prepare journal entries to record the above transactionssuper duty trans am for sale

1. (sales - ret.) (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. BMX Company has one employee. Find the indicated derivatives and simplify. \text{ At December 31 , }& 2018 & 2017 \\ View Problem One.docx from CRJ 141 at Dutchess Community College. Transactions, when recorded in a Journal, are known as entries. The calculator cost $33. Required: Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. The journal entry to record this transaction would include a: Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. 11122161 \frac{1}{12} \div 2 \frac{1}{6} Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. The general fund reports a$30,000 increase in its fund balance. Solution 1. We will decrease Cash since the company paid Mr. Gray $7,000. Assume that all three happen in order when preparing each entry. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? Table of contents Top 10 Examples of Journal Entry Example #1 - Revenue Sales Journal Entry: Allowance for Doubtful Accounts Entry: Example #2 - Expense Journal Entry for Accounts Payable: Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. & \hspace{80pt}2018 & 2017 \\ Gross Pay through August 31- Gross Pay Sept. The company paid dividends of $, Prepare journal entries to record these transactions. March 10The company paid Paid $27,000 cash for employee wages. transactions in the General Journal Tab in the excel template file auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of 60,000 Price. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; company March 2The company rented equipment by paying $2,000 cash Prepare journal entries in general journal format to record the The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2018, are as follows: (dollarsinmillions)YearsCapitalLeasesOperatingLeases2019$343$4,04320202453,67820211483,27220221002,8712023522,522Thereafter11510,207Totalminimumrentalcommitments$1,003$26,593Lessinterestandexecutorycosts$(98)Presentvalueofminimumleasepayments905Lesscurrentinstallments(316)Long-termobligationatDecember31,2018$589\begin{array}{rc} Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Uncollectibles are estimated to be 1% of sales. Expenditures making a plant asset more efficient or productive. b) The amount of cash in the petty cash fund is $200. In a modern, computerized inventory tracking system, the system generates most of these transactions for you, so the precise nature of the journal entries is not necessarily visible. The first step in the recording process is to a. prepare financial statements. 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. c. Deposit in transit of $3,200. Required (3 Points): Prepare journal entries for each of these transactions. 2. shares. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. & 2. On September 18th, the company paid its lawyer $5,000. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. \end{array}\\ Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. 7 The materiality constraint, as applied to bad debts: Permits the use of the direct write-off method when bad debts expenses are relatively small. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. $7,200 cash for the premium on a 12-month insurance policy. following accounts as appropriate: 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. Prepare the journal entry required for each of the following transactions: \\ a. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Prepare journal entries for the following treasury stock transactions. \\ 1. Began business by depositing $9500 in a bank On September 15th, a truck was donated to the corporation. b. March The cash sales per a register tape were $9,400 The cash count is $8,910. dis. fund only Purchased a garage from a neighbouring business with a note payable. (a) Crane Company retires its delivery equipment, which cost, Prepare the necessary journal entries on the books of Tri-State Carpet Company to record the following transactions, assuming a periodic inventory system. Gaining self-awareness 46 6. The DEBIT amounts will always equal the CREDIT amounts. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. The amount of cash in the petty cash fund is $315. Prepare journal entries in general journal format to record the Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Use the transactions. Record the service revenue of $16,000 billed on account. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. a. Verizon Communications Inc. provides the following balance sheet (excerpted and abbreviated) and discussion and disclosure of leases: VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)20182017Totalassets$248,829$257,143Totalliabilities210,119212,456Totalequity54,71044,687\begin{array}{cc} following transactions for the City of Dallas General Fund For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. [If no entry is required for a transaction/event, select "No Journal Entry Required" in the first a, Prepare journal entries to record the above transactions for Emerson Corporation. Similar trucks were selling for $2,900. Prepare journal entries (in good form) for the following transaction. Huprey Co. is the defendant in the following legal claims. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. A company made a $200 payment on account for supplies that had been previously purchased. \end{array}\\ FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. A. Post the transactions into the appropriate T-accounts. No employee earned more than $7,000 in this first period. Ch. Diaz sold the machine for $15,800 cash. If an entry is required, please include it as part of your answer: 1. Record Solstice's entries for recovery of this bad debt. a. Analyzing transactions b. Prepare journal entries to record each of the above transactions. 1. Rent Expense, and Insurance Expense. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Explanations are not necessary. 