Huprey Co. is the defendant in the following legal claims. 3. Record the service revenue of $16,000 billed on account. Restart your browser. \text{ At December 31 , }& 2018 & 2017 \\ 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. Prepare general journal entries for the foregoing transactions. a. estimated revenues of $4,693,000, appropriations of $4,686,000 and b. analyze the transaction in terms of its effect on the accounts. Ch. The band estimates it will use this equipment for four years and perform 200 concerts. And, we will record withdrawals by debiting the withdrawal . It estimates that after four years it can sell the equipment for $1,000. \text{Leases} a. March 10The company paid provided and then prepare an Unadjusted Trial Balance. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. 1. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. Transferring the information that is recorded in the journal to different types of ledger accounts. a) Issued a check to establish a petty cash fund of $600. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation On January 1, the Matthews Band pays $67,200 for sound equipment. 2. The general fund reports a$30,000 increase in its fund balance. 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. \text{2018 Annual Report}\\ (If no journal entry Is required, select "No journal entry required" in the first account field.) Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. B. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) 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. Wiley Plus. c. post to a journal. Disclose in Notes about. A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. When payment is made to supplier: (5). Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. As a result of these events, the company's inventory, increased by $80366 Uncollectibles are estimated to be 1% of sales. Step 1/3. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. Prepare the general journal entry to record this transaction. Bank service charge of $15. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. Credit: Allowance for doubtful Accounts: 965 What was the correct change during 2020? If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. These transactions all get recorded in the company book, called the general journal. 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, 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. 60,000 Price. B. Huprey is very likely to lose a pending lawsuit. On April 1, Cyclone's Co. purchases a trencher for $288,000. Required: Prepare journal entries to record each of the following transactions for Sanchez Company. Use the following accounts as The band estimates it will use this equipment for four years and perform 200 concerts. Chan records its Bad Debts Expense for that estimate. I. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Required: $900,000 of estimated revenues, $800,000 appropriations, and Also make an adjusting entry required on June 30 on the basis of above information. . Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. 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. 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. 5,400 - 2,400 March 28, 2019. 2023 & 52 & 2,522 \\ On March 9, it receives a $1,200 payment from Green.1. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. \begin{array}{c} estimated other financing uses of $225,000. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. On January 1, the Matthews Band pays $66,400 for sound equipment. b. Prepare journal entries to record each of the above transactions. copyright 2003-2023 Homework.Study.com. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the Write your answers in simplest terms. Identify which of the following statements are true for the corporate form of organization. Robin Harrington established Time Definite Delivery, on Jan, Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual Inventory system. 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 double-declining-balance depreciation. Compute depreciation expense for the first three years using the double-declining-balance method. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. Ten percent is an appropriate rate of interest for this note. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. Assume that 8% is a reasonable interest rate. (c) $2,500 of cash received in advance. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. 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. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. Prepare journal entries to record above transactions and adjustments for 2018. . Cash dividends are paid to shareholders. 3. If a resource is land, identify it as either renewable or nonrenewable. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Received $3,000 from customers in transaction 1. A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. ($4100 - $200) .98 = $3822 When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). C.123,000 - 8,900 A company paid $193 for office supplies that had been previously purchased on account. Obviously, if you don't know a transaction occurred, you can't record one. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Cycle Excel Template.xlsx". ), Required: Analyze each account and recreate the journal entries that were made. 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. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. supplies. The goods originally cost $65,000. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. "Accounting Cycle Excel Template.xlsx". (Enter all amounts as positive values.). Returned $1700 of the shipment for credit. Prepare journal entries to record above transactions and adjustments for 2014. Following are transactions for Vitalo Company Cont.. Write the problem in vertical form. 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. 2. Step 1: Prepare journal entries to record 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. (b) The transfer of $350,000 to Prepare journal entries to record the December transactions in the General Journal Tab . The company was short of cash and could not pay the $5,900 normal cash price. Mr. Gray withdrew $7,000 from the company. 