prepare journal entries to record the above transactions

prepare journal entries to record the above transactions

On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. View Problem One.docx from CRJ 141 at Dutchess Community College. A. Debit Retained earnings: 4,000; 10,000. Prepare the journal entries to record the preceding transactions and events. Assume that all three happen in order when preparing each entry. a. Tristar paid $140,000 in cash for the property. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. Raw materials purchased on account, $98,000 b. Bought office supplies for immediate consumption for $200 cash. 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. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. 1. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. Direct materials used In producti, 1. Warranty expense is estimated at 7% of sales. Daley Company prepared the following aging of receivables analysis at December 31. Prepare General Journal Entries for the following c. post to a journal. Consignment to John account ( ii). dividend equalisation reserve 3. 1-Dec Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. Compute the first-year depreciation using the units-of-production method. The employee pays 40% of medical and life insurance premiums. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. ordinary share dividend of $50,000 \text{ Present value of minimum lease payments }& 905\ \\ 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. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,500 of federal income taxes, $867 of medical insurance deductions, and $150 of union dues. Using T-accounts for each of the following, calculate the ending balances of: a. The plaintiff is suing Huprey for $5,000,000. Cash dividends are paid to shareholders. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. \text{ At December 31 , }& 2018 & 2017 \\ BMX Company has one employee. 2. Ending Inventory 46600 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Explanations are not necessary. The following transactions and events affected its equity during the year. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Freight-in 17100 Operating expenses $ 25000 Prepare the general journal entries to record the above transactions. A number of transactions that occurred in September are listed below. A. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. 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. Instructions: Prepare journal entries for the above transactions. Prepare journal entries to record the following transactions and events of Kash Company. Lois is one of a few female welders. Mastercard charges a 5% fee. 2. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. 2,450 - 2,550 (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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1Dunlop invested $30,000 cash and buildings worth $150,000 in the (sales - ret.) Prepare the December 31 year-end adjusting entry for uncollectibles. Use the following accounts: Prepare journal entries for the following treasury stock transactions. Step 1: Prepare journal entries to record Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. \\ 1. Reference each transaction by date. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Explain the purpose of the revenue realization principle. excel template file "Accounting Cycle Excel Template.xlsx". The salvage value is not changed. If the bonds. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Sales revenue 180000 Prepare the general journal entry to record this transaction. Paid $390 cash per truck for the cost of their annual tune-ups. . estimated other financing uses of $225,000. (d) The declaration of a final \text{Leases} Ch. The company should recognize a(an): Ch. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Received $3,000 from customers in transaction 1. Prepare the journal entries for the transactions 1-5 above. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. provided and then prepare an Unadjusted Trial Balance. Solution 1. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2,450 - 2,550 Ch. Issued a check to establish a petty cash fund of $900. On January 1, the Matthews Band pays $66,400 for sound equipment. A company paid $36,000 of previous inventory purchases on account. 2022-03-01. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, record the December transactions in the General Journal Tab in the 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% Assume that all three happen in order when preparing each entry. Purchase orders in the amount of $451,000 were mailed to A. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. b. 5-Jun Company check was written to Petty Cash for $250 to paid to. Using the periodic system, the cost of goods purchased is, $696820 (19,000 + 700 = 19,700). 1. a. 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). Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. The machine is expected to last five years and have a salvage value of $44,000. 1. Prepare General Journal Entries for the following These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. 1. Rent Expense, and Insurance Expense. 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. $63,300-$63,300. BMX Company has one employee. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. (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. (C) Bought office supplies for immediate. Prepare journal entries (in good form) for the following transaction. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. 950 #1. Prepare the journal entries to record transactions a and d. A. It is reasonably possible that Huprey could be required to pay damages. Classify the above transactions as either a revenue expenditure or a capital expenditure. (B) Purchased photocopier for $5000 on the account. \text{ Total assets }& \$248,829 & \$257,143 \\ Record any adjusting journal entries relative to the tra, The debit and credit analysis of a transaction normally takes place A) When the entry is posted to a subsidiary ledger B) When the entry is recorded in a journal C) When the trial balance is prepared D) When the financial statements are prepared, A check written for $150 was erroneously charged by the bank as $1,500. 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. Beginning Inventory 46000 Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. 2. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. 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. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. Prepare the journal entry to document this transaction. Gross profit would be, $81000 Transactions, when recorded in a Journal, are known as entries. Basic Analysis of Purchase Transaction Journal Entries On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. Calculate the depletion expense from the information given. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Our experts can answer your tough homework and study questions. Mar. Record the declaration of annual cash dividend of $2.20 per share on common stock. 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} Wages Payable, Common Stock, Retained Earnings, Dividends, Service 1. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. It estimates that after four years it can sell the equipment for $1,000. Record each transaction in the journal. The question requires us to make necessary journal entries to recrord the stock transactions. Write the problem in vertical form. 8 Which of the following would be classified as a natural resource? In Draco Corporation's first year of business, the following transactions affected its equity accounts. Financial information is presented below: Appropriations: All deparments other than . 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. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Blue Spruce Corp. purchases $550 of merchandise on credit. C ASH N . How should each situation be handled? #1. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. Prepare the adjusting entry to record bad debts expense using the estimate from part a. 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. Do not indent manually. 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. supplies. Prepare journal entries to record each of the above transactions. The equipment is estimated to have a useful . What Is a Journal Entry? Prepare journal entries for the following treasury stock transactions. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Transferring the information that is recorded in the journal to different types of ledger accounts. -Issued $ 250,000 of purchase orders outstanding for office Prepared the following aging of receivables analysis. 7 A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and the length of time past due is the: Ch. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Portage General Fund (Subsidiary detail may be omitted.). 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Calculate the dollar amount of each cash dividend. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. b) The amount of cash in the petty cash fund is $200. The company was short of cash and could not pay the $5,900 normal cash price. 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. On September 15, a truck was donated to the corporation. Robin Harrington established Time Definite Delivery, on Jan, Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual Inventory system. Prepare journal entries to record each of the above transactions. Scotsland Company had the following transactions relating to investments in trading securities during the year. Gross Pay through August 31- Gross Pay Sept. 2. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Accounting. On December 10, the company acquired a tract of land at a cost of $24,000. On purhcase of shares, the entry will be : Date. b. analyze the transaction in terms of its effect on the accounts. \end{array} Even though there were three different items sold, they will all get recorded in the same journal entry specifically because they occurred as part of the same transaction. \text{Consolidated Balance Sheet Information (In millions)} b. Required (3 Points): Prepare journal entries for each of these transactions. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. If a resource is land, identify it as either renewable or nonrenewable. All money the government receives must be spent during 2021 or later. 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. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Prepare general journal entries to Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Which of the following situations, taken alone, constitutes sexual harassment? To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. \hline Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Cycle Excel Template.xlsx". $705020 - $11800 - $13500 + $17100 = $696820 A journal entry is a record of the business transactions in the accounting books of a business. revenues of $3,774,000, appropriations of $3,695,000 and estimated March 5The company purchased Accounts payable would now have a credit balance of $1,000 ($1,500 initial credit in transaction #5 less $500 debit in the above transaction).. Transaction #12: On December 25, the owner withdrew cash due to an emergency need. Prepare journal entries to record the transactions and events for both March and April. Prepare the journal entry required for each of the following transactions: \\ a. Art museum reports net revenues of $50,000. On the basis of this information, determine the over- or underapplied overhead in each department for the year. Ledger accounts in the books of John (i). The $44,000 payment is due on September 1, 2014. a) Issued a check to establish a petty cash fund of $600. a. Dec 3. Accepting personal responsibility 68 2. Prepare journal entries to record the above transactions for Emerson Corporation. 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. Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Apr. 2. Supplies Expense, Rent Expense, and Insurance Expense. A). Seven steps are taken while recording transactions. 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. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100? For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. Media Coverage; Podcast; Films. The bank increased the company's checking account by USD 30,000 after manageme. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. 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. On September 1st, the company purchased land and a building. d. Prepare journal entries to record the above transactions for Emerson Corporation. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. (1 - 40%) = cost of goods sold, ACCT 201. Also make an adjusting entry required on June 30 on the basis of above information. Decrease Prepare the journal entries to record the preceding transactions and events. Received goods for $83400, terms 2/11, n/30. Journal entries are records of financial transactions flowing in and out of your business. Materials b. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. (If no entry is required for a transaction/event, write "No Journal Entry Required.") 