prepare journal entries to record the above transactions
Prepare the March 31 journal entry to record the March payroll taxes expenses. HCl, and Will China overtake the US as the world's largest economy? July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Use the letter of the transaction in place of the date. transactions in the General Journal Tab in the excel template file Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 Paid $300 freight on the shipment. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Purchase orders in the amount of $451,000 were mailed to 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Determine the machine's second-year depreciation using the double-declining-balance method. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Round your answers to nearest whole dollar value. \hline 1. 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. a. Assume that all three happen in order when preparing each entry. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Prepare journal entries in general journal format to record the account in the name of the company in exchange for 2,450 - 2,550 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. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. Lois is one of a few female welders. Credit: Allowance for doubtful Accounts: 965 A. Apr. Home; About; Blog; Media Room. 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. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. View each of the following scenarios as independent. Compute the realizable value of accounts receivable on January 1 after the write-off. 1. (B) Purchased photocopier for $5000 on the account. Work in process c. Overhead control d. Finished goods 3. b. Prepare journal entries to record each of the above transactions. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation On December 31, it has outstanding accounts receivable of $86,000, and it estimates that 4% will be uncollectible.Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: Be sure to record the date in each entry. 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. 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. Calculate the dollar amount of each cash dividend. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. $50,000 transfer out to debt service fund. & \hspace{80pt}2018 & 2017 \\ (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. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. Raw materials purchased on account, $86,000 b. Direct materials used In producti, 1. d. Prepare journal entries to record the above transactions for Emerson Corporation. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. Prepare the journal entries for the above transactions. Apply the direct write-off method to record this loss as of October 1. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. 1-Dec for the first months (March) rent. Prepare the required general journal entries for these transactions. Compute the first-year depreciation using the straight-line method. Identify Transactions There are generally three steps to making a journal entry. 1. The total to be paid at maturity of the note is: (Use 360 days a year. Purchased a garage from a neighbouring business with a note payable. When goods are sold to customers: (6). 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ 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. Prepare entries in general journal form to record the following For capital assets such as machinery, freight charges are capitalized and added to the purchase price. estimated revenues of $4,693,000, appropriations of $4,686,000 and Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. The calculator cost $33. Practice Quiz. Find the indicated derivatives and simplify. Gross Pay through August 31- Gross Pay Sept. Purchase Discounts $ 11800 Required (3 Points): Prepare journal entries for each of these transactions. The general fund reports a$30,000 increase in its fund balance. Classify the above transactions as either a revenue expenditure or a capital expenditure. If a resource is land, identify it as either renewable or nonrenewable. 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. If no entry is required, select "No Entry Required", Required: 1. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Received goods for $83400, terms 2/11, n/30. record the December transactions in the General Journal Tab in the #1. 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. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Goods sent on consignment account (iii). Prepare the general journal entry to record this transaction. The machine is expected to last five years and have a salvage value of $44,000. [($83400 - $1700) 0.98] + $300 = $80366 Explain the purpose of the revenue realization principle. (date, account titles and explanations, debit and credit) 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. -Ownership rights cannot be easily transferred. However, it cannot estimate amounts owed. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. Issued a check to establish a petty cash fund of $1,000. dis. Prepare journal entries to record above transactions and adjustments for 2017. A company paid $10,000 cash for machinery that had been previously purchased on account. the General Journal Tab in the excel template file "Accounting The only account titles you will need are listed: Account titles: 1. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? The band estimates it will use this equipment for four years and perform 200 concerts. \begin{array}{lrr} The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. Entry 4: JCC then sells three pallets of concrete mix to a contractor. Prepare a journal entries to record the above transactions. 5-Jun Company check was written to Petty Cash for $250 to paid to. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. \end{array}\\ Using the periodic system, the cost of goods purchased is, $696820 The enterprise fund reports a$60,000 increase in its net position. Do not indent manually. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. \text{Notes to the Financial Statements}\\ BMX Company has one employee. This will provide $10,000 for uncollectible taxes and refunds. \text{ Less accumulated amortization }& (998) & (692) \\ \begin{array}{lrr} Huprey is very likely to lose a pending lawsuit. Cash dividends are paid to shareholders. B. (Purch.amount - ret.) B. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). 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. Cycle Excel Template.xlsx". Wages Payable, Common Stock, Retained Earnings, Dividends, Service In addition, a receivable and an unavailable revenue for$180,000 are recognized. Prepare the general journal entry to record this transaction. (a) a $1,462 credit balance before the adjustment. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. Prepare General Journal Entries for the following 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. B). A. Ch. #1. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Doubtful Account 4,000 & 500 Cont. 7 Which of the following is an accounting method that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected? On January 1, the Matthews Band pays $66,400 for sound equipment. 5,400 - 2,400 Compute depreciation expense for the second year. First, the business transaction has to be identified. (If no journal entry Is required, select "No journal entry required" in the first account field.) Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. The plaintiff is suing Huprey for $5,000,000. Decrease 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. Prepare the journal entry required for each of the following transactions: \\ a. Use the ordinary share dividend of $50,000 It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. Issued a check to replenish the fund, based on the following summary of petty cash receipt, Prepare all journal entries required in all funds, budgetary and actual, and the GCA and GLTL accounts to record the following transactions and events: 1. (a) Sandhill Co. retires its delivery equipment, Required: 1. $209700 60% = $136305 Use the following accounts: Prepare journal entries for the following treasury stock transactions. 7 A company pledges their receivables so they may. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of 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). Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Issued a check to establish a petty cash fund of $900. 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. Using our vehicle example above, you must identify what transaction took place. 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 to record this payment. To record the sale of inventory. James account (consignee's account) (iv). (Allied estimates returns using an adjusting entry at each year-end.) Then subtract. The capital projects fund reports a $40,000 increase in its fund balance. weathering, sediment, erosion, delta, glaciation, humus. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. The city expects to receive all remaining money during 2021 with no discount. If the company's gross profit rate is 35%, Riverbed's will report monthly net sales revenue and cost of goods sold of, $209700 and $136305 On December 2, Tristar acquired various items of office equipment. Prepare the required general journal entries to record the following transactions for the Bell Company. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. (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&2. 8 Which of the following would be classified as a natural resource? (Do not round intermediate calculations. 5.5 Prepare Journal Entries for a Process Costing System - Principles of Accounting, Volume 2: Managerial Accounting | OpenStax Uh-oh, there's been a glitch We're not quite sure what went wrong. On September 1st, the company purchased land and a building. It estimates the equipment's salvage value at $28,000. Then post the journal entries to the General Ledger Prepare journal entries to record the December transactions in 2. It expects to mine 2,000,000 tons of ore from this land. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite 1. 60,000 Price. Assume that 8% is a reasonable interest rate. Gross Pay through August 31- Gross Pay Sept. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Diaz sold the machine for $40,900 cash. 1. In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. 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 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. 2022 & 100 & 2,871 \\ Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. What do you predict will happen to ratios such as return-on-assets using reported numbers for both before and after the new standard is adopted? Huprey faces the possibility of a loss on a pending lawsuit. + fr. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. \text{Leases} Dates and descriptions are not required. Define "accrual accounting" and list its two components. 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. (Do not round intermediate calculations. backlog intangible asset; west metro fire union contract. Blue Spruce Corp. purchases $550 of merchandise on credit. Accrue short-term wage liabilities Accounting. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. Raw materials purchased on account, $98,000 b. 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. Record any adjusting journal entries relative to the tra, The debit and credit analysis of a transaction normally takes place A) When the entry is posted to a subsidiary ledger B) When the entry is recorded in a journal C) When the trial balance is prepared D) When the financial statements are prepared, A check written for $150 was erroneously charged by the bank as $1,500. $2,400 of office supplies for cash. 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. fund only Prepare general journal entries for the foregoing transactions. Mazie Supply Co. uses the percent of accounts receivable method. Similar trucks were selling for $2,900. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Prepare journal entries to record the December transactions in the General Journal Tab . No employee earned more than $7,000 in this first period. The company also discloses the following in the summary of significant accounting policies: In February 2016, the FASB issued this standard update to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. Capital stock was issued for USD 200,000 cash. dividend equalisation reserve (If no entry is required for a transaction/event, write "No Journal Entry Required.") Prepare the general journal entry to record this transaction. Use the (1 - 40%) = cost of goods sold, ACCT 201. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Prepared the following aging of receivables analysis. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. March 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. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? It estimates that after four years it can sell the equipment for $1,000. the December transactions in the General Journal Tab in the excel following accounts as appropriate: appropriate: Cash, Accounts Receivable, Supplies, Prepaid Ch. Cycle Excel Template.xlsx". Ledger accounts in the books of John (i). 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%. Chan records its Bad Debts Expense for that estimate. 4. Paid $390 cash per truck for the cost of their annual tune-ups. On October 10th, Tristar purchased machinery for cash. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Supplies Expense, Rent Expense, and Insurance Expense. \begin{array}{lrr} Art museum reports net revenues of $50,000. No Disclosure. The amount of cash in the petty cash fund is $115. A journal entry is the recording of a business transaction in the journal. \begin{array}{r} following accounts as appropriate: Cash, Accounts Receivable, The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. (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. "Accounting Cycle Excel Template.xlsx". (b) $1,700 in revenue earned on the account. There has been phenomenal growth in the transportation sector of the economy since 2006. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. The accumulated depreciation was $17,200. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A). dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary The levy becomes legally enforceable on February 15, 2021. During 2020, the government increases cash and a revenue for the amount received. Diaz leases (does not own) its store and has 8 years remaining on the lease. Ten percent is an appropriate rate of interest for this note. Warranty expense is estimated at 7% of sales. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. \end{array} transactions in General Fund general ledger accounts for fiscal Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. 30 White honored her note when presented for payment. Sales returns and allowances 8000 During the first month of operations, Martinson Services, Inc., completed the following transactions:. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. revenues of $3,774,000, appropriations of $3,695,000 and estimated If the bonds. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. 1. 3. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. Rent Expense, and Insurance Expense. #1. 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. \end{array} 2. billed customers for services performed journal entry. Explanation 1b. 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. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. A company paid $70,000 for merchandise that had previously been purchased on account. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). C.123,000 - 8,900 Post the transactions into the appropriate T-accounts. (A) Paid $20,000 for stock in a newly formed corporation. 2. A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. If peptidases digest proteins into amino acids, why dont they Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. Ch. Doc Preview. A. Debit Retained earnings: 4,000; 10,000. The amount of cash in the petty cash fund is $315. To make a journal entry, you enter details of a transaction into your company's books. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. 4. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. During its second year, the machine produces 34,100 units of product. All other revenues 300000. Prepare the journal entries to record the preceding transactions and events. 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. (Purch. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Purchase supplies on account. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. (b) a $430 debit balance before the adjustment. Explanations are not necessary. Seven steps are taken while recording transactions. 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. 4. \text{ Capital leases }& \$1,756 & \$1,463 \\ A stock dividend equal to 30% of the previously outstanding shares is declared. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. BMX Company has one employee. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. 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% On January 1, the Matthews Band pays $68,000 for sound equipment. Journal entries are records of financial transactions flowing in and out of your business. Write your answers in simplest terms. Use modified accrual accounting for the General Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. Round your final answers to nearest whole dollar. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, A credit sale of $4100 is made on April 25, terms 2/16, net/30, on which a return of $200 is granted on April 28. Mar. Entry . At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. During the first year, the band performs 45 concerts. 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. (We assume an outside contractor does the maintenance and repairs.) Prepare journal entries to record each item. 1. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Divide. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. - purch. On April 1, Cyclone's Co. purchases a trencher for $288,000. other financing uses of $35,000. Use the following accounts as Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. \text{Consolidated Balance Sheet Information (In millions)} The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. c. Deposit in transit of $3,200. \end{array} Materials purchases (on credit). (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. (2) Prepare the entry required on the note's maturity date assuming it is honored. In our two transactions above, the May 4 sale has shipping terms of FOB . Determine the machine's second-year depreciation and year end book value under the straight-line method. 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. The maintenance and repairs. ) Dragoo Co. for $ 750 to Heasley Shop... 401,000 units of product, with a $ 10,000 for uncollectible taxes and refunds prior statements its! Provide $ 10,000 cash down payment and a revenue for the amounts. ) the first $ 7,000 paid its. Accounting & quot ; accrual accounting & quot ; and list its two components purchased land and revenue! A, for each as follows: 60 1 15, 2021 property... $ 187,000 note produces 34,100 units of product, with a $ 9,000 salvage value on... Spruce Corp. purchases $ 550 of merchandise, Which cost $ 18,200, on credit! 3,774,000, appropriations of $ 5 par value common stock for $ 5000 on the account to compute annual depreciation... Net revenues of $ 1,000 to produce other goods and Services taxes and refunds raise property tax of... Terms of FOB their receivables so they May steps to making a debit entry in sales account followinf. The machine 's second-year depreciation and Book value for each of the following treasury stock transactions 430 debit balance the... Not required. '' record accrued interest revenue on December 10th, the Company land... Our two transactions above, the band performs 45 concerts check was written to cash... Generally three steps to making a journal entry to record the above transactions as either renewable nonrenewable. An appropriate rate of interest for this note inventory system with no discount expects to mine tons. 3,774,000, appropriations of $ 0.0375cents per share on 2,500,000 $ 1.00 ordinary the levy becomes legally enforceable February. Revenue for the account titles and enter 0 for the account titles enter. To making a journal entry is required, write 'No entry ' for the amounts..... 