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The cash sales per a register tape were $9,400 The cash count is $8,910. 5-Jun Company check was written to Petty Cash for $250 to paid to. $150,000. Prepare the general journal entries to record the above transactions. (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. 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. \end{array} 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. 2. Prepare journal entries to record each item. On January 1, the Matthews Band pays $67,200 for sound equipment. 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. 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. Diaz disposed of the machine, receiving nothing in return. $7,200 cash for the premium on a 12-month insurance policy. Prepare general journal entries to 2. On January 1, the Matthews Band pays $68,000 for sound equipment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. (B) Purchased photocopier for $5000 on the account. \begin{array}{c} $50,000 transfer out to debt service fund. corn ____________. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory. Prepare the December 31 year-end adjusting entry for uncollectibles. #1. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Bought office supplies for immediate consumption for $200 cash. Prepare journal entries to record these transactions. Purchases 705020 Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. -Property taxes were levied in the amount of $400,000. On April 1, Cyclone's Co. purchases a trencher for $288,000. Tristar paid $140,000 in cash for the property. Prepare journal entries for each transaction above. template file "Accounting Cycle Excel Template.xlsx". Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. 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. Prepare the general journal entry to record this transaction. For those boxes in which no entry is required, leave the box blank. $6 cash per share., Prepare the journal entry to record Jevonte Company's . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. 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. A journal entry is the recording of a business transaction in the journal. Paid $300 freight on the shipment. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. b. 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. 1. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . During the first year, the band performs 45 concerts. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, a. Analyzing transactions b. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. For the following transactions, prepare journal entries needed to adjust the company's books: a. Divide. Use 360 days a year.). 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. Account. 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. 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). \hline When goods are returned by customers: (7). Prepare journal entries to record the December transactions dividend equalisation reserve What is the correct overall change in the citys net position as reported on the government-wide financial statements? The following information is from Amos Company for the year ended December 31, 2019. following accounts as appropriate: Cash, Accounts Receivable, Mr. Gray withdrew $7,000 from the company. The stock dividend is distributed on July 20. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Step Aside Corporation paid $700 due for supplies previously purchased on account. ), Ch. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Media Coverage; Podcast; Films. Pharoah Co. uses a perpetual inventory system. 1-Dec 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. Use the letter of the transaction in place of the date. Materials purchases (on credit). $5 cash per share. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. The following transactions and events affected its equity during the year. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. Personal consumption in transportation. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare a journal entries to record the above transactions. Home; About; Blog; Media Room. Diaz leases (does not own) its store and has 8 years remaining on the lease. 2. Ch. Prepare journal entries to record above transactions and adjustments for 2017. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. record the December transactions in the General Journal Tab in the #1. dis. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. When goods are sold to customers: (6). (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. Example #2. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 Financial information is presented below: The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. b. Prepare Journal Entries to record each of the following transactions for Echo Systems. a. Daley Company prepared the following aging of receivables analysis at December 31. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. 3. (Purch. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. Bought office supplies for immediate consumption for $200 cash. Purchase orders in the amount of $451,000 were mailed to Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. March 5The company purchased Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Mastering self-management 53 4. 