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 The Christy Corporation had the following balance sheet as of December 31, 20×2.  The transactions for the first three months of 20×3 are also presented along with other information about specific accounts.  Christy CorporationBalance SheetDecember 31, 20×2   Additional  Information Accounts ReceivableThe following table indicates the historical breakout of accounts receivable  The company uses the gross method of recording all sales on accounts.  Marketable SecuritiesThe interest rate earned on marketable securities is 6.0%. InventoryIn 20×2, the company had used the gross method to record inventory purchases on account.  As of January 1, 20×3, the company is using the net method to record inventory purchases on account. Prepaid InsuranceA three-year insurance policy in the amount of $7,200 was purchased on July 1, 20×2. EquipmentEquipment is depreciated at an average amount of $3,000 per month. BuildingThe current building was purchased on January 1, ten years ago and has an expected 40-year life at which time its salvage value will be $40,000. Intangible AssetsIntangible assets were initially valued at $80,000 and are being depreciated over 40 years at $2,000 per year. Short-Term Notes PayableThe one-year short-term note payable is due on March 1, 20×3.  The interest rate is 5.0% which is payable at maturity. Long-Term Notes PayableThe long-term notes payable are due in ten years.  The interest rate on the notes is 4.5%. Bonds PayableThe bonds payable mature in twenty years.  The interest rate on the bonds is 4.0%. Mortgage PayableThe following amortization schedule can be used for the January, 20×3 mortgage payment on the 7.0%, 30- year mortgage. January$3,500$1,867$1,633$318,367 Capital StockThe capital stock is common stock at $10 par value with 50,000 shares authorized, and 10,000 shares issued and outstanding.   Journal Entries          (10) Jan 21  A customer who owed $10,000 on an account receivable, agreed to sign a 60-day note receivable with an interest rate of 3.0%.  The interest earned on the note will be paid at the maturity date of the note receivable. (11) Jan 29  The balance of $14,500 in accounts payable was paid. (12) Jan 30  The company purchased $45,000 of inventory on account with the terms 2/10, net 30.  The company has decided to switch to the net method for all inventory purchases on account beginning in 20×3. (13) Jan 31  Cash sales for two weeks equaled $24,000.  The cost of inventory sold equaled $13,000. (14) Jan 31  Sales on account for the month of January totaled $55,000 with the terms 2/10, net 30.  The cost of inventory sold equaled $26,000. (15) Jan 31  The unearned revenue represented the rental of special equipment that was used by another company on weekends.  $4,000 of the revenue was earned in January. (16) Jan 31  Collected cash of $48,000 from the accounts receivable, plus there was a total sales discount of $1,000 for the payment of receivables within the ten day discount period. (17) Jan 31  Salary expenses in the amount of $14,000 and tax expenses in the amount of $8,000 were paid. (18) Jan 31  The utility bill of $2,500 was paid. (19) Jan 31  A bill in the amount of $3,600 for advertising expenses incurred during the month of January was received. (20) Jan 31  The monthly payment for January of the mortgage payable was made. (21) Feb  1  The Christy Corporation made a new issue of 5,000 shares of common stock for cash.  The market price of the stock was $40 per share. (22) Feb  2  A petty cash fund in the amount of $500 was established. (23) Feb  3  The Christy Corporation bought back 1,000 shares of its own common stock for $40 per share and reports the purchase as treasury stock. (24) Feb  8  The purchase of inventory on account on Jan 30th which was reported at the net amount was paid in full. (25) Feb 10  The dividend declared on January 5th was paid. (26) Feb 15  Cash sales for two weeks equaled $20,200.  The cost of inventory sold equaled $11,000. (27) Feb 20  The company purchases $20,000 of inventory on account with the terms 2/10, net 30.  The net method was used to record the purchase. (28) Feb 27  The company paid an advertising bill for $5,600 which included the February advertising expense of $2,000 plus the balance due from January. (29) Feb 28  Cash sales for two weeks equaled $25,000.  