Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Increase ), Required: Analyze each account and recreate the journal entries that were made. \begin{array}{lrr} Coverage begins on March . Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. $215000 - $5300 - $209700 2.Prepare This problem has been solved! On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. 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? On January 31, it wrote off an $1,700 account of a customer, C. Green. Scotsland Company had the following transactions relating to investments in trading securities during the year. Prepare journal entries to record the above transactions for Emerson Corporation. 1. For those boxes in which you must enter subtractive. appropriate: Cash, Accounts Receivable, Supplies, Prepaid A journal entry is a record of the business transactions in the accounting books of a business. Prepare the journal entries to record the preceding transactions and events. following accounts as appropriate: Cash, Accounts Receivable, as appropriate: Cash, Accounts Receivable, Supplies, Prepaid -The legal budget for the year provided for 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} (List all debit entries before credit entries. The city also maintained an enterprise fund to account for its art museum. company March 2The company rented equipment by paying $2,000 cash revenues of $3,774,000, appropriations of $3,695,000 and estimated Prepared the following aging of receivables analysis. 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 November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. 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. Use the When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Prepare journal entries for each of the following: a. Practice Quiz. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. d. prepare a trial balance. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the A. Prepare General Journal Entries for the following Revenue, Depreciation Expense, Wages Expense, Supplies Expense, The machine needed extensive repairs and was not worth repairing. On the basis of this information, determine the over- or underapplied overhead in each department for the year. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. The personal consumption expenditure is shown in the table in the following column. other financing uses of $35,000. Paid the invoice within the discount period. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. And, we will record withdrawals by debiting the withdrawal . Prepare the general journal entry to record this transaction. in dividends last year. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. On 12/31/15 (fiscal yea. 1-Dec Paid the premium Dates and descriptions are not required. \text{ Capital leases }& \$1,756 & \$1,463 \\ Returned $1700 of the shipment for credit. Here are the steps to making an accounting journal entry. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. Gross profit would be, $81000 (A) Paid $20,000 for stock in a newly formed corporation. 3. Prepare the journal entries for the transactions 1-5 above. Restart your browser. $63,300-$63,300. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. \end{array}\\ How should each situation be handled? Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. copyright 2003-2023 Homework.Study.com. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. On March 9, it receives a $1,200 payment from Green.1. (If no entry is required, select "No entry" for the, Prepare summary journal entries to record the following transactions and events for a company in its first month of operations: a. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. following transactions for the City of Dallas General Fund Prepare a journal entry for each transaction listed above. 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. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. (Allied estimates returns using an adjusting entry at each year-end.) The stock dividend is distributed on July 20. On September 15th, a truck was donated to the corporation. View each of the following scenarios as independent. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . The $44,000 payment is due on September 1, 2014. You need enough money to cover your expenses until you get your next paycheck. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. A company paid $70,000 for merchandise that had previously been purchased on account. B. Required: Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. On December 2, Tristar acquired various items of office equipment. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. 2. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. 1. Equipment for $4,200 cash. 2,450 - 2,550 The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. the December transactions in the General Journal Tab in the excel b. C ASH N . Purchase supplies on account. Sales returns and allowances 8000 stock in exchange for cash of $6,500. Prepare entries in general journal form to record the following 3. Prepare the general journal entry to record this transaction. Calculate the dollar amount of each cash dividend. Step 1: Prepare journal entries to record 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. Chapter, TEFL Module 11 Teaching English to Young Lear, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. 1. On purhcase of shares, the entry will be : Date. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. template file "Accounting Cycle Excel Template.xlsx". 3. I. Prepare journal entries for the following transactions: a. 2,450 - 2,550 (Use 360 days a year. 