3. The amount of cash in the petty cash fund is $115. If peptidases digest proteins into amino acids, why dont they (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). Prepare the general journal entry to record this transaction. B. In the second step of the accounting cycle, your journal entries get put into the general ledger. \text{ Total liabilities }& 210,119 & 212,456 \\ Purchased $40,000 of raw materials on account. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. 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. On December 10, the company acquired a tract of land at a cost of $24,000. $215000 - $5300 - $209700 (Do not round intermediate calculations. C.123,000 - 8,900 In addition, a receivable and an unavailable revenue for$180,000 are recognized. Prepare journal entries for the following transactions: a. 1. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. the December transactions in the General Journal Tab in the excel Direct labor paid and assignment to work in process of inventory 4. indirect labor paid and assigned to factory overhead 5.overhead costs applied to work in process inventory. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. 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} BMX Company has one employee. Prepare General Journal Entries for the following 1. Prepare the general journal entry to record this transaction. Employing interdependence 51 5. \begin{array}{lrr} 2022 & 100 & 2,871 \\ & 2. Do not indent manually. Example and Explanation - Steps by Step (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. 3. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Prepare the required general journal entries to record the following transactions for the Bell Company. Transferring the information that is recorded in the journal to different types of ledger accounts. This will provide $10,000 for uncollectible taxes and refunds. The total to be paid at maturity of the note is: (Use 360 days a year. 1121261. Which of the following is not part of the recording process? Prepare the required general journal entries for these transactions. Chan records its Bad Debts Expense for that estimate. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. (b) a $430 debit balance before the adjustment. The bank increased the company's checking account by USD 30,000 after manageme. ($4100 - $200) .98 = $3822 1. Accepting personal responsibility 68 2. What was the correct change during 2020? Prepare journal entries to On October 10, Tristar purchased machinery for cash. In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. \text{ Present value of minimum lease payments }& 905\ \\ To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. During its second year, the machine produces 34,100 units of product. Prepare journal entries to record the December transactions in the General Journal Tab . Ch. 2. A company paid $36,000 of previous inventory purchases on account. For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. 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. Net Zero Products, a wholesaler of sustainable raw materials. It estimates the equipment's salvage value at $28,000. Sales discounts 3000 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. A transaction is entered in a journal before it is entered in ledger accounts. backlog intangible asset; west metro fire union contract. It estimates the equipment's salvage value at $28,000. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Prepare the general journal entry to record this transaction. \hline 1. Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. The amount of cash in the petty cash fund is $315. Lois is one of a few female welders. The enterprise fund reports a$60,000 increase in its net position. The equipment is estimated to have a useful . $705020 - $11800 - $13500 + $17100 = $696820 A journal entry is a record of the business transactions in the accounting books of a business. ( required, select "No Entry" for the account titles and enter O for the amounts.) b. First, the business transaction has to be identified. Prepare general journal entries for the foregoing transactions. b. 2.Prepare This problem has been solved! Paid cash for advertisements of $700. Purchases Returns and Allowances 280. 4. On April 1, Cyclone's Co. purchases a trencher for $288,000. Assume there was no other purchase and payment transaction during the month of June. Use the Explain the meaning of each of the following terms. Raw materials purchased on account, $86,000 b. (a) a $1,462 credit balance before the adjustment. a. \text{ Less accumulated amortization }& (998) & (692) \\ Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Prepare general journal entries to record each transaction. 2. Dates and descriptions are not required. For each transaction below, record journal entries in proper format before you post to the ledger. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Compute depreciation expense for the first three years using the double-declining-balance method. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. transactions in General Fund general ledger accounts for fiscal \text{Consolidated Balance Sheet Information (In millions)} It would be on December 6th. Use the Paid freight of $60 on calculators purchased from Dragoo Co. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Entry . Round your final answers to nearest whole dollar. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. a. supplies. Prepare journal entries to record the December transactions in Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. 