babbity2009
17.02.2020 •
Business
Selected transactions from the journal of Kingbird, Inc., are presented below.
Date Account Titles and Explanation Debit Credit
Aug. 1 Cash 53,700
Common Stock 53,700
(Investment of cash for stock)
10 Cash 24,165
Service Revenue 24,165
(Received cash for services performed)
12 Equipment 44,750
Cash 7,160
Notes Payable 37,590
(Purchased office equipment for cash and notes payable)
25 Account Receivable 14,320
Service Revenue 14,320
(Billed clients for services performed)
31 Cash 7,876
Accounts Receivable 7,876
(Receipt of cash on account)
Required:
Post the transactions to T- account.
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Ответ:
Answer and Explanation:
The necessary journal entry is shown below;
Unrealized holding loss - income Dr $49,800
To Estimated liability on Purchase commitment $49,800
(Being the non-realized holding loss is recorded)
The computation is shown below:
= $1,077,300 - $1,027,500
= $49,800
The above journal entry should be recorded and the same is to be considered