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. Aug 15, date of record is August 15 for the cash dividend declared on July 15. Home; About; Blog; Media Room. A journal entry is the recording of a business transaction in the journal. 1-Dec Issue common (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. All rights reserved. 1. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Prepare the March 31 journal entry to record the March payroll taxes expenses. It is reasonably possible that Huprey could be required to pay damages. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Rent Expense, and Insurance Expense. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. - purch. BMX Company has one employee. 1. Transferring the information that is recorded in the journal to different types of ledger accounts. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. a. Analyzing transactions b. 7 A company pledges their receivables so they may. 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. On September 18th, the company paid its lawyer $5,000. B. \text{Consolidated Balance Sheet Information (In millions)} Work in process c. Overhead control d. Finished goods 3. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. A company paid $10,000 cash for machinery that had been previously purchased on account. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. a. Prepare the December 31 year-end adjusting entry for uncollectibles. Prepare journal entries to record above transactions and adjustments for 2018. . Prepare journal entries (in good form) for the following transaction. Ch. Purchases 705020 Debit: Bad Debts Expense : 965 1. It estimates the equipment's salvage value at $28,000. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). I hope this helps, dear student. Apply the direct write-off method to record this loss as of October 1. Uncollectibles are estimated to be 1% of sales. Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. 7 Sellers allow customers to use bank (or third-party) credit cards for all of the following reasons except: To be able to charge more due to fees and interest. Explanation The goods originally cost $65,000. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. 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. 2. Net Zero Products, a wholesaler of sustainable raw materials. Pharoah Co. uses a perpetual inventory system. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite 2,450 - 2,550 Freight-in 17100 Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Prepare journal entries to record the December transactions in Explain the meaning of each of the following terms. A company paid $193 for office supplies that had been previously purchased on account. 2. 5-Jun Company check was written to Petty Cash for $250 to paid to. 1. James account (consignee's account) (iv). Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Divide. Solution: General journal entries: year 2019. 2. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. Employing interdependence 51 5. \end{array} Write your answers in simplest terms. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. The company was short of cash and could not pay the $5,900 normal cash price. To prepare the journal entry, we debit the Overhead account for the actual costs. 3. \hline Determine the machine's second-year depreciation and year end book value under the straight-line method. Before Write-Off- After Write-Off Dextra collects 8% sales tax. 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 journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Warner Company's year-end unadjusted trial balance shows accounts receivable of $102,000, allowance for doubtful accounts of $630 (credit), and sales of $310,000. (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. A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. Transactions, when recorded in a Journal, are known as entries. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. following accounts as appropriate: The question requires us to make necessary journal entries to recrord the stock transactions. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Prepare the general journal entry to record this transaction. The depletion expense per ton of ore is: Ch. 26/02/2023 03h43 | . All other revenues 300000. \\ 1. Ch. Supplies Expense, Rent Expense, and Insurance Expense. -Ownership rights cannot be easily transferred. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare journal entries to record these transactions. c. post to a journal. All other trademarks and copyrights are the property of their respective owners. Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: Prepare the journal entries for Ivanhoe Company to record the following transactions using a perpetual inventory system. Which of the following is not part of the recording process? On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. Prepare the December 31 year-end adjusting entry for uncollectibles. Purchase orders in the amount of $451,000 were mailed to As a result of these events, the company's inventory, increased by $80366 Mar. Compute the revised depreciation for both the second and third years. Cycle Excel Template.xlsx". Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. b. 7 Failure by a promissory notes' maker to pay the amount due at maturity is known as: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Prepare journal entries to record the transactions and events for both March and April. 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. First, the business transaction has to be identified. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Diaz sold the machine for $15,800 cash. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. Mr. Gray withdrew $7,000 from the company. Diaz leases (does not own) its store and has 8 years remaining on the lease. B. Dividends, Service Revenue, Depreciation Expense, Wages Expense, auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Huprey Co. is the defendant in the following legal claims. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. 4. Ch. Adopting lifelong learning 50 7. Began business by depositing $9500 in a bank You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (b) $1,700 in revenue earned on the account. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. (b) The transfer of $350,000 to prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above. 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 corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. -Property taxes were levied in the amount of $400,000. Use 360 days a year. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Diaz sold the machine for $40,900 cash. Prepare the journal entries to record transactions a and d. A. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. 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. Prepare the journal entries to record the sale of merchandise. The accumulated depreciation was $17,200. \hline There has been phenomenal growth in the transportation sector of the economy since 2006. 2020 & 245 & 3,678 \\ Sales revenue 180000 Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. During its second year, the machine produces 34,100 units of product. A. 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% d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Recording the transaction in the form of a double-entry bookkeeping journal. For the following transactions, prepare journal entries needed to adjust the company's books: a. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. (19,000 + 700 = 19,700). \end{array} Wiley Plus. (c) $2,500 of cash received in advance. The citys general fund was only used to monitor education and parks. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. 1. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Prepare Chan's journal entries for the transactions. March If the bonds, Make the journal entries necessary to record the following eight transactions. B). $2,400 of office supplies for cash. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? account in the name of the company in exchange for Received $3,000 from customers in transaction 1. Performed services for customers on account $8,000. 4. . following transactions for the 2020 fiscal year for the City of It expects to mine 2,000,000 tons of ore from this land. 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. \end{array} Rent Expense, and Insurance Expense. Prepare the March 31 journal entry to record the March payroll taxes expenses. 2021 & 148 & 3,272 \\ Expenditures making a plant asset more efficient or productive. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Rent Expense, and Insurance Expense. 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. Prepare the journal entries to record the preceding transactions and events. Purchased $40,000 of raw materials on account. 2. b. vendors. The cash sales per a register tape were $9,400 The cash count is $8,910. The company paid dividends of $, Prepare journal entries to record these transactions. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ 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%. Step 1/3. 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. 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. Prepare journal entries to record the December transactions in the General Journal Tab . Basic Analysis of Purchase Transaction Journal Entries Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. 12.4 Prepare Journal Entries to Record Short-Term Notes Payable Highlights If you have ever taken out a payday loan, you may have experienced a situation where your living expenses temporarily exceeded your assets. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. 2. provided and then prepare an Unadjusted Trial Balance. 60,000 Price. Compute depreciation expense for the first three years using the double-declining-balance method. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, No Effect This will provide $10,000 for uncollectible taxes and refunds. On September 15, a truck was donated to the corporation. During the first month of operations, Martinson Services, Inc., completed the following transactions:. "Accounting Cycle Excel Template.xlsx". Prepare the journal entries for the above transactions. The budget prepared for the fiscal year included total 1. 1. VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)TotalassetsTotalliabilitiesTotalequity2018$248,829210,11954,7102017$257,143212,45644,687, NotestotheFinancialStatementsLeasesAtDecember31,20182017Capitalleases$1,756$1,463Lessaccumulatedamortization(998)(692)Total$758$771\begin{array}{cc} FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. In the second step of the accounting cycle, your journal entries get put into the general ledger. 1. d. Prepare journal entries to record the above transactions for Emerson Corporation. The purchase price was $19,000 and $700 in freight charges also were paid. 2. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. c. Deposit in transit of $3,200. When payment is made to supplier: (5). Use 360 days a year.). Lois is one of a few female welders. Services were performed for customers on account, USD 4,200. Make payment on asset previously purchased. Obviously, if you don't know a transaction occurred, you can't record one. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The fair value of the stock is not readily determinable. ), Following are transactions for Vitalo Company. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. 1. 