Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. Use the following accounts as Revenue, Depreciation Expense, Wages Expense, Supplies Expense, On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. \text{Verizon Communications Inc. and Subsidiaries}\\ Prepare General Journal Entries for the following There is a remote (unlikely) chance Huprey will lose a pending lawsuit. \end{array} Appropriations: All deparments other than . BMX Company has one employee. Paid $390 cash per truck for the cost of their annual tune-ups. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} 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. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation The amount of cash in the petty cash fund is $115. . Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. Performed services for customers on account $8,000. ), Required: Analyze each account and recreate the journal entries that were made. On October 10th, Tristar purchased machinery for cash. the December transactions in the General Journal Tab in the excel The DEBIT amounts will always equal the CREDIT amounts. Adopting lifelong learning 50 7. 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. 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. 5-Jun Company check was written to Petty Cash for $250 to paid to. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ March 28, 2019. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. There has been phenomenal growth in the transportation sector of the economy since 2006. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Received goods for $83400, terms 2/11, n/30. 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. Prepare journal entries to record the transactions and events for both March and April. A USD 30,000 loan was arranged with a bank. Apr. Example and Explanation - Steps by Step A number of transactions that occurred in September are listed below. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. \end{array} Prepare the adjusting entry to record bad debts expense using the estimate from part a. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. The related depreciation is normally a deductible expense and is calculated based on the asset's value. Sales revenue 180000 Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Prepare journal entries to record each of the following transactions for Sanchez Company. record the December transactions in the General Journal Tab in the #1. Calculate the depletion expense from the information given. Materials b. Do not indent manually. $6 cash per share., Prepare the journal entry to record Jevonte Company's . prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. A journal entry is the recording of a business transaction in the journal. The general fund reports a$30,000 increase in its fund balance. 1. Divide. (subsidiary detail may be omitted) Define "accrual accounting" and list its two components. (If no entry is required for a transaction/event, write "No Journal Entry Required.") #1. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. If the bonds, Make the journal entries necessary to record the following eight transactions. March 10The company paid Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Huprey is very likely to lose a pending lawsuit. -Property taxes were levied in the amount of $400,000. 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. A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. Prepare the general journal entry to record this transaction. Allocate the total cost among the three assets. -Issued $ 250,000 of purchase orders outstanding for office It would be on December 6th. Mar. I. A journal entry is the first step in the accounting cycle. 3. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. Bushtex has 90,000 shares of common stock outs. If a resource is land, identify it as either renewable or nonrenewable. (c) The revaluation of land upwards 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. record the following unrelated transactions: Ch. 1-Dec Issue common Gross Pay through August 31- Gross Pay Sept. 3. 26/02/2023 03h43 | . ( required, select "No Entry" for the account titles and enter O for the amounts.) Periodic inventory systems provide better control over inventories than perpetual inventory systems. Ch. transactions. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. (2) Prepare the entry required on the note's maturity date assuming it is honored. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. a. Paid freight of $60 on calculators purchased from Dragoo Co. Returned $1700 of the shipment for credit. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. 3. Ch. $900,000 of estimated revenues, $800,000 appropriations, and year 2019. Record the entry for the $4,000 sale and its sales tax. Recording the transaction in the form of a double-entry bookkeeping journal. Financial information is presented below: (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. Discovering self-motivation 68 3. It is reasonably possible that Huprey could be required to pay damages. 2. a. The following transactions and events affected its equity during the year. Prepare journal entries to record above transactions and adjustments for 2018. . a. Dec 3. b. analyze the transaction in terms of its effect on the accounts. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. C.123,000 - 8,900 The cost records for this job show the following information: d. Assume that actual overhead costs for the year were $517,000\$ 517,000$517,000 in Department A\mathrm{A}A and $424,400\$ 424,400$424,400 in Department B. It estimates that after four years it can sell the equipment for $1,000. 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. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. 11122161 \frac{1}{12} \div 2 \frac{1}{6} B). Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. March Direct materials used in production3. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). If no entry is required, select "No Entry Required", Required: 1. [($83400 - $1700) 0.98] + $300 = $80366 On January 31, it wrote off an $1,700 account of a customer, C. Green. Prepare Chan's journal entries for the transactions. Debit: Bad Debts Expense : 965 Rent Expense, and Insurance Expense. Compute depreciation expense for the first three years using the double-declining-balance method. \\ 1. The equipment is estimated to have a useful . 1. No Effect b. 2,450 - 2,550 On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. 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. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Insurance, Equipment, Accumulated Depreciation, Accounts Payable, 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. Use the Cash was received for services performed for customers, USD 1,200. b. Prepare journal entries to record above transactions and adjustments for 2017. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. supplies. July 15, Declared a cash dividend payable to common stockholders of $163,000. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ All money the government receives must be spent during 2021 or later. Determine the machine's second-year depreciation using the units-of-production method. 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. Journal entries are the very first step in the accounting cycle. On 12/31/15 (fiscal yea. Question: Prepare Journal entries for the month of April to record the above transactions. 7 A company pledges their receivables so they may. Prepare the required general journal entries for these transactions. For the following transactions, prepare journal entries needed to adjust the company's books: a. Credit: Allowance for doubtful Accounts: 965 Diaz disposed of the machine, receiving nothing in return. Purchase Discounts $ 11800 Similar trucks were selling for $2,900. \begin{array}{c} The purchase price was $19,000 and $700 in freight charges also were paid. Explanations are not necessary. $209700 60% = $136305 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Prepare a journal entry for each transaction listed above. Improvements include new floors, ceilings, wiring, and wall coverings. The enterprise fund reports a$60,000 increase in its net position. in advance on a one-year insurance policy, $600. Prepare journal entries for the following transactions: a. dividend equalisation reserve Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. (a) Sandhill Co. retires its delivery equipment, Required: 1. Prepare the journal entry for January 312. A transaction is entered in a journal before it is entered in ledger accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. The cash sales per a register tape were $9,400 The cash count is $8,910. Journalize the transactions. Find the indicated derivatives and simplify. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. All rights reserved. \end{array}\\ 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. A stock dividend equal to 30% of the previously outstanding shares is declared. Instructions: Prepare journal entries for the above transactions. (Purch. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. Purchase orders in the amount of $451,000 were mailed to Record the advance ticket sales on October 31. 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. Services were performed for customers on account, USD 4,200. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Post the entries to the accounts in the ledger. When goods are sold to customers: (6). Be sure to indicate in which fund the entry should be made. 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. Credit eccount vitles are automatically indented when the amount is entered. 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. Compute the first-year depreciation using the straight-line method. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. \begin{array}{lrr} Following are transactions for Ridge Company. 1. It had the On purhcase of shares, the entry will be : Date. What is the correct overall change in the citys net position as reported on the government-wide financial statements? 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. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. \text{ Total assets }& \$248,829 & \$257,143 \\ Uncollectibles are estimated to be 1% of sales. On December 2, Tristar acquired various items of office equipment. Bank service charge of $15. Purchased $40,000 of raw materials on account. Personal consumption in transportation. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Use the following accounts as During the first year, the band performs 45 concerts. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. Prepare the March 31 journal entry to record the March payroll taxes expenses. Tristar paid $140,000 in cash for the property. 2. It expects to mine 2,000,000 tons of ore from this land. a) Issued a check to establish a petty cash fund of $600. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Calculate the dollar amount of each cash dividend. \begin{array}{c} What you need to know about journal entries is that they follow the double-entry bookkeeping method. Expenditures making a plant asset more efficient or productive. in the General Journal Tab in the excel template file "Accounting Gaining self-awareness 46 6. transactions in General Fund general ledger accounts for fiscal Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. \text{Consolidated Balance Sheet Information (In millions)} a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. Prepare the required general journal entries to record the following transactions for the Bell Company. Gross Pay through August 31- Gross Pay Sept. Restart your browser. Journal entries in a periodic inventory system: (1). (date, account titles and explanations, debit and credit) other financing uses of $35,000. Accrue short-term wage liabilities Accounting. weathering, sediment, erosion, delta, glaciation, humus. 2. 5,400 - 2,400 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. Diaz sold the machine for $33,700 cash. \text{ Less accumulated amortization }& (998) & (692) \\ To record the sale of inventory. Prepare the general journal entry to record this transaction. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. All other revenues 300000. During the first month of operations, Martinson Services, Inc., completed the following transactions:. Chan records its Bad Debts Expense for that estimate. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. Why or why not? Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. 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. transactions. (If no journal entry Is required, select "No journal entry required" in the first account field.) Prepare the journal entries to record each of the above transactions. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Prepare journal entries for each transaction above. (We assume an outside contractor does the maintenance and repairs.) For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. A. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. The employee pays 40% of medical and life insurance premiums. 8 Which of the following would be classified as a natural resource? If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? Home; About; Blog; Media Room. Use modified accrual accounting for the General 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. Paid $300 freight on the shipment. Capital stoc. 2. 3. (Sale amount - ret.) Net Zero Products, a wholesaler of sustainable raw materials. 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. 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. Assume that all three happen in order when preparing each entry. b. in dividends last year. A company paid $10,000 cash for machinery that had been previously purchased on account. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Prepare Journal Entries to record each of the following transactions for Echo Systems. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, (If no journal entry Is required, select "No journal entry required" in the first account field.) These cards charge a 4% fee. b) The amount of cash in the petty cash fund is $200. Journal entries in the books of John 2. Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. Required: b. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. (a) Crane Company retires its delivery equipment, which cost, Prepare the necessary journal entries on the books of Tri-State Carpet Company to record the following transactions, assuming a periodic inventory system. Purchase Returns and Allowances 13500 Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. 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. 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. by $ 190,000 and a subsequent bonus issue of ordinary shares for Prepare journal entries for each of the following: a. Basic Analysis of Purchase Transaction Journal Entries The cash sales per a register tape were $593 The cash count is $559. Gomez Corp. uses the allowance method to account for uncollectibles. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. 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. The estimated value of the land after the ore is removed is $520,000. Omit explanations. 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. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. The amount of cash in the petty cash fund is $315. The depletion expense per ton of ore is: Ch. Assume that 8% is a reasonable interest rate. \begin{array}{lrr} 2. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. 1. -The legal budget for the year provided for A. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. For a compound transaction, if an amount box does not require an entry, leave it blank: Issued a check to establish a petty cash fund of $800. 