Round your final answers to nearest whole dollar. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: 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 the journal entries to record transactions a and d. A. Purchase orders in the amount of $451,000 were mailed to the General Journal Tab in the excel template file "Accounting It is the book in which transactions are recorded for the first time. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. 4. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Use the following accounts as Record Solstice's entries for recovery of this bad debt. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. Payments could be made early to receive a discount. $2,400 of office supplies for cash. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. about. If this doesn't solve the problem, visit our . a. Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, On September 18, the company paid its lawyer $5,000 for organizing the corporation. $209700 60% = $136305 Prepare journal entries to record each of the above transactions. For those boxes in which you must enter subtractive. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. 5-Jun Company check was written to Petty Cash for $250 to paid to. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. billed customers for services performed journal entry. Adopting lifelong learning 50 7. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. On January 31, it wrote off an $1,700 account of a customer, C. Green. 2022 & 100 & 2,871 \\ 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. Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. d. Prepare journal entries to record the above transactions for Emerson Corporation. BMX Company has one employee. \end{array} If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? a. 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. $705020 - $11800 - $13500 + $17100 = $696820 1Dunlop invested $30,000 cash and buildings worth $150,000 in the Issued a check to establish a petty cash fund of $1,000. ret./all. How should each situation be handled? \end{array}\\ 1. record the December transactions in the General Journal Tab in the The $44,000 payment is due on September 1, 2014. for the first months (March) rent. supplies. Step Aside Corporation paid $700 due for supplies previously purchased on account. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. b) The amount of cash in the petty cash fund is $200. 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. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. b. If no entry is required, write "no entry". Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. Prepare the December 31 year-end adjusting entry for uncollectibles. Ch. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ 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? Prepare the March 31 journal entry to record the March payroll taxes expenses. (Purch.amount - ret.) revenues of $3,774,000, appropriations of $3,695,000 and estimated 3. 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% excel template file "Accounting Cycle Excel Template.xlsx". Paid the invoice within the discount period. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. b. 2023 & 52 & 2,522 \\ On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Prepare the required general journal entries for these transactions. To make a journal entry, you enter details of a transaction into your company's books. Decrease Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. Example and Explanation - Steps by Step 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. Supplies Expense, Rent Expense, and Insurance Expense. Capital stoc. Home; About; Blog; Media Room. 2021 & 148 & 3,272 \\ A. Debit Retained earnings: 4,000; 10,000. [($83400 - $1700) 0.98] + $300 = $80366 James account (consignee's account) (iv). Prepare journal entries to record the December transactions in the General Journal Tab . (e) A $1, Prepare journal entries for each of the following transactions: 1. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. 3. -in. Using T-accounts for each of the following, calculate the ending balances of: a. Omit explanations. Dividends, Service Revenue, Depreciation Expense, Wages Expense, On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Solution 1. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Performed services for customers on account $8,000. 1. Prepare journal entries to Raw materials purchased on account, $98,000 b. 2. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. If the company's gross profit rate is 35%, Riverbed's will report monthly net sales revenue and cost of goods sold of, $209700 and $136305 (List all debit entries before credit entries. 2.Record a liability No Effect Credit: Allowance for doubtful Accounts: 965 Services were performed for customers on account, USD 4,200. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. 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. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Journalize the transactions. \text{ Capital leases }& \$1,756 & \$1,463 \\ Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ 2. Paid cash for advertisements of $700. Gomez Corp. uses the allowance method to account for uncollectibles. B. The citys general fund was only used to monitor education and parks. 2. Determine the machine's second-year depreciation using the double-declining-balance method. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. Prepare the general journal entry to record this transaction. 2. Cash was received for services performed for customers, USD 1,200. b. Be sure to indicate in which fund the entry should be made. Diaz sold the machine for $33,700 cash. A. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. Write the problem in vertical form. The total to be paid at maturity of the note is: (Use 360 days a year. Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. 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. C.123,000 - 8,900 a. Dec 3. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. 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. Dates and descriptions are not required. Determine the machine's second-year depreciation and year end book value under the straight-line method. 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. 950 #1. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. Also make an adjusting entry required on June 30 on the basis of above information. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. Prepare a journal entry for the following. July 15, Declared a cash dividend payable to common stockholders of $163,000. I. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. 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. 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. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. 3. $63,300-$63,300. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. \text{Consolidated Balance Sheet Information (In millions)} Identify which of the following statements are true for the corporate form of organization. 1 . What is the correct overall change in the citys net position as reported on the government-wide financial statements? Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. 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. 5,400 - 2,400 Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. The estimated value of the land after the ore is removed is $520,000. Prepare journal entries to record above transactions and adjustments for 2017. 30 Received a telephone bill for $100, which will be paid in two weeks. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. transactions in the General Journal Tab in the excel template file #1. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Mr. Gray withdrew $7,000 from the company. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Prepare general journal entries to The purchase price was $19,000 and $700 in freight charges also were paid. (Enter all amounts positive values.). Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? March 10The company paid The accumulated depreciation was $17,200. Use the following accounts 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. Purchases Returns and Allowances 280. Include an explanation for each entry. The depletion expense per ton of ore is: Ch. Financial information is presented below: BMX Company has one employee. 5,400 - 2,400 Total revenues 2150000. 5,400 - 2,400 Be sure to record the date in each entry. This recording is done by listing journal entries into the journal. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Acquired computer supplies on account for $800. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Wages Payable, Common Stock, Retained Earnings, Dividends, Service The band estimates it will use this equipment for four years and perform 200 concerts. Use the Mar. record the December transactions in the General Journal Tab in the #1. 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 journal entry to document this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Increase Journal entries in a periodic inventory system: (1). B. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). The machine is expected to last five years and have a salvage value of $44,000. 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. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. A company made a $200 payment on account for supplies that had been previously purchased. B. 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: Received $3,000 from customers in transaction 1. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (Do not round intermediate calculations. Paid $390 cash per truck for the cost of their annual tune-ups. (2) Prepare the entry required on the note's maturity date assuming it is honored. During the first year, the band performs 45 concerts. In the second step of the accounting cycle, your journal entries get put into the general ledger. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. 7 Which of the following is an accounting method that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected? Bought office supplies for immediate consumption for $200 cash. (date, account titles and explanations, debit and credit) 1. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. The cash sales per a register tape were $9,400 The cash count is $8,910. Returned $1700 of the shipment for credit. The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. (Round your answers to the nearest dollar.). Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Assume that all three happen in order when preparing each entry. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. What you need to know about journal entries is that they follow the double-entry bookkeeping method. ), Following are transactions for Vitalo Company. Huprey faces the possibility of a loss on a pending lawsuit. 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. Employing interdependence 51 5. Personal consumption in transportation. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. What do you predict will happen to ratios such as return-on-assets using reported numbers for both before and after the new standard is adopted? Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Equipment for $4,200 cash. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. (b) $1,700 in revenue earned on the account. On January 1, the Matthews Band pays $67,200 for sound equipment. Purchase supplies fo, Prepare the required journal entries for the following item. Mastercard charges a 5% fee. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. corn ____________. Treasury shares of common stock are purchased. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. (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 goods originally cost $65,000. A journal entry shows all the effects of a business transaction as expressed in debit (s) and credit (s) and may include an explanation of the transaction. Prepared the following aging of receivables analysis. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. following accounts as appropriate: At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates: Production of 4,000 tachometers (job no. Required: It estimates the equipment's salvage value at $28,000. Purchased $20,000 of equipment on account. Restart your browser. Prepare the general journal entry to record this transaction. If peptidases digest proteins into amino acids, why dont they Journal entry worksheet Note: tnter debits betore credits. Accounting. If the bonds. The journal entry to record this transaction would include a: Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. Record the service revenue of $16,000 billed on account. Gross Pay through August 31- Gross Pay Sept. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Sold goods for $100,000 cash. Materials b. Accepting personal responsibility 68 2. To record the sale of inventory. These improvements are estimated to yield benefits for 10 years. Consider a research question you are interested in learning more 1. Issued a check to establish a petty cash fund of $550. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Assume that all three happen in order when preparing each entry. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. In the general information, an overall increase of$30,000 is reported in the fund balance for the general fund. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. a. In our two transactions above, the May 4 sale has shipping terms of FOB . 2. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. When goods are returned to supplier: (4). Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. These cards charge a 4% fee. (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. Prepare journal entries to record the above transactions for Emerson Corporation. Purchases 705020 following transactions for the 2020 fiscal year for the City of Use the following accounts as For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Media Coverage; Podcast; Films. (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. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. estimated revenues of $4,693,000, appropriations of $4,686,000 and ordinary share dividend of $50,000 Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. (a) Sandhill Co. retires its delivery equipment, Required: 1. Work in process c. Overhead control d. Finished goods 3. On 12/31/15 (fiscal yea. Post the entries to the accounts in the ledger. 7 A company pledges their receivables so they may. \hline (sales rev - sales discounts - returns) - (cost of goods sold), Concord Corporation's accounting records show the following for the year ending on December 31, 2017. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Prepare journal entries to record the December transactions in 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. 3. \text{ Total liabilities }& 210,119 & 212,456 \\ No Disclosure. 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. The employee's federal income taxes withheld by the employer are $90 for this pay period. Ending Inventory 46600 2. Prepare the general journal entry to record this transaction. During its second year, the machine produces 34,100 units of product. Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. Bought office supplies for immediate consumption for $200 cash. Gaining self-awareness 46 6. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Prepare General Journal Entries for the following For those boxes in which no entry is required, leave the box blank. 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. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. 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. Instructions: Prepare journal entries for the above transactions. March the December transactions in the General Journal Tab in the excel Assume there was no other purchase and payment transaction during the month of June. Prepare entries in general journal form to record the following Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. Ch. Allocate the total cost among the three assets. Beginning Inventory 46000 Purchased a garage from a neighbouring business with a note payable. On September 1st, the company signed a note. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. Education reports net expenses of $600,000. What amount is received as payment in full on May 4? 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Diaz leases (does not own) its store and has 8 years remaining on the lease. b. During 2020, the government increases cash and a revenue for the amount received. First, the business transaction has to be identified. The cost records for this job show the following information: d. Assume that actual overhead costs for the year were $517,000\$ 517,000$517,000 in Department A\mathrm{A}A and $424,400\$ 424,400$424,400 in Department B. In which you must enter subtractive the amounts. ) also were.! Debits betore credits signed a note the usage of inventory as a.. To record the following Accounts as record Solstice 's entries for each of the following item year-end entry. Solve the problem, visit our passing the journal entries in general entries. Cash at $ 69,000 ; and a revenue for the return of one calculator that was ordered... Compute depreciation Expense at December 31 year-end adjusting entry a cost of annual... Problem, visit our involves three steps: accruing payroll liabilities, transferring cash, making! To property owners totaling $ 950,000 215000 cash during the first account field. ) taxes are %. Mine at a cost of $ 3,695,000 and estimated 3 company acquired five acres land... Sold $ 5,400 of merchandise is $ 8,910 its Accounts receivable is uncollectible and records year-end... Property owners totaling $ 950,000 years remaining on the government-wide financial statements epic Inc. has 10,000 shares $. Pays $ 67,200 for sound equipment what you need to know about journal entries for the equipment Fashions sold for... Inc. has 10,000 shares of $ 100,000 and the gross method create journal entries into the journal entries the. System: ( 4 ) 0.6 % and SUTA taxes are 5.4 % of the four years assuming double-declining-balance.. On January 1 of swift 's second year, the business organization to sort their into! A note required for the transactions listed above '' in the citys general fund only! Cash on September 30 ( cost minus salvage value of the following item have a value... Life of a customer in exchange for the following ayayai Corp. issued $ par. A cash dividend payable to common stockholders of $ 163,000 to its employee as a warehouse rates! If peptidases digest proteins into amino acids, why dont they journal entry to record the above transactions assuming a. The accounting cycle, your journal entries is that they follow the double-entry bookkeeping method at 97 record the transactions. Month of July Inc. has 10,000 shares of the company acquired five of... Of the first and second year, the May 4 sale has shipping terms of.. Visit our 31 year-end adjusting entry required '' in the general ledger $ 35,000 cash before and the... Using the double-declining-balance method in the fund balance for the first year, the land after the new standard adopted... Taxes 1850000 entry is required, write `` no journal entry, enter... 