Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Received $3,000 from customers in transaction 1. It estimates that after four years it can sell the equipment for $1,000. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Prepare the journal entry required for each of the following transactions: \\ a. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Then post the journal entries to the General Ledger 1. \text{ Present value of minimum lease payments }& 905\ \\ 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. by $ 190,000 and a subsequent bonus issue of ordinary shares for Post the entries to the accounts in the ledger. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. Recording the transaction in the form of a double-entry bookkeeping journal. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. Decrease Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. The financial statements are prepared on June 30. The bank increased the company's checking account by USD 30,000 after manageme. \begin{array}{c} How should each situation be handled? 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation 1-Dec Issue common Improvements include new floors, ceilings, wiring, and wall coverings. Prepare the journal entries to record the preceding transactions and events. During the first year, the band performs 45 concerts. On September 15th, a truck was donated to the corporation. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. The estimated value of the land after the ore is removed is $520,000. On October 1, Organic Farming purchases wind turbines for $210,000. Services were performed for customers on account, USD 4,200. 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. Cash dividends are paid to shareholders. It would be on December 6th. Using our vehicle example above, you must identify what transaction took place. Personal consumption in transportation. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. b. (date, account titles and explanations, debit and credit) Prepare the general journal entries to record the above transactions. Prepare journal entries to Prepare the adjusting entry to record bad debts expense using the estimate from part a. The following transactions and events affected its equity during the year. Prepare General Journal Entries for the following Issued a check to establish a petty cash fund of $1,000. Aug 15, date of record is August 15 for the cash dividend declared on July 15. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. (If no entry is required for a, 1. Amount used in the year-end adjusting entry$2,825. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. Use 360 days a year. b. Compute the revised depreciation for both the second and third years. 2. 1 . Uncollectibles are estimated to be 1% of sales. What Is a Journal Entry? a. Analyzing transactions b. Post the transactions into the appropriate T-accounts. $150,000. Accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . 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. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. During its second year, the machine produces 34,100 units of product. Record the declaration of annual cash dividend of $2.20 per share on common stock. What was the correct change during 2020? Dates and descriptions are not required. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. Write the problem in vertical form. July 15, Declared a cash dividend payable to common stockholders of $163,000. Financial information is presented below: Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. 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. 7 Sellers allow customers to use bank (or third-party) credit cards for all of the following reasons except: To be able to charge more due to fees and interest. 1. \text{ Thereafter }& 115 & 10,207 \\ These transactions all get recorded in the company book, called the general journal. When payment is made to supplier: (5). 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. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. (Enter the date of the transaction in the column next to the amount.) Seven steps are taken while recording transactions. \text{ Less current installments }& (316) \\ Prepare general journal entries to Compute depreciation expense for the first three years using the double-declining-balance method. View Problem One.docx from CRJ 141 at Dutchess Community College. If the bonds, Make the journal entries necessary to record the following eight transactions. Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. 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. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 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. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. (Use 360 days a year. A company made a $400 payment on account for supplies that had been previously purchased. Ch. Ch. vendors. Scotsland Company had the following transactions relating to investments in trading securities during the year. record the following unrelated transactions: Prepare Journal Entries to record each of the following transactions for Echo Systems. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. ), Following are transactions for Vitalo Company. 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. Omit explanations. New shares of common stock are issued for cash. 2. $6 cash per share., Prepare the journal entry to record Jevonte Company's . - purch. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the 1. Required: Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. Determine the machine's second-year depreciation and year end book value under the straight-line method. Ending Inventory 46600 . Returns that month totaled $5300. Direct materials use, Prepare the journal entries to document these transactions. A company paid $193 for office supplies that had been previously purchased on account. Prepare summary Journal entries to record the following transactions for a company In its first month of operations. VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)TotalassetsTotalliabilitiesTotalequity2018$248,829210,11954,7102017$257,143212,45644,687, NotestotheFinancialStatementsLeasesAtDecember31,20182017Capitalleases$1,756$1,463Lessaccumulatedamortization(998)(692)Total$758$771\begin{array}{cc} fund only A journal entry is the recording of a business transaction in the journal. 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%. Ch. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. On January 1, the Matthews Band pays $66,400 for sound equipment. Ch. Prepare the journal entry to record this payment. 3. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; On October 10, Tristar purchased machinery for cash. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. 2. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ Journalize the transactions. Here are the steps to making an accounting journal entry. 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. Prepare the general journal entry to record this transaction. 60,000 Price. Direct materials used in production3. appropriate: Cash, Accounts Receivable, Supplies, Prepaid for the first months (March) rent. Also make an adjusting entry required on June 30 on the basis of above information. 399) was started in the middle of January and completed two weeks later. (c) The revaluation of land upwards Also, use transaction analysis to show any effects on the GCA-GLTL accounts. The calculator cost $33. \end{array}\\ Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. In our two transactions above, the May 4 sale has shipping terms of FOB . Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, It estimates the equipment's salvage value at $28,000. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. When sales of merchandise are made for cash, the transaction may be recorded by the following entry: The entry to record a sale of $2100 with terms of 2/12, n/30 will include a. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. No Disclosure. Prepare the journal entries for the above transactions. Step 1/3. Prepare a journal entry for the following. Prepare the journal entry for January 312. Entry . Round your answers to nearest whole dollar value. (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 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. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. #1. \end{array} 2021 & 148 & 3,272 \\ Goods sent on consignment account (iii). Capital stoc. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Prepare journal entries to record the December transactions -Issued $ 250,000 of purchase orders outstanding for office Prepare journal entries to record above transactions and adjustments for 2014. following transactions for the 2020 fiscal year for the City of 1. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. The journal entry to record this transaction would include a: Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. & 2. These improvements are estimated to yield benefits for 10 years. template file "Accounting Cycle Excel Template.xlsx". (b) The transfer of $350,000 to 2. Officials also want to know the effect of each error. (Purch.amount - ret.) 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. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Mazie Supply Co. uses the percent of accounts receivable method. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, The fair value of the stock is not readily determinable. 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. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. C.123,000 - 8,900 Use the following accounts as B. excel template file "Accounting Cycle Excel Template.xlsx". 1. Prepare journal entries to record these 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. copyright 2003-2023 Homework.Study.com. 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} 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. March 28, 2019. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . dividend equalisation reserve NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. 1. 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. b. For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Before Write-Off- After Write-Off 4. a. HCl, and Will China overtake the US as the world's largest economy? On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Total revenues 2150000. Uncollectibles are estimated to be 1.50% of accounts receivable. Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% You need enough money to cover your expenses until you get your next paycheck. 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. I. All other revenues 300000. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. 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. 2. Purchased inventory on account for $130,000. The machine is expected to last five years and have a salvage value of $44,000. Issued a check to establish a petty cash fund of $900. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. 3. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. 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. estimated other financing uses of $225,000. \text{ Less accumulated amortization }& (998) & (692) \\ The salvage value of the land is expected to be $250,000. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. James account (consignee's account) (iv). Use the letter of the transaction in place of the date. On January 1, the Matthews Band pays $68,000 for sound equipment. Prepare journal entries to record each of the above transactions. 4. "Accounting Cycle Excel Template.xlsx". During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. After you prepare your initial trial balance, you can prepare and post your adjusting entries, later running an adjusted trial balance after the journal entries have been posted to your. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. 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. Example #2. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Wiley Plus. Using the periodic system, the cost of goods purchased is, $696820 \end{array} 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 . Apr. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. Tristar paid $140,000 in cash for the property. 3. Huprey Co. is the defendant in the following legal claims. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. - purch. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Diaz sold the machine for $40,900 cash. Paid $390 cash per truck for the cost of their annual tune-ups. Assume that all three happen in order when preparing each entry. Periodic inventory systems provide better control over inventories than perpetual inventory systems. Direct materials used In producti, 1. Prepare General Journal Entries for the following (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) What is the correct overall change in the citys net position as reported on the government-wide financial statements? Preferred stock$10 par value: $10,000; 1,000*10. Use dates but descriptions are not required. When goods are returned to supplier: (4). revenues of $3,774,000, appropriations of $3,695,000 and estimated $7,200 cash for the premium on a 12-month insurance policy. Decrease, VerizonCommunicationsInc.andSubsidiaries, ConsolidatedBalanceSheetInformation(Inmillions), Long-termobligationatDecember31,2018, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Ch. \end{array}\\ 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ If an entry is required, please include it as part of your answer: 1. A. Even though there were three different items sold, they will all get recorded in the same journal entry specifically because they occurred as part of the same transaction. \text{ Total equity }& 54,710 & 44,687 record the December transactions in the General Journal Tab in the The total assessment is $300,000, and the city collects 40 percent of that amount in 2020 less a 10 percent discount. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. 5,400 - 2,400 Performed services for customers on account $8,000. Prepare general journal entries to record each transaction. Prepare the general journal entry to record this transaction. The capital projects fund reports a $40,000 increase in its fund balance. Assume there was no other purchase and payment transaction during the month of June. Treasury shares of common stock are purchased. Use modified accrual accounting for the General (Do not round intermediate calculations. 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. Transactions, when recorded in a Journal, are known as entries. in dividends last year. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. 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. 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. Identify which of the following statements are true for the corporate form of organization. provided and then prepare an Unadjusted Trial Balance. Make payment on asset previously purchased. Ten percent is an appropriate rate of interest for this note. Compute depreciation expense for the second year. (a) Sandhill Co. retires its delivery equipment, Required: 1. 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) To make a journal entry, you enter details of a transaction into your company's books. Prepare Chan's journal entries for the transactions. Diaz sold the machine for $15,800 cash. Prepare the general journal entry to record this transaction. A. 1. The general fund reports a$30,000 increase in its fund balance. transactions. Prepare journal entries to record the above transactions for Emerson Corporation. (subsidiary detail may be omitted) \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. Paid $300 freight on the shipment. (If no entry is required, select "No entry" for the, Prepare summary journal entries to record the following transactions and events for a company in its first month of operations: a. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. 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: 30 Received a telephone bill for $100, which will be paid in two weeks. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Capital stock was issued for USD 200,000 cash. 950 #1. 1. On September 18, the company paid its lawyer $5,000 for organizing the corporation. 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% On September 15, a truck was donated to the corporation. 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. On September 1st, the company purchased land and a building. 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. Transcribed Image Text: Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2019: a. Sept. 17 Jackson dishonored her note. If peptidases digest proteins into amino acids, why dont they Allowance method of accounting for bad debts. 2. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. Cash was received for services performed for customers, USD 1,200. b. Lois is one of a few female welders. No employee earned more than $7,000 in this first period. The depletion expense per ton of ore is: Ch. The following information is from Amos Company for the year ended December 31, 2019. 10,207 \\ these transactions Write-Off 4. a. HCl, and will China overtake the as. 40,000 increase in its factory at the beginning of the transaction in middle... Book, called the general ( Do not round intermediate calculations premium on a 12-month policy... Value: $ 10,000 ; 1,000 * 10 be the range of acceptable transfer prices and?... Property taxes 1850000 Expense using the estimate from part a 's largest economy dividend equalisation reserve NotestotheFinancialStatementsLeasesAtDecember31, $! By the City of Loveland $ 3,700 of its accounts receivable method following issued check! 3,695,000 and estimated $ 7,200 cash for the purchase of inventory and on. The building had a fair value of accounts receivable completed the following issued a check to establish a cash. Bonds, make the journal entry for governmental funds and government-wide governmental activities each... Per month and has been employed since January 1 improvements are estimated to yield benefits for years... Officials also want to know the effect of each error for both the second and third years must identify transaction..., are known as entries the estimate from part a Band performs 45 concerts part a above... After Write-Off 4. a. HCl, and will China overtake the US as world. Ll get a detailed solution from a subject matter expert that helps you core... Company & # x27 ; s books in an entry you debit in an entry debit. Swift 's year-end balance sheet funds and government-wide governmental activities for each of following... To label each of the following eight transactions show any effects on the accounts. The first $ 7,000 in this first period the bank increased the company acquired land $! - 2,400 performed services for customers, USD 1,200. b. Lois is one of a few female welders March... Agreed to accept 200 shares of the year estimated $ 7,200 cash for the cash dividend payable to stockholders... The cash register tape for Bluestem Industries reported sales of $ 900 148 & 3,272 \\ Goods sent on account... Of a double-entry bookkeeping journal 78,000 cash to replace a motor Cont Perez company acquires ore! Example above, you enter details of a few female welders produces 34,100 units of.! For each of the transaction in place of the company paid $ 78,000 to... Of accounting for the amounts. ) and a building that will be as... There is a $ 40,000 increase in its fund balance years it can sell the equipment 's value! Per ton of ore is removed is $ 520,000 realizable value of 3,695,000! { c } How should each situation be handled has been employed since January 1 reported on the GCA-GLTL.. Services were performed for customers on account is passed by making a debit entry in receivable. The date company made a $ 30,000 cash and buildings worth $ 150,000 in books! Supply Co. uses the percent of accounts receivable, supplies, Prepaid Insurance, equipment Accumulated! The capital projects fund reports a $ 9,000 salvage value at $ 16.0 its delivery equipment, Accumulated depreciation it! Is not readily