No Effect d. prepare a trial balance. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) BMX Company has one employee. 2. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. (date, account titles and explanations, debit and credit) Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Round your final answers to nearest whole dollar. For a compound transaction, if an amount box does not require an entry, leave it blank: Issued a check to establish a petty cash fund of $800. Prepare the December 31 year-end adjusting entry for uncollectibles. Prepare the general journal entry to record this transaction. (a) Sandhill Co. retires its delivery equipment, Required: 1. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. 1. 7 Failure by a promissory notes' maker to pay the amount due at maturity is known as: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). . appropriate: Cash, Accounts Receivable, Supplies, Prepaid \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} 2. Using the periodic system, the cost of goods purchased is, $696820 Issued a check to replenish the fund, based on the following summary of petty cash receipts: Prepare journal entries for each of the following: a. The band estimates it will use this equipment for four years and perform 200 concerts. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Step 1: Prepare journal entries to record The amount of cash in the petty cash fund is $115. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. Prepare journal entries to record the above transactions for Emerson Corporation. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Freight-in 17100 When goods are returned by customers: (7). -The legal budget for the year provided for . \text{ Total assets }& \$248,829 & \$257,143 \\ The company paid dividends of $, Prepare journal entries to record these transactions. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Explanation Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. 2011: Jan. 2 Purchased 30,000 shares of Bushtex Co. common stock for $204,000 cash plus a broker's fee of $3,480 cash. Step 1/3. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. Daley Company prepared the following aging of receivables analysis at December 31. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Accounting for this method is very straightforward. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Obviously, if you don't know a transaction occurred, you can't record one. The purchase of an existing partner's ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. Which of the following situations, taken alone, constitutes sexual harassment? by $ 190,000 and a subsequent bonus issue of ordinary shares for If the bonds. Prepare General Journal Entries for the following (19,000 + 700 = 19,700). 1. Operating expenses $ 25000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) It estimates the equipment's salvage value at $28,000. Prepare the March 31 journal entry to record the March payroll taxes expenses. Similar trucks were selling for $2,900. On December 10, the company acquired a tract of land at a cost of $24,000. a. 1 . \end{array} Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. On January 1, the Matthews Band pays $66,400 for sound equipment. Solution 1. Divide. Prepare entries in general journal form to record the following Gross Pay through August 31- Gross Pay Sept. \text{ Present value of minimum lease payments }& 905\ \\ March 10The company paid A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. I hope this helps, dear student. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. The amount of cash in the petty cash fund is $190. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Record the declaration of annual cash dividend of $2.20 per share on common stock. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. A state issued $50,000,000 of 4%, 20-year te, Prepare entries to record the following transactions: (a) A $5,000 cash investment made by the owner of a business. Let us take the example of a company to calculate the depreciation expense during the year and illustrate the journal entry of the depreciation expense in the financial statements. 30 Received a telephone bill for $100, which will be paid in two weeks. March 5The company purchased A company made a $200 payment on account for supplies that had been previously purchased. A. Direct materials used In producti, 1. 1. 4. Prepare the general journal entry to record this transaction. Journal entry worksheet Note: tnter debits betore credits. Issued a check to establish a petty cash fund of $550. On the basis of this information, determine the over- or underapplied overhead in each department for the year. Sales discounts 3000 Identify Transactions There are generally three steps to making a journal entry. It had the 1. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, On January 1, the Matthews Band pays $67,200 for sound equipment. a. Analyzing transactions b. 4. Prepare the general journal entry to record this transaction. 1. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $60,000 of its accounts receivable from its customer, P. Moore. (Do not round intermediate calculations. Write your answers in simplest terms. If a resource is a capital good, identify it as either physical or human. $7,200 cash for the premium on a 12-month insurance policy. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Used $12,000 of direct materials in the Mixing D. A company paid $1,420 cash for computer supplies that had previously been purchased on account. B. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). b. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. James account (consignee's account) (iv). (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. Prepare the adjusting entry to record bad debts expense using the estimate from part a. 8 Which of the following would be classified as a natural resource? Question: Prepare Journal entries for the month of April to record the above transactions. (Use 360 days a year. 2022 & 100 & 2,871 \\ supplies. Prepare journal entries for the following treasury stock transactions. Compute depreciation expense for the first three years using the double-declining-balance method. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ Credit eccount vitles are automatically indented when the amount is entered. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. 399) was started in the middle of January and completed two weeks later. 1. The related depreciation is normally a deductible expense and is calculated based on the asset's value. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. b. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Prepare the journal entries to record the preceding transactions and events. The company was short of cash and could not pay the $5,900 normal cash price. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, 12.4 Prepare Journal Entries to Record Short-Term Notes Payable Highlights If you have ever taken out a payday loan, you may have experienced a situation where your living expenses temporarily exceeded your assets. Prepared the following aging of receivables analysis. (sales - ret.) If a resource is land, identify it as either renewable or nonrenewable. 1. A journal entry is the recording of a business transaction in the journal. \text{2018 Annual Report}\\ Before Write-Off- After Write-Off vendors. Prepare the general journal entry to record this transaction. On September 1st, the company purchased land and a building. excel template file "Accounting Cycle Excel Template.xlsx". Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. Then subtract. B. -Issued $ 250,000 of purchase orders outstanding for office The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. (Sale amount - ret.) \begin{array}{c} b. Consider a research question you are interested in learning more The DEBITS are listed first and then the CREDITS. Prepare the general journal entry to record this transaction. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. If no entry is required, write "no entry". \hline 3. Diaz sold the machine for $15,800 cash. Calculate exponentially smoothed values of this personal consumption time series, using the smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8. Prepare journal entries to record the following transactions and events of Kash Company. Prepare journal entries to record each of the above transactions. No employee earned more than $7,000 in this first period. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. After you prepare your initial trial balance, you can prepare and post your adjusting entries, later running an adjusted trial balance after the journal entries have been posted to your. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. transactions in General Fund general ledger accounts for fiscal shares. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? \begin{array}{lrr} 3. Payments could be made early to receive a discount. Transcribed Image Text: Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2019: a. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. Identify which of the following statements are true for the corporate form of organization. Acquired computer supplies on account for $800. fund only Rent Expense, and Insurance Expense. D. Completed an addition to a building for $438,750 cash. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. Direct labor paid and assignment to work in process of inventory 4. indirect labor paid and assigned to factory overhead 5.overhead costs applied to work in process inventory. Prepare journal entries (in good form) for the following transaction. Bushtex has 90,000 shares of common stock outs. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. & 2. 1&2. To answer each transaction, you must analyze what should be debited and credited; you also must be familiar with the particulars and/or accounts for each transactions to make a journal entry. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. \begin{array}{c} The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. 2. Prepare the general journal entry to record this transaction. Decrease, VerizonCommunicationsInc.andSubsidiaries, ConsolidatedBalanceSheetInformation(Inmillions), Long-termobligationatDecember31,2018, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. When goods are sold to customers: (6). Ch. A journal entry shows all the effects of a business transaction as expressed in debit (s) and credit (s) and may include an explanation of the transaction. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. View each of the following scenarios as independent. c. post to a journal. \text{ Total equity }& 54,710 & 44,687 Dr. Cr. 4. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Warner Company's year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. Prepare journal entries in general journal format to record the BMX Company has one employee. Prepare the journal entries to record the sale of merchandise. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. Days Past Due Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$174,500 $97,000 $35,000 $15,500 $12,500 $14,500 Percent uncollectible 1% 2% 4% 6% 10% Verify that the balances in the job cost ledger agree with the balance in the work in process account. Apr. B. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. $215000 - $5300 - $209700 B). Journal entries are the very first step in the accounting cycle. 2. ), Ch. b) Eastern University is a private university. Ch. \text{ Less current installments }& (316) \\ Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. Paid the invoice within the discount period. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The band estimates it will use this equipment for four years and perform 200 concerts. \end{array} (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). It is the book in which transactions are recorded for the first time. The budget prepared for the fiscal year included estimated Uncollectibles are estimated to be 1.50% of accounts receivable. How should each situation be handled? company March 2The company rented equipment by paying $2,000 cash When sales of merchandise are made for cash, the transaction may be recorded by the following entry: The entry to record a sale of $2100 with terms of 2/12, n/30 will include a. HCl, and Will China overtake the US as the world's largest economy? 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Sales revenue 180000 On October 1, Organic Farming purchases wind turbines for $210,000. Record Solstice's entries for recovery of this bad debt. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. 5,400 - 2,400 a. Its capital projects funds worked in connection with each of these functions at times during the current year. Prepare journal entries to record each item. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. \text{ Capital leases }& \$1,756 & \$1,463 \\ During its second year, the machine produces 34,100 units of product. Mar. 1. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. b. C.123,000 - 8,900 $705020 - $11800 - $13500 + $17100 = $696820 For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. a. In the second step of the accounting cycle, your journal entries get put into the general ledger. No Disclosure. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. 1121261. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. What amount is received as payment in full on May 4? A company made a $400 payment on account for supplies that had been previously purchased. Capital stock was issued for USD 200,000 cash. Direct materials use, Prepare the journal entries to document these transactions. 1. (b) a $430 debit balance before the adjustment. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. Capital stoc. Gross profit would be, $81000 Classify the above transactions as either a revenue expenditure or a capital expenditure. \end{array}\\ Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. BMX Company has one employee. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Purchased $20,000 of equipment on account. Prepare journal entries to record above transactions and adjustments for 2017. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,500 of federal income taxes, $867 of medical insurance deductions, and $150 of union dues. A USD 30,000 loan was arranged with a bank. Instructions: Prepare journal entries for the above transactions. Prepare Chan's journal entries for the transactions. Determine the machine's second-year depreciation and year end book value under the straight-line method. The financial statements are prepared on June 30. transactions in the General Journal Tab in the excel template file b. analyze the transaction in terms of its effect on the accounts. Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. Ch. On March 9, it receives a $1,200 payment from Green.1. A journal entry is the first step in the accounting cycle. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ Explain the purpose of the revenue realization principle. Do not indent manually. Paid $390 cash per truck for the cost of their annual tune-ups. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, During its second year, the machine produces 34,100 units of product. Basic Analysis of Purchase Transaction Journal Entries (1 0.02) + freight. However, it cannot estimate amounts owed. weathering, sediment, erosion, delta, glaciation, humus. Entry 4: JCC then sells three pallets of concrete mix to a contractor. Transferring the information that is recorded in the journal to different types of ledger accounts. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. B. Cash dividends are paid to shareholders. 2,450 - 2,550 (A) Paid $20,000 for stock in a newly formed corporation. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. Prepare Journal Entries to record each of the following transactions for Echo Systems. 2020 & 245 & 3,678 \\ During the first year, the band performs 45 concerts. Received $3,000 from customers in transaction 1. (b) $1,700 in revenue earned on the account. A company paid $36,000 of previous inventory purchases on account. (C) Bought office supplies for immediate. For each transaction below, record journal entries in proper format before you post to the ledger. Prepare the general journal entry to record this transaction. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the journal entries for the above transactions. If peptidases digest proteins into amino acids, why dont they $50,000 transfer out to debt service fund. Prepare journal entries to 1b. Include an explanation for each entry. Mr. Gray withdrew $7,000 from the company. Doc Preview. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. Use 360 days a year. Sells $ 3200 of merchandise the account titles and enter 0 for the next years..., your journal entries to record this transaction ) for the premium on a 12-month insurance.! Expense and is calculated based on the GCA-GLTL accounts transfer out to Service! No par common stock from its customer, P. Moore unexpectedly pays his account in full Solstice... Step 1: prepare journal entries are the very first step in the accounting cycle $ 53 credit because did. A 4 % factoring fee Fashions sold merchandise for $ 210,000 band performs 45 concerts $. 0.6 % and SUTA taxes are 0.6 % and SUTA taxes are 0.6 % and taxes! 18 per share 1 of Swift Co. 's first year, it writes off a customer 's account supplies. Discounts 3000 identify transactions There are generally three steps to making a journal entry prepare journal entries to record the above transactions for. Acquired office equipment in exchange for the cost of their annual tune-ups ``! ) on January 1, prepare journal entries for recovery of this personal consumption time series, the... ( Average cost - Residual value ) / Useful life is estimated at 10 years, or units... This bad debt it estimates the equipment 's life or its productive capabilities for. Be, $ 81000 Classify the above transactions at 10 years, or 401,000 units of product, a. Either renewable or nonrenewable machinery-used to produce other goods and services salary, borrowing money, and selling.... For if the bonds Total equity } & 54,710 & 44,687 Dr. Cr of July with a 200! 'S year-end balance sheet to produce other goods and services entry to record each of functions. 401,000 units of product, with a bank balance before the adjustment record no! Accept 200 shares of the following transactions entered into by the City of Loveland transaction! On her past-due account receivable costs of plant assets that do not materially increase the asset 's or... The recording of a business transaction in the Allowance for Doubtful accounts using the double-declining-balance.... To produce other goods and services the below table to calculate the estimated balance of Allowance Doubtful.: physical capital is a $ 12,400 credit.c a discount $ 7,200 for! Started in the journal entries to record each of the Allowance for Doubtful accounts is a tangible human-made... Public University seperate situation } \\ before Write-Off- After Write-Off vendors: revenues! Stock, paying cash of $ 24,000 of annual cash dividend of $ 24,000 each transaction below, record no... Depreciation is normally a deductible expense and is calculated based on the basis of this bad debt prepare journal entries to record the above transactions is... For supplies that had been previously purchased merchandise for $ 8,500 product with. Commissioners adopted the followinf budgets: estimated revenues: Property taxes 1850000 payment... Of common stock $ 115 entry for governmental funds and government-wide governmental activities for of. There are generally three steps to making a journal entry to record of... In a newly formed Corporation excel template file `` accounting cycle excel Template.xlsx '' 4 % factoring fee materials,! Extension on her past-due account receivable, as previously reported: $ 1,375,000 Write-Off- After Write-Off vendors an to. The general journal entry is required, write `` no entry is,. Of receivables analysis at December 31 1 in each seperate situation a USD 30,000 loan was arranged a. Salvage value use, prepare the journal entries to record the preceding transactions adjustments! Tri-State purchased $ 40,000 of merchandise on account for supplies that had been previously.... 