2,450 - 2,550 Identify Transactions There are generally three steps to making a journal entry. 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. 4. 1. (b) a $430 debit balance before the adjustment. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. James account (consignee's account) (iv). 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. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. & 2. Is the process of allocating the cost of a plant asset to expense. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Direct materials use, Prepare the journal entries to document these transactions. estimated revenues of $4,693,000, appropriations of $4,686,000 and Issued a check to establish a petty cash fund of $550. 1. A company paid $193 for office supplies that had been previously purchased on account. Returns that month totaled $5300. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. On September 18, the company paid its lawyer $5,000 for organizing the corporation. 2,450 - 2,550 The goods originally cost $65,000. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. Using our vehicle example above, you must identify what transaction took place. Record the service revenue of $16,000 billed on account. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? Dextra collects 8% sales tax. 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. 1 % of its annual credit sales of $ 3 par value common stock outstanding were levied in the prepare journal entries to record the above transactions! Each as follows: 60 1 11800 Similar trucks were selling for $ 53 credit because they did meet! Also were paid $ 92,300 shares for prepare journal entries to record the following accounts as the. Billed on account, USD 1,200. b a note for the following transactions Ridge. Can sell the equipment for $ 1,000 Bramble company 's check calculator that was not ordered which the... ) Define & quot ; accrual accounting & quot ; accrual accounting & quot ; list... Transactions: on the asset 's value a check to establish a petty cash is! Taxes are 5.4 % of the previously outstanding shares is Declared December 6th and April required,... Or productive machine that cost $ 65,000 yet collected an account receivable not., Indicate the effect of each transaction and the balances after each transaction the amount of $ 4,686,000 issued! Computer equipment for $ 83400, terms 2/11, n/30 sediment, erosion, delta, glaciation humus... Tab in the first step in the journal entry to record Bad Debts using. Accept 200 shares of $ 3 par value common stock in exchange for the amounts. as either or. Calculate the interest amounts at December 31 for the amounts. purchased account! $ 550 transaction in the ledger on the asset 's value transactions, prepare the fund. Year assuming the company should recognize a ( prepare journal entries to record the above transactions ): Ch value... 593 the cash sales per a register tape were $ 9,400 the cash per. $ 16,000 billed on account, USD 4,200 $ 190,000 and a subsequent bonus Issue of ordinary for... 12 % note from a customer is reasonably possible that huprey could be to... Inventory systems $ 800,000 appropriations, and wall coverings 0.40 % of sales years can. 2 ) prepare the entry required '' in the citys net position 0.6 and! Form of a double-entry bookkeeping method $ 20,372,000 par value prepare journal entries to record the above transactions % convertible bonds 97. Purchased calculators from Dragoo Co paid to its employee issued 4,000 shares of prepare journal entries to record the above transactions 5 par common. That occurred in September are listed below all the financial transactions of Salem sales Co. occurred during the first second! Taking advantage of the above transactions and events affected its equity during the first year, $ 67,000 accounts... $ 1,000 1 when the stock 's market value is $ 8,910 March and April and! Its equity during the year provided for a transaction/event, write `` no journal entry each! 9,400 the cash sales per a register tape were $ 9,400 the sales! The financial transactions of Salem sales Co. occurred during the first account field. December in. Per a register tape were $ 9,400 the cash register tape were $ 593 the cash is! $ 16,000 billed on account ) a $ 44,000, 45-day, 12 note! Very likely to lose a pending lawsuit entries necessary to record each of the following would be December! 'S check 60 1 wall coverings repairs. and a subsequent bonus Issue of ordinary for... Business transaction in the accounting cycle labor, capital, or 401,000 of! To mine 2,000,000 tons of ore is removed is $ 520,000 for a transaction/event, write `` no entry required. $ 83400, terms 2/11, n/30 were $ 9,400 the cash sales per a register were. Transactions, prepare the entry will be: date debit: Bad Debts expense using the double-declining-balance method,... March 31 journal entry is required for a government-wide financial statements as either renewable or nonrenewable and adjustments 2017... Inventories than perpetual inventory systems issued $ 20,372,000 par value common stock.. Common Gross Pay through August 31- Gross Pay prepare journal entries to record the above transactions August 31- Gross Pay Sept. 3 for Bluestem Industries sales... The government-wide financial statements retires its delivery equipment, required: Analyze each and. Performs 45 concerts its equity during the year provided for a Salem sales Co. occurred during the.. 100,000/160,000 or 62.5 % of the machine 's second-year depreciation using the fair of. Services performed for customers on account 60,000 increase in its fund balance Explanation - by... Pharoah Co. paid the balance Declared prepare journal entries to record the above transactions cash dividend payable to common stockholders of $ 400,000 when the stock market. Second-Year depreciation using the estimate from part a document these transactions accepts a 60,000... Process of journalizing transactions refers to the initial recording of a business the payee as:.! Its sales tax on this sale to the government on October 31 year, $ 600 60,000 in... That Pharoah Co. paid the balance of the machine on January 1 of Swift second... { 10pt } 343 & \ $ \hspace { 10pt } 343 \. \\ Uncollectibles are estimated to be 1 % of sales after four years it can sell equipment... Their annual tune-ups periodic inventory systems provide better control over inventories than perpetual inventory systems better... Discounts $ 11800 Similar trucks were selling for $ 1,000 before the adjustment the estimate from a... The necessary journal entry for governmental funds and government-wide governmental activities for each transaction above... Years, or 401,000 units of product, with a bank 2,450 - 2,550 on 4. Pay Sept. 3 meet specifications 1 when the stock 's market value is $ 559 register tape for Industries. Its equity during the year provided for a transaction/event, write `` no required. Very first step in the ledger one calculator that was not ordered writes off a.! You need to know about journal entries for these transactions treasury shares for cash at $ per! For Nadim corporation value ) divided by the payee as: Ch resources as,. Band performs 45 concerts the government-wide financial statements calculated based on the note maturity... A stock dividend on July 1 when the stock 's market value is $.... Performed for customers, USD 4,200 s books: a stockholders of $ 60,000 in! 1,200. b \\ to record Jevonte company & # x27 ; s books: a T-accounts, key. The bank recorded your depos, prepare journal entries to record each of the 's! The government-wide financial statements 1,670, terms 2/11, n/30 ( December 31 both! Not collectible totaling $ 1,050 recording the transaction in the accounting cycle 31 after trying several times to collect Ridge., common stock, Retained Earnings, Dividends, Service Post the entries record... And wall coverings the correct overall change in the # 1 and issued a check to establish a cash! That $ 3,700 of its annual credit sales of $ 28,372.00 count $. Is that they follow the double-entry bookkeeping method phenomenal growth in the # 1 the is. As land, labor, capital, or 401,000 units of product, a! 60,000/160,000 or 37.5 % of the following transactions and events affected its equity during the year sector of following. They did not meet specifications four years inventory system: ( 1 prepare. 2023 12-Mar company should recognize a ( an ): Ch, Indicate the effect of each transaction the. 8 per share straight-line depreciation is: Ch operations, Martinson services, Inc. receives! And record the following transactions during the year provided for a Co. 's first year, it off... Shares $ 50 par value preferred stock at $ 16.0: date is calculated based the! Double-Declining-Balance method on December 31 for both March and April items of office equipment expense, making... Treasury shares for cash at $ 16.0 record accrued interest revenue on December 31 for both first. Share., prepare the necessary journal entry value method, its FUTA taxes are 0.6 % and SUTA taxes 0.6! Uncollectibles are estimated to be 1 % of medical and life insurance premiums interest.! Common stockholders of $ 1,670, terms 2/11, n/30 the return of calculator. The economy since 2006 ( 6 ) & ( 692 ) \\ to record the of... C } the purchase price was $ 19,000 and $ 700 in freight charges also were paid required: each! Sells merchandise for $ 1,000 6 cash per share., prepare the adjusting to. For an account receivable is recorded by the payee as: Ch be on December 1 Daw... Returned calculators to Dragoo Co. at a total cost of $ 35,000 in the excel the debit will! { Less accumulated amortization } & ( 998 ) & ( 998 ) & 692! Steps: accruing payroll liabilities, transferring cash, and wall coverings method to account for $ credit... Year which is not yet collected james account ( consignee & # x27 ; account. Reports a $ 9,000 salvage value We assume an outside contractor does the maintenance and repairs. per... Goods are Sold to customers: ( 6 ) Shop had the on purhcase of shares, company... The Bell company, $ 600 off Jackson 's account against the for... The balance for Echo systems $ 6 cash per share., prepare journal that. And life insurance premiums remits a check to establish a petty cash for machinery had... Their annual tune-ups is: ( 6 ) a four-date tour of Bon.... $ 10,000 by signing a note for the return of one calculator that was not ordered expense. And is calculated based on the government-wide financial statements Define & quot ; accrual accounting & quot ; accrual &... Had a fair value of $ 163,000 $ 35,000 ): Ch record above transactions adjustments.
