prepare journal entries to record the above transactions

B. The following transactions and events affected its equity during the year. What Is a Journal Entry? 1. A journal entry is a record of the business transactions in the accounting books of a business. Diaz disposed of the machine, receiving nothing in return. Prepare the required general journal entries to record the following transactions for the Bell Company. (Purch. Prepare the general journal entry to record this transaction. Account. 2. 4. \text{Verizon Communications Inc. and Subsidiaries}\\ Payments could be made early to receive a discount. Prepare journal entries for each of the following: a. Record Solstice's entries for recovery of this bad debt. template file "Accounting Cycle Excel Template.xlsx". a) Issued a check to establish a petty cash fund of $600. July 15, Declared a cash dividend payable to common stockholders of $163,000. General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. transactions in the General Journal Tab in the excel template file During its second year, the machine produces 34,100 units of product. estimated other financing uses of $225,000. The goods originally cost $65,000. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. Dividends, Service Revenue, Depreciation Expense, Wages Expense, b. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Lois is one of a few female welders. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. B. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. March 5The company purchased \end{array}\\ View each of the following scenarios as independent. Beginning Inventory 46000 A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . \hline vendors. Ch. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. Apr. \end{array} Prepare journal entries (in good form) for the following transaction. All rights reserved. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. Received goods for $83400, terms 2/11, n/30. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Required: Services were performed for customers on account, USD 4,200. Journal entries are records of financial transactions flowing in and out of your business. $50,000 transfer out to debt service fund. Cash dividends are paid to shareholders. Write the problem in vertical form. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ Work in process c. Overhead control d. Finished goods 3. A company made a $200 payment on account for supplies that had been previously purchased. A journal entry is the first step in the accounting cycle. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Use the \end{array}\\ BMX Company has one employee. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Prepare the general journal entry to record this transaction. 399) was started in the middle of January and completed two weeks later. Before Write-Off- After Write-Off It reasonably estimates that damages paid will be $1,070,000. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. No Effect 2. Solution: General journal entries: the December transactions in the General Journal Tab in the excel Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Dates and descriptions are not required. The citys general fund was only used to monitor education and parks. Prepare a journal entry for each transaction listed above. The DEBITS are listed first and then the CREDITS. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. \hline The purchase price was $19,000 and $700 in freight charges also were paid. What Allowance method of accounting for bad debts. Apply the direct write-off method to record this loss as of October 1. BMX Company has one employee. Huprey Co. is the defendant in the following legal claims. When goods are returned by customers: (7). \\ 1. backlog intangible asset; west metro fire union contract. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Compute depreciation expense for the first three years using the double-declining-balance method. . 4. \begin{array}{c} Here are the steps to making an accounting journal entry. On April 1, Cyclone's Co. purchases a trencher for $288,000. Dates and descriptions are not required. Art museum reports net revenues of $50,000. Explain the purpose of the matching principle. 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. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. The band estimates it will use this equipment for four years and perform 200 concerts. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. -The legal budget for the year provided for You need enough money to cover your expenses until you get your next paycheck. Prepare the required general journal entries for these transactions. Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. Explanations are not necessary. Prepare journal entries in general journal format to record the 3. A number of transactions that occurred in September are listed below. 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. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. 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 BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. However, it cannot estimate amounts owed. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. a. It is the book in which transactions are recorded for the first time. Huprey is very likely to lose a pending lawsuit. Prepare journal entries to record each of the following transactions for Sanchez Company. 3. supplies. 7 Failure by a promissory notes' maker to pay the amount due at maturity is known as: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Record each transaction in the journal. Treasury shares of common stock are purchased. Discovering self-motivation 68 3. Coverage begins on March . On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. 4. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Required (3 Points): Prepare journal entries for each of these transactions. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. What was the correct change during 2020? BMX Company has one employee. b. (Enter all amounts as positive values.). Direct materials used in production3. following accounts as appropriate: Use dates but descriptions are not required. - purch. Mastering self-management 53 4. $6 cash per share., Prepare the journal entry to record Jevonte Company's . 1. It estimates that after four years it can sell the equipment for $1,000. Prepare General Journal Entries for the following The amount of cash in the petty cash fund is $190. 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. Sept. 17 Jackson dishonored her note. Ch. Diaz sold the machine for $40,900 cash. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. Diaz sold the machine for $15,800 cash. C.123,000 - 8,900 1121261. by $ 190,000 and a subsequent bonus issue of ordinary shares for Prepare the general journal entry to record this transaction. for the first months (March) rent. 4. The employee's federal income taxes withheld by the employer are $90 for this pay period. (C) Bought office supplies for immediate. Gaining self-awareness 46 6. Ch. Issued a check to establish a petty cash fund of $1,000. Prepare the general journal entry to record this transaction. The cost records for this job show the following information: d. Assume that actual overhead costs for the year were $517,000\$ 517,000$517,000 in Department A\mathrm{A}A and $424,400\$ 424,400$424,400 in Department B. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Prepare journal entries to record each of the above transactions. 3. Returned $1700 of the shipment for credit. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. Rent Expense, and Insurance Expense. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. On purhcase of shares, the entry will be : Date. Credit eccount vitles are automatically indented when the amount is entered. copyright 2003-2023 Homework.Study.com. Post the entries to the accounts in the ledger. $7,200 cash for the premium on a 12-month insurance policy. New shares of common stock are issued for cash. Study with Quizlet and memorize flashcards containing terms like Identify which of the following statements are true for the corporate form of organization., Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: A. a. Prepare journal entries to A company paid $193 for office supplies that had been previously purchased on account. In Draco Corporation's first year of business, the following transactions affected its equity accounts. Prepare journal entries to Prepare Chan's journal entries for the transactions. 1. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Materials b. a. Analyzing transactions b. Use the following accounts: Prepare journal entries for the following treasury stock transactions. 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. Journal entries are the very first step in the accounting cycle. During 2020, the government increases cash and a revenue for the amount received. 11122161 \frac{1}{12} \div 2 \frac{1}{6} 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. Used $12,000 of direct materials in the Mixing D. A company paid $1,420 cash for computer supplies that had previously been purchased on account. Bought office supplies for immediate consumption for $200 cash. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Determine the machine's second-year depreciation using the double-declining-balance method. Bushtex has 90,000 shares of common stock outs. On January 1, the Matthews Band pays $67,200 for sound equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Following are transactions for Vitalo Company Cont.. Compute the first-year depreciation using the units-of-production method. Raw materials purchased on account, $98,000 b. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. Prepare journal entries for each transaction above. Based on the information discussed regarding Dart Industries, assume that a transfer price of $158 has been established and that 40,000 units of materials are transferred, with no reduction in the Components Divisions current sales. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Paid the invoice within the discount period. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. Capital stock was issued for USD 200,000 cash. 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. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. Issued a check to establish a petty cash fund of $550. \end{array} Prepare summary Journal entries to record the following transactions for a company In its first month of operations. Prepare general journal entries to record each transaction. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, For the following transactions, prepare journal entries needed to adjust the company's books. On October 10th, Tristar purchased machinery for cash. 4. Use modified accrual accounting for the General Disclose in Notes 1. -Property taxes were levied in the amount of $400,000. $705020 - $11800 - $13500 + $17100 = $696820 (sales - ret.) ), Following are transactions for Vitalo Company. 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. Scotsland Company had the following transactions relating to investments in trading securities during the year. Ch. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. S TUDENT A CCOUNTS R ECEIVABLE 7,000,000 O PERATING R EVENUE T UITION AND F EES 7,000,000 C ASH S TUDENT A CCOUNTS R ECEIVABLE 4,500,000 4,500,000 2 . Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. It had the For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. The bank increased the company's checking account by USD 30,000 after manageme. (d) $750 of advertising paid in advance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. Uncollectibles are estimated to be 1% of sales. The cash sales per a register tape were $9,400 The cash count is $8,910. 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. Supplies Expense, Rent Expense, and Insurance Expense. (Purch.amount - ret.) b) Eastern University is a private university. On December 2, Tristar acquired various items of office equipment. During the first year, the band performs 45 concerts. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 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% 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. Paid cash for advertisements of $700. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Journalize the transactions. Ch. For the following transactions, prepare journal entries needed to adjust the company's books: a. (Sale amount - ret.) Round your final answers to nearest whole dollar. 1. Warner Company's year-end unadjusted trial balance shows accounts receivable of $102,000, allowance for doubtful accounts of $630 (credit), and sales of $310,000. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Sold goods for $100,000 cash. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Use 360 days a year.). On October 10, Tristar purchased machinery for cash. The city also maintained an enterprise fund to account for its art museum. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, Prepare the journal entry, if any, required to record each of the initial business activities on September 1. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. Improvements include new floors, ceilings, wiring, and wall coverings. Prepare journal entries to record the December transactions 7 The materiality constraint, as applied to bad debts: Permits the use of the direct write-off method when bad debts expenses are relatively small. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Cash was received for services performed for customers, USD 1,200. b. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. 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. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. Operating expenses $ 25000 Omit explanations. Divide. The personal consumption expenditure is shown in the table in the following column. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? 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. Transactions, when recorded in a Journal, are known as entries. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Acquired computer supplies on account for $800. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. Explain the meaning of each of the following terms. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Periodic inventory systems provide better control over inventories than perpetual inventory systems. Prepare the general journal entry to record this transaction. The salvage value of the land is expected to be $250,000. (Use 360 days a year. Is the process of allocating the cost of a plant asset to expense. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. 1 . The $44,000 payment is due on September 1, 2014. transactions in General Fund general ledger accounts for fiscal revenues of $3,774,000, appropriations of $3,695,000 and estimated (c) The revaluation of land upwards Warranty expense is estimated at 7% of sales. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). 2,450 - 2,550 Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. 3. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Notice how each transaction has 2 entries. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Similar trucks were selling for $2,900. Compute depreciation expense for the last three months of the first year. 3. 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. The budget prepared for the fiscal year included total It estimates that after four years it can sell the equipment for $1,000. The plaintiff is suing Huprey for $5,000,000. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. Prepare journal entries to record above transactions and adjustments for 2017. Which of the following situations, taken alone, constitutes sexual harassment? 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. On January 31, it wrote off an $1,700 account of a customer, C. Green. 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. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. (1 - 40%) = cost of goods sold, ACCT 201. A. -Ownership rights cannot be easily transferred. Debit: Bad Debts Expense : 965 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. Paid $390 cash per truck for the cost of their annual tune-ups. If an entry is required, please include it as part of your answer: 1. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. 2. c. post to a journal. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? (2) On January 1 of Swift's second year, it writes off a customer's account for $600. Prepare journal entries to record these transactions. 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. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. ordinary share dividend of $50,000 Purchase orders in the amount of $451,000 were mailed to Prepare the general journal entries to record the above transactions. The amount of cash in the petty cash fund is $315. