Final Journals & Terms

Question 1

What is the journal entry when someone buys a bond 3/31 from someone else?

Answer 1

Dr. Investments
Dr. Interest Receivables
Cr. cash

Question 2

What is the journal entry when the bond acquired on 3/31 pays interest on 6/30?

Answer 2

Dr. cash
Cr. Interest receivables
Cr. Interest Revenue

Question 3

NYSE

Answer 3

New York Stock Exchange

Question 4

NASDAQ

Answer 4

National Association of Securities dealers automated quotations.

Question 5

What is NASDAQ Ticker symbol?

Answer 5

QQQ

Question 6

What is DOW jones ticker symbol and other name?

Answer 6

Ticker symbol- DIA
Name: Diamonds

Question 7

what is Standard & Poor Ticker symbol and other name

Answer 7

Ticker symbol: SPY
Name: S&P 500

Question 8

how many companies does the Dow owns

Answer 8

30

Question 9

How many companies does NASDAQ owns

Answer 9

100

Question 10

What is the journal entry when we buy shares of stock

Answer 10

Dr. Investments
cr. cash

Question 10

What is the journal entry when we receive a dividend?

Answer 10

Dr. Cash
Cr. Dividend Revenue

Question 11

what is the journal entry when we sell shares of stock?

Answer 11

Dr. cash
Cr. Investment
Cr. Gain (if there is)

Question 12

what is the journal entry for fair value adjustment market to market

Answer 12

dr. Fair value adjustment
cr. Unrealized gain/loss ( if gain)

Question 13

(Perpetual). What is the journal Entry when you purchase something on account.

Answer 13

Dr. Merch Inventory
Cr. A/P

Question 14

Perpetual. What is the J.E for a return

Answer 14

Dr. A/P
Cr. Merch Inventory

Question 15

Perpetual. what is the journal Entry for payment Discount?

Answer 15

Dr. A/P
Cr. Cash
Cr. merch Inv.

Question 16

Perpetual. what is the J.E for selling Inventory.

Answer 16

Dr. A/r
Cr. Sales
Dr. COGS
Cr. Merch Inventory

Question 17

Periodic. What is the journal entry for selling inventory

Answer 17

Dr. A/R
Cr. Sales

Question 18

Periodic. what is the j.e for Payment with discount

Answer 18

Dr. A/P
Cr. Cash
cr. Purch. Discount

Question 19

Periodic. what is J.E for return

Answer 19

Dr. A/P
Cr. Purchases R & A

Question 20

Periodic. What is the J.E for purchases on account.

Answer 20

Dr. Purchases
Cr. A/P

Question 21

what is the j.e for warranty liability?

Answer 21

Dr. Warranty Exp.
cr. Cash

Question 22

what is the J.E for acquiring the remaining warranty liability?

Answer 22

Dr. warranty Expense
Cr. Est. warranty liability.

Question 23

what is the journal entry for when repairs are made? ( Warranties)

Answer 23

Dr. Estimated Warranty Liability
cr. cash

Question 24

what is the j.e when we sell merchandise and collect sales tax?

Answer 24

Dr. Cash
Cr. Sales
Cr. sales tax pay

Question 25

J.E when paying for sales tax payable

Answer 25

Dr. Sales tax payable
Cr. Cash

Question 26

what are the tax percentage of the following:
Federal tax
State tax
Social tax
Medicare
State unemployment
Federal unemployment
SDI

Answer 26

15%
2%
6.2%
1.45%
5.4%
0.6%
0.9%

Question 27

journal entry for salaries

Answer 27

Salaries Expense
Different taxes

Question 28

what are the year-end journal entries for periodic?

Answer 28

Dr. Income summary ( beg. #)
Cr. merch Inv. (beg #)
Dr. Merch Inventory (End#)
Cr. Income summary (end#)

Question 29

Year end journal entry for perpetual?

Answer 29

Dr. COGS
Cr. Merch Inv.