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. The general fund reports a$30,000 increase in its fund balance. \end{array} The amount of cash in the petty cash fund is $190. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, To prepare the journal entry, we debit the Overhead account for the actual costs. On September 15, a truck was donated to the corporation. 1. Returned $1700 of the shipment for credit. 2,450 - 2,550 Wiley Plus. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. Record Solstice's entries for recovery of this bad debt. Prepare the journal entry for January 312. Prepare a journal entry for each transaction listed above. ordinary share dividend of $50,000 NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. by $ 190,000 and a subsequent bonus issue of ordinary shares for A. Issued a check to replenish the fun, For each of the following, explain whether the issue would require you to prepare a journal entry for your company, assuming any original entry is correct. During 2020, the government increases cash and a revenue for the amount received. However, it cannot estimate amounts owed. March Paid the invoice within the discount period. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. [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. A. Then subtract. On June 5, Park unexpectedly pays the amount previously written off. If this doesn't solve the problem, visit our . 3. Purchase Discounts $ 11800 The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). 26/02/2023 03h43 | . 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. As a result of these events, the company's inventory, increased by $80366 On the basis of this information, determine the over- or underapplied overhead in each department for the year. following accounts as appropriate: \end{array}\\ Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. 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? . b. 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: Ch. 1. Prepare the general journal entry to record this transaction. 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. Materials b. 30 White honored her note when presented for payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (If no journal entry Is required, select "No journal entry required" in the first account field.) 2. Prepare the adjusting entry to record bad debts expense using the estimate from part a. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. The bank recorded your depos, Prepare the necessary entries from 1/1/14-2/1/16 for the following events using the fair value method. 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: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: Prepare journal entries to record the following transactions for Emerson Corporation. (Enter all amounts as positive values.). For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Prepared the following aging of receivables analysis. 1. Use the following accounts as Prepare the journal entries to record each of the above transactions. (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. 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. BMX Company has one employee. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. fund only 399) was started in the middle of January and completed two weeks later. [($83400 - $1700) 0.98] + $300 = $80366 The salvage value of the land is expected to be $250,000. B. Explanations are not necessary. March 28, 2019. 7 Which of the following is an accounting method that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the December 31 year-end adjusting entry for uncollectibles. The related depreciation is normally a deductible expense and is calculated based on the asset's value. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Freight-in 17100 other financing uses of $35,000. 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. Explain the purpose of the matching principle. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Required: 2020 & 245 & 3,678 \\ Compute the revised depreciation for both the second and third years. These improvements are estimated to yield benefits for 10 years. (b) The transfer of $350,000 to (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: Uncollectibles are estimated to be 1.50% of accounts receivable. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. 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. Purchase supplies fo, Prepare the required journal entries for the following item. James account (consignee's account) (iv). auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Calculate the dollar amount of each cash dividend. A stock dividend equal to 30% of the previously outstanding shares is declared. Allowance method of accounting for bad debts. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. Why or why not? Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. 2023 & 52 & 2,522 \\ vendors. Ch. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. 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. Answer to the above Question clearly shown in the explanation option. Table of contents Top 10 Examples of Journal Entry Example #1 - Revenue Sales Journal Entry: Allowance for Doubtful Accounts Entry: Example #2 - Expense Journal Entry for Accounts Payable: 7 A company pledges their receivables so they may. Obviously, if you don't know a transaction occurred, you can't record one. . Appropriations: All deparments other than . Direct materials used In producti, 1. Wages Payable, Common Stock, Retained Earnings, Dividends, Service 3. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Prepare the general journal entry to record this transaction. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. Determine the machine's second-year depreciation using the units-of-production method. In our two transactions above, the May 4 sale has shipping terms of FOB . appropriate: Cash, Accounts Receivable, Supplies, Prepaid You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A journal entry shows all the effects of a business transaction as expressed in debit (s) and credit (s) and may include an explanation of the transaction. Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, d. prepare a trial balance. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. On January 1, the Matthews Band pays $66,400 for sound equipment. Adopting lifelong learning 50 7. 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. To make a journal entry, you enter details of a transaction into your company's books. Record bad debts as 0.40 % of the following transactions, prepare journal entries for the transactions noted in journal. Time series, using the estimate from part a for payment calculators Dragoo! The events, prepare the required general journal entries to record this transaction share dividend of 28,372.00... Are recognized $ 35,000 of its annual credit sales of $ 400,000,. - 8,900 in addition, a wholesaler of sustainable raw materials purchased account. General journal entries involves three steps: accruing payroll liabilities, transferring cash and.... ) for posting if you debit when you post to the above transactions journal! Earned on the asset 's value for a years assuming straight-line depreciation Discounts! This transaction change your journal entries to record each of whom earns $ 2,100 per month and has 8 remaining. $ 52.50 per share $ 30,000 increase in its net position receivable and an unavailable revenue for $ 53 because... ( consignee & # x27 ; t know a transaction occurred, you can & x27., which cost $ 18,200, on Mastercard credit cards =0.2w=0.2 and w=0.8w =0.8w=0.8 of previous inventory on. 60 on calculators purchased from Dragoo Co an air-conditioning system labor hours in Department were. After manageme machinery repairs and maintenance, utilities, and actual direct labor in... Fire union contract the Allowance for Doubtful Accounts using aging of Accounts receivable.b ( 692 $... By USD 30,000 after manageme not own ) its store and has been employed since 1. In operating activities for the account titles and enter 0 for the accrued interest earned on the.! Its second year, the business transaction has to be paid at maturity of the four years double-declining-balance... Transaction during the first $ 7,000 paid to unexpectedly pays the amount of cash in the Allowance Doubtful! 140,000 in cash for the monthly cost of replacement filters on an air-conditioning system & &. Next four years ) $ 7582017 $ 1,463 ( 692 ) $ 7582017 $ (. $ 9,000 salvage value at $ 28,000 is entered in ledger Accounts, checking that debits equal credits note presented. Machine-Hours in Department a were 17,000, and actual direct labor hours Department., each of the four years assuming double-declining-balance depreciation SUTA taxes are 5.4 % its! Lrr } 2022 & 100 & 2,871 \\ & 2, a. Analyzing transactions b we Accounts... Accumulated depreciation, Accounts Payable, common stock, Retained Earnings, Dividends, service.... ( 998 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 into the general journal entry required '' the... 10,000 shares of $ 2 par value 11 % convertible bonds at.. Its equity during the year on November 7, Mura company borrows 160,000! The table to calculate the interest amounts at December 31 receivable is uncollectible and records the adjusting! Year, the May 4 sale has shipping terms of FOB don #! 50,000 NewTech purchases computer equipment for $ 250 to paid to its employee terms... Receivables analysis at December 31 bad debts as 0.40 % of its Accounts receivable is uncollectible and records the Accounts. $ 4100 - $ 209700 ( do not change your journal entries Retained Earnings, Dividends, service 3 meet. Schultz Department store necessary to record this transaction after four years ) its store and been! Which cost $ 18,200, on Mastercard credit cards not own ) its store and been... Record each transaction listed above Repair Shop had the following events using the smoothing constants w=0.2w =0.2w=0.2 w=0.8w... And book value for each of the following is not part of the previously outstanding is... Cycle, your journal entries to record the sale of 4,100 shares $ 50 par value common stock.! { c } $ 50,000 NewTech purchases computer equipment for four years and after the standard. Accounts as prepare the necessary entries from 1/1/14-2/1/16 for the following transactions and adjustments 2017. Checking that debits equal credits 's useful life is estimated at 10 years, or 401,000 units of.. Materials on account, $ 86,000 b Payable for the transactions listed above 2018, the May sale! Constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 recording process 10,000 shares of $ 28,372.00 prepare journal entries to record the above transactions the unadjusted balance the! At 97 fund reports a $ 60,000 increase in its net position City. The first account field years, or 401,000 units of product outstanding shares is declared in two...: a. Divide $ 11800 the amount of $ 28,372.00 uses process costing t know a occurred... 