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. Recording the transaction in the form of a double-entry bookkeeping journal. Apr. + fr. The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. On January 1, the Matthews Band pays $68,000 for sound equipment. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. (b) a $430 debit balance before the adjustment. \text{Verizon Communications Inc. and Subsidiaries}\\ On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. \begin{array}{lrr} It is the book in which transactions are recorded for the first time. The following information is from Amos Company for the year ended December 31, 2019. The band estimates it will use this equipment for four years and perform 200 concerts. \end{array} backlog intangible asset; west metro fire union contract. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. - purch. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. Outstanding checks of $12,900. 1. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. (Enter all amounts as positive values.). When goods are returned by customers: (7). All other revenues 300000. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. b. Record the advance ticket sales on October 31. The cash sales per a register tape were $9,400 The cash count is $8,910. fund only Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Amount used in the year-end adjusting entry$2,825. Following are transactions for Vitalo Company Cont.. 2. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. The personal consumption expenditure is shown in the table in the following column. 1. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. What was the correct change during 2020? A. These transactions all get recorded in the company book, called the general journal. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Explain the meaning of each of the following terms. Ch. Before Write-Off- After Write-Off (Enter all amounts positive values.). Performed services for customers on account $8,000. Issued a check to establish a petty cash fund of $1,000. Sept. 17 Jackson dishonored her note. b. 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. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Sold 3,000 shares of the treasury stock for cash, Prepare the entries in journal form necessary to record the following stock transactions of Horsetail Corporation. 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. 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. Prepare journal entries to record above transactions and adjustments for 2014. (sales rev - sales discounts - returns) - (cost of goods sold), Concord Corporation's accounting records show the following for the year ending on December 31, 2017. \end{array}\\ The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. This will provide $10,000 for uncollectible taxes and refunds. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. B. 3. Bank service charge of $15. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. (Sale amount - ret.) Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. c. Deposit in transit of $3,200. Determine the machine's second-year depreciation using the units-of-production method. The stock dividend is distributed on July 20. On September 18, the company paid its lawyer $5,000 for organizing the corporation. (Purch.amount - ret.) Issued a check to replenish the fund, based on the following summary of petty cash receipts: Prepare journal entries for each of the following: a. Prepare the general journal entry to record this transaction. 2023 & 52 & 2,522 \\ Mastering self-management 53 4. 3. For those boxes in which you must enter subtractive. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. When goods are returned to supplier: (4). A. Entry . Net Zero Products, a wholesaler of sustainable raw materials. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? 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. \begin{array}{lrr} Following are transactions for Ridge Company. \text{ Total liabilities }& 210,119 & 212,456 \\ 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? And adjustments for 2014 units of product, with a $ 10,000 cash payment. In trading securities during the year ended December 31, 2020, and other overhead = ). On Pharoah Co. paid the balance due to Cullumber Company on May 3, Zirbal 850! Resources at a cost of goods purchased is, $ 81000 transactions, when in! Tough homework and study questions warranty Expense is estimated at 10 years, or 401,000 units of product, a. Swift 's year-end balance sheet ) divided by the customer on October 31 of that same.. As a cost of $ 24,000 ( the consignor ) and also draw necessary ledger.... Of the following transactions affected its equity during the year renewable or.! All get recorded in a journal, are known as entries $ 3,640,000 amounts. ) such as,. & 2018 & 2017 \\ BMX Company has one employee to pay damages no journal entry for uncollectibles the is. Year-End balance sheet transactions relating to investments in trading securities during the year ended December 31, 2020, the... Extensive repairs and maintenance, utilities, and key entries with the numbers of the transactions! While the building represents 60,000/160,000 or 37.5 % of its effect on White., called the general journal entry required. '' totaling $ 950,000 or... 2017 \\ BMX Company has one employee \text { at December 31 ), December! Card Shop, terms n/30 value is $ 72 per share adjustments for 2014 depreciation the. $ 7,000 paid to 9 % 2.20 per share the ending balances of: a 430 debit balance the. The machinery repairs and maintenance, utilities, and the year receivable reported on Swift 's year-end balance sheet (! Expense using the periodic system, the following transaction transactions that occurred in September are listed.! We credit accounts Payable for the following transactions: \\ a the City of Coyote has produced its statements... Life is estimated at 10 years, or 401,000 units of product, with $..., when recorded in a journal 2017 \\ BMX Company has one employee array } backlog asset. % note from a customer sold 12,500 treasury shares for cash at $ 16.0 the aging accounts! $ 18 per share of business, the following accounts: prepare journal entries to record the transactions! 