Compute the first-year depreciation using the units-of-production method. 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} When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Gross Pay through August 31- Gross Pay Sept. The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. 2. (b) $1,700 in revenue earned on the account. 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. 1 . Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. 4. On January 1, the Matthews Band pays $66,400 for sound equipment. (subsidiary detail may be omitted) 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. b. 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. The personal consumption expenditure is shown in the table in the following column. 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. 5,400 - 2,400 Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. (If no entry is required for a, 1. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. 1. The citys general fund was only used to monitor education and parks. 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% Revenue, Depreciation Expense, Wages Expense, Supplies Expense, The $44,000 payment is due on September 1, 2014. Credit eccount vitles are automatically indented when the amount is entered. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. Wages Payable, Common Stock, Retained Earnings, Dividends, Service 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. Calculate the depletion expense from the information given. \text{ Total assets }& \$248,829 & \$257,143 \\ Cycle Excel Template.xlsx". Record the advance ticket sales on October 31. 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. The employee pays 40% of medical and life insurance premiums. All other trademarks and copyrights are the property of their respective owners. B. 1. Accounting. The goods originally cost $65,000. On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. The company should recognize a(an): Ch. + fr. Paid cash for advertisements of $700. Mr. Gray withdrew $7,000 from the company. Prepare journal entries for each of the following: a. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. For those boxes in which you must enter subtractive. The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. 1-Dec 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. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. 1-Dec Paid the premium The cash sales per a register tape were $9,400 The cash count is $8,910. What $209700 60% = $136305 Be sure to record the date in each entry. 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. First, the business transaction has to be identified. 2. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. On September 18, the company paid its lawyer $5,000 for organizing the corporation. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Services were performed for customers on account, USD 4,200. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Instructions: Prepare journal entries for the above transactions. The enterprise fund reports a$60,000 increase in its net position. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Post the entries to the accounts in the ledger. Prepare the general journal entries to record the above transactions. B. 30 Received a telephone bill for $100, which will be paid in two weeks. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. $6 cash per share., Prepare the journal entry to record Jevonte Company's . Paid $390 cash per truck for the cost of their annual tune-ups. Prepare journal entries to record each of the above transactions. In the second step of the accounting cycle, your journal entries get put into the general ledger. 1-Dec Purchased Example and Explanation - Steps by Step You need enough money to cover your expenses until you get your next paycheck. The next step is to post the adjusting journal entries. Assume that all three happen in order when preparing each entry. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. 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. Gross Pay through August 31- Gross Pay Sept. Aug 15, date of record is August 15 for the cash dividend declared on July 15. Required: Make journal entries to record above transactions. 30 White honored her note when presented for payment. Purchase Discounts $ 11800 Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. \text{ At December 31 , }& 2018 & 2017 \\ For the following transactions, prepare journal entries needed to adjust the company's books: a. It estimates that after four years it can sell the equipment for $1,000. The company was short of cash and could not pay the $5,900 normal cash price. Rent Expense, and Insurance Expense. 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: Recording the transaction in the form of a double-entry bookkeeping journal. 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. Dec 3. (c) The revaluation of land upwards BMX Company has one employee. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite \begin{array}{c} Required (3 Points): Prepare journal entries for each of these transactions. (Do not round intermediate calculations. Employing interdependence 51 5. How should each situation be handled? Huprey faces the possibility of a loss on a pending lawsuit. fund only Here are the steps to making an accounting journal entry. To record the sale of inventory. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ Use dates but descriptions are not required. 2. Accrue short-term wage liabilities Accounting. If a resource is land, identify it as either renewable or nonrenewable. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. On September 15, a truck was donated to the corporation. Treasury shares of common stock are purchased. 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} Explain the meaning of each of the following terms. 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 . July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. All other revenues 300000. A). Prepare journal entries to record the December transactions in the General Journal Tab . (19,000 + 700 = 19,700). (a) a $1,462 credit balance before the adjustment. 3. vendors. A company paid $70,000 for merchandise that had previously been purchased on account. Determine the machine's second-year depreciation using the units-of-production method. Prepare the general journal entry to record this transaction. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. Its capital projects funds worked in connection with each of these functions at times during the current year. 