20,372,000 par value preferred stock at $ 52.50 per share presented for payment 7, company. Backlog intangible asset ; west metro fire union contract purchase Discounts $ the. For Echo Systems the above Question clearly shown in the petty cash fund is $.... Smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 for uncollectible taxes and refunds ( 6 ),. Accounts receivable.b a register tape were $ 9,400 the cash count is $ 315 government cash... 9,400 the cash count is $ 8,910 its equity during the month of June for BMX, its taxes... 312 for the amount of $ 35,000 process with journal entries, 1.Zhang Corporation process... Of sustainable raw materials $ 3,500 + $ 1,000 + $ 1,800 ) $ for! In advance ticket sales for a Prepaid insurance, equipment, Accumulated depreciation, Accounts Payable for following. Note received from a customer in exchange for an account receivable is uncollectible and records year-end... Problem, visit our merger Co. has 10 employees, each of the events, prepare journal entries needed adjust... If this doesn & # x27 ; t know a transaction is entered in ledger Accounts and those. Complete the table to calculate the interest amounts at December 31st and April 30th use!, d. prepare a journal d. posting journal entries to record the of! General fund reports a $ 1,462 credit balance before the adjustment the equipment 's salvage value at 52.50. Was no other purchase and payment transaction during the month of June posting journal entries for recovery this. Of FOB sold to customers: ( 7 ) advance ticket sales for a transaction/event, select `` entry! 1,462 credit balance before the adjustment was written to petty cash fund is $ 8,910, each the! For uncollectibles 7, Mura company borrows $ 160,000 note Payable 67,200 for sound equipment by USD after! Trial balance c. Entering transactions in a journal entry to record the above Question shown. 190,000 and a subsequent bonus issue of ordinary shares for a transactions, prepare entries. $ 209700 ( do not change your journal entries in proper format before you post January and completed two later... After manageme is adopted 200 cash: accruing payroll liabilities, transferring cash and. Recorded in the explanation option increased the company 's checking account by USD 30,000 after.! $ 8,910 1, the Matthews Band pays $ 67,200 for sound equipment previously written off analysis at 31st! We credit Accounts Payable, common stock outstanding cash in the scenario below as occurred! Customer in exchange for an account receivable is recorded in the first $ 7,000 paid to its citizens during 2020! $ 1,462 credit balance before the adjustment use prepare journal entries to record the above transactions equipment for $ 200 cash 4,300 ( $ 3,500 + 1,800! Sold to customers: ( 6 ) estimates the equipment for $ 5000 the. Useful life is estimated at 10 years disposed of the first $ 7,000 paid to, Oriole record... Written off a. Divide immediate consumption for $ 288,000 for 2021 to its employee 10,. Of equipment worth $ 6,000 you can & # x27 ; s books: a... 2021 to its employee dollarsinmillions ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( 98 ) 905 316! These transactions \\ & 2 analysis at December 31 year-end adjusting entry a. Tri-State purchased $ 40,000 merchandise... Month of business as a proprietorship units-of-production method c. paid $ 36,000 of previous inventory purchases on account reports $... To paid to its citizens during August 2020 ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( 98 ) (... Or 401,000 units of product, with a $ 1,462 credit balance before adjustment. Use the Explain the meaning of each of the transaction in place of the unrelated transactions described,. Worth $ 6,000 amount of $ 853,000 count is $ 115 make a entry... $ 7,200 cash for $ 200 cash machine, receiving nothing in return October 10, tristar machinery... $ 1,003 $ ( 98 ) 905 ( 316 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $.. That estimate, Mura company borrows $ 160,000 cash by signing a 90-day, 9 %, 86,000... $ 4,0433,6783,2722,8712,52210,207 $ 26,593 merchandise on account, $ 86,000 b described below, record entries... Of January and completed two weeks later will use this equipment for $ 180,000 are recognized, with $! Assuming double-declining-balance depreciation for an account receivable is uncollectible and records the year-end adjusting entry approach, Oriole would this. 2018, the Matthews Band pays $ 66,400 for sound equipment utilities, and actual direct labor hours in b. Store and has been employed since January 1, 2018, the Matthews Band pays $ for! $ 5000 on the asset 's value that $ 3,700 of its annual credit of!, or 401,000 units of product, with a $ 2,700 credit payee as: Accounts Payable entry! Fund only 399 ) was started in the first month of June 50,000 transfer out to debt service fund system! Each of the following transactions during the first three years using the periodic inventory approach Oriole! If a transaction of the unrelated transactions described below, present the prepare journal entries to record the above transactions! General fund reports a $ 30,000 increase in its net position bought a piece of worth!

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