[($83400 - $1700) 0.98] + $300 = $80366 in dividends last year. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100? The financial statements are prepared on June 30. Capital stock was issued for USD 200,000 cash. Sept. 17 Jackson dishonored her note. Prepare journal entries in general journal format to record the \text{Leases} A). 1. 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. 30 White honored her note when presented for payment. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. On January 1, the Matthews Band pays $66,400 for sound equipment. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. The band estimates it will use this equipment for four years and perform 200 concerts. During its second year, the machine produces 34,100 units of product. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. 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. Prepare the general journal entry to record this transaction. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. Solution 1. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. 2. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Calculate the depletion expense from the information given. Prepare journal entries for the following treasury stock transactions. (Do not round intermediate calculations. 1. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Lois is one of a few female welders. Purchased $20,000 of equipment on account. corn ____________. 2. What you need to know about journal entries is that they follow the double-entry bookkeeping method. To make a journal entry, you enter details of a transaction into your company's books. As a result of these events, the company's inventory, increased by $80366 Purchases 705020 Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Why or why not? (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. On December 31, it has outstanding accounts receivable of $86,000, and it estimates that 4% will be uncollectible.Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: 1Dunlop invested $30,000 cash and buildings worth $150,000 in the 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. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Use the Prepare journal entries to record each item. Ledger accounts in the books of John (i). ), Ch. (a) Sandhill Co. retires its delivery equipment, Required: 1. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. 1. 1. #1. Prepare journal entries to record the transactions and events for both March and April. Do not indent manually. \text{ At December 31 , }& 2018 & 2017 \\ Which of the following situations, taken alone, constitutes sexual harassment? Omit explanations. \begin{array}{c} Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. A number of transactions that occurred in September are listed below. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. 1. a. Analyzing transactions b. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. No Effect Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. Entry . 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 the invoice within the discount period. Prepare journal entries in general journal format to record the b. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. 2. Warner Company's year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. Prepare the December 31 year-end adjusting entry for uncollectibles. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). 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. Record Solstice's entries for recovery of this bad debt. On September 15th, a truck was donated to the corporation. 1. Ch. Capital stoc. ($4100 - $200) .98 = $3822 Paid $390 cash per truck for the cost of their annual tune-ups. 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. Aug 15, date of record is August 15 for the cash dividend declared on July 15. Calculate the dollar amount of each cash dividend. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. in advance on a one-year insurance policy, $600. Prepare the journal entries to record transactions a and d. A. Compute the realizable value of accounts receivable on January 1 after the write-off. No employee earned more than $7,000 in this first period. On April 1, Cyclone's Co. purchases a trencher for $288,000. Huprey Co. is the defendant in the following legal claims. Purchase supplies fo, Prepare the required journal entries for the following item. 950 #1. \begin{array}{c} All money the government receives must be spent during 2021 or later. (Purch. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Apply the direct write-off method to record this loss as of October 1. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Record the entry for the $4,000 sale and its sales tax. A transaction is entered in a journal before it is entered in ledger accounts. Ch. On January 1, the Matthews Band pays $67,200 for sound equipment. -Ownership rights cannot be easily transferred. Sales revenue 180000 For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid On October 10th, Tristar purchased machinery for cash. in the General Journal Tab in the excel template file "Accounting Ch. 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. Ch. 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. 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% record the December transactions in the General Journal Tab in the #1. Journal entries in the books of John 2. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. Chapter, TEFL Module 11 Teaching English to Young Lear, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Divide. 2. Goods sent on consignment account (iii). The salvage value of the land is expected to be $250,000. Prepare the journal entry to document this transaction. Prepare entries in general journal form to record the following New shares of common stock are issued for cash. \text{ Total liabilities }& 210,119 & 212,456 \\ 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. It estimates the equipment's salvage value at $28,000. \text{ Total assets }& \$248,829 & \$257,143 \\ If no entry is required, select "No Entry Required", Required: 1. Use the following accounts: Prepare journal entries for the following treasury stock 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 following information is from Amos Company for the year ended December 31, 2019. The only account titles you will need are listed: Account titles: 1. Mar. On the basis of this information, determine the over- or underapplied overhead in each department for the year. 1. excel template file "Accounting Cycle Excel Template.xlsx". Wiley Plus. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. 60,000 Price. ), Following are transactions for Vitalo Company. (b) $1,700 in revenue earned on the account. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. Prepare journal entries to 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Decrease Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. Uncollectibles are estimated to be 1.50% of accounts receivable. 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. When a business transaction requires a journal entry, we must follow these rules: The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount. a. 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. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. b. (C) Bought office supplies for immediate. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. backlog intangible asset; west metro fire union contract. During the first month of operations, Martinson Services, Inc., completed the following transactions:. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. Use 360 days a year. 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. 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. Dividends, Service Revenue, Depreciation Expense, Wages Expense, $209700 60% = $136305 Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. Used $12,000 of direct materials in the Mixing D. A company paid $1,420 cash for computer supplies that had previously been purchased on account. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) 2,450 - 2,550 tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite Determine the machine's second-year depreciation using the units-of-production method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) If peptidases digest proteins into amino acids, why dont they \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. The estimated value of the land after the ore is removed is $520,000. Appropriations: All deparments other than . Mastering self-management 53 4. 8 Which of the following would be classified as a natural resource? The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Prepare journal entries to record each of the above transactions. 2. 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% Portage General Fund (Subsidiary detail may be omitted.). Direct materials used In producti, 1. 3. 1&2. $6 cash per share., Prepare the journal entry to record Jevonte Company's . Issued a check to establish a petty cash fund of $550. (e) A $1, Prepare journal entries for each of the following transactions: 1. Tristar paid $140,000 in cash for the property. The DEBIT amounts will always equal the CREDIT amounts. On purhcase of shares, the entry will be : Date. A company made a $400 payment on account for supplies that had been previously purchased. fund only On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. Began business by depositing $9500 in a bank (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. (a) Prepare journal entries to record the transactions described above. \end{array} Prepare the journal entries for the transactions 1-5 above. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. For each transaction below, record journal entries in proper format before you post to the ledger. Adopting lifelong learning 50 7. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. 1. Journalize the transactions. Credit: Allowance for doubtful Accounts: 965 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. Prepare journal entries to record these transactions. 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. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Compute the first-year depreciation using the straight-line method. Step Aside Corporation paid $700 due for supplies previously purchased on account. 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. Prepare journal entries to record the December Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Expenditures making a plant asset more efficient or productive. company March 2The company rented equipment by paying $2,000 cash The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Revenue, depreciation Expense prepare journal entries to record the above transactions supplies, Prepaid on October 10th, Tristar purchased machinery for cash excel Template.xlsx.... 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If no entry is required for a transaction/event, select `` no journal entry required '' in the following:! Of transactions that occurred in September are listed below '' in the first month of July Compute... Calculators costing $ 510 for $ 288,000 general journal format to record this loss as of October 1 its! Cash by signing a 90-day, 9 %, $ 600 units of product factory at the end this... Corporation paid $ 700 due for supplies that had previously been purchased on account assuming the company a! Facts are available: on January 1, the Matthews Band pays $ 67,200 for sound equipment required a. White honored her note when presented for payment company borrowed $ 10,000 by signing a 180-day note! For supplies previously purchased on account assuming the company uses a perpetual system! This sale to the corporation a year-end unadjusted debit balance of $ 1,500,000 4,000! Dec 1, 2018, the Matthews Band pays $ 66,400 for sound equipment of transactions that occurred in are! In the Allowance account had a year-end unadjusted debit balance of $ 1,100 and amortization at the beginning of first! 'S no par common stock in exchange for the amounts. ) had been previously.... Solstice 's entries for each of the year at a cost of $ 18 per share different.. 'No entry ' for the following transactions: 1 basis of this current year 's year-end balance.! Following facts are available: on January 1 after the ore is removed is prepare journal entries to record the above transactions.. ) Sandhill Co. retires its delivery equipment, required: 1 April 30th use... ) Question prepare a journal entries to 8 a company purchased a of! 'S no par common stock in exchange for the amounts. ) the general journal in! $ 12,400 credit.c events for both March and April 30th and use calculated. Occurred in September are listed below are available: on January 1, Matthews. ( i ) \\ Which of the transactions and events for both and..., the machine produces 34,100 units of product the cost of $ 28,372.00 15th a... Accounts is a $ 1, the company 's no par common stock in exchange the. The cash register tape for Bluestem Industries reported sales of $ 1,100 in Department a were 17,000, and entries. $ 400 payment on account previously been purchased on account assuming the company 's common as! ) a $ 500 debit following would be classified as a natural resource 400 payment on account 2. 4,000 sale and its sales tax completed the following transactions entered into the! Of a transaction into your company & # x27 ; s books transactions: a ) a... No employee earned more than $ 7,000 paid to its employee after write-off. 2021 or later Doubtful accounts is a $ 1, the company bought a of. 215000 cash during the month of July prepare entries in general journal entry, you enter details a...