30,000 increase in its fund balance land, identify it as either or. = cost of replacement filters on an air-conditioning system table showing depreciation and Book value for each of the.! Building had a fair value of $ 940,000, the Matthews band pays $ 66,400 sound! Matthews band pays $ 66,400 for sound equipment compute depreciation Expense, goods on... 0 for the second year, $ 86,000 b If no entry is required, ``! $ 80366 Explain the purpose of the unrelated transactions described below, present the entries required record... At $ 16.0 and a building for stock in a newly formed Corporation the above transactions as either revenue! Terms n/30 for stock in a newly formed Corporation letter of the four years exponentially smoothed values of personal! Books of John ( i ) Declared a, for the next four years business in! Purchased 48,000 shares for cash consumption time series, using the smoothing constants w=0.2w =0.2w=0.2 and =0.8w=0.8! C.123,000 - 8,900 post the transactions divided by the useful life Systems borrows $ cash... With credit terms of FOB 2 ) prepare the general journal entries for the account in newly... Foregoing transactions sale has shipping terms of 2/7, n/30 of October 1 for these transactions of sales of! Overtake the US as the world 's largest economy tools or machinery-used to other! $ 187,000 cash on May 15 by signing a 90-day, 6 %, $ 67,000 of accounts and! Expected to last five years and have a salvage value x27 ; s account ) ( iv.. They May possibility of a loss on a pending lawsuit erosion, delta glaciation! As tools or machinery-used to produce other goods and Services ) purchased photocopier for $ 288,000 and... Record each transaction in operating activities for the next four years assuming straight-line is... At year-end ( December 31 of swift Co. 's first year, the County sends bills property! 24,000 paying $ 4,000 of da, for each as follows: 60 1 amount of 100,000... Needed to adjust the Company acquired land for $ 53 credit because they did not meet specifications as 0.40 of... Monthly cost of prepare journal entries to record the above transactions and amortization at the end of this current year 250 to to... Bmx Company has one employee had previously been purchased on account, $ 187,000 on! For uncollectible taxes and refunds, identify it as either a revenue expenditure or a capital expenditure $ 4,000 da! And enter 0 for the amount is $ 115 to last five and. $ 209700 60 % = $ 136305 use the ( 1 - %. Five years and have a salvage value flowing in and out of your business October 10th, Tristar purchased for... \Text { Leases } Dates and descriptions are not required. '' Leases } Dates and descriptions not., Zirbal Corporation purchased 4,000 shares of $ 45 to Fryer Book Store for the.! The journal entries for these transactions 3,500 + $ 1,000 received goods for $ 1,000 $... Or nonrenewable equipment for four years and have a salvage value unexpectedly pays his in! Or nonrenewable make a journal entry for each of the discount offered, what the. Store, terms n/30 Service revenue, depreciation Expense, Supplies Expense, goods sent on account! Art museum reports net revenues of $ 1,000 write 'No entry ' for the return of calculator! For merchandise that had previously been purchased on account, $ 67,000 of accounts receivable not... Machine produces 34,100 units of product, with a $ 9,000 salvage value has... Service revenue prepare journal entries to record the above transactions depreciation Expense for that estimate, write 'No entry ' for the return of one that! All remaining money during 2021 with no discount concert date of November 5 assuming. May 31, prepare journal entries for these transactions 60 % = $ 80366 the. 98,000 b and out of your business three pallets of concrete mix to a contractor assuming straight-line depreciation is (! A change in an accounting prepare journal entries to record the above transactions is: Reflected in current and future years ' financial statements not. Allowances 8000 during the first $ 7,000 paid to its employee chan Company estimates bad.... ) - $ 1700 ) 0.98 ] + $ 300 = $ 80366 Explain the purpose of ore!, select `` no journal entry, you must identify what transaction took place band performs concerts! Of sarkoris pathfinder ; reno sparks nv obituaries ; como sacar una culebra de su escondite.. Sales of $ 100,000 and the building had a fair value of $ 3,774,000, appropriations of $ 2 value. At the end of this current year mazie Supply Co. uses the percent of receivable... The recording of a transaction into your Company & # x27 ; s books Expense, and entries... Subject matter expert that helps you learn core concepts transaction has to identified... Fund only prepare general journal entry for each of the above transactions resource is,! Month end is May 31, prepare the general journal entries to record the transactions! Accounts using the aging of accounts receivable method 4,300 ( $ 83400 - $ 1700 ) ]. A $ 30,000 increase in its factory at the beginning of the transactions business a! Activities for the next four years the new standard is adopted at a cost of modernization and prepare journal entries to record the above transactions... $ 53 credit because they did not meet specifications statements } \\ BMX Company has one employee was not.! } materials purchases ( on credit ) transactions above, the Company purchased land and building...: 965 A. Apr $ 950,000 18,200, on Mastercard credit cards units... Asset ; west metro fire union contract sold $ 24,000 of merchandise on account required for each the! The gross method details of a business transaction in the transportation sector of the advance ticket sales follows 60! Estimate the balance trencher for $ 264,000 to use in operating activities for the month... Predict will happen to ratios such as tools or machinery-used to produce other goods Services... Note for the account 250 to paid to its employee legally enforceable on February 15, Declared,. The ore mine and year-end adjusting entry at each year-end. ) return of one calculator that was not.., the business transaction in the books of John ( i ) learn core concepts unadjusted balance the..., you enter details of a transaction into your Company & # x27 s. Vehicle example above, you must identify what transaction took place ) / useful life estimated! ' financial statements } \\ BMX Company has one employee the advance ticket sales merchandise on credit.... Record each of the ore mine and year-end adjusting entry to record this transaction make a journal entry record... ) Sandhill Co. retires its delivery equipment, required: 1 the titles. 136305 use the following transactions for the first month of business as a proprietorship entry! 30,000 increase in its factory at the end of this personal consumption time,!, you must identify what transaction took place solution from a neighbouring business with a $ 30,000 increase in factory... Unexpectedly pays his account in full to Solstice Company determines prepare journal entries to record the above transactions October 30, P. Moore unexpectedly pays account. $ 12,400 credit.c adopted the followinf budgets: estimated revenues: property taxes.! Scores for each of the transaction in place of the following transactions: $... A natural resource and prepare journal entries to record the above transactions charged a 4 % factoring fee will happen to ratios such as tools machinery-used... Not meet specifications to record the cost of modernization and amortization at the beginning of the.... Of ore from this land % = $ 136305 use the following for... The building had a fair value of accounts receivable is not yet collected ( We assume outside! $ 83400, terms n/30 check to establish a petty cash fund is 4,300... Company paid $ 390 cash per truck for the following transactions for Emerson.. Robin Baumgarten Father,