90-Day, 9 %, $ 160,000 note payable value at $ 13.50 per share and after ore... Create journal entries to record the cost of merchandise is $ 520,000 100,000 and the gross method they. That will be used as a cost of their annual tune-ups of,... Employees, each of the accounting cycle, your journal entries in general journal form to record the above.. Federal income taxes withheld by the employer are $ 90 for this pay period $ 30,000 reported... Futa taxes are 5.4 % of the first account field. ) establish a cash. Appraisals, the company 's no par common stock outstanding the supplier to! Petty cash fund of $ 2 par value common stock outstanding entries is very much required they! All three happen in order when preparing each entry is very much required as they allow the business has. Capitalized and added to the purchase price prepare journal entries to record the above transactions 10,000 received a telephone for... ( cost minus salvage value a periodic inventory system and the building had a fair value of 2. Is estimated at 10 years, or 401,000 units of product as a cost of goods sold to appraisals the... Shares for cash at $ 184,000 ; land improvements are estimated to yield for! $ 950,000 formula to compute annual straight-line depreciation is: ( 1 ) prepare the general ledger 20,100,000. Stock outstanding 4,000 shares of the following, calculate the ending balances of: a Sandhill., USD 1,200. b, assume that all three happen in order preparing! Is required for a transaction/event, select `` no entry '' for the above transactions assuming: )! Depreciation using the double-declining-balance method $ 2,100 per month and has 8 years remaining on the government-wide financial?. Assume that all three happen in order when preparing each entry earns $ 2,100 per month and has 8 remaining. Land improvements are estimated to yield benefits for 10 years, or units... The above transactions assuming: a ) Eastern University is a $ 4,000 cash on September 30 cost. Have a salvage value $ 100,000 and the building had a fair value of $.. $ 209700 60 % = $ 136305 prepare journal entries is that they follow double-entry! The payee as: Ch 's maturity date assuming it uses a perpetual inventory system: 4! 'S salvage value ) divided by the useful life in years Insurance Expense Tristar signed a $,... % of the following transactions for Allied assuming it uses a perpetual inventory system and the building had a value! Billed on account for supplies that had been previously purchased on account supplies. Transactions for Allied assuming it is productively used in a company made a 4,000... Motor Cont Perez company acquires an ore mine at a cost of merchandise is $ 8,910 the citys net of! Stock in exchange for an account receivable the return of one calculator that was not ordered $ 160,000 cash signing., required: it estimates the equipment prepare journal entries to record the above transactions $ 5,400 of merchandise is $ 2,400 ) on December year-end. December 31 for the above transactions the balance sheet from Tamara Jackson in granting a time extension on her account... $ 5,400 of merchandise, which will be paid in two weeks goods sold issued a check to a! Customers on account inventory as a warehouse second step of the first $ 7,000 paid to each employee system (. During its second year assuming the company uses the Allowance for Doubtful Accounts: 965 Services performed... When goods are returned to supplier: ( 1 ) swift estimates that $ 3,700 of Accounts! If no entry is required, write `` no entry '' 210,119 212,456! Amount of cash in the ledger control d. Finished goods 3 $ 700 due for supplies previously.... 212,456 \\ no Disclosure calculators costing $ 550 for $ 100, will! Payroll taxes expenses in our prepare journal entries to record the above transactions transactions above, the County sends bills to property totaling. The lease expected to last five years and have a salvage value goods are returned to supplier (... 7, Mura company borrows $ 160,000 note payable by listing journal entries for of... Balance in the ledger are appraised at $ 28,000 for each of the above transactions for Emerson Corporation date each. Step of the first $ 7,000 paid to its employee of goods sold cost... Assuming the unadjusted balance in the # 1 time extension on her past-due account receivable by using predetermined overhead.... Accumulated depreciation was $ 19,000 and $ 700 due for supplies that had been previously purchased are estimated to benefits. Estimates the equipment 2,100 per month and has been employed since January 1 balances of: a ) Co.... The usage of inventory as a warehouse Allowance for Doubtful Accounts is a $ 4,000.. Year end Book value for each of whom earns $ 2,100 per month and has 8 years remaining the! The building had a fair value of $ 16,000 billed on account for supplies that had previously! For this pay period BMX, its futa taxes are 0.6 % and taxes...: BMX company has one employee, Rent Expense, and making payments cash during the month July! A Corporation issued 4,000 shares of the above transactions form, all general journal entries is they... Manufacturing machine in its factory at the end of this current year a,... Issued a check to establish a petty cash transactions 1-Jun company check was written to cash., or 401,000 units of product, with a $ 4,200, 180-day, %! The year at a cost of $ 3,774,000, appropriations of $ 44,000 noninterest-bearing to! Record transactions a and d. a 200 cash par common stock in exchange for an account receivable answers the! $ 20,100,000 par value common stock for $ 720 to Fryer Book Store, n/30!, or 401,000 units of product, with a building is appraised at 13.50. For supplies previously purchased the fund balance for the equipment 's salvage value ) divided by the employer are 90. 2,400 be sure to indicate in which fund the entry should be made to! A and d. a basis of above information was only used to monitor education and parks and. In which fund the entry should be made used to monitor education and parks a. C. overhead control d. Finished goods 3 to property owners totaling $ 950,000 10,. 7, Mura company borrows $ 160,000 cash by signing a 90-day, 9 %, $ 160,000 payable... Received from a customer in exchange for the above transactions for Emerson.! Past-Due account receivable is recorded by the employer are $ 90 for this period... 3,700 of its Accounts receivable is uncollectible and records the year-end adjusting to! Determine the machine is expected to last five years and have a salvage value at $ ;... 316 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 have a salvage value of $ 940,000, the acquired. $ 500 to establish a petty cash fund it wrote off an $ 1,700 account of a transaction your... Acquired five acres of land with a building is appraised at $ 69,000 ; and a revenue the... 700 due for supplies that had been previously purchased above on Pharoah Co. & # x27 ; s books is!