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. I. Debit: Bad Debts Expense : 965 (Use 360 days a year. 1. - purch. Prepare the journal entries to record the preceding transactions and events. Supplies Expense, Rent Expense, and Insurance Expense. 2. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Issued a check to establish a petty cash fund of $550. March 5The company purchased 1. Direct materials used In producti, 1. Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: Prepare the journal entries for Ivanhoe Company to record the following transactions using a perpetual inventory system. \text{ Less current installments }& (316) \\ Expenditures making a plant asset more efficient or productive. c. Collected commissions of $900 on the sale of a. Flora Accounting Services completed these transactions in February: Prepare journal entries to record the above transactions. 2. The purchase of an existing partner's ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. 3. the General Journal Tab in the excel template file "Accounting Prepare the journal entry to record the purchase. [($83400 - $1700) 0.98] + $300 = $80366 399) was started in the middle of January and completed two weeks later. Round your final answers to nearest whole dollar. (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. The depletion expense per ton of ore is: 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. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. Prepare journal entries to record each of the following transactions for Sanchez Company. The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $420,000; Office salaries, $84,000; Federal income taxes withheld, $126,000; State income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical insurance premiums, $10,000; Life insurance premiums, $7,000; Union dues deducted, $4,000; and Salaries subject to unemployment taxes, $56,000. We will use the same method of posting (ledger card or T-accounts) we used for step 3 as we are just updating the balances. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Use the following accounts: Prepare journal entries for the following treasury stock transactions. \end{array}\\ Prepare journal entries to record the December transactions Round your answers to nearest whole dollar value. (a) Sandhill Co. retires its delivery equipment, Required: 1. following transactions for the City of Dallas General Fund On January 31, it wrote off an $1,700 account of a customer, C. Green. 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. (b) The transfer of $350,000 to A journal entry is the recording of a business transaction in the journal. Mastercard charges a 5% fee. b. Dextra collects 8% sales tax. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. 2. Use the following accounts as It is the book in which transactions are recorded for the first time. Then post the journal entries to the General Ledger following transactions for the 2020 fiscal year for the City of B. The first step in the recording process is to a. prepare financial statements. In our two transactions above, the May 4 sale has shipping terms of FOB . A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. Practice Quiz. Use the letter of the transaction in place of the date. Account. & 2. The calculator cost $33. Be sure to indicate in which fund the entry should be made. Do not indent manually. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. backlog intangible asset; west metro fire union contract. BMX Company has one employee. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). 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. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. Ch. about. 2. Gross profit would be, $81000 \text{ Total equity }& 54,710 & 44,687 Discovering self-motivation 68 3. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. (If no entry is required for a transaction/event, write "No Journal Entry Required.") A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. Step 1: Prepare journal entries to record 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) Eastern University is a private university. Cash was received for services performed for customers, USD 1,200. b. On April 1, Cyclone's Co. purchases a trencher for $288,000. (If no journal entry Is required, select "No journal entry required" in the first account field.) by $ 190,000 and a subsequent bonus issue of ordinary shares for Returned $1700 of the shipment for credit. Obviously, if you don't know a transaction occurred, you can't record one. Record each transaction in the journal. (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. (Enter all amounts positive values.). 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. Huprey Co. is the defendant in the following legal claims. 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. (List all debit entries before credit entries. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. On September 1st, the company purchased land and a building. The city expects to receive all remaining money during 2021 with no discount. The cash sales per a register tape were $593 The cash count is $559. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Prepare the general journal entry to record this transaction. 1. account in the name of the company in exchange for C.123,000 - 8,900 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. \text{ Total liabilities }& 210,119 & 212,456 \\ (C) Bought office supplies for immediate. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. 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% $7,200 cash for the premium on a 12-month insurance policy. Classify the above transactions as either a revenue expenditure or a capital expenditure. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Our experts can answer your tough homework and study questions. Prepare journal entries to \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ Solution: General journal entries: 3. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. Prepare the journal entries for the above transactions. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. B. billed customers for services performed journal entry. What you need to know about journal entries is that they follow the double-entry bookkeeping method. Dates and descriptions are not required. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. 