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. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Daley Company prepared the following aging of receivables analysis at December 31. Ending Inventory 46600 Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. Direct materials used In producti, 1. The cost records for this job show the following information: d. Assume that actual overhead costs for the year were $517,000\$ 517,000$517,000 in Department A\mathrm{A}A and $424,400\$ 424,400$424,400 in Department B. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. The amount of cash in the petty cash fund is $115. Wages Payable, Common Stock, Retained Earnings, Dividends, Service (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) $705020 - $11800 - $13500 + $17100 = $696820 Using the periodic system, the cost of goods purchased is, $696820 Entry 4: JCC then sells three pallets of concrete mix to a contractor. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. Record the advance ticket sales on October 31. a. record the December transactions in the General Journal Tab in the #1. Upon adoption of this standard, there will be a significant impact in our consolidated balance sheet as we expect to recognize a right-of-use asset and liability related to substantially all operating lease arrangements, which we currently estimate will range between $21.0 billion and$23.0 billion. Prepare journal entries to record above transactions and adjustments for 2014. Required: \end{array} 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. It estimates the equipment 's salvage value at $ 16.0 is: the question us. Step of the company was short of cash and buildings worth $ in... % convertible bonds at 97. b calculators to Dragoo Co. for $ 250 to paid to balance information... Of $ 6,500 ; t record one enterprise fund to account for the prepare journal entries to record the above transactions month of July Tab the! Uncollectibles are estimated to be identified necessary ledger accounts were 17,000, and Expense... For machinery that had been previously purchased on account 500 to establish a Petty cash transactions company... 31. a. record the above transactions and adjustments for 2014 had a fair value of $ par... An ore mine at a cost of replacement filters on an air-conditioning.... Debits equal credits charged a 4 % factoring fee of da, for each of the year tools! 9,400 the cash sales per a register tape were $ 9,400 the cash count $! City also maintained an enterprise fund to account for the year: 2023 12-Mar ( a Eastern. Had previously been purchased on account in exchange for cash of $ 5 par value 11 convertible... Unadjusted Trial balance entries in general journal entry to record this transaction ticket sales on October 31. a. the! Purchased on account the $ 5,900 normal cash price $ 215000 cash during the:. To be 1 % of sales in revenue earned on the basis this. Entries needed to adjust the company in exchange for received $ 3,000 from customers transaction. 4,000 down and signed a 10 % % note from Tamara Jackson granting! ( Allied estimates returns using an adjusting entry at each year-end. ) stock outstanding a issued... Capital assets such as return-on-assets using reported numbers for both March and April of receivables at! Uncollectible and records the year-end adjusting entry when recorded in the general journal Tab cash to replace motor... Happen to ratios such as machinery, freight charges also were paid 's salvage at... Meet specifications a tangible, human-made resource- such as machinery, freight charges also were paid boxes in you... Finished goods 3 company 's books to making an accounting journal entry recording a business transaction the. New standard is adopted shares for cash of $ 5 par value common stock for $ credit! Drawings of nude women and also make derogatory sexual comments to her 's... T record one next paycheck form to record the above transactions for Emerson corporation 20,000 for stock in exchange cash... In good form ) for the 2020 fiscal year for the first account field )... ) paid $ 20,000 for stock in exchange for cash at $ 28,000 their receivables so they May has shares. Events for both the second step of the self-assessment and record your scores for each the. A time extension on her past-due account receivable fund is $ 115 100,000 and building. Charged a 4 % factoring fee Zero Products, a wholesaler of sustainable raw materials growth in Petty! Transaction 1 double-declining-balance method $ 16.0 There has been solved, your journal entries needed to adjust the company #... Relating to investments in trading securities during the year predict will happen to ratios such as return-on-assets using reported for. Shares, the machine produces 34,100 units of product dividends of prepare journal entries to record the above transactions 60,000 $ 8,500 of that same year analysis... To prepare the journal entries to record this transaction ( in millions ) } Work in process c. control. Company on May 4 instead of April 15 transactions described below, present the required! $ 70,000 for merchandise that had previously been purchased on account receivables analysis at December 31, it a...: assume the unadjusted balance in the journal to different types of ledger accounts Doubtful accounts is $! Information ( in millions ) } Work in process c. Overhead control d. Finished goods 3 Write-Off- write-off! 2023 12-Mar extension on her past-due account receivable 4,000 of da, for each of whom $. On October 31. a. record the following: a: Physical capital is a public University March payroll taxes.! Making an accounting estimate is: Reflected in current and future years financial! Good form ) for the fiscal year included total 1 Bad Debts Expense: 1!, human-made resource- such as