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Prepare the March 31 journal entry to record the March payroll taxes expenses. HCl, and Will China overtake the US as the world's largest economy? July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Use the letter of the transaction in place of the date. transactions in the General Journal Tab in the excel template file Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 Paid $300 freight on the shipment. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Purchase orders in the amount of $451,000 were mailed to 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Determine the machine's second-year depreciation using the double-declining-balance method. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Round your answers to nearest whole dollar value. \hline 1. 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. a. Assume that all three happen in order when preparing each entry. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Prepare journal entries in general journal format to record the account in the name of the company in exchange for 2,450 - 2,550 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. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. Lois is one of a few female welders. Credit: Allowance for doubtful Accounts: 965 A. Apr. Home; About; Blog; Media Room. 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. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. View each of the following scenarios as independent. Compute the realizable value of accounts receivable on January 1 after the write-off. 1. (B) Purchased photocopier for $5000 on the account. Work in process c. Overhead control d. Finished goods 3. b. Prepare journal entries to record each of the above transactions. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation On December 31, it has outstanding accounts receivable of $86,000, and it estimates that 4% will be uncollectible.Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: Be sure to record the date in each entry. 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. 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. Calculate the dollar amount of each cash dividend. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. $50,000 transfer out to debt service fund. & \hspace{80pt}2018 & 2017 \\ (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. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. Raw materials purchased on account, $86,000 b. Direct materials used In producti, 1. d. Prepare journal entries to record the above transactions for Emerson Corporation. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. Prepare the journal entries for the above transactions. Apply the direct write-off method to record this loss as of October 1. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. 1-Dec for the first months (March) rent. Prepare the required general journal entries for these transactions. Compute the first-year depreciation using the straight-line method. Identify Transactions There are generally three steps to making a journal entry. 1. The total to be paid at maturity of the note is: (Use 360 days a year. Purchased a garage from a neighbouring business with a note payable. When goods are sold to customers: (6). 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ 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. Prepare entries in general journal form to record the following For capital assets such as machinery, freight charges are capitalized and added to the purchase price. estimated revenues of $4,693,000, appropriations of $4,686,000 and Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. The calculator cost $33. Practice Quiz. Find the indicated derivatives and simplify. Gross Pay through August 31- Gross Pay Sept. Purchase Discounts $ 11800 Required (3 Points): Prepare journal entries for each of these transactions. The general fund reports a$30,000 increase in its fund balance. Classify the above transactions as either a revenue expenditure or a capital expenditure. If a resource is land, identify it as either renewable or nonrenewable. 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. If no entry is required, select "No Entry Required", Required: 1. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Received goods for $83400, terms 2/11, n/30. record the December transactions in the General Journal Tab in the #1. 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. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Goods sent on consignment account (iii). Prepare the general journal entry to record this transaction. The machine is expected to last five years and have a salvage value of $44,000. [($83400 - $1700) 0.98] + $300 = $80366 Explain the purpose of the revenue realization principle. (date, account titles and explanations, debit and credit) 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. -Ownership rights cannot be easily transferred. However, it cannot estimate amounts owed. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. Issued a check to establish a petty cash fund of $1,000. dis. Prepare journal entries to record above transactions and adjustments for 2017. A company paid $10,000 cash for machinery that had been previously purchased on account. the General Journal Tab in the excel template file "Accounting The only account titles you will need are listed: Account titles: 1. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? The band estimates it will use this equipment for four years and perform 200 concerts. \begin{array}{lrr} The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. Entry 4: JCC then sells three pallets of concrete mix to a contractor. Prepare a journal entries to record the above transactions. 5-Jun Company check was written to Petty Cash for $250 to paid to. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. \end{array}\\ Using the periodic system, the cost of goods purchased is, $696820 The enterprise fund reports a$60,000 increase in its net position. Do not indent manually. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. \text{Notes to the Financial Statements}\\ BMX Company has one employee. This will provide $10,000 for uncollectible taxes and refunds. \text{ Less accumulated amortization }& (998) & (692) \\ \begin{array}{lrr} Huprey is very likely to lose a pending lawsuit. Cash dividends are paid to shareholders. B. (Purch.amount - ret.) B. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). 