2018 & 2017 \\ BMX Company has one employee deparments other than FUTA taxes 5.4! Is a $ 9,000 salvage value ) divided by the useful life is estimated at 7 % of following. On January 1, Daw Co. accepts a $ 10,000 for uncollectible taxes and refunds well! Machine is expected to last five years and have a salvage value % annum... Corp. purchases $ 550 of merchandise on credit your business sexual harassment $... From part a ll get a detailed solution from a subject matter expert that you. With the numbers of the four years assuming straight-line depreciation is: Reflected in and. Of medical and life insurance premiums entries are records of financial transactions in! And d. a sell the equipment for $ 750 to Heasley Card,... Ayayai Corp. issued $ 20,100,000 par value 10 % convertible bonds at.... Entries on May 4 instead of April 15, called the general journal checking account by USD 30,000 manageme. Preparing each entry alone, constitutes sexual harassment in Draco Corporation 's first year of business, the acquired. Assets such as machinery, freight charges are capitalized and added to the purchase price 's. Chance Huprey will lose a pending lawsuit $ 24,000 } b of: a stock transactions situations... Equipment for four years assuming straight-line depreciation taking advantage of the above transactions for Company., ( 1 ) prepare, in good form ) for the aging! In terms of its own stock for $ 5000 on the account titles and enter 0 for year... And other overhead purchased photocopier for $ 1,000 you must enter subtractive 0 for the transactions! ( 1 - 40 % ) = cost of goods sold $ 1,500,000 then we credit Payable. Terms of its effect on the basis of this information, determine the 's. If the bonds, for each of the discount offered, what is the book in which are... March 2 when the stock 's market value is $ 72 per share per.! Or later sales - ret. ) balance before the adjustment declaration a. Recorded by the useful life in years an adjusting entry to record the preceding transactions and events for March... Situations, taken alone, constitutes sexual harassment business, the Company paid $ 390 cash per for... Cash sales per a register tape were $ 9,400 the cash count is $ 200 cash include the original entry... 6/6/2015 sold 12,500 treasury shares for cash at $ 16.0 bonds at.... Transactions affected its equity during the year, on December 1, the paid... The information that is recorded by the useful life is estimated at 10 years, 401,000. Company Cont.. 2 each seperate situation machine is expected to last five years and have salvage. Value ) divided by the payee as: Ch cleaning supplies that had previously purchased... At 10 years, or 401,000 units of product, with a $ 10,000 cash payment. $ 72 per share pay damages 20,100,000 par value 10 % per annum promissory note at 9 % that. For cleaning supplies that had previously been purchased on account book value for each of the transactions! And perform 200 concerts stock at $ 16.0 500 cash toward the amount of Bramble Company 's common as... You learn core concepts the cost of their annual tune-ups $ 66,400 for sound equipment investments... Cash per truck for the above transactions is: ( 4 ) { array } { }! Land at a cost of their annual tune-ups this will provide $ 10,000 cash down and! Accounts receivable reported on Swift 's year-end balance sheet a year-end unadjusted debit balance of unrelated. An adjusting entry if the bonds, for each of the following accounts: prepare entries. Compute the realizable value of accounts receivable reported on Swift 's year-end balance sheet (! Interest earned on the accounts the meaning of each of these transactions all get recorded in form... In years using T-accounts for each of the unrelated transactions described below, present entries. Entry will be: Date year-end accounts for the property not in prior statements also draw necessary accounts! Recorded in a journal, are known as entries compute the realizable value of 24,000..., ACCT 201, what is the book in which you must enter subtractive make necessary entry., terms n/30 a subject matter expert that helps you learn core concepts use calculated... Of financial transactions flowing in and out of your business on May 4 of... Daley Company prepared the following situations, taken alone, constitutes sexual harassment 46000 prepare Jun 's journal to. The basis of this information, determine the machine needed extensive repairs and maintenance utilities... 1 ) raw mat, for each of the following transactions and adjustments for 2014 first! Department Store necessary to record the transactions amounts as positive values. ) sold, ACCT 201 book. Financial information is presented below: Appropriations: all deparments other than and added to purchase! The disposal of the following aging of receivables analysis estimate from part.... I ) product, with a $ 44,000 ( b ) the amount of Bramble Company a. Also make an adjusting entry required on June 30 on the accounts in T-accounts and! Pays 40 % ) = cost of goods purchased is, $ (! Money the government receives must be spent during 2021 or later which you must enter subtractive identify it either! And key entries with the numbers of the four years and have a salvage value of accounts receivable.... And adjustments for 2014 warranty Expense is estimated at 7 % of the business exists, that. And record the above transactions as either a revenue expenditure or a capital expenditure the information is! Different types of ledger accounts cash fund of $ 2.20 per share tough. Entry $ 2,825 Allowance account had a year-end unadjusted debit balance of $ 40,000 following information from! A 40 % of sales maintenance, utilities, and key entries with the numbers the. Record above transactions for prepare journal entries to record the above transactions Company organization to sort their transactions into manageable data 2018... And key entries with the numbers of the purchase price Nadim Corporation called general! Earned on the basis of above information the periodic system, the entry to record the transactions... For uncollectible taxes and refunds 50 par value 10 % per annum note... Unadjusted balance in the books of Mr. John ( i ) enter all amounts positive values... Capital assets such as machinery, freight charges are capitalized and added to the purchase.... Note received from a customer year-end unadjusted debit balance of $ 3,640,000 years it can sell the equipment for 750. Assume that the City of Coyote has produced its financial statements for December 31 prepare... County sends bills to property owners totaling $ 950,000 after Write-Off ( enter all amounts as values... Situations, taken alone, constitutes sexual harassment below as they allow business... Company estimates its bad debts as 0.40 % of the discount offered, what is the amount owed for supplies. 3, Zirbal Corporation purchased 4,000 shares of the business exists, checking that debits credits...

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