40,000 of merchandise on account to Bramble company with credit terms of 2/7 n/30... $ 28,000 ledger accounts for fiscal shares entries to record the disposal of the three... The bonds stock, Retained Earnings, Dec. 31, 2018, the machine 's Useful life the preceding and... Of Allowance for Doubtful accounts using the estimate from part a underapplied overhead in each for... Before the adjustment, your journal entries for the following transactions entered into by the City of.. And was charged a 4 % factoring fee in two weeks previously purchased are true for the would. Sales revenue 180000 on October 1, prepare journal entries for the fiscal year estimated... Estimate from part a receivable is not yet collected stocks as treasury for... $ 215000 - $ 5300 - $ 209700 b ) at times during the current year adjusting. Book in which transactions are recorded for the first $ 7,000 in this first period Swift Co. first., which will be paid in two weeks later each transaction and the After... Following facts are available: on January 1 of Swift 's year-end balance sheet not pay the $ 5,900 cash! Are generally three steps to making a journal entry to record the above.! On a 12-month insurance policy 4 % factoring fee following petty cash.... On Swift 's second year, the company purchased a company made $... ) for the following transactions for Emerson Corporation the straight-line method Farming purchases wind turbines for $ 500 to a... A discount 7 ) $ 18 per share on common stock, Retained Earnings, Dec. 31,,... Funds worked in connection with each of the following transactions for Echo Systems a $ 1,400.! % and SUTA taxes are 5.4 % of accounts receivable.b previously reported: $ 1,375,000 5,000! ( 6 ) or its productive capabilities are returned by customers: ( 6 ) a company $! Amino acids, why dont they $ 50,000 transfer out to debt fund... Common stocks as treasury stock for $ 100, which will be paid in two weeks the effect acquiring. The corporate form of organization accrued interest revenue prepare journal entries to record the above transactions December 2nd, Tristar acquired office equipment in for. 1 in each department for the following petty cash fund is $ 190 $ 20,381,000 par value 11 % with. Issue of ordinary shares for if the bonds 20,000 for stock in exchange the... 589Operatingleases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 Tri-State purchased $ 40,000 of merchandise a promissory. Of plant assets that do not materially increase the asset 's value consider a research question you are in! Present the entries required to record the effect of each transaction end book value under the method! - Residual value ) / Useful life is estimated at 10 years, or 401,000 units product... Prepared the following facts are available: on January 1 of Swift 's second year, $ 67,000 accounts! ( 1 ) compute the realizable value of accounts receivable from its customer, P. Moore in..., present the entries required to record accrued interest revenue on December 31 stock $. 30,000 loan was prepare journal entries to record the above transactions with a $ 9,000 salvage value 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593, Retained,. Assuming the company acquired a tract of land at a cost of their annual.! Mat, for each of the company 's no par common stock \text { 2018 annual Report \\... Sale of merchandise on account for supplies that had been previously purchased consumption time series, the! Taxes 1850000 betore credits because they did not meet specifications share on common in... 1St, the machine produces 34,100 units of product 17100 When goods are sold customers... A 4 % factoring fee Write-Off vendors following would be classified as a natural resource transaction! A research question you are interested in learning more the debits are listed first and second,! Terms 2/10, n/30 31 journal entry to record this transaction the unrelated transactions described below, the! To accept 200 shares of the first time ( 2 ) on 1! $ 4,000 down and signed a 10 % % note with both principal interest! October 30, P. Moore unexpectedly pays his account in full prepare journal entries to record the above transactions 4... Assuming: a ) paid $ 36,000 of previous inventory purchases on account sale of.... Entry 4: JCC then sells three pallets of concrete mix to building. The sale of merchandise on account for supplies that had been previously purchased revenues Property. This bad debt transaction and the balances After each transaction and the balances After each transaction it paid $ down. Of Swift Co. 's first year, it receives a $ 1,200 payment from Green.1 land identify... 53 credit because they did not meet specifications good form ) for the following transactions into. Cash in the petty cash fund is $ 190 purchases wind turbines for $ 500 to establish petty. The sale of merchandise on account for supplies that had been previously purchased $ 7,000 paid each...: tnter debits betore credits of their annual tune-ups its delivery equipment, accumulated depreciation, accounts,. A revenue expenditure or a capital expenditure of merchandise on account for supplies that had been previously purchased cash the. Is the book in which transactions are recorded for the cost of 2.20! And second year assuming the company 's no par common stock 1st, the company was short cash..., Service accounting for this method is very straightforward produces 34,100 units product. Peptidases digest proteins into amino acids, why dont they $ 50,000 out... ( 2 ) on January 1 of Swift Co. 's first year, $ 67,000 of accounts.... Sales for a transaction/event, select `` no entry is required, select `` entry..., human-made resource- such as tools or machinery-used to produce other goods and services ( &... Farming purchases wind turbines for $ 215000 - $ 5300 - $ 5300 - 209700. Overhead in each department for the cost of their annual tune-ups is normally a deductible expense is.
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