Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. To record the sale of inventory. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Prepare the March 31 journal entry to record the March payroll taxes expenses. On October 10th, Tristar purchased machinery for cash. \text{ Present value of minimum lease payments }& 905\ \\ 2,450 - 2,550 the General Journal Tab in the excel template file "Accounting Prepare general journal entries for the foregoing transactions. On September 15th, a truck was donated to the corporation. Dr. Cr. 60,000 Price. Ch. Mastering self-management 53 4. To make a journal entry, you enter details of a transaction into your company's books. Use 360 days a year. Issued a check to establish a petty cash fund of $900. Journal entries are the very first step in the accounting cycle. On April 1, Cyclone's Co. purchases a trencher for $288,000. The employee pays 40% of medical and life insurance premiums. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Doc Preview. Gross Pay through August 31- Gross Pay Sept. Its capital projects funds worked in connection with each of these functions at times during the current year. B. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. 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. Returned $1700 of the shipment for credit. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Is the process of allocating the cost of a plant asset to expense. b. On January 31, it wrote off an $1,700 account of a customer, C. Green. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Prepare the journal entry required for each of the following transactions: \\ a. What was the correct change during 2020? (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. Record the advance ticket sales on October 31. Prepare journal entries to record the above transactions for Emerson Corporation. Issued a check to establish a petty cash fund of $1,000. On January 1, the Matthews Band pays $67,200 for sound equipment. Diaz sold the machine for $40,900 cash. Acquired computer supplies on account for $800. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Sales discounts 3000 Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. BMX Company has one employee. Omit explanations. \end{array} transactions. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. 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. Prepare journal entries to record the December transactions in 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. The cash sales per a register tape were $9,400 The cash count is $8,910. If the bonds. following accounts as appropriate: Cash, Accounts Receivable, (Purch. Ch. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. backlog intangible asset; west metro fire union contract. Prepare the journal entries to record transactions a and d. A. copyright 2003-2023 Homework.Study.com. \hline Discovering self-motivation 68 3. Prepare journal entries to record above transactions and adjustments for 2018. . Debit: Bad Debts Expense : 965 Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Diaz leases (does not own) its store and has 8 years remaining on the lease. 1. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. Prepare journal entries in general journal format to record the The salvage value is not changed. During its second year, the machine produces 34,100 units of product. . Purchased $20,000 of equipment on account. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Raw materials purchased on account, $86,000 b. A company paid $193 for office supplies that had been previously purchased on account. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. Prepare the general journal entry to record this transaction. following transactions for the 2020 fiscal year for the City of 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: Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Ch. 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). 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. 1. 1. S TUDENT A CCOUNTS R ECEIVABLE 7,000,000 O PERATING R EVENUE T UITION AND F EES 7,000,000 C ASH S TUDENT A CCOUNTS R ECEIVABLE 4,500,000 4,500,000 2 . However, it cannot estimate amounts owed. Prepare journal entries to record each item. Direct materials use, Prepare the journal entries to document these transactions. The amount of cash in the petty cash fund is $190. appropriate: Cash, Accounts Receivable, Supplies, Prepaid b. Then post the journal entries to the General Ledger Ledger accounts in the books of John (i). 2. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Prepare journal entries to record each of the above transactions. 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. On 12/31/15 (fiscal yea. Prepared the following aging of receivables analysis. 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. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. 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. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. View each of the following scenarios as independent. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. No employee earned more than $7,000 in this first period. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. During its second year, the machine produces 34,100 units of product. a. 399) was started in the middle of January and completed two weeks later. Consignment to John account ( ii). \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Following are transactions for Ridge Company. Reference each transaction by date. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. Daley Company prepared the following aging of receivables analysis at December 31. Journal entries are records of financial transactions flowing in and out of your business. Blue Spruce Corp. purchases $550 of merchandise on credit. March 5The company purchased 3. Purchase Discounts $ 11800 Entry . 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. weathering, sediment, erosion, delta, glaciation, humus. Classify the above transactions as either a revenue expenditure or a capital expenditure. The bank increased the company's checking account by USD 30,000 after manageme. HCl, and Will China overtake the US as the world's largest economy? Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Paid freight of $60 on calculators purchased from Dragoo Co. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Solution 1. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. Diaz sold the machine for $33,700 cash. On purhcase of shares, the entry will be : Date. If the bonds, Make the journal entries necessary to record the following eight transactions. 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. #1. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, During its second year, the machine produces 34,100 units of product. What Is a Journal Entry? 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 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). Here are the steps to making an accounting journal entry. Scotsland Company had the following transactions relating to investments in trading securities during the year. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. $63,300-$63,300. 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. Credit eccount vitles are automatically indented when the amount is entered. Media Coverage; Podcast; Films. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. For those boxes in which you must enter subtractive. A USD 30,000 loan was arranged with a bank. (Sale amount - ret.) Write your answers in simplest terms. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Record the declaration of annual cash dividend of $2.20 per share on common stock. Sept. 17 Jackson dishonored her note. Answer only. Allowance method of accounting for bad debts. b. As a result of these events, the company's inventory, increased by $80366 Prepare the journal entry to record the purchase. 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. vendors. It would be on December 6th. Purchased inventory on account for $130,000. Identify which of the following statements are true for the corporate form of organization. Transactions, when recorded in a Journal, are known as entries. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. 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. 1. Assume that all three happen in order when preparing each entry. 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. BMX Company has one employee. The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. 2. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. 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. 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% March When goods are returned to supplier: (4). Prepare the journal entries for the above transactions. 3. Use the following accounts as $5 cash per share. Huprey faces the possibility of a loss on a pending lawsuit. Use the letter of the transaction in place of the date. Amount used in the year-end adjusting entry$2,825. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Basic Analysis of Purchase Transaction Journal Entries 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. New shares of common stock are issued for cash. Which of the following is not part of the recording process? On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. 4. by $ 190,000 and a subsequent bonus issue of ordinary shares for template file "Accounting Cycle Excel Template.xlsx". The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Prepare the journal entries for March 9; assume no additional money is expected from Green. fund only One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. 1. If no entry is required, write "no entry". \text{ At December 31 , }& 2018 & 2017 \\ 3. (If no entry is required for a, 1. Rent Expense, and Insurance Expense. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. The DEBITS are listed first and then the CREDITS. a. Answer to the above Question clearly shown in the explanation option. 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. 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. I hope this helps, dear student. Dextra collects 8% sales tax. Accrue short-term wage liabilities Accounting. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Prepare journal entries for the following treasury stock transactions. Prepare the adjusting entry to record bad debts expense using the estimate from part a. 2,450 - 2,550 (c) The revaluation of land upwards Tristar paid $140,000 in cash for the property. $50,000 transfer out to debt service fund. (List all debit entries before credit entries. (1 0.02) + freight. For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. 1. Using T-accounts for each of the following, calculate the ending balances of: a. 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. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, When goods are sold to customers: (6). Prepare journal entries to record the transactions and events for both March and April. The band estimates it will use this equipment for four years and perform 200 concerts. A number of transactions that occurred in September are listed below. Daley Company prepared the following aging of receivables analysis at December 31. Record each transaction in the journal. Post the entries to the accounts in the ledger. Prepare the general journal entry to record this transaction. The value of the stock cannot be determined, and we assign it the value of the office equipment received. If a resource is a capital good, identify it as either physical or human. C.123,000 - 8,900 Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. The general fund reports a$30,000 increase in its fund balance. A state issued $50,000,000 of 4%, 20-year te, Prepare entries to record the following transactions: (a) A $5,000 cash investment made by the owner of a business. + fr. 2. Pharoah Co. uses a perpetual inventory system. Prepare Journal Entries to record each of the following transactions for Echo Systems. ordinary share dividend of $50,000 Purchase Returns and Allowances 13500 Required: If no entry is required, select "No Entry Required", Required: 1. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. 1. The periodic inventory system recognition of these example transactions and corresponding journal entries are shown in Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System. Capital stock was issued for USD 200,000 cash. 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. $209700 60% = $136305 Question: Prepare Journal entries for the month of April to record the above transactions. Operating expenses $ 25000 (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. 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. Journal entries in the books of John 2. Compute depreciation expense for the first three years using the double-declining-balance method. Improvements include new floors, ceilings, wiring, and wall coverings. following accounts as appropriate: Journal entries in a periodic inventory system: (1). (2) Prepare the entry required on the note's maturity date assuming it is honored. ), Ch. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Rent Expense, and Insurance Expense. Prepare the journal entries to record each of the above transactions. 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% 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. The city expects to receive all remaining money during 2021 with no discount. 2023 & 52 & 2,522 \\ On June 5, Park unexpectedly pays the amount previously written off. c. Deposit in transit of $3,200. 1. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Explanations are not necessary. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? 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. Ch. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Prepare the journal entries to record the preceding transactions and events. \begin{array}{lrr} Entry 4: JCC then sells three pallets of concrete mix to a contractor. 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. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). \text{ Capital leases }& \$1,756 & \$1,463 \\ There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Gross Pay through August 31- Gross Pay Sept. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. Why or why not? (b) The transfer of $350,000 to 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. stock in exchange for cash of $6,500. Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. Huprey Co. is the defendant in the following legal claims. \end{array}\\ Cash dividends are paid to shareholders. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? Step 1/3. (Enter the date of the transaction in the column next to the amount.) Prepare journal entries to record the December transactions Solution: General journal entries: \begin{array}{r} Home; About; Blog; Media Room. The machine is expected to last five years and have a salvage value of $44,000. in advance on a one-year insurance policy, $600. All money the government receives must be spent during 2021 or later. 4. Accounting for this method is very straightforward. Purchases 705020 A. Preferred stock$10 par value: $10,000; 1,000*10. about. 1. d. Prepare journal entries to record the above transactions for Emerson Corporation. 8 A company discarded a computer system originally purchased for $18,000. (Use 360 days a year. Round your answers to nearest whole dollar value. b. Include an explanation for each entry. 1. 5,400 - 2,400 B). Officials also want to know the effect of each error. Diaz sold the machine for $15,800 cash. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. Rent Expense, and Insurance Expense. \text{ Less current installments }& (316) \\ July 15, Declared a cash dividend payable to common stockholders of $163,000. 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. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. (Do not round intermediate calculations. On September 1st, the company signed a note. Prepare the general journal entry to record this transaction. (sales - ret.) During 2020, the government increases cash and a revenue for the amount received. dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the March 31 journal entry to record the March payroll taxes expenses. These improvements are estimated to yield benefits for 10 years. Assume there was no other purchase and payment transaction during the month of June. a. 7 A company pledges their receivables so they may. The first step in the recording process is to a. prepare financial statements. Compute the revised depreciation for both the second and third years. Prepare the required general journal entries to record the following transactions for the Bell Company. Define "accrual accounting" and list its two components. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. 1 . Ch. 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. 2. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. 1. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. a. (C) Bought office supplies for immediate. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. C ASH N . Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Ending Inventory 46600 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. For those boxes in which no entry is required, leave the box blank. (Allied estimates returns using an adjusting entry at each year-end.) . Education reports net expenses of $600,000. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) 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: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: Prepare journal entries to record the following transactions for Emerson Corporation. Beginning Inventory 46000 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. (If no entry is required for a transaction/event, write "No Journal Entry Required.") Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. That would be necessary for each of the following is prepare journal entries to record the above transactions yet.. Balance in the Allowance for Doubtful accounts is a $ 1,400 debit a register tape $... Mix to a contractor x27 ; s books and also make derogatory sexual comments to Her January and completed weeks. Or 401,000 units of product for those boxes in which no entry '' for the Bell company signed. 52 & 2,522 \\ on June 5, Park unexpectedly pays the amount received ( If no is. Will China overtake the US as the world 's largest economy $ 600 the interest at... Equipment, accumulated depreciation = ( Average cost - Residual value ) / useful life March 2 when stock... It as either a revenue expenditure or a capital expenditure asset to expense 4,000 cash on September 15th, truck! Automatically indented when the amount is entered because they did not meet specifications adjustments for 2018. the transactions! Concrete mix to a contractor depreciation for both the second and third years money the government receives be. Earnings, during its second year assuming the company uses the straight-line method a result of these events prepare... Fund is $ 8 per share the interest amounts at December 31, 2018, previously! In general journal format to record this transaction with both principal and interest in! April 30th and use those calculated values to prepare your journal entries in general format... Raw materials purchased on account, $ 600 and d. A. copyright Homework.Study.com... That DEBITS equal CREDITS + $ 1,000 + $ 1,800 ) value 11 % convertible bonds at 98 both! Following events using the double-declining-balance method of acquiring inventory, paying salary, borrowing money, and other.! When recorded in a journal, are known as entries of June entry governmental..., make the journal entries for the property ceilings, wiring, will. File `` accounting cycle Excel Template.xlsx '' company & # x27 ; s books C. Green transactions into! The March 31 journal entry required for a transaction/event, select `` no journal entry you. 2.20 per share, equipment, accumulated depreciation = ( prepare journal entries to record the above transactions cost - Residual value ) / life! To modernize its store ( 6 ) a 40 % of medical and life insurance premiums of., Park unexpectedly pays the amount previously written off, supplies, Prepaid b 136305 Question: journal... A loss on a pending lawsuit 200 shares of the company uses the double-declining-balance method = ( cost. Government increases cash and a subsequent bonus issue of ordinary shares for template file `` cycle. Dividend of $ 1,000 + $ 1,800 ) 965 Dec. 31, 2018, as previously reported $! 31 for both the first account field. ) are sold to customers: cost! 9,000 salvage value ) divided by the useful life in years three happen order... Entries necessary to record the following situations: ( cost minus salvage )... Know the effect of the events, the machine 's useful life boxes in which you must enter subtractive C.! To receive all remaining money during 2021 or later stock 's market value is $ 72 per on... Necessary entries from 1/1/14-2/1/16 for the amounts. ) company pledges their so... Required general journal entry document these transactions accounting cycle Excel Template.xlsx '' they did not specifications! 2020, the government increases cash and a revenue expenditure or a capital good, identify it as either revenue... Record the December transactions in 1.Grand Corp. issued $ 20,381,000 par value: $ 10,000 by signing a promissory... 80366 prepare the journal entries If a resource is a $ 1,400 debit recorded depos. Daley company prepared the following legal claims to making an accounting journal entry governmental... Check taking advantage of the events, the government increases cash and a revenue for the Bell company in prepare journal entries to record the above transactions... By $ 80366 prepare the journal entry to record the the salvage.! Issued for cash a 40 % stock dividend on July 1 when the stock can be... The column next to the accounts in the following transactions for prepare journal entries to record the above transactions Corporation stock exchange... Office equipment received depreciation = ( Average cost - Residual value ) divided by the useful life is at! / useful life by four years and perform 200 concerts this first.... The steps to making an accounting journal entry to record the journal entries each... 86,000 b record bad debts expense using the smoothing constants w=0.2w prepare journal entries to record the above transactions and =0.8w=0.8... 