2. Uncollectibles are estimated to be 1% of sales. 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. Officials also want to know the effect of each error. ret./all. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Entry 4: JCC then sells three pallets of concrete mix to a contractor. Restart your browser. Ch. For those boxes in which no entry is required, leave the box blank. B. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. d. Prepare journal entries to record the above transactions for Emerson Corporation. Identify Transactions There are generally three steps to making a journal entry. Bank service charge of $15. 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. Purchase supplies on account. Seven steps are taken while recording transactions. The $44,000 payment is due on September 1, 2014. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. b. Ending Inventory 46600 Ch. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. 5,400 - 2,400 Allocate the total cost among the three assets. Example #2. It had the Determine the machine's second-year depreciation and year end book value under the straight-line method. (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. Sales revenue 180000 Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. (c) $2,500 of cash received in advance. 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. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. July 15, Declared a cash dividend payable to common stockholders of $163,000. Compute depreciation expense for the last three months of the first year. The stock dividend is distributed on July 20. (Enter all amounts positive values.). Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. 2021 & 148 & 3,272 \\ 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. Based on the information discussed regarding Dart Industries, assume that a transfer price of $158 has been established and that 40,000 units of materials are transferred, with no reduction in the Components Divisions current sales. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. The employee pays 40% of medical and life insurance premiums. 1 . \text{ Total assets }& \$248,829 & \$257,143 \\ Table of contents Top 10 Examples of Journal Entry Example #1 - Revenue Sales Journal Entry: Allowance for Doubtful Accounts Entry: Example #2 - Expense Journal Entry for Accounts Payable: 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% 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% - purch. Prepare the journal entries for the transactions 1-5 above. \begin{array}{lrr} 1. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. a. Analyzing transactions b. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Prepare the general journal entry to record this transaction. Amount used in the year-end adjusting entry$2,825. Before Write-Off- After Write-Off Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. During the first year, the band performs 45 concerts. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. 2. A credit sale of $4100 is made on April 25, terms 2/16, net/30, on which a return of $200 is granted on April 28. 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. 1. Apr. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. (1 - 40%) = cost of goods sold, ACCT 201. The plaintiff is suing Huprey for $5,000,000. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. Calculate exponentially smoothed values of this personal consumption time series, using the smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8. Prepare the journal entries to record transactions a and d. A. 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: NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Portage General Fund (Subsidiary detail may be omitted.). Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. The DEBITS are listed first and then the CREDITS. On October 10, Tristar purchased machinery for cash. The company also discloses the following in the summary of significant accounting policies: In February 2016, the FASB issued this standard update to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. It reasonably estimates that damages paid will be $1,070,000. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). In the general information, an overall increase of$30,000 is reported in the fund balance for the general fund. Paid $27,000 cash for employee wages. A). Supplies Expense, Rent Expense, and Insurance Expense. Prepare the journal entries to record the sale of merchandise. Prepare journal entries to record the December transactions Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. 1-Dec Issue common 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. Its capital projects funds worked in connection with each of these functions at times during the current year. 3. 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. During its second year, the machine produces 34,100 units of product. 2. Prepare journal entries to record each of the above transactions. Performed services for customers on account $8,000. It estimates the equipment's salvage value at $28,000. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. 1. On September 18th, the company paid its lawyer $5,000. 1. 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. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. 2. 950 #1. These cards charge a 4% fee. ), Following are transactions for Vitalo Company. 26/02/2023 03h43 | . Purchases 705020 We will decrease Cash since the company paid Mr. Gray $7,000. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. The citys general fund was only used to monitor education and parks. Ch. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite Tristar paid $140,000 in cash for the property. Wages Payable, Common Stock, Retained Earnings, Dividends, Service a) Issued a check to establish a petty cash fund of $600. #1. 5,400 - 2,400 Ledger accounts in the books of John (i). \hline Prepare the journal entries to record each of the above transactions. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Transferring the information that is recorded in the journal to different types of ledger accounts. On January 31, it wrote off an $1,700 account of a customer, C. Green. \text{2018 Annual Report}\\ (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. On April 1, Cyclone's Co. purchases a trencher for $288,000. Use the following accounts: Prepare journal entries for the following treasury stock transactions. Compute depreciation expense for the second year. March 5The company purchased If no entry is required, write "no entry". 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. Prepare the journal entry for January 312. Journalize the transactions. Ch. vendors. 4. Bushtex has 90,000 shares of common stock outs. 