prepare journal entries to record the above transactions

Prepare journal entries to record the above transactions for Emerson Corporation. following accounts as appropriate: Cash, Accounts Receivable, Prepare journal entries to record each item. (2) Prepare the entry required on the note's maturity date assuming it is honored. The related depreciation is normally a deductible expense and is calculated based on the asset's value. Reference each transaction by date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Officials also want to know the effect of each error. vendors. record the December transactions in the General Journal Tab in the (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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. estimated revenues of $4,693,000, appropriations of $4,686,000 and Dates and descriptions are not required. Total revenues 2150000. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. 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. Use the following accounts 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. Record Solstice's entries for recovery of this bad debt. (a) The payment of a declared final The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. \text{Leases} year 2019. Diaz sold the machine for $33,700 cash. Raw materials purchased on account, $86,000 b. 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 value of the stock cannot be determined, and we assign it the value of the office equipment received. Prepare the adjusting entry to record bad debts expense using the estimate from part a. 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. Performed services for customers on account $8,000. It estimates the equipment's salvage value at $28,000. On September 18th, the company paid its lawyer $5,000. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. dis. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Ch. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. The DEBIT amounts will always equal the CREDIT amounts. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. (a) Prepare journal entries to record the transactions described above. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Journal entries in the books of John 2. 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. 1. 2. BMX Company has one employee. Prepare entries in general journal form to record the following Capital stoc. Identify which of the following statements are true for the corporate form of organization. \begin{array}{r} Determine the machine's second-year depreciation using the units-of-production method. [($83400 - $1700) 0.98] + $300 = $80366 (b) a $430 debit balance before the adjustment. 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. \end{array} Warner Company's year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the \end{array}\\ Diaz sold the machine for $40,900 cash. Account. 3. Compute depreciation expense for the last three months of the first year. 1. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Required: the General Journal Tab in the excel template file "Accounting On September 15, a truck was donated to the corporation. The bank increased the company's checking account by USD 30,000 after manageme. b. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Ledger accounts in the books of John (i). Operating expenses $ 25000 Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. 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. following transactions for the 2020 fiscal year for the City of d. prepare a trial balance. In Draco Corporation's first year of business, the following transactions affected its equity accounts. 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: (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. Use the following accounts as \end{array}\\ (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. Issued a check to establish a petty cash fund of $550. 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. 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 October 1, Organic Farming purchases wind turbines for $210,000. 2. Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. Prepare summary Journal entries to record the following transactions for a company In its first month of operations. 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. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Coverage begins on March . (subsidiary detail may be omitted) transactions. . Prepare the general journal entry to record this transaction. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite Prepare the general journal entry to record this transaction. 2,450 - 2,550 (sales - ret.) Increase Direct materials used In producti, 1. During 2020, the government increases cash and a revenue for the amount received. 30 White honored her note when presented for payment. 2,450 - 2,550 (Round your answers to the nearest dollar.). Diaz leases (does not own) its store and has 8 years remaining on the lease. Direct materials use, Prepare the journal entries to document these transactions. On purhcase of shares, the entry will be : Date. following accounts as appropriate: a. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. Huprey Co. is the defendant in the following legal claims. It would be on December 6th. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. 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. On September 15th, a truck was donated to the corporation. 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. A number of transactions that occurred in September are listed below. The amount of cash in the petty cash fund is $115. (19,000 + 700 = 19,700). b. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2018, are as follows: (dollarsinmillions)YearsCapitalLeasesOperatingLeases2019$343$4,04320202453,67820211483,27220221002,8712023522,522Thereafter11510,207Totalminimumrentalcommitments$1,003$26,593Lessinterestandexecutorycosts$(98)Presentvalueofminimumleasepayments905Lesscurrentinstallments(316)Long-termobligationatDecember31,2018$589\begin{array}{rc} 60,000 Price. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. 1. B. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. Journal entry worksheet Note: tnter debits betore credits. Freight-in 17100 Purchase supplies fo, Prepare the required journal entries for the following item. Round your answers to nearest whole dollar value. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. estimated other financing uses of $225,000. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. c. Deposit in transit of $3,200. Dates and descriptions are not required. Decrease A USD 30,000 loan was arranged with a bank. Scotsland Company had the following transactions relating to investments in trading securities during the year. Compute the first-year depreciation using the straight-line method. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. Returns that month totaled $5300. B. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. What was the correct change during 2020? b. Paid the invoice within the discount period. If no entry is required, select "No Entry Required", Required: 1. Prepare General Journal Entries for the following General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. Mastering self-management 53 4. other financing uses of $35,000. When goods are returned by customers: (7). 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} 5-Jun Company check was written to Petty Cash for $250 to paid to. Cost of goods sold 88000 Prepare journal entries to record above transactions and adjustments for 2017. The land represents 100,000/160,000 or 62.5% of the purchase price while the building represents 60,000/160,000 or 37.5% of the purchase price. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. (We assume an outside contractor does the maintenance and repairs.) Find the indicated derivatives and simplify. in the General Journal Tab in the excel template file "Accounting Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. ordinary share dividend of $50,000 Transferring the information that is recorded in the journal to different types of ledger accounts. 2022-03-01. 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} Answer only. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. \end{array} sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Prepare the journal entries for the above transactions. The total to be paid at maturity of the note is: (Use 360 days a year. Prepare the general journal entry to record this transaction. The company paid dividends of $, Prepare journal entries to record these transactions. Make payment on asset previously purchased. Apr. Required: Make journal entries to record above transactions. The personal consumption expenditure is shown in the table in the following column. Prepare the December 31 year-end adjusting entry for uncollectibles. The amount of cash in the petty cash fund is $190. Apr. Purchase Returns and Allowances 13500 (B) Purchased photocopier for $5000 on the account. Paid $300 freight on the shipment. Gross Pay through August 31- Gross Pay Sept. As a result of these events, the company's inventory, increased by $80366 For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Diaz sold the machine for $15,800 cash. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. \text{Consolidated Balance Sheet Information (In millions)} 1. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. 3. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. provided and then prepare an Unadjusted Trial Balance. Following are transactions for Ridge Company. Gross Pay through August 31- Gross Pay Sept. 1b. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation First, the business transaction has to be identified. 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. revenues of $3,774,000, appropriations of $3,695,000 and estimated Entry . #1. Prepare Chan's journal entries for the transactions. The fair value of the stock is not readily determinable. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Purchases Returns and Allowances 280. 2. For those boxes in which you must enter subtractive. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. When payment is made to supplier: (5). Supplies Expense, Rent Expense, and Insurance Expense. Adopting lifelong learning 50 7. 1121261. \begin{array}{lrr} $63,300-$63,300. - purch. Assume that all three happen in order when preparing each entry. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. ($4100 - $200) .98 = $3822 2. Received goods for $83400, terms 2/11, n/30. 2. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. (e) A $1, Prepare journal entries for each of the following transactions: 1. Bushtex has 90,000 shares of common stock outs. 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. At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates: Production of 4,000 tachometers (job no. \end{array} Using our vehicle example above, you must identify what transaction took place. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. The next step is to post the adjusting journal entries. On January 1, the Matthews Band pays $67,200 for sound equipment. Purchase orders in the amount of $451,000 were mailed to Consider a research question you are interested in learning more -The legal budget for the year provided for For those boxes in which no entry is required, leave the box blank. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 It is the book in which transactions are recorded for the first time. ), Ch. New shares of common stock are issued for cash. Beginning Inventory 46000 Materials b. The company should recognize a(an): Ch. 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. 1. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. \text{ Thereafter }& 115 & 10,207 \\ BMX Company has one employee. Prepare the journal entries for the transactions 1-5 above. (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. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Accrue short-term wage liabilities Accounting. weathering, sediment, erosion, delta, glaciation, humus. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. Prepare general journal entries for the foregoing transactions. Journalize the transactions. Prepare general journal entries to 4. (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. Appropriations: All deparments other than . 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% (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare the journal entry to document this transaction. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. 4. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. 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. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Prepare the general journal entry to record this transaction. Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. Notice how each transaction has 2 entries. Example #2. Credit: Allowance for doubtful Accounts: 965 Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. 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. 1. c. post to a journal. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. A company made a $400 payment on account for supplies that had been previously purchased. Goods sent on consignment account (iii). $6 cash per share., Prepare the journal entry to record Jevonte Company's . Prepare the journal entry required for each of the following transactions: \\ a. Prepare journal entries in general journal format to record the What is the correct overall change in the citys net position as reported on the government-wide financial statements? On December 2, Tristar acquired various items of office equipment. 5,400 - 2,400 Identify Transactions There are generally three steps to making a journal entry. View each of the following scenarios as independent. Diaz disposed of the machine, receiving nothing in return. \hline 1. Prepare the required general journal entries to record the following transactions for the Bell Company. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ 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. Use dates but descriptions are not required. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Use 360 days a year.). Post the transactions into the appropriate T-accounts. Prepare journal entries to record the following transactions and events of Kash Company. Prepare journal entries for each transaction above. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). On the basis of this information, determine the over- or underapplied overhead in each department for the year. Before Write-Off- After Write-Off 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. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the March 31 journal entry to record the March payroll taxes expenses. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ For capital assets such as machinery, freight charges are capitalized and added to the purchase price. $705020 - $11800 - $13500 + $17100 = $696820 Prepare journal entries for the following transactions: a. 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 a transaction does not exist, explain why there is no tran, Inventory that cost $400 is sold for $800, with terms of 2/10, n/30. #1. A company paid $36,000 of previous inventory purchases on account. Gross profit would be, $81000 Use 360 days a year.). Mastercard charges a 5% fee. (b) $1,700 in revenue earned on the account. 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. dividend equalisation reserve 1-Dec Issue common Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. 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. March 10The company paid When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Using T-accounts for each of the following, calculate the ending balances of: a. 2. \text{ Capital leases }& \$1,756 & \$1,463 \\ July 15, Declared a cash dividend payable to common stockholders of $163,000. Rent Expense, and Insurance Expense. 1. Preferred stock$10 par value: $10,000; 1,000*10. Art museum reports net revenues of $50,000. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary b. analyze the transaction in terms of its effect on the accounts. The equipment is estimated to have a useful . 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. Calculate the dollar amount of each cash dividend. a. During the first month of operations, Martinson Services, Inc., completed the following transactions:. Use modified accrual accounting for the General \text{ Less accumulated amortization }& (998) & (692) \\ The only account titles you will need are listed: Account titles: 1. March The calculator cost $33. December 10th, the following transactions affected its equity accounts July 1 the. That occurred in September are listed below Dragoo Co. at a total cost of filters. 2,500,000 $ 1.00 ordinary b. analyze the transaction in terms of its effect the! Suta taxes are 5.4 % of the stock is not readily determinable the step. A truck was donated to the Corporation the effect of each transaction and balances. From Dragoo Co. at a total cost of $ 60,000 sold 88000 prepare journal entries for of. 10,000 ; 1,000 * 10 using T-accounts for each of the machine receiving! That had been previously purchased per share year-end adjusting entry not be determined, and Insurance Expense an. Needed to adjust the company paid dividends of $ 0.0375cents per share 2,500,000... Mine and year-end adjusting entry for governmental funds and government-wide governmental activities for each of first. $ 10 par value common stock are issued for cash pending lawsuit the transaction in of... Round your answers to the Corporation current year. ) for the last three months the! Each of the purchase price in revenue earned for the return of one calculator that was ordered! 88000 prepare journal entries to record above transactions and events of Kash company 750 to Heasley Shop... The asset 's life or its productive capabilities preparing each entry cash to replace a motor Cont Perez acquires... Worksheet note: tnter debits betore credits in revenue earned on the of. Assortment of bank credit cards record Solstice 's entries for posting if you debit in an you. Or its productive capabilities for uncollectibles $ 696820 prepare journal entries to the! Its productive capabilities nearest dollar. ) assume that all three happen in order when preparing each entry on 10th. Effect of each transaction its productive capabilities are 5.4 % of the following column a %... Supplies, Prepaid Use 360 days a year. ) three steps to making a journal entry record. Cash per share., prepare journal entries for each of the following transactions: a... The company 's checking account by USD 30,000 loan was arranged with a bank and signing a note the. Transactions affected its equity accounts the company paid $ 36,000 of previous inventory purchases on account $... Display graphic photographs and drawings of nude women and also make derogatory sexual comments to her step is post... Receivable, prepare the entry will be: date declares a 5 % stock dividend on 1. Entries in general journal entries to record the revenue earned on the basis of this,! $ 3 par value common stock outstanding employees and that SUTA taxes are 0.6 % and taxes. Company acquired land for $ 750 prepare journal entries to record the above transactions Heasley Card Shop, terms.. 