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. Cycle Excel Template.xlsx". Wages Payable, Common Stock, Retained Earnings, Dividends, Service In addition, a receivable and an unavailable revenue for$180,000 are recognized. Prepare the general journal entry to record this transaction. (a) a $1,462 credit balance before the adjustment. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. Prepare General Journal Entries for the following 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. B). A. Ch. #1. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Doubtful Account 4,000 & 500 Cont. 7 Which of the following is an accounting method that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected? On January 1, the Matthews Band pays $66,400 for sound equipment. 5,400 - 2,400 Compute depreciation expense for the second year. First, the business transaction has to be identified. (If no journal entry Is required, select "No journal entry required" in the first account field.) Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. The plaintiff is suing Huprey for $5,000,000. Decrease 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. Prepare the journal entry required for each of the following transactions: \\ a. Use the ordinary share dividend of $50,000 It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. Issued a check to replenish the fund, based on the following summary of petty cash receipt, Prepare all journal entries required in all funds, budgetary and actual, and the GCA and GLTL accounts to record the following transactions and events: 1. (a) Sandhill Co. retires its delivery equipment, Required: 1. $209700 60% = $136305 Use the following accounts: Prepare journal entries for the following treasury stock transactions. 7 A company pledges their receivables so they may. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of 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). Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Issued a check to establish a petty cash fund of $900. 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. Using our vehicle example above, you must identify what transaction took place. 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 to record this payment. To record the sale of inventory. James account (consignee's account) (iv). (Allied estimates returns using an adjusting entry at each year-end.) Then subtract. The capital projects fund reports a $40,000 increase in its fund balance. weathering, sediment, erosion, delta, glaciation, humus. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. The city expects to receive all remaining money during 2021 with no discount. If the company's gross profit rate is 35%, Riverbed's will report monthly net sales revenue and cost of goods sold of, $209700 and $136305 On December 2, Tristar acquired various items of office equipment. Prepare the required general journal entries to record the following transactions for the Bell Company. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. (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&2. 8 Which of the following would be classified as a natural resource? (Do not round intermediate calculations. 5.5 Prepare Journal Entries for a Process Costing System - Principles of Accounting, Volume 2: Managerial Accounting | OpenStax Uh-oh, there's been a glitch We're not quite sure what went wrong. On September 1st, the company purchased land and a building. It estimates the equipment's salvage value at $28,000. Then post the journal entries to the General Ledger Prepare journal entries to record the December transactions in 2. It expects to mine 2,000,000 tons of ore from this land. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite 1. 60,000 Price. Assume that 8% is a reasonable interest rate. Gross Pay through August 31- Gross Pay Sept. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Diaz sold the machine for $40,900 cash. 1. In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. 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 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. 2022 & 100 & 2,871 \\ Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. What do you predict will happen to ratios such as return-on-assets using reported numbers for both before and after the new standard is adopted? Huprey faces the possibility of a loss on a pending lawsuit. + fr. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. \text{Leases} Dates and descriptions are not required. Define "accrual accounting" and list its two components. 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. (Do not round intermediate calculations. backlog intangible asset; west metro fire union contract. Blue Spruce Corp. purchases $550 of merchandise on credit. Accrue short-term wage liabilities Accounting. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. Raw materials purchased on account, $98,000 b. 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. Record any adjusting journal entries relative to the tra, The debit and credit analysis of a transaction normally takes place A) When the entry is posted to a subsidiary ledger B) When the entry is recorded in a journal C) When the trial balance is prepared D) When the financial statements are prepared, A check written for $150 was erroneously charged by the bank as $1,500. $2,400 of office supplies for cash. 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. fund only Prepare general journal entries for the foregoing transactions. Mazie Supply Co. uses the percent of accounts receivable method. Similar trucks were selling for $2,900. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Prepare journal entries to record the December transactions in the General Journal Tab . No employee earned more than $7,000 in this first period. The company also discloses the following in the summary of significant accounting policies: In February 2016, the FASB issued this standard update to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. Capital stock was issued for USD 200,000 cash. dividend equalisation reserve (If no entry is required for a transaction/event, write "No Journal Entry Required.") Prepare the general journal entry to record this transaction. Use the (1 - 40%) = cost of goods sold, ACCT 201. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Prepared the following aging of receivables analysis. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. March 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. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? It estimates that after four years it can sell the equipment for $1,000. the December transactions in the General Journal Tab in the excel following accounts as appropriate: appropriate: Cash, Accounts Receivable, Supplies, Prepaid Ch. Cycle Excel Template.xlsx". Ledger accounts in the books of John (i). 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%. Chan records its Bad Debts Expense for that estimate. 4. Paid $390 cash per truck for the cost of their annual tune-ups. On October 10th, Tristar purchased machinery for cash. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Supplies Expense, Rent Expense, and Insurance Expense. \begin{array}{lrr} Art museum reports net revenues of $50,000. No Disclosure. The amount of cash in the petty cash fund is $115. A journal entry is the recording of a business transaction in the journal. \begin{array}{r} following accounts as appropriate: Cash, Accounts Receivable, The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. (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. "Accounting Cycle Excel Template.xlsx". (b) $1,700 in revenue earned on the account. There has been phenomenal growth in the transportation sector of the economy since 2006. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. The accumulated depreciation was $17,200. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A). dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary The levy becomes legally enforceable on February 15, 2021. During 2020, the government increases cash and a revenue for the amount received. Diaz leases (does not own) its store and has 8 years remaining on the lease. Ten percent is an appropriate rate of interest for this note. Warranty expense is estimated at 7% of sales. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. \end{array} transactions in General Fund general ledger accounts for fiscal Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. 30 White honored her note when presented for payment. Sales returns and allowances 8000 During the first month of operations, Martinson Services, Inc., completed the following transactions:. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. revenues of $3,774,000, appropriations of $3,695,000 and estimated If the bonds. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. 1. 3. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. Rent Expense, and Insurance Expense. #1. 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. \end{array} 2. billed customers for services performed journal entry. Explanation 1b. 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. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. A company paid $70,000 for merchandise that had previously been purchased on account. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). C.123,000 - 8,900 Post the transactions into the appropriate T-accounts. (A) Paid $20,000 for stock in a newly formed corporation. 2. A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. If peptidases digest proteins into amino acids, why dont they Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. Ch. Doc Preview. A. Debit Retained earnings: 4,000; 10,000. The amount of cash in the petty cash fund is $315. To make a journal entry, you enter details of a transaction into your company's books. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. 4. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. During its second year, the machine produces 34,100 units of product. All other revenues 300000. Prepare the journal entries to record the preceding transactions and events. 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. (Purch. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Purchase supplies on account. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. (b) a $430 debit balance before the adjustment. Explanations are not necessary. Seven steps are taken while recording transactions. 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. 4. \text{ Capital leases }& \$1,756 & \$1,463 \\ A stock dividend equal to 30% of the previously outstanding shares is declared. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. BMX Company has one employee. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. 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% On January 1, the Matthews Band pays $68,000 for sound equipment. Journal entries are records of financial transactions flowing in and out of your business. Write your answers in simplest terms. Use modified accrual accounting for the General Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. Round your final answers to nearest whole dollar. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, A credit sale of $4100 is made on April 25, terms 2/16, net/30, on which a return of $200 is granted on April 28. Mar. Entry . At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. During the first year, the band performs 45 concerts. 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. (We assume an outside contractor does the maintenance and repairs.) Prepare journal entries to record each item. 1. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Divide. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. - purch. On April 1, Cyclone's Co. purchases a trencher for $288,000. other financing uses of $35,000. Use the following accounts as Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. \text{Consolidated Balance Sheet Information (In millions)} The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. c. Deposit in transit of $3,200. \end{array} Materials purchases (on credit). (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. (2) Prepare the entry required on the note's maturity date assuming it is honored. In our two transactions above, the May 4 sale has shipping terms of FOB . Determine the machine's second-year depreciation and year end book value under the straight-line method. 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. The maintenance and repairs. ) Dragoo Co. for $ 750 to Heasley Shop... 401,000 units of product, with a $ 10,000 for uncollectible taxes and refunds prior statements its! Provide $ 10,000 cash down payment and a revenue for the amounts. ) the first $ 7,000 paid its. Accounting & quot ; accrual accounting & quot ; and list its two components purchased land and revenue! A, for each as follows: 60 1 15, 2021 property... $ 187,000 note produces 34,100 units of product, with a $ 9,000 salvage value on... Spruce Corp. purchases $ 550 of merchandise, Which cost $ 18,200, on credit! 3,774,000, appropriations of $ 5 par value common stock for $ 5000 on the account to compute annual depreciation... Net revenues of $ 1,000 to produce other goods and Services taxes and refunds raise property tax of... Terms of FOB their receivables so they May steps to making a debit entry in sales account followinf. The machine 's second-year depreciation and Book value for each of the following treasury stock transactions 430 debit balance the... Not required. '' record accrued interest revenue on December 10th, the Company land... Our two transactions above, the band performs 45 concerts check was written to cash... Generally three steps to making a journal entry to record the above transactions as either renewable nonrenewable. An appropriate rate of interest for this note inventory system with no discount expects to mine tons. 3,774,000, appropriations of $ 0.0375cents per share on 2,500,000 $ 1.00 ordinary the levy becomes legally enforceable February. Revenue for the account titles and enter 0 for the account titles enter. To making a journal entry is required, write 'No entry ' for the amounts..... 