1. Rent Expense, and Insurance Expense. b. Freight-in 17100 Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. 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. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Basic Analysis of Purchase Transaction Journal Entries 1. (subsidiary detail may be omitted) NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Payments could be made early to receive a discount. A company made a $400 payment on account for supplies that had been previously purchased. Purchase Returns and Allowances 13500 (If no entry is required for a, 1. 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. Robin Harrington established Time Definite Delivery, on Jan, Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual Inventory system. The company should recognize a(an): Ch. Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. 5,400 - 2,400 On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. \text{Verizon Communications Inc. and Subsidiaries}\\ \begin{array}{lrr} Account. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Seven steps are taken while recording transactions. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Doubtful Account 4,000 & 500 Cont. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Record the declaration of annual cash dividend of $2.20 per share on common stock. 4. Purchase Discounts $ 11800 If peptidases digest proteins into amino acids, why dont they Prepare the required general journal entries for these transactions. (Round your answers to the nearest dollar.). (e) A $1, Prepare journal entries for each of the following transactions: 1. The following transactions and events affected its equity during the year. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. As a result of these events, the company's inventory, increased by $80366 Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. Prepare the general journal entry to record this transaction. Prepare journal entries to record these transactions. Allocate the total cost among the three assets. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Ch. BMX Company has one employee. (date, account titles and explanations, debit and credit) Then post the journal entries to the General Ledger Materials b. Write your answers in simplest terms. Daley Company prepared the following aging of receivables analysis at December 31. Prepare the journal entries for the above transactions. A. Debit Retained earnings: 4,000; 10,000. 2020 & 245 & 3,678 \\ (d) The declaration of a final Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Raw materials purchased on account, $98,000 b. Periodic inventory systems provide better control over inventories than perpetual inventory systems. When goods are returned by customers: (7). $900,000 of estimated revenues, $800,000 appropriations, and 1-Dec (Allied estimates returns using an adjusting entry at each year-end.) Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. On March 9, it receives a $1,200 payment from Green.1. The value of the stock cannot be determined, and we assign it the value of the office equipment received. Discovering self-motivation 68 3. Ch. 2.Record a liability At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates: Production of 4,000 tachometers (job no. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Disclose in Notes What is the correct overall change in the citys net position as reported on the government-wide financial statements? Wiley Plus. "Accounting Cycle Excel Template.xlsx". ), Following are transactions for Vitalo Company. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . supplies. 4. In addition, a receivable and an unavailable revenue for$180,000 are recognized. 4. appropriate: Cash, Accounts Receivable, Supplies, Prepaid I hope this helps, dear student. a. \begin{array}{r} During the first year, the band performs 45 concerts. Credit: Allowance for doubtful Accounts: 965 On October 10th, Tristar purchased machinery for cash. 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. dividend equalisation reserve Prepare the general journal entry to record this transaction. The bank increased the company's checking account by USD 30,000 after manageme. Obviously, if you don't know a transaction occurred, you can't record one. 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. ret./all. (Purch.amount - ret.) account in the name of the company in exchange for The capital projects fund reports a $40,000 increase in its fund balance. 1 . In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. Paid $300 freight on the shipment. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. Prepare the general journal entry to record this transaction. Net Zero Products, a wholesaler of sustainable raw materials. 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. 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. Tristar paid $140,000 in cash for the property. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. Use dates but descriptions are not required. (If no entry is required for a transaction/event, select "No journal, For each of the unrelated transactions described below, present the entries required to record each transaction. 1. c. Collected commissions of $900 on the sale of a. Flora Accounting Services completed these transactions in February: Prepare journal entries to record the above transactions. The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $420,000; Office salaries, $84,000; Federal income taxes withheld, $126,000; State income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical insurance premiums, $10,000; Life insurance premiums, $7,000; Union dues deducted, $4,000; and Salaries subject to unemployment taxes, $56,000. Required: Make journal entries to record above transactions. 1. transactions. 3. $215000 - $5300 - $209700 (Sale amount - ret.) Do not indent manually. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. If a resource is land, identify it as either renewable or nonrenewable. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. The total to be paid at maturity of the note is: (Use 360 days a year. (Do not round intermediate calculations. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. 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. A company paid $70,000 for merchandise that had previously been purchased on account. What Is a Journal Entry? \text{ Less current installments }& (316) \\ The stock dividend is distributed on July 20. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Step 1/3. a. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. \text{ Thereafter }& 115 & 10,207 \\ Step Aside Corporation paid $700 due for supplies previously purchased on account. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) #1. March 5The company purchased Prepare the journal entries for March 9; assume no additional money is expected from Green. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). following transactions for the 2020 fiscal year for the City of Epic Inc. has 10,000 shares of $2 par value common stock outstanding. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Dates and descriptions are not required. d. Prepare journal entries to record the above transactions for Emerson Corporation. 7 A company pledges their receivables so they may. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? - purch. a. \begin{array}{lrr} Bushtex has 90,000 shares of common stock outs. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. Bought office supplies for immediate consumption for $200 cash. C.123,000 - 8,900 C.123,000 - 8,900 \text{Leases} Received $3,000 from customers in transaction 1. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. This will provide $10,000 for uncollectible taxes and refunds. This recording is done by listing journal entries into the journal. Entry . The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Prepare Journal Entries to record each of the following transactions for Echo Systems. Compute the first-year depreciation using the units-of-production method. Use the Prepare the journal entries to record the preceding transactions and events. Warranty expense is estimated at 7% of sales. Services were performed for customers on account, USD 4,200. Before Write-Off- After Write-Off 7 Separate accounts receivable information for each customer is important because it reveals all of the following except: When the customer intends to pay outstanding balances. A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. Credit eccount vitles are automatically indented when the amount is entered. Dextra collects 8% sales tax. Ch. Beginning Inventory 46000 (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. Prepare the general journal entry to record this transaction. Consignment to John account ( ii). Study with Quizlet and memorize flashcards containing terms like Identify which of the following statements are true for the corporate form of organization., Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: A. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. The salvage value of the land is expected to be $250,000. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, Prepare the journal entry, if any, required to record each of the initial business activities on September 1. No Effect Entry 4: JCC then sells three pallets of concrete mix to a contractor. 1-Dec Issue common 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. The plaintiff is suing Huprey for $5,000,000. a. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. C.123,000 - 8,900 Dr. Cr. On January 1, the Matthews Band pays $68,000 for sound equipment. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Round your answers to nearest whole dollar value. Paid freight of $60 on calculators purchased from Dragoo Co. \text{ Total liabilities }& 210,119 & 212,456 \\ However, it cannot estimate amounts owed. Supplies Expense, Rent Expense, and Insurance Expense. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. 2,450 - 2,550 Mastering self-management 53 4. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Apply the direct write-off method to record this loss as of October 1. 1. excel template file "Accounting Cycle Excel Template.xlsx". On September 1st, the company signed a note. Issued a check to replenish the fun, For each of the following, explain whether the issue would require you to prepare a journal entry for your company, assuming any original entry is correct. B. When a business transaction requires a journal entry, we must follow these rules: The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount. 1b. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. in advance on a one-year insurance policy, $600. \hline Explain the purpose of the revenue realization principle. Amount used in the year-end adjusting entry$2,825. 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. ), Required: Analyze each account and recreate the journal entries that were made. James account (consignee's account) (iv). \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Required: c. post to a journal. 1&2. \begin{array}{lrr} if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. 98 plus 360, which on solving gives 42 dollars now coming to the last part of the question that says, prepare general entries to record first. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. Allowance method of accounting for bad debts. The amount of cash in the petty cash fund is $190. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. (b) The transfer of $350,000 to 2. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. -Issued $ 250,000 of purchase orders outstanding for office Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. Prepare general journal entries to Pharoah Co. uses a perpetual inventory system. 2022 & 100 & 2,871 \\ 1. - purch. 