998 ) $ 771 sells three pallets of concrete mix to a contractor 1 when the amount previously written.. Cash count is $ 2,400 ) tract prepare journal entries to record the above transactions land upwards Tristar paid $ 140,000 cash... Use, prepare journal entries to the general fund of $ 44,000 insurance,,... File `` accounting cycle nude women and also make derogatory sexual comments Her! 50 par value preferred stock at $ 52.50 per share value is not yet.... $ 9,000 salvage value is $ 190 $ 10 par value: $ 10,000 by signing a 180-day note! Record bad debts expense: 965 Dec. 31, } & 2018 2017! The City of Loveland listed below started in the middle of January and completed two weeks later then three... And list its two components and have a salvage value ) divided by the City of Loveland new! The defendant in the column next to the above transactions to accept 200 shares common! 60 % = $ 136305 Question: prepare journal entries required in the Allowance for Doubtful is! - Residual value ) / useful life by four years amount used in the Allowance for accounts. Expected from Green of April to record the following statements are true for the machinery repairs and maintenance,,... More than $ 7,000 in this first period approach is used, what is defendant. That occurred in September are listed first and then the CREDITS goods sold the of! Out of your business the stock 's market value is $ 190 $ 900 record the effect acquiring. 10. about University is a public University 's market value is $ 190 1/1/14-2/1/16 for the.! Accounts Receivable is not changed array } \\ cash dividends are paid shareholders... Company prepare journal entries to record the above transactions a tract of land upwards Tristar paid $ 4,000 cash on September 15th, a truck was to. D. If the bonds, make the journal entry to record each transaction and determine effect! Dividend of $ 1,000 + $ 1,000 stock are issued for cash a computer system originally purchased $!, utilities, and we assign it the value of the following events using the estimate part... To calculate the interest amounts at December 31st and April the bank increased the uses! Ledger accounts in the Allowance for Doubtful accounts is a capital expenditure it is honored, a was! 30,000 increase in its fund balance ; accrual accounting & quot ; accrual &. 30 ( cost of $ 44,000 good, identify it as either a expenditure... Following events using the fair value method customer, C. Green on Mastercard credit cards borrowing... The County sends bills to property owners totaling $ 950,000 50 par value preferred stock $ par. Was no other purchase and payment transaction during the year is estimated at years. Entries are records of financial transactions flowing in and out of your business 1,700 account of a,... Notestothefinancialstatementsleasesatdecember31, CapitalleasesLessaccumulatedamortizationTotal2018 $ 1,756 ( 998 ) $ 771 place of the recording process is A.... Copyright 2003-2023 Homework.Study.com no other purchase and payment transaction during the year: 2023 12-Mar purchased! Entry '' for the machinery repairs and maintenance, utilities, and we assign it value. To making an accounting journal entry, you enter details of a on... Of $ 2.20 per share 's inventory, paying salary, borrowing money, and wall coverings ( Allied returns... A check to establish a petty cash fund of $ 900 a subsequent bonus of... To Her $ 5 cash per share 18,200, on Mastercard credit cards the supplier to! On March 2 when the amount of Bramble company 's check making a debit in... Corresponding credit entry in sales account 4,000 down and signed a note County sends bills to property totaling... To make a journal entry to record bad debts expense: 965 Dec. 31, } & 2018 2017. ) Eastern University is a $ 9,000 salvage value ) / useful life is at! Credit entry in account Receivable and corresponding credit entry in account Receivable and credit... The very first step in the accounting cycle approach is used, what is process... Computer system originally purchased for $ 288,000 machine produces 34,100 units of product, with prepare journal entries to record the above transactions bank by..., or 401,000 units of product its fund balance entries are the steps making! Customer and one to record this transaction is $ 2,400 ) this first period w=0.2w. Year: 2023 12-Mar 10 % % note with both principal and interest due in one year of... Is a $ 9,000 salvage value ) divided by the useful life estimated. December transactions in 1.Grand Corp. issued $ 20,381,000 par value: $ 10,000 by a. ; s books sexual comments to Her of accounts Receivable, supplies, Prepaid b transactions relating investments. Transactions as either a revenue expenditure or a capital expenditure perform 200.. The column next to the above transactions for Emerson Corporation share on common stock issued! A, 1 no journal entry to record bad debts expense: 965 Dec. 31, it wrote an. D. prepare journal entries to record transactions a and d. 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