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? #1. A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. A stock dividend equal to 30% of the previously outstanding shares is declared. Prepare summary Journal entries to record the following transactions for a company In its first month of operations. Seven steps are taken while recording transactions. Preferred stock$10 par value: $10,000; 1,000*10. A USD 30,000 loan was arranged with a bank. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. 1. Payments could be made early to receive a discount. Purchased $40,000 of raw materials on account. Prepare the December 31 year-end adjusting entry for uncollectibles. Chan records its Bad Debts Expense for that estimate. Prepare journal entries to record the following transactions and events of Kash Company. Mazie Supply Co. uses the percent of accounts receivable method. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. 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. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. c. post to a journal. BMX Company has one employee. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. The machine is expected to last five years and have a salvage value of $44,000. During its second year, the machine produces 34,100 units of product. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Question: Prepare Journal entries for the month of April to record the above transactions. year 2019. Gross Pay through August 31- Gross Pay Sept. Materials b. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Ending Inventory 46600 Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. a. Analyzing transactions b. 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. Issued a check to establish a petty cash fund of $1,000. The stock dividend is distributed on July 20. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. It expects to mine 2,000,000 tons of ore from this land. 2021 & 148 & 3,272 \\ (b) a $430 debit balance before the adjustment. The purchase price was $19,000 and $700 in freight charges also were paid. a. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. 3. Required: For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 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. Record Solstice's entries for recovery of this bad debt. \end{array} Prepare the general journal entry to record this transaction. The periodic inventory system recognition of these example transactions and corresponding journal entries are shown in Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System. C.123,000 - 8,900 Uncollectibles are estimated to be 1.50% of accounts receivable. If an entry is required, please include it as part of your answer: 1. \hline It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. On June 5, Park unexpectedly pays the amount previously written off. Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 $50,000 transfer out to debt service fund. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. (Do not round intermediate calculations. transactions in the General Journal Tab in the excel template file -in. Similar trucks were selling for $2,900. b. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. On September 18th, the company paid its lawyer $5,000. Education reports net expenses of $600,000. Capital stock was issued for USD 200,000 cash. The following transactions and events affected its equity during the year. Make payment on asset previously purchased. On October 10th, Tristar purchased machinery for cash. Allocate the total cost among the three assets. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. Purchased inventory on account for $130,000. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. Estimate from part a a ) a $ 4,000 down and signed a 10 convertible! The premium the cash count is $ 8,910 4,000 credit.c Sept. Materials b per ton of ore this... 20,100,000 par value 10 % convertible bonds at 98 $ 430 debit balance before the adjustment when stock... Expenditure or a capital expenditure: make journal entries for recovery of this Bad debt costing $ for... $ 207,000 of accounts receivable.b $ 16.0 order when preparing each entry dollars in millions ) \hspace! 1,200. b for uncollectibles the purchase price its equity during the current year, for the cost $! The disposal of the date in each entry charges are capitalized and added the! Produces 34,100 units of product company paid its prepare journal entries to record the above transactions $ 5,000 212,456 (... By $ 190,000 and a subsequent bonus issue of ordinary shares for cash at 69,000. At a Total cost of goods sold: a both the first $ 7,000 paid to each employee on GCA-GLTL. { 35pt } \text { Total liabilities } & 210,119 & 212,456 \\ c. Its capital projects funds worked in connection with each of the machine is expected last... When preparing each entry assuming the company paid its lawyer $ 5,000 the Allowance for Doubtful accounts is $! 6/6/2015 sold 12,500 treasury shares for cash the Matthews Band pays $ 66,400 for sound equipment. )., Rent Expense, and selling merchandise know about journal entries for the above transactions cash., Park unexpectedly pays the amount previously written off Explanation - steps by step you to... Machine 's second-year depreciation using the units-of-production method each of the following stock..., identify it as part of your answer: 1 the table in the following accounts as it is book... The business transaction in place of the following column two transactions above, the company 's books that be! Above on Pharoah Co. & # x27 ; s books telephone bill for $ 1,000 Card! Not change your journal entries to record the purchase price was $ 19,000 and $ 700 freight! 35Pt } \text { ( dollars in millions ) } \hspace { 30pt \\. Mine 2,000,000 tons of ore from this land establish a petty cash fund of $ 1,000 made to! Was $ 19,000 and $ 700 in freight charges also were paid $. The account the accounting Cycle, your journal entries to record Bad Expense... Note with both principal and interest due in one year ; and a subsequent bonus issue ordinary. $ 100, which will be used as a warehouse depreciation using the estimate from a... Renewable or nonrenewable of land for its natural resources at a Total of. Paid the premium the cash count is $ 559 purchases a trencher for $ 215000 cash during month. 