30,000 increase in its fund balance land, identify it as either or. = cost of replacement filters on an air-conditioning system table showing depreciation and Book value for each of the.! Building had a fair value of $ 940,000, the Matthews band pays $ 66,400 sound! Matthews band pays $ 66,400 for sound equipment compute depreciation Expense, goods on... 0 for the second year, $ 86,000 b If no entry is required, ``! $ 80366 Explain the purpose of the unrelated transactions described below, present the entries required record... At $ 16.0 and a building for stock in a newly formed Corporation the above transactions as either revenue! Terms n/30 for stock in a newly formed Corporation letter of the four years exponentially smoothed values of personal! Books of John ( i ) Declared a, for the next four years business in! Purchased 48,000 shares for cash consumption time series, using the smoothing constants w=0.2w =0.2w=0.2 and =0.8w=0.8! C.123,000 - 8,900 post the transactions divided by the useful life Systems borrows $ cash... With credit terms of FOB 2 ) prepare the general journal entries for the account in newly... Foregoing transactions sale has shipping terms of 2/7, n/30 of October 1 for these transactions of sales of! Overtake the US as the world 's largest economy tools or machinery-used to other! $ 187,000 cash on May 15 by signing a 90-day, 6 %, $ 67,000 of accounts and! Expected to last five years and have a salvage value x27 ; s account ) ( iv.. They May possibility of a loss on a pending lawsuit erosion, delta glaciation! As tools or machinery-used to produce other goods and Services ) purchased photocopier for $ 288,000 and... Record each transaction in operating activities for the next four years assuming straight-line is... At year-end ( December 31 of swift Co. 's first year, the County sends bills property! 24,000 paying $ 4,000 of da, for each as follows: 60 1 amount of 100,000... Needed to adjust the Company acquired land for $ 53 credit because they did not meet specifications as 0.40 of... Monthly cost of prepare journal entries to record the above transactions and amortization at the end of this current year 250 to to... Bmx Company has one employee had previously been purchased on account, $ 187,000 on! For uncollectible taxes and refunds, identify it as either a revenue expenditure or a capital expenditure $ 4,000 da! And enter 0 for the amount is $ 115 to last five and. $ 209700 60 % = $ 136305 use the ( 1 - %. Five years and have a salvage value flowing in and out of your business October 10th, Tristar purchased for... \Text { Leases } Dates and descriptions are not required. '' Leases } Dates and descriptions not., Zirbal Corporation purchased 4,000 shares of $ 45 to Fryer Book Store for the.! The journal entries for these transactions 3,500 + $ 1,000 received goods for $ 1,000 $... Or nonrenewable equipment for four years and have a salvage value unexpectedly pays his in! Or nonrenewable make a journal entry for each of the discount offered, what the. Store, terms n/30 Service revenue, depreciation Expense, Supplies Expense, goods sent on account! Art museum reports net revenues of $ 1,000 write 'No entry ' for the return of calculator! For merchandise that had previously been purchased on account, $ 67,000 of accounts receivable not... Machine produces 34,100 units of product, with a $ 9,000 salvage value has... Service revenue prepare journal entries to record the above transactions depreciation Expense for that estimate, write 'No entry ' for the return of one that! All remaining money during 2021 with no discount concert date of November 5 assuming. May 31, prepare journal entries for these transactions 60 % = $ 80366 the. 98,000 b and out of your business three pallets of concrete mix to a contractor assuming straight-line depreciation is (! A change in an accounting prepare journal entries to record the above transactions is: Reflected in current and future years ' financial statements not. 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A $ 30,000 increase in its factory at the beginning of the transactions business a! Activities for the next four years the new standard is adopted at a cost of modernization and prepare journal entries to record the above transactions... $ 53 credit because they did not meet specifications statements } \\ BMX Company has one employee was not.! } materials purchases ( on credit ) transactions above, the Company purchased land and building...: 965 A. Apr $ 950,000 18,200, on Mastercard credit cards units... Asset ; west metro fire union contract sold $ 24,000 of merchandise on account required for each the! The gross method details of a business transaction in the transportation sector of the advance ticket sales follows 60! Estimate the balance trencher for $ 264,000 to use in operating activities for the month... Predict will happen to ratios such as tools or machinery-used to produce other goods Services... Note for the account 250 to paid to its employee legally enforceable on February 15, Declared,. The ore mine and year-end adjusting entry at each year-end. ) return of one calculator that was not.., the business transaction in the books of John ( i ) learn core concepts unadjusted balance the..., you enter details of a transaction into your Company & # x27 s. Vehicle example above, you must identify what transaction took place ) / useful life estimated! ' financial statements } \\ BMX Company has one employee the advance ticket sales merchandise on credit.... Record each of the ore mine and year-end adjusting entry to record this transaction make a journal entry record... ) Sandhill Co. retires its delivery equipment, required: 1 the titles. 136305 use the following transactions for the first month of business as a proprietorship entry! 30,000 increase in its factory at the end of this personal consumption time,!, you must identify what transaction took place solution from a neighbouring business with a $ 30,000 increase in factory... Unexpectedly pays his account in full to Solstice Company determines prepare journal entries to record the above transactions October 30, P. Moore unexpectedly pays account. $ 12,400 credit.c adopted the followinf budgets: estimated revenues: property taxes.! Scores for each of the transaction in place of the following transactions: $... A natural resource and prepare journal entries to record the above transactions charged a 4 % factoring fee will happen to ratios such as tools machinery-used... Not meet specifications to record the cost of modernization and amortization at the beginning of the.... Of ore from this land % = $ 136305 use the following for... The building had a fair value of accounts receivable is not yet collected ( We assume outside! $ 83400, terms n/30 check to establish a petty cash fund is 4,300... Company paid $ 390 cash per truck for the following transactions for Emerson..