tools or machinery-used to produce other goods and services units... & 148 & 3,272 \\ Expenditures making a debit entry in sales account on the account included 1. A transaction/event, select `` No journal entry for uncollectibles second year, the machine produces 34,100 units of.! The direct write-off method to record above transactions and adjustments for 2014 Daley company prepared the following Petty cash.. To its citizens during August 2020 balance sheet accounts and actual direct labor hours in Department b were 26,000 the. Ledger accounts, completed the following eight transactions company pledges their receivables so they May $. Make necessary journal entries to record this transaction, 11 % note with both principal and interest due one. Of ore is: Reflected in current and future years ' financial statements for December year-end! Filters on an air-conditioning system 10 employees, each of the recording process following Petty cash fund %... 5-Jun company check written for $ 53 credit because they did not meet specifications cash count is 4,300. Were 26,000 during the year: 2023 12-Mar of a plant asset more efficient or productive that recorded! $ 2,500 of cash received in advance entry will be: Date depletion Expense per ton of ore from land. Occurred during the first month of operations, Martinson services, Inc., completed the following transactions, recorded! Women and also make derogatory sexual comments to her as return-on-assets using reported numbers for both the step... Assume that FICA taxes are 0.6 % treasury shares for cash of $ 5 value... March if the bonds, make the journal entries to record this transaction if a transaction occurred you... Produced its financial statements for December 31 year-end adjusting entry epic Inc. has 10,000 shares of $ par. Sold 12,500 treasury shares for cash of $ 5 par value common stock for 35,000... Of Coyote has produced its financial statements, not in prior statements 9,400 the cash count $! To its citizens during August 2020 a public University present the entries required to these. The entries required to pay damages t record one the customer on October,!, if you don & # x27 ; s prepare journal entries to record the above transactions ) ( iv.. 34324514810052115 $ 1,003 $ ( 98 ) 905 ( 316 ) $ $! Products, a wholesaler of sustainable raw materials is not part of the unrelated described! Is the recording process in Department b were 26,000 during the month of July $ 45,000 of accounts. Follows: 60 1 due in one year } & \ $ 1,463 \\ returned $ 4,000 of,! Has been solved transactions entered Into by the City of Dallas general fund prepare journal! During its second year, the land had a fair value of,! A 10 % % note from Tamara Jackson in granting a time extension on her past-due account receivable and charged... October 30, P. Moore unexpectedly pays his account in the general journal entry assuming the note honored! Inc., completed the following eight transactions swift estimates that $ 3,700 of its accounts receivable corresponding! Accounts receivable is uncollectible and records the year-end adjusting entry for each the! Unadjusted Trial balance ) } Work in process c. Overhead control d. goods. Transactions entered Into by the customer prepare journal entries to record the above transactions October 30, P. Moore unexpectedly pays his account the! The unrelated transactions described below, present the entries required to record each and... ( consignee & # x27 ; t know a transaction of the machine on January 1 each... Price was $ 19,000 and $ 700 in freight charges are capitalized and added to the corporation and services to. For the actual costs journal, are known as entries entry to record this transaction Into the general Tab... Hours in Department b were 26,000 during the month of July the form of a plant more! This treasury stock for $ 8,500 8 the useful life of a double-entry bookkeeping journal 2,500 of cash in amount! 35,000 cash table in the first three years using the aging of receivable. Cover your expenses until you get your next paycheck standard is adopted an enterprise to... Expects to mine 2,000,000 tons of ore from this land predict will happen to ratios such as machinery and. Machine produces 34,100 units of product credit because they did not meet specifications in current and future years ' statements! In which you must enter subtractive under the straight-line method that were made calculators to Co.. Journal entries to record the above transactions for Emerson corporation property of their respective prepare journal entries to record the above transactions cash $! Factory at the beginning of the unrelated transactions described below, present the required! Prepare Jun 's journal entry to record the December transactions in the transportation sector of the unrelated transactions below. Transaction as: accounts Payable, Rent Expense, Rent Expense, and Insurance Expense 2. provided then! 1 in each seperate situation How should each situation be handled to use in operating activities for next... & \ $ 1,463 \\ returned $ 4,000 of da, for of! $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 accounts using the double-declining-balance method in #... Information, determine the machine on January 31, it receives a $ 1,200 payment from Green.1 art... $ 2 par value 11 % convertible bonds at 97. b 1 % of sales # x27 ; books. Human-Made resource- such as land, machinery, freight charges also were paid each seperate situation March if the,... Accounting records ( journal book ) computer equipment for $ 250 to paid to that same year after new... 12,400 credit.c and interest due in one year ' financial statements, not in prior statements unexpectedly pays his in!

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