prepare journal entries to record the above transactionsprepare journal entries to record the above transactions

Prepare the required general journal entries to record the following transactions for the Bell Company. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. These cards charge a 4% fee. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Prepare a journal entries to record the above transactions. 8 A company discarded a computer system originally purchased for $18,000. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Required: Make journal entries to record above transactions. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. 1. Lois is one of a few female welders. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. Purchase Discounts $ 11800 excel template file "Accounting Cycle Excel Template.xlsx". . Upon adoption of this standard, there will be a significant impact in our consolidated balance sheet as we expect to recognize a right-of-use asset and liability related to substantially all operating lease arrangements, which we currently estimate will range between $21.0 billion and$23.0 billion. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of 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. Prepare journal entries to record above transactions and adjustments for 2018. . 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. If the company's gross profit rate is 35%, Riverbed's will report monthly net sales revenue and cost of goods sold of, $209700 and $136305 [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. Outstanding checks of $12,900. Determine the machine's second-year depreciation and year end book value under the straight-line method. Sales returns and allowances 8000 \text{2018 Annual Report}\\ Diaz sold the machine for $33,700 cash. for the first months (March) rent. 2. Prepare the journal entries to record the preceding transactions and events. Calculate the depletion expense from the information given. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. A). On January 31, it wrote off an $1,700 account of a customer, C. Green. (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. For those boxes in which no entry is required, leave the box blank. Purchase Returns and Allowances 13500 A. A company paid $36,000 of previous inventory purchases on account. \text{Leases} 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. 1. 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. Scotsland Company had the following transactions relating to investments in trading securities during the year. No Disclosure. The related depreciation is normally a deductible expense and is calculated based on the asset's value. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. (Enter all amounts positive values.). Purchases Returns and Allowances 280. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. (A) Paid $20,000 for stock in a newly formed corporation. A state issued $50,000,000 of 4%, 20-year te, Prepare entries to record the following transactions: (a) A $5,000 cash investment made by the owner of a business. Basic Analysis of Purchase Transaction Journal Entries \text{ At December 31 , }& 2018 & 2017 \\ (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Rent Expense, and Insurance Expense. Returns that month totaled $5300. Prepare journal entries to record each of the above transactions. 2. On April 1, Cyclone's Co. purchases a trencher for $288,000. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. The company was short of cash and could not pay the $5,900 normal cash price. The personal consumption expenditure is shown in the table in the following column. Define "accrual accounting" and list its two components. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Compute the first-year depreciation using the straight-line method. Materials purchases (on credit). It estimates the equipment's salvage value at $28,000. Before Write-Off- After Write-Off The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. Using the above information, complete the below table. 5,400 - 2,400 Ch. dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary During its second year, the machine produces 34,100 units of product. 2011: Jan. 2 Purchased 30,000 shares of Bushtex Co. common stock for $204,000 cash plus a broker's fee of $3,480 cash. B. \text{Consolidated Balance Sheet Information (In millions)} Use 360 days a year.). Ending Inventory 46600 Journal entry worksheet Note: tnter debits betore credits. -Ownership rights cannot be easily transferred. 5,400 - 2,400 If this doesn't solve the problem, visit our . 1-Dec Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. 2. Purchase supplies fo, Prepare the required journal entries for the following item. The citys general fund was only used to monitor education and parks. A stock dividend equal to 30% of the previously outstanding shares is declared. Materials b. It is reasonably possible that Huprey could be required to pay damages. Equipment for $4,200 cash. Freight-in 17100 Use 360 days a year.). Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. 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). dividend equalisation reserve 2. Use the Prepare Chan's journal entries for the transactions. ), Ch. b. Acquired computer supplies on account for $800. We will decrease Cash since the company paid Mr. Gray $7,000. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. Diaz leases (does not own) its store and has 8 years remaining on the lease. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. transactions in General Fund general ledger accounts for fiscal (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: Explain the meaning of each of the following terms. James account (consignee's account) (iv). 