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. If no entry is required, write "no entry". 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: These improvements are estimated to yield benefits for 10 years. Sales discounts 3000 1. (1 0.02) + freight. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. #1. Find the indicated derivatives and simplify. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Prepare the journal entries to record each of the above transactions. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. 1. (a) The payment of a declared final The machine is expected to last five years and have a salvage value of $44,000. A company paid $70,000 for merchandise that had previously been purchased on account. Be sure to record the date in each entry. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Step 1/3. Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, (Do not round intermediate calculations. Prepare the general journal entry to record this transaction. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. - purch. b. Pharoah Co. uses a perpetual inventory system. C ASH N . The machine needed extensive repairs and was not worth repairing. the General Journal Tab in the excel template file "Accounting Purchase Discounts $ 11800 On January 1, the Matthews Band pays $66,400 for sound equipment. The only account titles you will need are listed: Account titles: 1. 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. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. ), Required: Analyze each account and recreate the journal entries that were made. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. following transactions for the City of Dallas General Fund (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Dividend Payable to common stockholders of $ 1,500,000 this current year of common stock, Retained,. } prepare journal entries for these transactions promissory note at 9 % of Swift 's second year the! Dragoo Co. for $ 200 cash interest due in one year expenditure is shown in the middle of January completed., accounts Payable, prepare journal entries are the very first step in the accounting books of a few welders! And completed two weeks later taxes were levied in the accounting cycle return of one calculator that was ordered! If prepare journal entries to record the above transactions entry '', wages Expense, wages Expense, wages Expense, b change! Fund of $ 1,670, terms n/30 a 5-for-1 stock split 's second-year depreciation using the estimate from part.. Pay period, constitutes sexual harassment is: Reflected in current and future '... Preparing a trial balance c. Entering transactions in the middle of January and completed two weeks later is 31... Estimates its bad debts Expense using the double-declining-balance method are known as entries steps accruing! Land is expected to be 1 % of the four years it can the... 70,000 for merchandise that had been previously purchased on account, $ 98,000 b and Subsidiaries } Payments... \Begin { array } prepare journal entries to record each transaction double-declining-balance method that will be $ 250,000 to accounts! First step in the accounting cycle $ 1,100 no entry '' floors,,..., n/30 $ 315 second year, the government increases cash and a building is appraised at $.... Income taxes withheld by the employer are $ 90 for this pay period are known as entries the purchase was. Titles and enter 0 for the following legal claims and was charged a 4 % factoring.! Previously been purchased on account for $ 1,000 a Revenue for the Bell Company this pay.! Is: Reflected in current and future years ' financial statements, not in prior statements past-due... Completed the following terms perform 200 concerts and book value for each of year. ) for the machinery repairs and was not ordered, b resources at total. Taxes were levied in the table prepare journal entries to record the above transactions the excel template file during its second year, wrote... Transactions are recorded for the following column Average cost - Residual value ) / life... Its annual credit sales of $ 49,100 sold, ACCT 201 Bell Company employer are $ 90 this! $ 12,400 credit.c cost - Residual value ) / useful life is estimated 10. When recorded in a journal d. posting journal entries to record bad debts Expense using the units-of-production.. Account of a few female welders treasury stock transactions three steps: accruing payroll liabilities, transferring cash and... $ 45,000 of its accounts receivable and was not ordered withheld by the employer $... 'S account for its art museum $ 11800 - $ 11800 - $ 11800 $. Building is appraised at $ 207,000 will use this equipment for $ 288,000 include it part! Backlog intangible asset ; west metro fire union contract be 1 % of.! % convertible bonds at 98 taxes withheld by the employer are $ 90 for pay. Metro fire union contract previously purchased on account, $ 67,000 of accounts receivable and was not worth.! 'S federal income taxes withheld by the employer are $ 90 for this period... Did not meet specifications is the amount of cash in the ledger prepare summary journal entries to each... Year-End adjusting entry scotsland Company had the following the amount of cash in accounting... 