ITAL 201 Lecture Notes - Lecture 1: Intervista
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I need assistance with these journal entries Seq. No. | Date | Transaction Description | ||
1 | Nov. 1 | Company issues common stock 35,000 shares at $10 per share with par value of $1 per share. | ||
2 | Nov. 1 | Takes a six-month short-term loan $30,000 from the bank with the interest rate 5%, with the principal and interest paid at maturity | ||
3 | Nov. 1 | Purchases a property as office space at $115,000 , in which $20,000 is the cost for the land and the remaining is the cost for the building. The estimated useful life of the building is 30 years and the residual value is $5,000 | ||
4 | Nov. 1 | Rents a warehouse and prepays the first month's rent $1,000 and security deposit $2,000 | ||
5 | Nov. 1 | Purchases a delivery truck for $33,000 by cash, with 5 years of estimated useful life and $3,000 residual value. The truck is estimated to be driven for 100,000 miles. | ||
6 | Nov. 2 | Issues 500 preferred stocks of par value $3 for $15 each; The annual dividend is 5%. | ||
7 | Nov. 2 | Purchases supplies by cash for $2,000 | ||
8 | Nov. 2 | Invests $10,000 in short-term investment | ||
9 | Nov. 2 | Pays for the insurance premium $3,000 for six months, starting from the current month | ||
10 | Nov. 3 | Receives cash advance $5,000 from customer Alpha for an order to be filled later | ||
11 | Nov. 3 | Purchase 1: 4,000 units @ $50 from supplier A (by cash) | ||
12 | Nov. 8 | Purchase 2: 1,000 units @ $55 from supplier B (50% paid immediately and the remaining is made on account) | ||
13 | Nov. 12 | Sells 2,000 units priced @ $75 (sold to customer Alpha, the remaining amount is paid in full by cash immediately) | ||
14 | Nov. 15 | Purchase 3: 1,600 units @ $60 from supplier A (made on account) | ||
15 | Nov. 16 | Lends $6,000 to a client by receiving a promissory note issued by the client with interest rate of 6% and maturity of six months. | ||
16 | Nov. 20 | Sells 2,400 units priced @ $78 (on account) to customer Beta | ||
17 | Nov. 22 | Sells 1,000 units priced @ 80 (by cash) to customer Gamma | ||
18 | Nov. 25 | 10 units from the sale on Nov. 22 are returned and customer Gamma gets full refund immediately | ||
19 | Nov. 29 | Repurchases 100 shares at $16 each for the purpose of issuing bonus to employees at the end of the year | ||
20 | Nov. 30 | Announces cash dividends to common stocks, with $0.10 per share (Ignore the dividends to preferred stocks), to be paid at the beginning of next year | ||
21 | Nov. 30 | Receives a bill from the bank for the month service charge $100 | ||
22 | Nov. 30 | Selling expense accrued in the month is $2,000 and paid in full | ||
23 | Nov. 30 | Administrative expense for the month is $1,500 and paid in full | ||
24 | Nov. 30 | Pays the utility bill for current month by cash $500 | ||
25 | Nov. 30 | Accrue salary expense $8,000 for the month, which will be paid at the beginning of the next month | ||
26 | Nov. 30 | Pays for the bank service charge by cash | ||
27 | Nov. 30 | Receives interest in cash from the short-term investment for the month $240 | ||
28 | Nov. 30 | Supplies amount to $800 at the end of the month | ||
Additional Information | Method to estimate bad debt expense: | 3% Net Credit Sale | ||
Depreciation method for the property: | DDB | |||
Depreciation method for the delivery truck: | S-L | |||
Perpetual inventory with: | FIFO | |||
The income tax rate is 30% |
A |
B |
C |
D |
E |
|
1 |
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2 |
