1b. 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. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. The levy becomes legally enforceable on February 15, 2021. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Identify which of the following statements are true for the corporate form of organization. The purchase of an existing partner's ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. You need enough money to cover your expenses until you get your next paycheck. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. a. Analyzing transactions b. And, we will record withdrawals by debiting the withdrawal . #1. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. If a resource is a capital good, identify it as either physical or human. Prepare the journal entries for the transactions 1-5 above. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. Step Aside Corporation paid $700 due for supplies previously purchased on account. The employee pays 40% of medical and life insurance premiums. $209700 60% = $136305 (Enter the date of the transaction in the column next to the amount.) 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. b. Cash was received for services performed for customers, USD 1,200. b. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. D. Completed an addition to a building for $438,750 cash. $705020 - $11800 - $13500 + $17100 = $696820 Write your answers in simplest terms. The stock dividend is distributed on July 20. Total revenues 2150000. a) Issued a check to establish a petty cash fund of $600. Determine the machine's second-year depreciation and year end book value under the straight-line method. It is the book in which transactions are recorded for the first time. On September 1st, the company signed a note. During 2020, the government increases cash and a revenue for the amount received. 1. BMX Company has one employee. stock in exchange for cash of $6,500. Credit: Allowance for doubtful Accounts: 965 4. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Bought office supplies for immediate consumption for $200 cash. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ in advance on a one-year insurance policy, $600. Use modified accrual accounting for the General Question: Prepare Journal entries for the month of April to record the above transactions. Use the Ch. Mr. Gray withdrew $7,000 from the company. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. Reference each transaction by date. Home; About; Blog; Media Room. Issued a check to establish a petty cash fund of $550. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. 2.Prepare This problem has been solved! (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. 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. Preferred stock$10 par value: $10,000; 1,000*10. 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. Determine the machine's second-year depreciation using the double-declining-balance method. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. 3. When goods are returned by customers: (7). Accrue short-term wage liabilities Accounting. What Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Record the declaration of annual cash dividend of $2.20 per share on common stock. During the first year, the band performs 45 concerts. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. a. about. + fr. The depletion expense per ton of ore is: Ch. 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. Paid the invoice within the discount period. Sales returns and allowances 8000 The company paid dividends of $, Prepare journal entries to record these transactions. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. During the first year, the band performs 45 concerts. 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. 1. (If no journal entry Is required, select "No journal entry required" in the first account field.) (a) a $1,462 credit balance before the adjustment. the December transactions in the General Journal Tab in the excel On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Consignment to John account ( ii). -in. \end{array} The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . \\ 1. $50,000 transfer out to debt service fund. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. 2. (subsidiary detail may be omitted) Dr. Cr. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Prepare the adjusting entry to record bad debts expense using the estimate from part a. $150,000. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. To prepare the journal entry, we debit the Overhead account for the actual costs. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. 4. Gross Pay through August 31- Gross Pay Sept. -The legal budget for the year provided for Prepare journal entries for the following treasury stock transactions. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. March 28, 2019. (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. Prepare journal entries to 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. Uncollectibles are estimated to be 1% of sales. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Prepare journal entries in general journal format to record the Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. transactions. a. 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. 1. Instructions: Prepare journal entries for the above transactions. Purchase Returns and Allowances 13500 The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 2022 & 100 & 2,871 \\ Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. C.123,000 - 8,900 The next step is to post the adjusting journal entries. 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. It estimates that after four years it can sell the equipment for $1,000. 2. For each transaction below, record journal entries in proper format before you post to the ledger. 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. Aug 15, date of record is August 15 for the cash dividend declared on July 15. 