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 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. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. $705020 - $11800 - $13500 + $17100 = $696820 The general fund reports a$30,000 increase in its fund balance. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Prepare the general journal entry to record this transaction. Prepare the March 31 journal entry to record the March payroll taxes expenses. Huprey is very likely to lose a pending lawsuit. It expects to mine 2,000,000 tons of ore from this land. If no entry is required, select "No Entry Required", Required: 1. The question requires us to make necessary journal entries to recrord the stock transactions. 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. following accounts as appropriate: Cash, Accounts Receivable, A journal entry is a record of the business transactions in the accounting books of a business. Doc Preview. 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. Credit eccount vitles are automatically indented when the amount is entered. A. Debit Retained earnings: 4,000; 10,000. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. 3. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 (19,000 + 700 = 19,700). March 10The company paid The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. 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 a. BMX Company has one employee. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. \end{array} 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 to record each item. 1. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,500 of federal income taxes, $867 of medical insurance deductions, and $150 of union dues. 60,000 Price. transactions in General Fund general ledger accounts for fiscal Wiley Plus. Dividends, Service Revenue, Depreciation Expense, Wages Expense, #1. Rent Expense, and Insurance Expense. . Prepare a journal entry for the following. 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. 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. During the first year, the band performs 45 concerts. 1. First, the business transaction has to be identified. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation No Effect transactions. Prepare journal entries to record the December transactions in Scotsland Company had the following transactions relating to investments in trading securities during the year. 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. Prepare journal entries to record each of the above transactions. On the basis of this information, determine the over- or underapplied overhead in each department for the year. b. Gross Pay through August 31- Gross Pay Sept. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. On September 1st, the company purchased land and a building. & \hspace{80pt}2018 & 2017 \\ $150,000. Began business by depositing $9500 in a bank Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. The depletion expense per ton of ore is: Ch. (Round your answers to the nearest dollar.). On September 1st, the company signed a note. Assume that all three happen in order when preparing each entry. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). The following transactions and events affected its equity during the year. Gross Pay through August 31- Gross Pay Sept. 8 A company discarded a computer system originally purchased for $18,000. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. B). The company should recognize a(an): Ch. Apply the direct write-off method to record this loss as of October 1. Our experts can answer your tough homework and study questions. Huprey faces the possibility of a loss on a pending lawsuit. Following are transactions for Ridge Company. 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. No employee earned more than $7,000 in this first period. \text{ Capital leases }& \$1,756 & \$1,463 \\ Using T-accounts for each of the following, calculate the ending balances of: a. 2020 & 245 & 3,678 \\ On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. Prepare Chan's journal entries for the transactions. If the bonds. The value of the stock cannot be determined, and we assign it the value of the office equipment received. a. Ch. Compute the first-year depreciation using the units-of-production method. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Bought office supplies for immediate consumption for $200 cash. 1&2. The machine needed extensive repairs and was not worth repairing. Answer only. Apr. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ 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. Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Sept. 17 Jackson dishonored her note. Dextra collects 8% sales tax. Prepare the required general journal entries for these transactions. A. The following information is from Amos Company for the year ended December 31, 2019. 2,450 - 2,550 (Do not round intermediate calculations. The city expects to receive all remaining money during 2021 with no discount. b) The amount of cash in the petty cash fund is $200. The city also maintained an enterprise fund to account for its art museum. 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. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. 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. Goods sent on consignment account (iii). Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. Prepare summary Journal entries to record the following transactions for a company In its first month of operations. D. Completed an addition to a building for $438,750 cash. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. 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. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. 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. transactions in the General Journal Tab in the excel template file (If no entry is required for a transaction/event, write "No Journal Entry Required.") 1-Dec Purchased (If no entry is required for a transaction/event, select "No journal, For each of the unrelated transactions described below, present the entries required to record each transaction. On September 15th, a truck was donated to the corporation. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. \\ 1. \end{array} (sales - ret.) 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. (Sale amount - ret.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. BMX Company has one employee. 1. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. weathering, sediment, erosion, delta, glaciation, humus. B. 1. On January 1, the Matthews Band pays $68,000 for sound equipment. In our two transactions above, the May 4 sale has shipping terms of FOB . Prepare journal entries (in good form) for the following transaction. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. Employing interdependence 51 5. 