The cost of inventory sold equaled $14,000. (30) Feb 28  The monthly payment for February of the mortgage payable was made. (31) Feb 28  The company collected cash of $59,000 from the accounts receivable, plus there was a total sales discount of $1,100 for the payment of receivables within the ten day discount period. (32) Feb 28  Salary expenses in the amount of $21,000 and tax expenses in the amount of $9,000 were paid. (33) Feb 28  The utility bill of $2,100 was paid. (34) Feb 28  Sales on account for the month of February totaled $60,000 with the terms 2/10, net 30.  The cost of inventory sold equaled $30,000. (35) Mar  1  The short-term note payable of $12,000 that was due on March 1st plus all appropriate interest was paid. (36) Mar  3  The amount of the petty cash fund was increased by $200. (37) Mar 10  Supplies in the amount of $2,700 were purchased for cash. (38) Mar 15  Cash sales for two weeks equaled $26,000.  The cost of inventory sold equaled $14,400. (39) Mar 20  Christy Corporation reissued 300 shares of its own treasury stock for $42 per share. (40) Mar 21  The note receivable from January 21st had been paid in full plus interest. (41) Mar 25  The company purchased $50,000 of inventory on account using the net method with the terms 2/10, net 30. (42) Mar 28  The purchase of inventory on account on February 20th was paid in full. (43) Mar 29  The petty cash fund had $150 in cash and receipts in total amounts for the following expense categories:  entertainment$160, travel $170, postage $90, and supplies $115.  The petty cash fund was replenished. (44) Mar 30  Cash sales for two weeks equaled $20,000.  The cost of inventory sold equaled $11,000. (45) Mar 30  The unearned revenue represented the rental of special equipment that was used by another company on weekends.  $9,000 of the revenue was earned in March. (46) Mar 31  Sales on account for the month of March totaled $67,000 with the terms 2/10, net 30.  The cost of inventory sold equaled $36,000. (47) Mar 31  Salary expenses in the amount of $16,000 and tax expenses in the amount of $7,000 were paid. (48) Mar 31  Collected cash of $70,000 from the accounts receivable, plus there was a total sales discount of $1,200 for the payment of receivables within the ten day discount period. (49) Mar 31  A warehouse building was acquired for $250,000.  Closing costs on the acquisition equaled $7,000, and there were costs of $10,300 to get the building into an operational condition to be used by Christy Corporation.  Christy Corporation paid $100,000 in cash as a down payment with the balance due being added to the mortgage payable account. (50) Mar 31  The utility bill of $3,000 was paid. (51) Mar 31  Christy Corporation repaid the 90 day note payable from January 2nd in full plus interest. (52) Mar 31  The equipment depreciation entry for the three months of 20×3 was completed. (53) Mar 31  The depreciation entry for the building for the months of January, February, and March was entered. (54) Mar 31  The amortization of intangible assets for the three months of 20×3 was completed. (55) Mar 31  The bad debt expense based on 1.0% of credit sales for the quarter was recorded. (56) Mar 31  Salary expenses incurred during the month of March but not yet paid equaled $8,400 (57) Mar 31 Tax expenses incurred during the month of March but not yet paid equaled $2,800. (58) Mar 31  A physical inventory of supplies indicated a total amount of $5,000 of supplies still on hand.  A journal entry was completed for the supplies used during the quarter. (59) Mar 31  A customer sent an advance payment of $10,000 for the use of special equipment in April and May. (60) Mar 31  The amount of rent expense for the warehouse for the first three months of 20×3 was recognized. (61) Mar 31  Christy Corporation provided services to a customer in the amount of $3,000 during March but a bill has not been sent. (62) Mar 31  The amount of insurance expense for the first three months of 20×3 was recognized. (63) Mar 31  The amount of interest earned on marketable securities for the three months of 20×3 was recognized. (64) Mar 31  The amount of interest expense for the total long-term notes payable for the first three months of 20×3 was recognized. (65) Mar 31  The amount of interest expense for the bonds payable for the three months of 20×3 was recognized. (66) Mar 31  The monthly payment for March of the mortgage payable was made. Required    

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