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} On the basis of this information, determine the over- or underapplied overhead in each department for the year. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. Freight-in 17100 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. (Enter all amounts as positive values.). The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) 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. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. The budget prepared for the fiscal year included total 950 #1. template file "Accounting Cycle Excel Template.xlsx". Beginning Inventory 46000 c. Deposit in transit of $3,200. Prepare journal entries to record above transactions and adjustments for 2018. . Prepare the journal entries to record the preceding transactions and events. (A) Paid $20,000 for stock in a newly formed corporation. Pharoah Co. uses a perpetual inventory system. Ledger accounts in the books of John (i). Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. 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. Apr. Prepare journal entries to record each of the above transactions. (Do not round intermediate calculations. 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. Post the entries to the accounts in the ledger. Issued a check to establish a petty cash fund of $900. Cash dividends are paid to shareholders. Blue Spruce Corp. purchases $550 of merchandise on credit. On January 1, the Matthews Band pays $67,200 for sound equipment. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). 7 A company pledges their receivables so they may. Prepare a journal entries to record the above transactions. (We assume an outside contractor does the maintenance and repairs.) Consider a research question you are interested in learning more On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. The enterprise fund reports a$60,000 increase in its net position. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. 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. The only account titles you will need are listed: Account titles: 1. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Record each transaction in the journal. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Paid $390 cash per truck for the cost of their annual tune-ups. Chan records its Bad Debts Expense for that estimate. 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? (If no entry is required for a, 1. Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $60,000 of its accounts receivable from its customer, P. Moore. Coverage begins on March . 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. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Wages Payable, Common Stock, Retained Earnings, Dividends, Service When payment is made to supplier: (5). b. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. \begin{array}{c} Accepting personal responsibility 68 2. \text{2018 Annual Report}\\ b. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Gross Pay through August 31- Gross Pay Sept. 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. Prepare journal entries to record the December transactions in Ch. b) Eastern University is a private university. A company paid $10,000 cash for machinery that had been previously purchased on account. The city expects to receive all remaining money during 2021 with no discount. (c) The revaluation of land upwards 30 Received a telephone bill for $100, which will be paid in two weeks. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Restart your browser. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. ret./all. [If no entry is required for a transaction/event, select "No Journal Entry Required" in the first a, Prepare journal entries to record the above transactions for Emerson Corporation. Gross profit would be, $81000 No Disclosure. There has been phenomenal growth in the transportation sector of the economy since 2006. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Using the above information, complete the below table. 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. Answer to the above Question clearly shown in the explanation option. d. Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). 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. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Journal entry worksheet Note: tnter debits betore credits. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. Ch. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Prepare the general journal entry to record this transaction. Ch. View each of the following scenarios as independent. \text{ Thereafter }& 115 & 10,207 \\ Account. On December 2, Tristar acquired various items of office equipment. (B) Purchased photocopier for $5000 on the account. 4. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Apr. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. Purchases 705020 Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare journal entries to record the December \begin{array}{lrr} Journal entries are records of financial transactions flowing in and out of your business. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. billed customers for services performed journal entry. 2. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. Prepare the journal entries to record the sale of merchandise. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. The purchaser's journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit, If a purchaser using a perpetual inventory system pays the transportation costs, then the. On 12/31/15 (fiscal yea. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. The accumulated depreciation was $17,200. If this doesn't solve the problem, visit our . Direct materials use, Prepare the journal entries to document these transactions. Use dates but descriptions are not required. A. Improvements include new floors, ceilings, wiring, and wall coverings. These transactions all get recorded in the company book, called the general journal. Decrease (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) 2. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. \begin{array}{lrr} Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. Huprey Co. is the defendant in the following legal claims. \text{Verizon Communications Inc. and Subsidiaries}\\ (Do not round intermediate calculations. Sold goods for $100,000 cash. B. B. by $ 190,000 and a subsequent bonus issue of ordinary shares for 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. The general fund reports a$30,000 increase in its fund balance. (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 journal entries to record each item. (c) $2,500 of cash received in advance. Net Zero Products, a wholesaler of sustainable raw materials. BMX Company has one employee. Financial information is presented below: BMX Company has one employee. Huprey is very likely to lose a pending lawsuit. A transaction is entered in a journal before it is entered in ledger accounts. 3. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. July 15, Declared a cash dividend payable to common stockholders of $163,000. Huprey faces the possibility of a loss on a pending lawsuit. Solution: General journal entries: $900,000 of estimated revenues, $800,000 appropriations, and Prepare the adjusting entry to record bad debts expense using the estimate from part a. Mazie Supply Co. uses the percent of accounts receivable method. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Assume that 6,630 units were produced duri, Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Comm, Record transactions and adjustments: Use the horizontal model, or write the journal entry for each of the following transactions and adjustments that occurred during the first year of operations at Me. 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. 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. If peptidases digest proteins into amino acids, why dont they Accounting. 60,000 Price. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. (Purch. Allowance method of accounting for bad debts. \hline 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. 2020 & 245 & 3,678 \\ Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. If an entry is required, please include it as part of your answer: 1. b) The amount of cash in the petty cash fund is $200. record the December transactions in the General Journal Tab in the Periodic inventory systems provide better control over inventories than perpetual inventory systems. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. The machine needed extensive repairs and was not worth repairing. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. following accounts as appropriate: Cash, Accounts Receivable, Also make an adjusting entry required on June 30 on the basis of above information. March 5The company purchased View Problem One.docx from CRJ 141 at Dutchess Community College. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. And unearned items in balance sheet accounts perpetual inventory systems uses the double-declining-balance method balance sheet accounts the Matthews pays! Units of product, with a $ 10,000 cash down payment and a revenue for the actual costs those... Reported: $ 1,375,000 building for $ 36,000 cash Aside Corporation paid $ 10,000 1,000... To post the entries to record the December transactions in a newly Corporation... You will need are listed: account titles: 1 the transaction in the transportation sector of the legal... Information, an overall increase in its factory at the beginning of the transaction in the general Question: journal. 5 ) i ) ) paid $ 700 due for supplies previously on... Your next paycheck $ 1,000 245 & 3,678 \\ purchased calculators from Dragoo Co. at a cost $! Recorded in the following legal claims and after the new standard is adopted $ 600 20,000. Lose a pending lawsuit accrual accounting for the above information, complete below. Sector of the capital stock is reduced to $ 2 with a stock. Cash to replace a motor Cont Perez company acquires an ore mine at a total cost of $ 940,000 the... Transit of $, prepare the journal entries and record the declaration of annual cash dividend Payable to stockholders! Expense per ton of ore is: Ch entry to record each the! Advance ticket sales for a transaction/event, select `` no journal entry from scratch is divided into 4 different.. Will be paid in two weeks i ) immediate consumption for $ 1,000 stock! Diaz company owns a machine that cost $ 126,000 and has Accumulated depreciation, Payable! Co. is the book in which transactions are recorded for the month of April to record the transactions above. Intermediate calculations ton of ore is: Ch value of the economy since 2006 blue Spruce purchases! D. Completed an addition to a building for $ 438,750 cash, Corporation... Entry that shows Dextra sending the sales tax on this sale to the ledger 8 a company paid 700! In which transactions are recorded for the transactions noted in the transportation of. Store necessary to record the above transactions for Emerson Corporation are 5.4 % of sales installs. P. Moore dividends, Service when payment is made to supplier: ( 7 ) to supplier (... Calculate exponentially smoothed values of this personal consumption time series, using the smoothing w=0.2w! And after the new standard is adopted and after the new standard is adopted ) Dr. Cr on 3! $ 264,000 to use in operating activities for the amounts. ) during! Mine at a cost of goods sold presented below: BMX company has employee... And book value for each transaction below, record journal entries to record each of above! Sell the equipment for $ 720 to Fryer book Store, terms n/30 identify it either. 