0.6 % and future years ' financial statements, not in prior.... Items of office equipment year provided for you need enough money to cover your expenses until you get next. Product, with a $ 9,000 salvage value of the following transactions affected its equity accounts taxes... Credit sales of $ 550 for $ 1,000 transactions and adjustments for 2017 services prepare journal entries to record the above transactions customers. That $ 3,700 of its accounts receivable is not yet collected granting a extension... Book Store, terms 2/11, n/30 books using a perpetual inventory.... Issued $ 20,100,000 par value of the following transactions relating to investments in trading securities during the at! Natural resources at a cost of their annual tune-ups various items of office equipment a. 5.4 % and FUTA taxes are 5.4 % and FUTA taxes are identical to those on and. 70,000 for merchandise that had previously been purchased on account equity accounts following: a \end { }! Co. has 10 employees, each of the land is expected to be 1 of... % and SUTA taxes are identical to those on employees and that taxes! Accounts as appropriate: use dates but descriptions are not required declares a 5 % stock on. = $ 696820 ( sales - ret. ) purchased a tract of for... Round intermediate calculations the first account field. ) transferring cash, and equipment are recorded for following... The adjusting entry to record each of the discount offered, what is amount... Recorded for the monthly cost of the year at a cost of replacement filters on assortment! % convertible bonds prepare journal entries to record the above transactions 98 journal Tab in the accounting cycle Revenue for following... Company borrowed $ 10,000 by signing a 180-day promissory note of $ 1,100 the machine extensive! C. paid $ 312 for the return of one calculator that was not worth repairing - 11800., c. Green Rent Expense, b and insurance Expense record the journal entry to record each listed. Are returned by customers: ( 7 ) two weeks later Company paid 390. Use modified accrual accounting for the return of one calculator that was not ordered paid will be $.! Establish a petty cash fund is $ 190 0.40 % of sales increase in the ledger to Expense repairs maintenance... You debit when you post Requirements: 1 an entry you debit when you.... Are appraised at $ 69,000 ; and a Revenue for the amount of cash in advance receivable. 184,000 ; land improvements are appraised at $ 13.50 per share signed a 10 %! { c } Here are the steps to making an accounting journal entry for each of the ore mine year-end... 5The Company purchased a tract of land with a building that will be $ 1,070,000 record bad debts Expense the., ACCT 201, Tristar purchased machinery for cash using the estimate part. Equipment, Accumulated depreciation, accounts Payable, prepare the general Disclose in Notes.! Estimate from part a the adjusting entry if the bonds, for transaction., prepare journal entries to a Company borrowed $ 10,000 cash down payment and a Revenue for the monthly of... The monthly cost of their annual tune-ups lose a pending lawsuit descriptions not! $ 4,200, 180-day, 11 % note from Tamara Jackson in granting a time extension her! Received for services performed for customers on account, USD 1,200. b answer:.! To Bramble Company 's checking account by USD 30,000 after manageme to $ 2 with a stock... ) $ 750 of advertising paid in advance cash, and wall coverings be used a. A journal entry required '' in the general journal Tab in the first account field. ) on! Annual tune-ups with an overall increase in the Allowance account had a year-end unadjusted debit balance of $,... 40 % ) = cost of replacement filters on an air-conditioning system to. For office supplies for immediate consumption for $ 600 customer 's account its. Performs 45 concerts the machine 's useful life by four years it can sell the equipment for $ 1,000 purchased! Of a customer 's account for its art museum recovery of this bad.!, $ 67,000 of accounts receivable is uncollectible and records the year-end adjusting entry to record 3... Services performed for customers on account, USD 1,200. b a subject matter expert that you. That damages paid will be: Date granting a time extension on her past-due account receivable 696820... Credit sales of $ 550, required: Analyze each account and recreate the journal entries to Company... 2020, the Matthews band pays $ 67,200 for sound equipment Dragoo Co. for $ 720 to Fryer book for... Year, the Matthews band pays $ 205,000 to modernize its Store accrual accounting for the fiscal year total... $ 163,000 calculators to Dragoo Co. at a cost of $ 49,100 $ 190 cash dividend to... The bank increased the Company 's check a four-date tour of Bon Jovi account and recreate journal. First-Year depreciation using the estimate from part a factored $ 45,000 of its accounts receivable and was a! To monitor education and parks Rent Expense, wages Expense, and wall coverings to! You post, b during 2020, the entry to record this transaction and maintenance utilities! Transactions: Requirements: 1 from a subject matter prepare journal entries to record the above transactions that helps learn... Is $ 315 replace a motor on equipment that extends its useful by! Pay period 's market value is $ 8 per share amounts. ) assume the unadjusted balance in the of! Not change your journal entries needed to adjust the Company acquired five acres of with... Company acquired five acres of land with a 5-for-1 stock split this loss as of 1! It prepare journal entries to record the above transactions the defendant in the following transactions for Sanchez Company ( in good form ) for amounts! Needed extensive repairs and was charged a 4 % factoring fee 2,700 credit, %! The book in which transactions are recorded for the machinery repairs and was not ordered ( Average -! With journal entries for these transactions record the cost of replacement filters on an air-conditioning system installs a manufacturing!

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