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3 |
Date |
Price of gas |
|||
4 |
Jan 07, 2008 |
325.3 |
|||
5 |
Jan 14, 2008 |
323.9 |
|||
6 |
Jan 21, 2008 |
320.1 |
|||
7 |
Jan 28, 2008 |
316.3 |
|||
8 |
Feb 04, 2008 |
313.5 |
|||
9 |
Feb 11, 2008 |
310.7 |
|||
10 |
Feb 18, 2008 |
315.4 |
|||
11 |
Feb 25, 2008 |
324.6 |
|||
12 |
Mar 03, 2008 |
325.2 |
|||
13 |
Mar 10, 2008 |
326.3 |
|||
14 |
Mar 17, 2008 |
333.7 |
|||
15 |
Mar 24, 2008 |
332.1 |
|||
16 |
Mar 31, 2008 |
334.8 |
|||
17 |
Apr 07, 2008 |
336.6 |
|||
18 |
Apr 14, 2008 |
341.6 |
|||
19 |
Apr 21, 2008 |
355 |
|||
20 |
Apr 28, 2008 |
366.9 |
|||
21 |
May 05, 2008 |
367.7 |
|||
22 |
May 12, 2008 |
376.4 |
|||
23 |
May 19, 2008 |
384.9 |
|||
24 |
May 26, 2008 |
397.5 |
|||
25 |
Jun 02, 2008 |
402.6 |
|||
26 |
Jun 09, 2008 |
407 |
|||
27 |
Jun 16, 2008 |
411.8 |
|||
28 |
Jun 23, 2008 |
411 |
|||
29 |
Jun 30, 2008 |
411.3 |
|||
30 |
Jul 07, 2008 |
412.3 |
|||
31 |
Jul 14, 2008 |
411.7 |
|||
32 |
Jul 21, 2008 |
408.4 |
|||
33 |
Jul 28, 2008 |
400.2 |
|||
34 |
Aug 04, 2008 |
393.9 |
|||
35 |
Aug 11, 2008 |
386.6 |
|||
36 |
Aug 18, 2008 |
376.4 |
|||
37 |
Aug 25, 2008 |
371.5 |
|||
38 |
Sep 01, 2008 |
369.8 |
|||
39 |
Sep 08, 2008 |
367.1 |
|||
40 |
Sep 15, 2008 |
373 |
|||
41 |
Sep 22, 2008 |
368 |
|||
42 |
Sep 29, 2008 |
362.7 |
|||
43 |
Oct 06, 2008 |
351.7 |
|||
44 |
Oct 13, 2008 |
323.9 |
|||
45 |
Oct 20, 2008 |
305 |
|||
46 |
Oct 27, 2008 |
286.1 |
|||
47 |
Nov 03, 2008 |
265.4 |
|||
48 |
Nov 10, 2008 |
247.7 |
|||
49 |
Nov 17, 2008 |
229.4 |
|||
50 |
Nov 24, 2008 |
212.8 |
|||
51 |
Dec 01, 2008 |
203 |
|||
52 |
Dec 08, 2008 |
191.8 |
|||
53 |
Dec 15, 2008 |
181 |
|||
54 |
Dec 22, 2008 |
178.1 |
|||
55 |
Dec 29, 2008 |
174.1 |
QUESTION 13
Label the next column (D) "6-month change." Here we will calculate how much prices have changed since the price six months ago. For example, if the price on January 1 were 224.1 and the price on July 1 is 324.1, the price change is 100. We can't calculate how much prices have changed over the past six months for the first half of 2008 because we don't know the price six months before. So, in column D, put an x in each cell for which we can't calculate the 6-month change. Starting in July, we can calculate the 6-month change. Using cell references, enter here the formula you should enter into cell D30 to calculate the 6-month change.
2 points
QUESTION 14
Copy and paste the formula from cell D30 (from the last question) into cells D31 to D55. What formula is now in cell D48?
2 points
QUESTION 15
What value is now in cell D50?
1 point
QUESTION 16
Label the next column (E) "% of Jan." In this column, we will divide every week's price by the price from January 7th. This will tell us as a percent how prices compare to their level at the start of the year. This time, we want an "absolute" reference so that it doesn't consider the position (i.e. "8 to the left and 2 down") but just locks in on B4 every time. To set up an absolute reference in a formula, we put the $ character into the reference, so instead of B4, we use $B$4. With the dollar signs in place, you can copy the formula and paste it, and in each case, it will go back to B4 regardless of where you are when you paste it. What formula should you type into cell E5 to get the "% of Jan" for January 14, 2008? Remember to use the absolute reference so it will be easy to copy later!
2 points
QUESTION 17
Copy and paste the formula from cell E5 into the rest of column E. (Well, at least from E6 down to E55.) What formula is now in cell E17?