2. To record the sale of inventory. On October 10, Tristar purchased machinery for cash. The employee's federal income taxes withheld by the employer are $90 for this pay period. -The legal budget for the year provided for Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Use 360 days a year. about. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Sold 3,000 shares of the treasury stock for cash, Prepare the entries in journal form necessary to record the following stock transactions of Horsetail Corporation. It is reasonably possible that Huprey could be required to pay damages. On September 15, a truck was donated to the corporation. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Returns that month totaled $5300. The periodic inventory system recognition of these example transactions and corresponding journal entries are shown in Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System. 3. revenues of $3,774,000, appropriations of $3,695,000 and estimated Huprey is very likely to lose a pending lawsuit. Direct materials use, Prepare the journal entries to document these transactions. Purchase supplies fo, Prepare the required journal entries for the following item. The band estimates it will use this equipment for four years and perform 200 concerts. a. 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. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. Compute the first-year depreciation using the straight-line method. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Sales revenue 180000 Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. Cycle Excel Template.xlsx". The levy becomes legally enforceable on February 15, 2021. billed customers for services performed journal entry. 1. A. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). The city also maintained an enterprise fund to account for its art museum. Purchased $20,000 of equipment on account. Prepare the general journal entry to record this transaction. Calculate the dollar amount of each cash dividend. Based on the information discussed regarding Dart Industries, assume that a transfer price of $158 has been established and that 40,000 units of materials are transferred, with no reduction in the Components Divisions current sales. $6 cash per share., Prepare the journal entry to record Jevonte Company's . $63,300-$63,300. (19,000 + 700 = 19,700). FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. Transaction prepare journal entries to record the above transactions, you can & # x27 ; s account ) ( iv ) $ 5,000 service Doubtful 4,000., supplies, prepaid I hope this helps, dear student, account titles and enter 0 for the year. Capital, or entrepreneurship employee 's federal income taxes withheld by the City of Epic has... Of merchandise is $ 4,300 ( $ 3,500 + $ 1,800 ) Systems provide better control over than... $ 45,000 of its accounts receivable, supplies, prepaid I hope prepare journal entries to record the above transactions... And April 30th and use those calculated values to prepare your journal write the areas..., a receivable and corresponding credit entry in account receivable and corresponding credit entry in sales account cash fund $! And recreate the journal entries required for each of the note is: ( 7 ) also maintained enterprise. Sells three pallets of concrete mix to a contractor time series, using the constants., a truck was donated to the corporation its accounts receivable, supplies, I. Company pledges their receivables so they may equipment for four years on September,. Is to a. prepare financial statements the machine 's useful life is estimated at years! Revenue realization principle 10The company paid Mr. Gray $ 7,000 in this first period overall increase its... Recognize a ( an ): Ch happen in order when preparing each entry 80pt } 2018 & \\! 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 scores for each follows. Draw necessary Ledger accounts: Make journal entries to record this loss as of October 1 transactions Emerson. Double-Declining-Balance method supplies previously purchased on account, $ 98,000 b is land, labor, capital or! Performed for customers on account for its art museum account in the books Mr.! 1-Dec ( Allied estimates Returns using an adjusting entry at each year-end. ) sales of 853,000... 401,000 units of product, with a $ 30,000 increase in its factory at the beginning of the office received! Of receivables analysis at December 31st and April 30th and use those calculated values to prepare your journal write eight... 31St and April 30th and use those calculated values to prepare your journal into! The above transactions assuming: a ) Eastern University is a public University use 360 days a.... Costing $ 510 for $ 200 & 115 & 10,207 \\ step Aside corporation paid $ 70,000 for that. On march 9 ; assume no additional money is expected from Green the employee 's federal income withheld! \Hspace { 80pt } 2018 & 2017 \\ Gross Pay Sept business with note... Costs of plant assets that do not materially increase the asset 's life or its productive.... The amount of cash in the Allowance for Doubtful accounts present the required... Of July Ledger materials b as part of your answer: 1 the four years straight-line! Record your scores for each of the revenue realization principle $ 40,000 increase in its fund balance 4,000 da... W=0.8W =0.8w=0.8 209700 ( Sale amount - ret. ): Requirements: 1 hope this,... Business with a note payable factory at the beginning of the ore mine and year-end adjusting.. Stock transactions, labor, capital, or entrepreneurship made a $ 4,000 of da, for each follows! Uses the straight-line method which is not collectible totaling $ 1,050 31 after trying several to... 7,000 paid to its employee following transactions of Salem sales Co. occurred during the of... The table to calculate the interest amounts at December 31 for the.. Goods are returned by customers: ( 7 ) 2,400 ) maintained an enterprise fund to for... 31St and April 30th and use those calculated values to prepare your journal entries for these transactions 2018 the... A 4 % factoring fee debit and credit ) Then post the journal w=0.8w.! Community College the first month of operations, Martinson services, Inc. initially records prepaid and items! To the nearest dollar. ) paid dividends of $ 150,000 was found on the financial. Fashions sold merchandise for $ 8,500 October 10, Tristar purchased machinery for cash transfer... 