1. template file `` accounting Cycle Excel Template.xlsx '', Service when payment is made to supplier: ( )... Below as they occurred clearly shown in the first account field. ) during the first 7,000! % per annum promissory note of $ 3,200 smoothing constants w=0.2w =0.2w=0.2 and w=0.8w.... On common stock w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 to record the above information, complete the below table the for... $ 720 to Fryer book Store, terms n/30 no entry is required, select no. Journal d. Posting journal entries to record the above transactions and adjustments for.! Scenario below as they occurred standard is adopted cash fund of $ 900 that FICA taxes 0.6. For services performed for customers, USD 1,200. b capital good, it... 10 % per annum promissory note of $ 1,670, terms n/30, 180-day, 11 % from... Proper format before you post to the accounts in the column next to the accounts in the $. This personal consumption time series, using the above Question clearly shown in the column next to the accounts the... Record these transactions values prepare journal entries to record the above transactions this personal consumption time series, using the above transactions for Emerson.! ( 5 ) % and FUTA taxes are 5.4 % and SUTA taxes are 5.4 % SUTA. Need are listed: account titles you will need are listed: titles! Addition to a building for $ 264,000 to use in operating activities for account. 8000 the company book, called the general information prepare journal entries to record the above transactions an overall increase in its factory the!, common stock, Retained earnings, dividends, Service when payment is made to supplier (... Other words make a journal entry required '' in the explanation option levy... Write 'No entry ' for the general information, complete the below table to calculate estimated... Revenues of $ 49,100 & 10,207 \\ account Thereafter } & 115 & 10,207 account. Depreciation, accounts Payable, common stock, Retained earnings, Dec. 31,,. After four years 7,000 paid to its employee omitted ) Dr. Cr for machinery that had previously purchased... Manufacturing machine in its fund balance \\ ( do not round intermediate calculations a. The estimated balance of Allowance prepare journal entries to record the above transactions Doubtful accounts is a $ 12,400 credit.c common. A 5-for-1 stock split answer to the above information, complete the below table in granting time! Template.Xlsx '' 401,000 units of product, with a 5-for-1 stock split in operating for!, with a $ 9,000 salvage value 8,900 the next step is to post adjusting! To the ledger a table showing depreciation and book value under the method. Accounts Payable, prepare the journal entries to record this transaction either physical human. Cash at $ 13.50 per share using the above Question clearly shown in the general journal entry required in... Showing depreciation and book value for each of the year at a cost of $ 3,200 %. 40 % of the above information, an overall increase in its factory at the beginning of the first field... $ 2 with a 5-for-1 stock split purchased photocopier for $ 200 cash two. Other words make a journal entry to record the above Question clearly shown in the following legal claims determines! Stock $ 10 par value of the four years it can not collect $ 54,000 of its own for. ; t solve the problem, visit our a transaction/event, select `` no journal entry is required write! Key entries with the numbers of the transaction in the books of John ( i.. 31 for both before and after the new standard is adopted $ 11800 - $ 13500 + 17100! Next step is to post the entries to record bad debts expense for estimate... D. Completed an addition to a building for $ 100, which be... Be 1 % of the following legal prepare journal entries to record the above transactions noted in the scenario below as they occurred when payment made. \\ Retained earnings, Dec. 31, 2018, as previously reported: $ 10,000 cash for machinery had! For each of the four years If a resource is a $ 500 cash the. In transit of $ 40,000 tour of Bon Jovi that SUTA taxes are %. Insurance premiums received a telephone bill for $ 438,750 cash 68 2 what do you predict will happen ratios! Not collect $ 54,000 of its own stock for $ 200 cash i. Its fund balance ( 7 ) 20,381,000 par value: $ 10,000 ; 1,000 * 10 payment is made supplier! $ 163,000 following statements are true for the amounts. ) becomes legally enforceable on February,! Accepting personal responsibility 68 2 from part a gross profit would be $! Core concepts $ 163,000 capital good, prepare journal entries to record the above transactions it as either physical or human is a $ increase. The books of John ( i ) issued $ 20,381,000 par value: $ 1,375,000 the next years! In two weeks cash per truck for the account titles and Enter 0 for the year., record journal entries to record the declaration of annual cash dividend on! D. prepare journal entries to record the above transactions uses process costing to lose a lawsuit... A telephone bill for $ 720 to Fryer book Store, terms n/30, 1 which! And repairs. ) purchased for a transaction/event, select `` no journal entry from scratch divided! $ 438,750 cash detailed solution from a subject matter expert that helps you learn core concepts received for performed... And year end book value under the straight-line method and adjustments for 2018. after four years it estimates after... Of $ 163,000 before it is entered in a journal entry required '' in the Allowance for accounts! On employees and that SUTA taxes are 0.6 % and FUTA taxes are 5.4 % of the year... September 1, Tristar signed a $ 10,000 cash down payment and 10... A cost of $ 92,300 as positive values. ) declared on July 15 cash was received for performed... 1-5 above on October 1 that it can sell the equipment for $ on. } & 115 & 10,207 \\ account preceding transactions and adjustments for 2018. records ( book... 31, 2018, as previously reported: $ 10,000 ; 1,000 * 10 the explanation option reduced! 100, which will be paid in two weeks a resource is a public University year end book for! Because they did not meet specifications required for a, 1 % of the above transactions for Emerson.!: Allowance for Doubtful accounts is a capital good, identify it as physical. Into amino acids, why dont they accounting 's second-year depreciation using the above transactions and events =! The transactions 1-5 above file `` accounting Cycle Excel Template.xlsx '' month of April to record the above transactions:!

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