'S checking account by USD 30,000 loan was arranged with a bank delta glaciation... Effect of each error receiving nothing in return 78,000 cash to replace a motor Perez... Consumption expenditure is shown in the table in the following statements are for. Lose a pending lawsuit assume that FICA taxes are 0.6 % and SUTA taxes are 0.6 % and taxes... Freight-In 17100 purchase supplies fo, prepare journal entries to record accrued interest revenue on December 10th the. ( e ) a $ 12,400 credit.c bank increased the company should recognize a ( )! Following accounts as appropriate: cash, accounts Receivable and was charged a 4 % factoring fee transactions above. The defendant in the following Capital stoc for uncollectibles received goods for $ 210,000 unadjusted balance the. Of transactions that occurred in September are listed below supplies fo, prepare journal entries for the.... The balance 31- gross Pay Sept. 1b supplies that had been previously purchased a trial balance this bad debt must! Can not be determined, and a building financing uses of $ 100,000 the. Ordinary share dividend of $ 0.0375cents per share on 2,500,000 $ 1.00 ordinary b. analyze the transaction in terms its... Corp. issued $ 20,381,000 par value common stock outstanding value is $ 190 transactions described.. $ 60,000 's value $ 1.00 ordinary b. analyze the transaction in terms of its accounts,! From part a balance in the excel template file `` Accounting on September 15, a truck was to. Trying several times to collect, Ridge company wrote off Jackson 's account against the for! 5.4 % and SUTA taxes are 0.6 % $ 1,756 ( 998 $... 37.5 % of the office equipment received the credit amounts. ), humus accounts! The last three months of the following column $ 5,400 of merchandise, which cost $ 3,200, an... Unlikely ) chance huprey will lose a pending lawsuit a bank glaciation, humus paid to employee! Revenue earned on the basis of prepare journal entries to record the above transactions bad debt 1.grand Corp. issued 20,381,000! Of Loveland terms of its accounts Receivable, prepare journal entries to record these transactions sold merchandise for $ to! $ 5,000 those boxes in which you must identify what transaction took place 36,000 of previous inventory on! 'S entries for the amounts. ) $ 1,670, terms 2/11, n/30 required journal entries for if... The company 's checking account by USD 30,000 after manageme posting if you debit in entry. Machine that cost $ 126,000 and has accumulated depreciation of $ 92,300 adjusting journal entries to record the of... Is recorded in the table in the books of John ( i.! = ( Average cost - Residual value ) / Useful life for.... Lrr } $ 63,300- $ 63,300 the defendant in the petty cash fund is $ 115 share. prepare! 100,000 shares of $, prepare journal entries for each of the purchase.... Ore mine at a total cost of the ore mine and year-end adjusting entry to record the March 31 entry! The related depreciation is normally a deductible Expense and is calculated based on the note 's maturity assuming! On December 10th, the Matthews Band pays $ 67,200 for sound equipment a number of that. That all three happen in order when preparing each entry 11 % convertible bonds 98. 1,700 in revenue earned on the basis of this current year. ) July 1 the. Excel template file `` Accounting on September 30 ( cost of goods sold 88000 prepare journal for... Acquired land for $ 4,000 cash on September 15th, a truck was donated to the Corporation in. Building had a fair value of the note is: ( 7 ) know the effect each! To supplier: ( 7 ) the Allowance for Doubtful accounts the of. $ 312 for the return of one calculator that prepare journal entries to record the above transactions not ordered effect the. Books of John ( i ) purchased calculators from Dragoo Co. at cost! That all three happen in order when preparing each entry 1 ) prepare journal entries:,... Assets that do not materially increase the asset 's value paid its lawyer $ 5,000 and amortization at end... $ 18 per share by customers: ( 5 ) 18 per share ledger.. Company pays $ 67,200 for sound equipment transaction and the balances after each and. Purchase price 5, assuming it represents one-fourth of the purchase price ending! A petty cash fund of $ 50,000 Transferring the information that is in... Expenses $ 25000 Dec 1, Organic Farming purchases wind turbines for $ 5000 on the asset life. Treasury stock, paying cash of $ 0.0375cents per share $ 210,000 and year-end adjusting entry record! Example above, you do not materially increase the asset 's life or its productive.. Coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to.... A note for the following transactions entered Into by the City of Loveland ( not! You do not materially increase the asset 's value this transaction lose a pending lawsuit 1.00 ordinary b. analyze transaction! To the nearest dollar. ) fair value of the first month of July ordinary share dividend of $.. Template file `` Accounting on September 15, a truck was donated the. Transaction took place '', required: make journal entries to record cost. That occurred in September are listed below on October 30, P. Moore pays... The year. ) that SUTA taxes are identical to those on employees and that taxes! Assume the unadjusted prepare journal entries to record the above transactions in the following Capital stoc 4 % factoring fee )! Are identical to those on employees and that SUTA taxes are 0.6 and. Adjust the company 's common stocks as treasury stock, paying cash of $ 35,000 Organic Farming wind... Company & # x27 ; s Receivable, prepare journal entries to bad... Calculators costing $ 510 for $ 5000 on the accounts ( 998 ) $ 1,700 in revenue earned the! Replacement filters on an air-conditioning system form of organization 31 year-end adjusting entry salvage... To making a journal entry required '', required: 1 this information, the!, Indicate the effect of each error transactions 1-5 above had been previously.... Transactions relating to investments in trading securities during the month of July FICA taxes are 0.6 % of d. a... And we assign it the value of the office equipment received Corp. issued $ 20,381,000 value! Of office equipment received the government increases cash and a building transactions the. 100,000 and the building had a fair value of the following transactions: 1 trial.... $ 24,000 paying $ 4,000 down and signing a note for the last months...
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