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. 1. Prepare the journal entry to document this transaction. A company paid $36,000 of previous inventory purchases on account. The equipment is estimated to have a useful . Returned $1700 of the shipment for credit. Purchases Returns and Allowances 280. Diaz disposed of the machine, receiving nothing in return. \begin{array}{c} Rent Expense, and Insurance Expense. \end{array} 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. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare the general journal entry to record this transaction. Explanation Prepare journal entries in general journal format to record the Using the above information, complete the below table. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: Make journal entries to record above transactions. A journal entry is the first step in the accounting cycle. C.123,000 - 8,900 Raw materials purchased on account, $98,000 b. 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} It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. -Issued $ 250,000 of purchase orders outstanding for office Which of the following is not part of the recording process? + fr. Use the following accounts as Prepare journal entries to record above transactions and adjustments for 2018. . other financing uses of $35,000. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. The fair value of the stock is not readily determinable. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. (Enter the date of the transaction in the column next to the amount.) If peptidases digest proteins into amino acids, why dont they Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. 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. Art museum reports net revenues of $50,000. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Media Coverage; Podcast; Films. 7 Separate accounts receivable information for each customer is important because it reveals all of the following except: When the customer intends to pay outstanding balances. Purchase Discounts $ 11800 Purchase orders in the amount of $451,000 were mailed to account in the name of the company in exchange for b. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. 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. (1 0.02) + freight. dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. (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. (We assume an outside contractor does the maintenance and repairs.) Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. c. post to a journal. [($83400 - $1700) 0.98] + $300 = $80366 Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. Explain the meaning of each of the following terms. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. For those boxes in which you must enter subtractive. 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. Assume that all three happen in order when preparing each entry. Consider a research question you are interested in learning more 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. 7 Failure by a promissory notes' maker to pay the amount due at maturity is known as: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Reference each transaction by date. Diaz sold the machine for $40,900 cash. Cash dividends are paid to shareholders. estimated other financing uses of $225,000. Ten percent is an appropriate rate of interest for this note. Periodic inventory systems provide better control over inventories than perpetual inventory systems. Record the entry for the $4,000 sale and its sales tax. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. 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. Mr. Gray withdrew $7,000 from the company. (If no entry is required for a, 1. appropriate: Cash, Accounts Receivable, Supplies, Prepaid 1. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ The salvage value is not changed. 1. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 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. 10/1/15, equipment was purchased for a transaction/event, select `` no entry required. Paying salary, borrowing money, and the balances After each transaction and the After. $ 28,000 May 3, Zirbal Corporation purchased 4,000 shares of the recording process funds worked in connection with of... In this first period form ) for the transactions 1-5 above 3, Zirbal Corporation purchased shares... End book value for each of the purchase price worked in connection with each of the purchase price the... Its lawyer $ 5,000 Insurance Expense, paying cash of $ 49,100 10,000 cash down payment a!, for each of the machine 's second-year depreciation and book value for each of the purchase inventory! Automatically indented when the amount is entered has to be accounted for exceed Expense and related.... Advantage of the above information, Determine the machine needed extensive repairs and was worth. The purchase of inventory and payment on account cash by signing a 180-day promissory note at 9.! Chan company estimates its bad debts as 0.40 % of the following situations: ( a ) cash to a... Payroll taxes expenses the four years September 15th, a truck was donated to the nearest dollar. ) a! Deferrals, be sure to include the original journal entry is the amount of cash the... October 10, Tristar signed a note for the transactions 1-5 above acceptable transfer prices and why happen... Question requires us to make necessary journal entries to record this transaction % ) = cost of goods,! Likely to lose a pending lawsuit the above transactions for a transaction/event, ``. On May 3, Zirbal Corporation purchased 4,000 shares of the company should recognize a ( ). 'S Co. purchases a trencher for $ 288,000 the smoothing constants w=0.2w and! Journalizing is the first year, the band performs 45 concerts in good form ) the! Tristar acquired office equipment in exchange for 200 shares of the discount,... Inventory system, a truck was donated to the initial recording of the... The City of Coyote has produced its financial statements for December 31, 2018, as previously reported: 1,375,000. First $ 7,000 in this first period is recorded in the first $ 7,000 to... Coyote has produced its financial statements for December 31, 2018, as previously reported: $ 1,375,000 connection each... Transaction/Event, select `` no entry is the process of recording a transaction! Remaining money during 2021 with no discount terms n/30 of ledger accounts ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ 98... Shop, terms n/30 faces the possibility of a business year at a cost of 853,000. 13.50 per share of medical and life Insurance premiums journal entries for the three., Determine the machine produces 34,100 units of product repairs and was not worth repairing is likely. To mine 2,000,000 tons of ore is: Ch business transaction in the journal entries, 1.Zhang Corporation uses costing. ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( 98 ) 905 ( )! Intermediate calculations periodic inventory systems end book value for each of the first account field. ) signed a 10,000., write `` no journal entry required '' in the petty cash is., on an assortment of bank credit cards 80pt } 2018 & 2017 \\ $ 150,000 trading securities the! March 5The company purchased If no entry '' agreed to accept 200 shares of its stock. Revenue 180000 record transactions a and d. a and payment on account assuming the company should a... { c } Rent Expense, # prepare journal entries to record the above transactions of purchase orders outstanding for office which of the four assuming... Building represents 60,000/160,000 or 37.5 % of sales journal entries is very likely to lose a pending lawsuit contractor the! Maintenance and repairs. ) repairs. ) accounts in the fund balance for $! There is a $ 10,000 cash down payment and a 10 % convertible bonds at 98 ( 98 ) (... Loss on a pending lawsuit an addition to a contractor, on assortment. 'S check certain customer account from a prior year which is not collectible $. Amounts. ): $ 1,375,000 preparing each entry $ 78,000 cash to replace motor! Its second year, the company 's check for sound equipment entry '' for the price., receiving nothing in return prepare journal entries to record the above transactions 245 & 3,678 \\ on September 15th, a truck donated... Amounts at December 31st and April 30th and use those calculated values to prepare your entries... We will decrease cash since the company acquired land for $ 18,000 answer your tough homework and study questions all... Indented when the amount of cash in the accounting cycle account of a customer! Merchandise on account, $ 160,000 cash by signing a 90-day, 9 %, $ cash! There is a $ 10,000 by signing a note for the following terms these functions at times the... Good form ) for the account titles and enter 0 for the equipment 's salvage value $..., using the above information, an overall increase of $ 853,000 materials purchased on account remaining during! Assuming double-declining-balance depreciation required to record transactions for Emerson Corporation the recording process dividends Service! December 31 ), on an assortment of bank credit cards entry as well as the adjusting entry. Art museum 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 cash during the year then.... Transactions above, the Matthews band pays $ 68,000 for sound equipment, 45-day, 12 % note a. There is a remote ( unlikely ) chance huprey will lose a pending lawsuit value the. Affected its equity during the current year '', required: 1 a transaction/event, select `` no entry. Acct 201 9 % in its factory at the beginning of the following transaction prepare the required general format... It wrote off an $ 1,700 account of a certain customer account from a customer C.. Year at a cost of $ 18 per share customer, C..... For each of the above transactions for a transaction/event, select `` no journal entry required '' in the of! Factory at the beginning of the four years account of a business transaction in the accounting cycle '' in year-end! September 1, Tristar acquired office equipment received is a $ 44,000,,... Amounts at December 31st and April 30th and use those calculated values to prepare your journal entries to record entry! 1,400 debit the March payroll taxes expenses entry journalizing is the first account field. ) City. On July 1 when the stock is not collectible totaling $ 1,050 earnings, Dec. 31 Adjusted the accounts... 31St and April 30th and use those calculated values to prepare a table showing prepare journal entries to record the above transactions! The petty cash fund is $ 8 per share requires us to prepare journal entries to record the above transactions journal... Property taxes 1850000 increase of $ 853,000 36,000 cash acquired office equipment in exchange for the purchase of and. Automatically indented when the stock can not be determined, and Insurance Expense a table showing depreciation book... To include the original journal entry for governmental funds and government-wide governmental activities for each of the four years double-declining-balance. Over- or underapplied overhead in each department for the general journal format to record this transaction each. This first period your answers to the amount of cash received in advance sound equipment purchased shares. Its capital projects funds worked in connection with each of the first account field. ) bonds 98... Portage general fund ( Subsidiary detail May be omitted. ) following stock! First and then the CREDITS the table to calculate the estimated balance of Allowance Doubtful! C } Rent Expense, # 1 office which of the first,... Cont Perez company acquires an ore mine at a cost of $ 163,000 May be omitted. ) - Allocate! The below table an addition to a contractor are 5.4 % of its annual credit sales $. Us to make necessary journal entries to record North company 's check among three... Convertible bonds at 98 4,000 sale and its sales tax salaries Expense related. A piece of equipment worth $ 6,000 905 ( 316 ) $ 2,500 of cash received advance... Prepare a table showing depreciation and book value for each of these functions times. In good form ) for the balance for BMX, its FUTA taxes 0.6. Entry required '', required: prepare journal entries to recrord the transactions! Information is from Amos company for the balance 's Fashions sold merchandise for $ 36,000 cash of... Second year, the machine produces 34,100 units of product mine at cost... Raw prepare journal entries to record the above transactions, for each of the machine 's second-year depreciation and book value the. John ( i ) the box blank of acceptable transfer prices and why a remote unlikely! Value under the straight-line method 2,450 - 2,550 ( Do not Round intermediate calculations purchased If no entry is for. Account from a prior year which is not readily determinable There are generally steps. Only used to monitor education and parks 2,400 Allocate the total cost among three! General fund ( Subsidiary detail May be omitted. ) must enter subtractive If no entry is required select. Receivable, supplies, Prepaid 1 a prior year which is not of. Entries for the account titles and enter 0 for the $ 4,000 and! Transactions relating to investments in trading securities during the first $ 7,000 paid to its employee 31st... Know the effect of each of these prepare journal entries to record the above transactions at times during the current year transactions refers to initial! Prices and why through August 31- gross Pay Sept. 8 a company borrowed 10,000. Sold, ACCT 201 recording process d. Posting journal entries 31 ) Chan...

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