am tired and cant proceed sorry!!!

Alright, I’m taking an online quiz and i ran in some problems. It is a 100 questions quiz and I need some varifications on those questions. Any help would be appreciated.

Here are the questions.

Which of the following will not retain data after the computer is turned off?
a. DVD b. RAM c. ROM d. Hard drive
—————————————————————
The word "software" is interchangeable with the word
a. procedure. b. application. c. program. d. computer
—————————————————————
What are the two major software types?
a. System analysis and data warehousing b. Operating and utilities c. System and application d. Database management and application
——————————————————————————
The basic system configuration consists of the following
a. Two or more answers are correct
b. Network card, processing, storage, input
c. Monitor, Hard drive, bus, Network card
d. Input, Output, Processing, Storage
e. Processing, Memory, Bus, Output
—————————————————————
If you know any of the answers, Id appreciate it if you helped me out.
thanks

Which of the following will not retain data after the computer is turned off?
a. DVD b. RAM c. ROM d. Hard drive
DVD and ROM are permanent and you can’t write on them.
RAM need current so that you can read or write data.
You can read and write on a hard drive, and it will be kept there for a long time.

The word "software" is interchangeable with the word
a. procedure. b. application. c. program. d. computer
program is Ok but application is better.

the third is stange but:
b.Operating and utilities
d. Database management and application

Number 4 is really weird.

we have a certain amount of dozens that we are suppost to put out each month we are below our dozens the company has now taken six union employees and placed them in the warehouse they did not go by plant senority they picked who they wanted according to who they thought was not needed on their job the thing is there is this one girl who is the only one on her job they took her and our cuff girl plus our utility girl now they are saying they can put anyone on those jobs and if your dozens are done on your job then they can basically drop your pay and pay base rate now how can the company do this what can we do to help our selfs because our union rep isnt doing to much i realize they need to get thier orders out but i want the company to be fair for ex take our only baste zipper person and put someone else on that job that can not sew as much and pay her less money than if she was to be doing her own job
we have talked to our union rep she cannot give us one answere why they did this the way they did she doesnt suggest that we file a grievence she says if we dont like then go to the union meeting which will be after the order is done and what can change then the damage is already done they are changing when we get the curve and our training time if we are put on new job we only get 18 hours traing time it use to be 40hours I have been there ten and a half years and the company says we have been doing it wrong all along i asked what about past practices and they told me it doesnt matter we were reading the contract wrongall this time if we were then so wasnt the company i just dont get it and i dont know who else to turn to if we cant get the people we voted in to fight for what we believe to be right then where do we go, its almost like what ever the company says go how can they all thesudden say that they can basically stick you on any job as long as they feel like it .

If this is a breech of union contract, which I’m assuming that it is, your union officials, and shop stewards need to be raising some hell right about now. The company has flagrantly disregarded the labor contract, and it is going to take union solidarity to straighten this out, this means everyone filing a grievance for breech of contract. Contact your regional union Representative, to arrange a meeting with the plant manager. This is going to take everyone in your union local getting involved, if you want to fight this.
Let me know how this turns out. Best Regards!

… and I would compare them so far to the likes of Comcast, Bellsouth, or any other bloated utility corporation.

I’ve called about 10 times this week and gotten somebody on the line 2 times. The other times I couldn’t wait literally 40 minutes for someone to answer.

I also ordered a cable two weeks ago and they’ve been giving me the classic runaround. Nobody can contact the warehouse but they’re checking into it. It’s especially frustrating when you can’t get a hold of anyone over there to check on the status…

Their phone options are ridiculous too. Their options seem quite limited if you haven’t purchased a Raptor model.

If this is how they are I would like to know because life is too short for this crap.
Maybe they have some sort of delay built in for my phone number… on the line right now (10+ minutes and counting).

I never had problems. Every year I buy 2 or 3 hard Disks from their site and live abroad too and never had a problem. They are fast and deliver on time.

