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ACC107:Week 2 Assignment Worksheet-Part 1. Hot Dawg,Inc. abd Part 2.Big Bunny Inc. – RoyalCustomEssays

ACC107:Week 2 Assignment Worksheet-Part 1. Hot Dawg,Inc. abd Part 2.Big Bunny Inc.

explain the availability and eligibility of the foreign tax credit-Calculate the foreign and U. S. taxes paid on each
July 2, 2018
Organization’s annual reports and other publications
July 2, 2018
0

ACC107:Week 2 Assignment WorksheetPage1`RecordingTransactionsWorksheetPart1.HotDawg,Inc.HotDawg,Inc.had the following transactions during December:Dec.1Purchased$7,500inequipmentonaccountDec.5Issued$6,000ofcommonstocktoinvestorsinexchangeforcashDec.10Purchased$1,750insuppliesusingcashDec.14Billedcustomersfor$40,000forservicesprovidedDec.16Paidsalariesof$8,000toemployeesDec.18Paiddividendsof$2,000tostockholdersDec.21Received$15,000cashinpaymentforservicesearnedandbilledinpreviousmonthDec.23Paidcashforpurchasein#1Dec.28Borrowed$20,000fromthebankPreparejournalentriesforthetransactionslistedaboveinthejournalbelow;youcanomitexplanations.Enteryouranswersintheshadedboxes.TheDec.1transactionhasbeendoneforyou.DateDec.1GeneralJournalAccountNamesEquipmentAccountsPayableDebit7,500Credit7,500Dec.5Dec.10Dec.14Dec.16Dec.18Dec.21Dec.23Dec.282012FortisOnlinePart 2.Big Bunny Inc.Big Bunny,Inc. had the following transactions for June:June3Issuedcommonstocktoinvestorsfor$40,000June6Bought$8,700ofsuppliesonaccountJune12PaidrentforJuneintheamountof$2,200incashJune13Billedacustomerfor$12,500forservicesprovidedJune15Paidvendor$4,500forJune6purchaseJune17Borrowed$35,000fromthebankJune27ReceivedpaymentforbillingmadeonJune13Preparejournalentries,posttoTAccounts,andprepareatrialbalanceatJune30forBigBunny,Inc.Enteryouranswersintheshadedboxes.TheentriesforCommonStockhavebeencompletedforyou.a. JournalEntriesDateJune3GeneralJournalAccountNamesCashCommonStockDebit40,000Credit40,000June6June12June13June15June17June272012FortisOnlineACC107:Week2AssignmentWorksheetPage3`b. TAccountsCashCommonStock40,000Supplies40,000RentExpenseAccountsReceivableServiceRevenueNotesPayableAccountsPayable2012FortisOnlinec.TrialBalanceBigBunny,Inc.TrialBalanceJune30DebitCreditCashSuppliesAccountsPayableNotesPayableCommonStockServiceRevenueRentExpense40,000TotalsPart3.DebitsandCreditsThefollowingisalistofaccountsthatmightbefoundonatrialbalance,alongwiththeirnormalbalances.Aftereachaccount,theeffectofadebittotheaccount(increaseordecrease),andtheeffectofacredittotheaccount(increaseordecrease).Enteryouranswersinthetablebelow.1.2.3.4.5.6.7.8.9.ACCOUNTBuildingNotePayableCommonStockCashWagesPayableUnearnedRevenueDividendsSuppliesPrepaidAccountsNORMALBALANCEDebitCreditDebitDebitCreditCreditDebitCreditDebitDEBITCREDITPart4.TheAccountingCycleWriteabriefparagraphdescribingtheaccountingcycleanditsroleinaccounting.Usethisweekscontent,readings,andyourLIRNresourcesortheInternet,asneeded,tosupportyouranswer.

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