Examlex
Prepare adjusting journal entries dated December 31 of the current year for the following independent situations.
a.Hops Corporation acquired several patents on March 1 of the current year for a total price of $48,000.The patents have an estimated remaining legal life of 15 years and an estimated useful,economic life of 8 years.
b.Goodwill amounting to $180,000 was purchased in a company acquisition on July 1 of the current year.The goodwill is believed to have an indefinite benefit.
NSF
An acronym for Non-Sufficient Funds, referring to a situation where a bank account does not have enough money to cover a presented check or withdrawal.
Monthly Service Charge
A fee charged by a financial institution or service provider on a monthly basis for the maintenance of an account or provision of a particular service.
Bank Reconciliation
The process of comparing and adjusting the bank statement balance with the book balance of a company to account for differences.
Petty Cash Account
A small fund kept on hand for incidental cash expenses, maintained through a system of documenting each withdrawal and replenishment.
Q5: When a premium on a bond investment
Q34: Immediate expenses are those that maintain the
Q39: Lincoln Company sold $50,000 of accounts receivable
Q55: Barking Power Company accounts for its 35%
Q75: Details about a company's liabilities should be
Q77: If the bank records a deposit of
Q94: Yukon Electrical Company owns all of the
Q99: Smart-T Corporation uses the aging-of-accounts-receivable method to
Q100: On January 1,2017,Tranche Corp.issued $750,000 of 8%,10-year
Q114: Whitehurst Creek Shop reported interest revenue of