Back in March my neighbor was in a really bitter breakup with his girlfriend. One of the things she did to get back at him was have his gas shut off because he wasn’t paying his bills. The neighbor is a plumber and also knows a lot about heating and cooling too. So twice when the gas company put locks on the meter, he tampered with the meter. I even saw him do it. Once more, the gas company came out and this time removed the meter. I was going to try to help him get a new account in my name but the company said no. Apparently the company said he owes $2,000! So to get heat back, he went to a supply warehouse and bought items to bypass a meter and is stealing the gas. I really don’t want to be a snitch, but I smell gas coming from his house all the way across the street! He says he can’t do anything to get rid of it. I’m afraid of an accident happening. But he’s already on probation in 2 cities. So if I call to report a gas leak, will he just be fined or go to jail?
Thanks so much! Is there something we can do to take care of the leak without the gas company knowing? I really don’t want him to do time for that, but both he and I have kids that play right by this mess.

If he is already on probation that will be a probation violation.

that will probably send him back to jail.

(Edit to asker) Your neighbor needs a good criminal attorney immediately. Can you help him get one?

The gas leak needs to be fixed before the gas catches fire and kills someone.

If someone were to die form a fire caused by the gas, your neighbor could be charged with manslaughter which is far more serious than what he is facing right now.

A good attorney may be able to get the gas leak fixed with our doing domething that will result in your neighbor going back to jail.

We demand that the state be charged first with providing the opportunity for a livelihood and way of life for the citizens.

All citizens must have equal rights and obligations.

The first obligation of every citizen must be to work both spiritually and physically. The activity of individuals is not to counteract the interests of the universality, but must have its result within the framework of the whole for the benefit of all.

Abolition of unearned (work and labor) incomes. Breaking of rent-slavery.

… personal enrichment through a war must be designated as a crime against the people. Therefore we demand the total confiscation of all war profits.

We demand the nationalization of all (previous) associated industries (trusts).

We demand a division of profits of all heavy industries.

We demand an expansion on a large scale of old age welfare.

We demand the creation of a healthy middle class and its conservation, immediate communalization of the great warehouses and their being leased at low cost to small firms, the utmost consideration of all small firms in contracts with the State, county or municipality.

We demand a land reform suitable to our needs, provision of a law for the free expropriation of land for the purposes of public utility, abolition of taxes on land and prevention of all speculation in land.

The state is to be responsible for a fundamental reconstruction of our whole national education program, to enable every capable and industrious [citizen] to obtain higher education and subsequently introduction into leading positions… We demand the education at the expense of the State of outstanding intellectually gifted children of poor parents without consideration of position or profession.

The State is to care for the elevating national health by protecting the mother and child, by outlawing child-labor, by the encouragement of physical fitness, by means of the legal establishment of a gymnastic and sport obligation, by the utmost support of all organizations concerned with the physical instruction of the young.

We demand freedom of religion for all religious denominations within the state so long as they do not endanger its existence or oppose the moral senses … common utility precedes individual utility.

Please state yes, or no, and the political party you are affiliated with. Thanks
Spike this is an experiment.. Stop giving hints to the "less intellegent party".

no. i do not agree.

If you could race for any team currently in nascar what team would it be? What number would you choose? What Make would you choose ( Cheverolet, Dodge, Ford, Toyota )?
What kind of sponsor ( for main ) would you like to have? Such as Beverage, Food, Utilities, Warehouses, etc…
Don’t Just pick everything your favorite please. that is boring. think of creative numbers and stuff

Star me if you think i have a good racing question since all the trolls

Team – HMS – why settle for anything less?
Make – Chevrolet
Number – 93 (It’s never won a cup race, and also a very memorable year for me)
Sponsor –
Primary = Alienware computers. That green alien symbol would look cool on a black car.
Secondary = Levi’s. I just can’t say enough about the Alienware Levis.