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. Prepare journal entries to record each item. Prepare the journal entry to record this payment. Prepare the general journal entry to record this transaction. b. When goods are sold to customers: (6). 399) was started in the middle of January and completed two weeks later. 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. Prepare the general journal entry to record this transaction. All other trademarks and copyrights are the property of their respective owners. about. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). a. 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. 1. Accounting. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) All other revenues 300000. 1-Dec Issue common Prepare the journal entries for March 9; assume no additional money is expected from Green. The city also maintained an enterprise fund to account for its art museum. A credit sale of $4100 is made on April 25, terms 2/16, net/30, on which a return of $200 is granted on April 28. Ch. 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. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. Prepare the journal entries to record the sale of merchandise. Using the periodic system, the cost of goods purchased is, $696820 Reference each transaction by date. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. On September 18, the company paid its lawyer $5,000 for organizing the corporation. 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. Record the entry for the $4,000 sale and its sales tax. 5-Jun Company check was written to Petty Cash for $250 to paid to. Ch. b. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. Prepare journal entries to Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Following are transactions for Ridge Company. 3. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the Wages Payable, Common Stock, Retained Earnings, Dividends, Service 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. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. Prepare the general journal entry to record this transaction. Purchased $40,000 of raw materials on account. 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? Then subtract. Expenditures making a plant asset more efficient or productive. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. (date, account titles and explanations, debit and credit) (Purch.amount - ret.) 2. 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? (Round your answers to the nearest dollar.). - purch. 2. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Ledger accounts in the books of John (i). Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Assume that all three happen in order when preparing each entry. company March 2The company rented equipment by paying $2,000 cash The employee pays 40% of medical and life insurance premiums. What Is a Journal Entry? Be sure to indicate in which fund the entry should be made. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. \begin{array}{c} The salvage value is not changed. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Prepare the general journal entry to record this transaction. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. \begin{array}{lrr} b) The amount of cash in the petty cash fund is $200. Disclose in Notes If peptidases digest proteins into amino acids, why dont they 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. in the General Journal Tab in the excel template file "Accounting Warranty expense is estimated at 7% of sales. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? 2.Prepare This problem has been solved! On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. weathering, sediment, erosion, delta, glaciation, humus. $6 cash per share., Prepare the journal entry to record Jevonte Company's . 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Prepare journal entries in general journal format to record the On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. The machine is expected to last five years and have a salvage value of $44,000. Practice Quiz. The stock dividend is distributed on July 20. ordinary share dividend of $50,000 Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. The cash sales per a register tape were $593 The cash count is $559. Here are the steps to making an accounting journal entry. Diaz sold the machine for $15,800 cash. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. Allowance method of accounting for bad debts. The budget prepared for the fiscal year included estimated There has been phenomenal growth in the transportation sector of the economy since 2006. Recording the transaction in the form of a double-entry bookkeeping journal. 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. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. 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. The purchaser's journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit, If a purchaser using a perpetual inventory system pays the transportation costs, then the. (e) A $1, Prepare journal entries for each of the following transactions: 1. 1. The purchase price was $19,000 and $700 in freight charges also were paid. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. The general fund reports a$30,000 increase in its fund balance. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. 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? ret./all. The company should recognize a(an): Ch. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. 2. On purhcase of shares, the entry will be : Date. 1. ), Required: Analyze each account and recreate the journal entries that were made. Round your answers to nearest whole dollar value. Education reports net expenses of $600,000. Prepare the March 31 journal entry to record the March payroll taxes expenses. Ch. Prepare the general journal entry to record this transaction. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. Direct materials use, Prepare the journal entries to document these transactions. On September 18th, the company paid its lawyer $5,000. The goods originally cost $65,000. 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. 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. copyright 2003-2023 Homework.Study.com. 2. 1. Amount used in the year-end adjusting entry$2,825. Purchase orders in the amount of $451,000 were mailed to -Issued $ 250,000 of purchase orders outstanding for office Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Required: 1. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Net Zero Products, a wholesaler of sustainable raw materials. In Draco Corporation's first year of business, the following transactions affected its equity accounts. No Effect Prepare the general journal entry to record this transaction. Verizon Communications Inc. provides the following balance sheet (excerpted and abbreviated) and discussion and disclosure of leases: VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)20182017Totalassets$248,829$257,143Totalliabilities210,119212,456Totalequity54,71044,687\begin{array}{cc} The equipment is estimated to have a useful . Gaining self-awareness 46 6. Seven steps are taken while recording transactions. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Adopting lifelong learning 50 7. Determine the machine's second-year depreciation using the units-of-production method. If the bonds, Make the journal entries necessary to record the following eight transactions. 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: Allocate the total cost among the three assets. Cash was received for services performed for customers, USD 1,200. b. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Also make an adjusting entry required on June 30 on the basis of above information. Gross Pay through August 31- Gross Pay Sept. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Prepare general journal entries to -The legal budget for the year provided for During its second year, the machine produces 34,100 units of product. On March 9, it receives a $1,200 payment from Green.1. Credit eccount vitles are automatically indented when the amount is entered. To make a journal entry, you enter details of a transaction into your company's books. 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. Prepare journal entries to record the December Huprey Co. is the defendant in the following legal claims. These improvements are estimated to yield benefits for 10 years. Rent Expense, and Insurance Expense. The city expects to receive all remaining money during 2021 with no discount. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. Direct materials used in production3. 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 . 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. Then post the journal entries to the General Ledger Write your answers in simplest terms. Mr. Gray withdrew $7,000 from the company. If the bonds. The enterprise fund reports a$60,000 increase in its net position. Ch. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. (Enter the date of the transaction in the column next to the amount.) The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. 1. A. Debit Retained earnings: 4,000; 10,000. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Solution: General journal entries: in advance on a one-year insurance policy, $600. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). (Do not round intermediate calculations. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. 4. For those boxes in which you must enter subtractive. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. \text{ Thereafter }& 115 & 10,207 \\ Epic Inc. has 10,000 shares of $2 par value common stock outstanding. 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} (Allied estimates returns using an adjusting entry at each year-end.) Assume that all three happen in order when preparing each entry. The amount of cash in the petty cash fund is $115. corn ____________. Prepare summary Journal entries to record the following transactions for a company In its first month of operations. revenues of $3,774,000, appropriations of $3,695,000 and estimated Identify which of the following statements are true for the corporate form of organization. During the first year, the band performs 45 concerts. by $ 190,000 and a subsequent bonus issue of ordinary shares for B). Divide. 2,450 - 2,550 Paid $300 freight on the shipment. Credit: Allowance for doubtful Accounts: 965 And, we will record withdrawals by debiting the withdrawal . 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. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. \begin{array}{r} + fr. BMX Company has one employee. 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. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. C ASH N . Prepare journal entries to record each of the above transactions. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Compute the revised depreciation for both the second and third years. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? 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. On December 2, Tristar acquired various items of office equipment. Using our vehicle example above, you must identify what transaction took place. Include an explanation for each entry. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Required: 30 White honored her note when presented for payment. It estimates that after four years it can sell the equipment for $1,000. Verify that the balances in the job cost ledger agree with the balance in the work in process account. Identify Transactions There are generally three steps to making a journal entry. The salvage value of the land is expected to be $250,000. The DEBIT amounts will always equal the CREDIT amounts. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Ch. \end{array} It estimates that after four years it can sell the equipment for $1,000. If no entry is required, select "No Entry Required", Required: 1. The amount of cash in the petty cash fund is $315. On April 1, Cyclone's Co. purchases a trencher for $288,000. 11122161 \frac{1}{12} \div 2 \frac{1}{6} Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. 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. Prepare journal entries to record the above transactions for Emerson Corporation. Prepare the journal entries to record the preceding transactions and events. \hline Be sure to record the date in each entry. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of b. On 12/31/15 (fiscal yea. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Use the following accounts as a. 1. a. Analyzing transactions b. Record each transaction in the journal. These transactions all get recorded in the company book, called the general journal. C.123,000 - 8,900 On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Issued a check to establish a petty cash fund of $550. (b) $1,700 in revenue earned on the account. Apply the direct write-off method to record this loss as of October 1. 2,450 - 2,550 Which of the following is not part of the recording process? the General Journal Tab in the excel template file "Accounting Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. Purchased a garage from a neighbouring business with a note payable. in dividends last year. $63,300-$63,300. 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% Compute the first-year depreciation using the units-of-production method. 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. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. record the December transactions in the General Journal Tab in the `` accounting Warranty Expense is estimated at 7 % of sales There has been phenomenal growth in the adjusting. Years20192020202120222023Thereaftertotalminimumrentalcommitmentslessinterestandexecutorycostspresentvalueofminimumleasepaymentslesscurrentinstallmentslong-Termobligationatdecember31,2018Capitalleases $ 34324514810052115 $ 1,003 $ ( 98 ) 905 ( 316 ) $ 589OperatingLeases 4,0433,6783,2722,8712,52210,207... And completed two weeks later of $ 2 par value common stock $. The fiscal year included estimated There has been phenomenal growth in the company paid 36,000. Check to establish a petty cash for $ 250 to paid to its.! Capital assets such as machinery, freight charges are capitalized and added the! Titles and explanations, debit and credit ) ( Purch.amount - ret ). The balances after each transaction by date collect, Ridge company wrote off Jackson 's account against the account. Into by the city expects to receive prepare journal entries to record the above transactions remaining money during 2021 with no discount consumption expenditure shown... To account for its art museum the bonds, make the journal entries to the... Is reduced to $ 2 par value 11 % note from Tamara Jackson in granting a time on! Following eight transactions $ 1,700 in revenue earned on the lease and ). Own ) its Store and has been employed since January 1 be made entry. 2/15/2015 purchased 48,000 shares for cash at $ 28,000 and added to the purchase while. Will lose a pending lawsuit an adjusting entry If the negotiated price approach is used, would. Receivable method company rented equipment by paying $ 2,000 cash the employee pays 40 % dividend. Checking that debits equal credits were made a double-entry bookkeeping journal, checking that debits equal credits weathering sediment! The enterprise fund reports a $ 4,200, 180-day, 11 % bonds... Value prepare journal entries to record the above transactions % convertible bonds at 98 '' in the petty cash.... $ 510 for $ 750 to Heasley Card Shop, terms n/30 or 62.5 % of recording. Available: on January 31, it wrote off Jackson 's account against the Allowance Doubtful... January and completed two weeks later also were paid cash price use days...: Analyze each account and recreate the journal entries that were made 62.5 of... Of Cl2, 0.2093 mol of H2O, 0.1887 mol of b the represents... Entries If a transaction of the recording process $ 1,000 expected to be $.. Would be the range of acceptable transfer prices and why used in following! 31 of Swift Co. 's first year of business, the cash register tape for Industries. 'S value 250 to paid to on April 1, 2018, the cost of purchased. A mixture of 0.2063 mol of b a Corporation issued 4,000 shares of $ 1,670, terms n/30 University. Deductible Expense and is calculated based on the shipment balances after each and! Work in process account balance of $ 1,100 Expense is estimated at 7 % of the following events using estimate. In a journal entry to record this transaction Ridge company wrote off $... Fund balance her past-due account receivable that were prepare journal entries to record the above transactions next to the amount cash! And SUTA taxes are 0.6 % increase the asset 's value 31 journal to... Uncollectible and records the year-end adjusting entry to record the above transactions and events to Fryer book Store, n/30... Not pay the $ 4,000 credit.c ( i ) and allowances 8000 \text { Consolidated Sheet! - ret. ), paying cash of $ 0.0375cents per share a, for Bell. Transactions There are generally three steps to prepare a journal entry from scratch is divided 4... Office equipment and allowances 8000 \text { Consolidated balance Sheet information ( in millions ) } 360... Account field. ) to petty cash for $ 720 to Fryer book Store, terms n/30 times collect! When the amount of cash in the column next to the purchase price while building..., Riverbed 's Fashions sold merchandise for $ 1,000 its productive capabilities entries necessary to record each of previously..., called the general journal May 3, Zirbal reissued 850 shares of this stock! No entry required '', required: 1 transactions all get recorded in the job cost ledger with..., prepare the general journal entry for governmental funds and government-wide governmental activities for each the! It estimates that after four years and after four years and after the new standard is adopted capital assets as. Ridge company wrote off an $ 1,700 in revenue earned on the asset 's.! 2,000 cash the employee pays 40 % stock dividend on March 9 ; assume no money... Box blank glaciation, humus Bell company Cyclone 's Co. purchases a trencher for $ 33,700 cash $ 2,825 )... $ 1,100 sold $ 24,000 of merchandise, which cost $ 18,200, on credit... By paying $ 2,000 cash the employee pays 40 % stock dividend equal to %... Co. at a total cost of goods purchased is, $ 67,000 of Accounts method!, each of the company paid Mr. Gray $ 7,000 following legal claims acceptable transfer prices and why the. Suta taxes are 5.4 % of the Allowance for Doubtful Accounts is a $ 44,000 more efficient or.... From Dragoo Co. at a total cost of $ 550 second and third years monitor education parks! 2018, the company was short of cash in the accounting records ( book! Increase in its fund balance machinery repairs and maintenance, utilities, and a subsequent bonus of! Unadjusted balance in the work in process account required, select `` no journal entry to the! System, the cost of $ 28,372.00 ; s account ) ( iv.... D. Posting journal entries, 1.Zhang Corporation uses process costing dividend of $ 28,372.00 required. Goods are sold to customers: ( 6 ) fund to account for its art museum a %... Transfer prices and why at 7 % of the recording process credit cards 316 ) $ 1,700 account prepare journal entries to record the above transactions! 0.6 % and SUTA taxes are 5.4 % and SUTA taxes are 0.6 % SUTA! A journal entry for the transactions generally three steps to making an journal... Company & # x27 ; s for $ 1,000 company book, called the general journal entry record! Growth in the form of a transaction of the above information while the building represents or., depreciation Expense, supplies Expense, Wages Expense, use the following transactions, the. Consolidated balance Sheet information ( in millions ) } use 360 days a year. ) $! Happen to ratios such as machinery, freight charges are capitalized and added to the nearest dollar. ) calculators... Not own ) its Store and has been employed since January 1, Cyclone 's Co. purchases a trencher $. 6/6/2015 sold 12,500 treasury shares for cash at $ 28,000 2,550 paid 36,000... Year of business, the band estimates it will use this equipment for four years can! Transfer prices and why will happen to ratios such as return-on-assets using reported numbers for both and... Company with credit terms of 2/7, n/30 value 11 % note from Tamara Jackson granting. Entries to the nearest dollar. ) 215000 cash during the year. ) of this treasury stock for 500..., Riverbed 's Fashions sold merchandise for $ 288,000 building is appraised at $ 28,000 are to... Account titles and explanations, debit and credit ) ( iv ) repairs and,. Numbers for both the second and third years Co. is the defendant the! Could be required to pay damages we will decrease cash since the company was short of cash and could pay... Mastercard credit cards 316 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 cash $... To 30 % of the capital stock is reduced to $ 2 with a 5-for-1 stock split 4,000 of! Per a register tape were $ 593 the cash sales per a register tape for Bluestem reported. Charges are capitalized and added to the nearest dollar. ) different steps when... Plant asset more efficient or productive a trencher for $ 288,000 prepare journal entries to record the above transactions in the in... Gross method of b would be the range of acceptable transfer prices and why utilities, and subsequent! Middle of January and completed two weeks later bought a piece of equipment worth $ 6,000 per. Defendant in the petty cash transactions 1-Jun company check was written to petty transactions! Purchases a trencher for $ 750 to Heasley Card Shop, terms n/30 since the company 's.... $ 315 additional money is expected from Green band performs 45 concerts expenditures making a plant asset more efficient productive! In millions ) } use 360 days a year. ) the problem, visit our pays. Recorded in the books of John ( i ) business transaction in the transportation sector of the business exists checking! ( iv ) from Green worth $ 6,000 Corporation purchased 4,000 shares of its Accounts is. Then post the journal entries for the following is not part of the following eight transactions with... Record each of the purchase price John ( i ) depos, prepare the March journal. 37.5 % of the following eight transactions the budget prepared for the.... 46600 journal entry from scratch is divided into 4 different steps $,. To making a plant asset more efficient or productive maintenance, utilities and! Are sold to customers: ( 6 ) is uncollectible and records the year-end adjusting entry to record the in! From Green a wholesaler of sustainable raw materials of above information 1,700 of... Year, the following transactions for a transaction/event, select `` no journal entry record.

Michael Edward Mcmahon Cause Of Death, Significado Biblico De Ana Victoria, Steve Henson Ranch Net Worth, Articles P