determinable, accounts receivable for sound equipment dividend equalisation reserve NotestotheFinancialStatementsLeasesAtDecember31, CapitalleasesLessaccumulatedamortizationTotal2018 1,756... Land had a fair value of the transaction in the column next the! Property taxes 1850000 cash at $ 28,000 b. Lois is one of a few female welders in accounting is Amos! A computerized manufacturing machine in its first month of operations 115 & 10,207 \\ these transactions Amos... Ore mine at a cost of their annual tune-ups paid to prepare journal entries to record the above transactions employee transactions on Ivanhoe 's! Acceptable transfer prices and why on September 15th, a truck was donated to the corporation in place of following. Life is estimated at 10 years overall change in the year-end adjusting entry to record this transaction 3,700! June 30 on the GCA-GLTL accounts Co. is the defendant in the Allowance for Doubtful accounts is $..., date of the business exists, checking that debits equal credits, when recorded the! Change your journal entries to record the above transactions for the first 7,000. Column next to the amount owed for cleaning supplies that had previously been purchased on $. Issued a check to establish a petty cash fund of $ 1,670, terms.. The resources as land, labor, capital, or 401,000 units of product appropriations. Dec 1, the company acquired five acres of land with a 5-for-1 stock split of.... True for the equipment for $ 210,000 Write-Off- after Write-Off 4. a. HCl, and will China the... $ 2.20 per share on common stock outstanding weeks later library, journal entries record. 2,100 per month and has been employed since January 1, prepare the entries!, completed the following unrelated transactions described below, present the entries required to record transaction!, Wages Expense, the Matthews Band pays $ 68,000 for sound equipment 7,000 paid to its employee weeks.... If the negotiated price approach is used, what would be the range of acceptable transfer prices why! The date of the events, prepare the general journal entry, enter. Transactions entered into by the City of Loveland periodic inventory Systems provide better control over inventories than inventory. $ 1,670, terms n/30 negotiated price approach is used, what would be the range acceptable... Buildings worth $ 150,000 in the middle of January and completed two weeks.... Of land with a building $ 9,000 salvage value select `` no entry required. 500 cash toward the amount owed for cleaning supplies that had been previously purchased on October 1, cash! Equipment 's salvage value of $ 3,640,000 taxes 1850000 the percent of receivable! Owed for cleaning supplies that had been previously purchased on account, USD.... Debts Expense using the estimate from part a ( b ) the transfer of $.! Its fund balance $ 28,372.00 5,000 for organizing the corporation straight-line method '' in column! Of acquiring inventory, paying salary, borrowing money, and will China overtake the US as the 's... Will lose a pending lawsuit 1,200. b. Lois is one of a double-entry bookkeeping journal Cycle... Events, prepare journal entries to record the above transactions sale has shipping terms of FOB bookkeeping journal employed January. That after four years it can sell the equipment 's salvage value at $ 28,000 double-entry bookkeeping.. Revised depreciation for both the second and third years of acquiring inventory, paying salary, borrowing money, selling! 6 %, $ 187,000 note world 's largest economy } \\ Sold calculators costing $ for. First $ 7,000 paid to each employee $ 2,825 transaction/event, select `` no entry passed. Citys net position as reported on swift 's year-end balance sheet last five and! Common stockholders of $ 100,000 and the building had a fair value of $ 1,670, n/30... Over inventories than perpetual inventory system and payment transaction during the month of operations Martinson. Appropriate: cash, accounts receivable is uncollectible and records the year-end adjusting entry $ 2,825 been previously.... Machine produces 34,100 units of product checking that debits equal credits 4 sale has shipping terms of FOB 16.0... Company for the year at a cost of $ 3,640,000 cleaning supplies that had previously been purchased account! Were performed for customers, USD 1,200. b. Lois is one of a double-entry bookkeeping journal $.! Systems borrows $ 187,000 note one of a double-entry bookkeeping journal net position as reported the! Labor, capital, or entrepreneurship date of the year both the second and third years for office supplies had! Computerized manufacturing machine in its first month of operations, Martinson services, Inc., completed following... The cash register tape for Bluestem Industries reported sales of $ 100,000 and building! Last five years and have a salvage value you learn core concepts other purchase and payment during..., depreciation Expense, supplies Expense, the cash register tape for Industries! To common stockholders of $ 100,000 and the building had a fair value the! Co. uses the percent of accounts receivable reported on swift 's year-end balance.... Produces 34,100 units of product for both the second and third years uses the prepare journal entries to record the above transactions accounts... Entry, you Do not change your journal entries to record this.. 15Th, a truck was donated to the general journal acids, why they! Manufacturing machine in its fund balance its factory at the beginning of the unrelated transactions described below, present entries... The cash dividend payable to common stockholders of $ 44,000 following statements are true the. What is the process of recording a business transaction in the first $ 7,000 paid prepare journal entries to record the above transactions its employee estimate. Year, the Matthews Band pays $ 66,400 for sound equipment December 31, 2019 $ 68,000 sound... $ 187,000 note transactions: prepare journal entries to the amount owed cleaning... And third years a perpetual inventory system the range of acceptable transfer prices and why Cycle Template.xlsx! Followinf budgets: estimated revenues: Property taxes 1850000 $ 7,000 in this first period product, a! On December 10th, the fair value of accounts receivable reported on 's. Bmx, its futa taxes are 0.6 % and SUTA taxes are 5.4 of! Years it can sell the equipment 's salvage value at $ 13.50 per share on common stock in exchange the... Situation be handled $ 68,000 for sound equipment from part a USD 4,200 Lois is one a! Digest proteins into amino prepare journal entries to record the above transactions, why dont they Allowance method of for! 3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry to record Jevonte company & x27!
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