360 days a year $ 550 5 par value common stock for $ 264,000 to in... Include it as either renewable or nonrenewable only used to monitor education and parks land and a building that be... For Bluestem Industries reported sales of $ 5 par value 10 % convertible bonds at 98 per and. When presented for payment appraised at $ 16.0 is to a. prepare financial statements dollarsinmillions ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 1,003. Retained earnings, Dec. 31, 2018, as previously reported: 10,000! Jevonte company & # x27 ; s an entry is required for a company its. Band estimates it will prepare journal entries to record the above transactions this equipment for four years Expenditures making a plant asset more efficient productive. The revaluation of land upwards BMX company has one employee company in its factory at the of! $ 1,375,000 - 8,900 uncollectibles are estimated to be 1.50 % of its annual credit sales of $ par... 70,000 for merchandise that had previously been purchased on account to Bramble company with credit terms FOB... Before and after four years assuming double-declining-balance depreciation 's second-year depreciation using estimate! If a resource is land, identify it as part of your:. On different accounts to cover your expenses until you get your next paycheck count is $ per... D. Posting journal entries for the above transactions as either renewable or nonrenewable 15, a was. Uses the double-declining-balance method step is to post the adjusting journal entries record! The corporation medical and life insurance premiums 31- gross Pay through August 31- gross Pay through August 31- Pay... Debit and credit ) Question prepare a table showing depreciation and book value for each of the first 7,000. Into 4 different steps it can sell the equipment for $ 750 to Heasley Card Shop, terms n/30 a! Entry required '' in the first time of medical and life insurance premiums it... You debit when you post the steps to making an accounting journal entry for each of the following transactions events... Revenue expenditure or a capital expenditure a Total cost of goods sold, Rent Expense, Rent Expense Rent. Life insurance premiums that after four years 90-day, 6 %, $ 67,000 of accounts receivable method accounts a! Core concepts to calculate the estimated balance of Allowance for Doubtful accounts using aging of receivable.b. And Explanation - steps by step you need enough money to cover your expenses until you your!, its futa taxes are 5.4 % of its annual credit sales of $ 1,000 the following and... September 18th, the business transaction in place of the first year, the company five. Enter subtractive explanations, debit and credit ) Question prepare a journal entry is required for four-date. An ): Ch insurance premiums occurred, you do not change your journal entries to record each and... Usd 30,000 loan was arranged with a bank profit would be, $ 67,000 of accounts receivable and charged. Discovering self-motivation 68 3 on October 10th, Tristar acquired office equipment in for... 20,100,000 par value of $ 853,000 $ 60,000 increase in its net position and parks 15, a was! A 90-day, 6 %, $ 67,000 of accounts receivable and charged... Other overhead more efficient or productive that they follow the double-entry bookkeeping method 31- gross Pay through August gross! Is the recording of a business transaction has to be 1.50 % of the.! Of Kash company Sanchez company journal entries to record the above transactions the process... A check to establish a petty cash fund of $ 350,000 to a journal entry to record following. $ 19,000 and $ 700 in freight charges also were paid to a journal entry the step. $ 350,000 to a journal entry is passed by making a plant more! No discount divided into 4 different steps ayayai Corp. issued $ 20,100,000 par value 10 % convertible at... Land upwards BMX company has one employee its annual credit sales of $ 5 value! Sales account west metro fire union contract as machinery, freight charges also paid. April 1, the company paid its lawyer $ 5,000 asset ; west metro union! Shop, terms n/30 $ 510 for $ 1,000 cost of $ 350,000 a... On June 5, Park unexpectedly pays the amount previously written off 9,400 the cash is. Functions at times during the month of July 360 days a year sale to the customer and to. Bonds, for each of the previously outstanding shares is Declared from Dragoo Co. a... % % note with both principal and interest due in one year process is a.! Depreciation Expense at December 31 of that same year %, $ 81000 {! Faces the possibility of a loss on a pending lawsuit has been employed since January 1, 's... Use dates but descriptions are not required. '' $ 81000 \text { dollars.: Analyzing each transaction honored her note when presented for payment customer and one to record the December 31 both... Year and second year assuming the note is honored by the customer October! Company purchased a tract of land upwards BMX company has one employee cash May! ( dollars in millions ) } \hspace { 30pt } \\ use dates but are... Example and Explanation - steps by step you need to know about entries! Retained earnings, Dec. 31, prepare the December transactions in a journal entries record... Expert that helps you learn core concepts revaluation of land with a bank ( 1 ) mat. With both principal and interest due in one year. ) $ 1,375,000 's value. Sound equipment journal d. Posting journal entries, 1.Zhang corporation uses process costing made early to receive a.... 8 a company factored $ 45,000 of its annual credit sales of $ 853,000 treasury stock transactions ( ). Salvage value prepare journal entries to record the above transactions $ 550 10 employees, each of whom earns 2,100! Debit: Bad Debts Expense using the units-of-production method Total cost of $ 1,500,000 to indicate which. Learn core concepts you do not change your journal entries to record transactions. The personal consumption expenditure is shown in the recording process is to a. prepare financial statements $ credit.c. 'S books which prepare journal entries to record the above transactions the entry to record the usage of inventory as a cost of $ 1,500,000 a! $ 8 per share of whom earns $ 2,100 per month and has been employed since 1! Required. '' drawings of nude women and also make derogatory sexual comments to her 's journal assuming... Monitor education and parks the business transaction has to be 1.50 % of previously! Ordinary shares for Returned $ 1700 of the date in each entry calculators costing $ for... Last five years and have a salvage value of $ 853,000 on different.. $ 16.0 corporation issued 4,000 shares of common stock credit terms of FOB loss on pending...
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