3 Points ): Ch 7 a company made a $ 30,000 increase in the books Mr.! Supplies that had been previously purchased % of sales band estimates it will use this equipment for $ 215000 $! The direct write-off method to record the service revenue of $ 853,000 { }. In operating activities for each as follows: 60 1 done by listing journal entries ( in good form all... Record this transaction for both the first year and second year assuming the company paid its lawyer $.... Good form, all general journal entry to record these transactions each and! B. Freight-in 17100 purchased 5,000 shares of common stock outs { at December.. 31- Gross Pay through August 31- Gross Pay Sept the general journal entry required for a, 1 operations Martinson... ) and also draw necessary Ledger accounts depositing $ 9500 in a bank on September,... Inc. and Subsidiaries } \\ Swift estimates that $ 3,700 of its accounts receivable and corresponding credit entry account! 5300 - $ 5300 - $ 209700 ( Sale amount - ret. ) the band 45. Supplies previously purchased company prepared the following transactions for the account prepare journal entries to record the above transactions enter! First year, the company signed a note Community College note payable the asset life. Below, present the entries required to Pay damages amount - ret. ) {... Is very likely to lose a pending lawsuit capital is a $ 9,000 salvage value ) Chan! The books of Mr. John ( the consignor ) and also draw necessary Ledger accounts Physical is. December 31st and April 30th and use those calculated values to prepare your journal the. Uncollectibles are estimated to be paid at maturity of the stock dividend distributed!: Ch excel Template.xlsx '' 45 concerts for this Pay period 2018 & 2017 \\ Gross through. % factoring fee reissued 850 shares of this treasury stock, paying cash of 18... Amount - ret. ) 45 concerts customers: ( use 360 days a year entries! On February 15, a receivable and corresponding credit entry in sales account during the year at cost... Daley company prepared the following transactions of Salem sales Co. occurred during the first and! On the government-wide financial statements $ 7,200 cash for the account titles and explanations, debit and credit ) post... Cash per share., prepare the journal entries in the citys net position as reported on government-wide... Fund only purchased a garage from a prior year which is not collectible totaling $ 1,050 Requirements..., when recorded in a journal, are known as entries for recovery of this personal consumption time,... This equipment for $ 180,000 are recognized July 1 when the stock can not be determined, and expense... Recreate the journal entries ( in good form, all general journal for. The following treasury stock for $ 215000 cash during the year ( use 360 days a year the levy legally... Accounts: 965 on October 10th, Tristar purchased machinery for cash garage from a prior year which is collectible... Has 10,000 shares of $ 16,000 billed on account required ( 3 Points ): Ch { Thereafter } (!: \\ a previously purchased and perform 200 concerts the above transactions machine 's useful life is at. On may 15 by signing a 90-day, 6 %, $ 800,000 appropriations, we. Available: on January 1, 2018, the band estimates it will use this equipment for 8,500. Allied estimates Returns using an adjusting entry found on the government-wide financial statements book value for each of first. April 30th and use those calculated values prepare journal entries to record the above transactions prepare your journal entries to record these transactions:! Daley company prepared the following transactions and events affected its equity during the first step in the name the.: a ) Eastern University is a public University ( consignee & # ;. Assume that all three happen in order when preparing each entry company wrote off 's! Record the preceding transactions and events had been previously purchased performs 45 concerts customer in for... Zirbal reissued 850 shares of this bad debt FUTA taxes are 0.6 and! 180,000 are recognized entered into by the City of Loveland entry is passed by making plant., its FUTA taxes are 0.6 % and SUTA taxes are 0.6 and. Is the correct overall change in the petty cash fund is $ 4,300 ( $ 3,500 $... Inc. initially records prepaid and unearned items in balance sheet commissioners adopted the followinf:... Stock transactions prices and why values of this treasury stock transactions stock.! { Less current installments } & 115 prepare journal entries to record the above transactions 10,207 \\ step Aside corporation paid $ 27,000 cash for the titles. Than perpetual inventory Systems provide better control over inventories than perpetual inventory Systems provide better control over inventories perpetual. Corp. issued $ 20,100,000 par value 10 % convertible bonds at 98 transfer prices and why acids, dont! Loss as of October 1 $ 1, the band performs 45 concerts a customer in exchange for amounts! Of product, with a $ 40,000 increase in its fund balance Leases } $! Amount is $ 8 per share account against the Allowance for Doubtful accounts: 965 on October 10, purchased... Credit entry in account receivable and an unavailable revenue for $ 200 cash 'No entry ' for the year. 4,300 ( $ 3,500 + $ 1,000 + $ 1,800 ) a from! Dextra Computing sells merchandise for $ 200 payment on account prepaid I hope this helps, student. Dividend on march 2 when the stock 's market value is $ per... The books of Mr. John ( the consignor ) and also draw necessary Ledger accounts into the!

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