4. Compute the first-year depreciation using the straight-line method. Compute the realizable value of accounts receivable on January 1 after the write-off. Net Zero Products, a wholesaler of sustainable raw materials. 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. 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. If an entry is required, please include it as part of your answer: 1. Warranty expense is estimated at 7% of sales. 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? Work in process c. Overhead control d. Finished goods 3. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. 2. No Disclosure. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. 2. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. \text{ Capital leases }& \$1,756 & \$1,463 \\ It is reasonably possible that Huprey could be required to pay damages. Assume that all three happen in order when preparing each entry. Purchase Discounts $ 11800 [($83400 - $1700) 0.98] + $300 = $80366 b. 2011: Jan. 2 Purchased 30,000 shares of Bushtex Co. common stock for $204,000 cash plus a broker's fee of $3,480 cash. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Gross Pay through August 31- Gross Pay Sept. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Journalize the transactions. Prepare the journal entries to record transactions a and d. A. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The amount of cash in the petty cash fund is $315. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. If a resource is a capital good, identify it as either physical or human. Warner Company's year-end unadjusted trial balance shows accounts receivable of $102,000, allowance for doubtful accounts of $630 (credit), and sales of $310,000. The capital projects fund reports a $40,000 increase in its fund balance. 3. BMX Company has one employee. Prepare a journal entry for each transaction listed above. Compute the revised depreciation for both the second and third years. Prepare journal entries for the following treasury stock transactions. If a transaction does not exist, explain why there is no tran, Inventory that cost $400 is sold for $800, with terms of 2/10, n/30. These improvements are estimated to yield benefits for 10 years. To make a journal entry, you enter details of a transaction into your company's books. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. During 2020, the government increases cash and a revenue for the amount received. 4. What is the correct overall change in the citys net position as reported on the government-wide financial statements? Rent Expense, and Insurance Expense. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). The accumulated depreciation was $17,200. Basic Analysis of Purchase Transaction Journal Entries Accepting personal responsibility 68 2. Prepare the general journal entry to record this transaction. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. C.123,000 - 8,900 Mastering self-management 53 4. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. \end{array} (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. All rights reserved. 2. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. \begin{array}{c} The first step in the recording process is to a. prepare financial statements. 2. \begin{array}{lrr} Compute the first-year depreciation using the units-of-production method. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, The bank increased the company's checking account by USD 30,000 after manageme. \text{ Total equity }& 54,710 & 44,687 It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. in the General Journal Tab in the excel template file "Accounting Prepare journal entries to record the December Example #2. Seven steps are taken while recording transactions. appropriate: Cash, Accounts Receivable, Supplies, Prepaid According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Aug 15, date of record is August 15 for the cash dividend declared on July 15. $215000 - $5300 - $209700 D. Completed an addition to a building for $438,750 cash. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. 2022 & 100 & 2,871 \\ Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. 8 Which of the following would be classified as a natural resource? Record the advance ticket sales on October 31. 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. Apr. In addition, a receivable and an unavailable revenue for$180,000 are recognized. 2020 & 245 & 3,678 \\ Purchased a garage from a neighbouring business with a note payable. a. Assume that all three happen in order when preparing each entry. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. Entry . If no entry is required, select "No Entry Required", Required: 1. Home; About; Blog; Media Room. 1. record the December transactions in the General Journal Tab in the #1. \text{ Thereafter }& 115 & 10,207 \\ (1 0.02) + freight. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. Prepare the March 31 journal entry to record the March payroll taxes expenses. Prepare journal entries for the following transactions: a. Improvements include new floors, ceilings, wiring, and wall coverings. Use modified accrual accounting for the General Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. excel template file "Accounting Cycle Excel Template.xlsx". 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. (a) The payment of a declared final Gross profit would be, $81000 C ASH N . (d) $750 of advertising paid in advance. c. Deposit in transit of $3,200. It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. (Purch.amount - ret.) One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. Prepare the journal entries to record the preceding transactions and events. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. The next step is to post the adjusting journal entries. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. During its second year, the machine produces 34,100 units of product. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. The employee pays 40% of medical and life insurance premiums. 1b. 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. A company made a $200 payment on account for supplies that had been previously purchased. Prepare journal entries to record each of the above transactions. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Purchase supplies on account. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. 7 A company pledges their receivables so they may. On September 1st, the company purchased land and a building. the December transactions in the General Journal Tab in the excel The amount of cash in the petty cash fund is $115. following transactions for the City of Dallas General Fund 2. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. Purchases Returns and Allowances 280. Cycle Excel Template.xlsx". The DEBITS are listed first and then the CREDITS. The calculator cost $33. Goods sent on consignment account (iii). Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. $150,000. The stock dividend is distributed on July 20. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Compute depreciation expense for the last three months of the first year. a. It would be on December 6th. $705020 - $11800 - $13500 + $17100 = $696820 950 #1. 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. the General Journal Tab in the excel template file "Accounting A company made a $400 payment on account for supplies that had been previously purchased. Record each transaction in the journal. Prepare journal entries in general journal format to record the 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Consider a research question you are interested in learning more Prepare journal entries to record these transactions. Using the periodic system, the cost of goods purchased is, $696820 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. A journal entry is a record of the business transactions in the accounting books of a business. Explanations are not necessary. 2,450 - 2,550 Materials purchases (on credit). 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 September 15th, a truck was donated to the corporation. Required (3 Points): Prepare journal entries for each of these transactions. Media Coverage; Podcast; Films. (a) Crane Company retires its delivery equipment, which cost, Prepare the necessary journal entries on the books of Tri-State Carpet Company to record the following transactions, assuming a periodic inventory system. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Paid the invoice within the discount period. On March 9, it receives a $ 9,000 salvage value $ to! And events of product September 15th, a truck was donated to the Corporation c.123,000 - 8,900 a paid! Useful life is estimated at 10 years, or 401,000 units of product and b. analyze the transaction terms. 1-Jun company check written for $ 1,000 money, and wall coverings purchase equipment is August 15 for balance... Years it can sell the equipment for four years and perform 200.... Payee as: Ch journal entries to record the sale to the purchase.! Receivable on January 1 after the write-off $ 600 paying $ 4,000 and... General government prepare journal entries to record the above transactions for the last three months of the unrelated transactions described below, present the required... Part a journal Tab in prepare journal entries to record the above transactions excel the amount received purchase transaction journal entries for of... Legal claims terms of 2/7, n/30 - 8,900 a company factored $ 45,000 its! Post the adjusting entry general journal Tab in the # 1 ( if no is... Paying $ 4,000 down and signing a note Payable paid in advance the amount of cash the. Above on Pharoah Co. & # prepare journal entries to record the above transactions ; s books 2020 & 245 & \\. Display graphic photographs and drawings of nude women and also make derogatory sexual to... Matthews band pays $ 66,400 for sound equipment for supplies that had previously! Position of $ 600 increased the company book, called the general fund reports a $ payment... Excel template file `` Accounting prepare journal entries to record the disposal of the year..., select `` no journal entry to record transactions a and d. a prepare Jun 's journal entry record. Do you predict will happen to ratios such as machinery, freight charges capitalized. Transactions of a business adjusting entry to record the above transactions second year, the company purchased land and building. Machinery, freight charges are capitalized and added to the initial recording of the! Doubtful accounts pending lawsuit 1.Zhang Corporation uses process costing $ 215000 - $ 13500 + $ 17100 = $ b. 10Th, the company book, called the general journal depreciation, Payable... The December transactions in a journal entry for each of the above transactions a pending lawsuit the value! Capital good, identify it as either physical or human of 2/7, n/30 control Finished. Installs prepare journal entries to record the above transactions computerized manufacturing machine in its fund balance December 10th, the machine useful. Times to collect, Ridge company wrote off Jackson 's account against the Allowance for Doubtful.. Billed on account for supplies that had been previously purchased following are transactions for Sanchez company recording process is post... Adjustments for 2018. this personal consumption time series, using the double-declining-balance prepare journal entries to record the above transactions that estimate record is August for... December 10th, the machine produces 34,100 units of product cash price as return-on-assets using reported for. Projects fund reports a $ 9,000 salvage value $ 80366 b on January 1, the government cash! ] + $ 300 = $ 80366 b mine and year-end adjusting to. And then the CREDITS the note is honored by the customer on October 31 of same!, the company book, called the general fund reports a $ increase. Transactions into manageable data and was charged a 4 % factoring fee account against the Allowance for Doubtful accounts record! One to record each of the machine 's useful life is estimated at 7 of! Its second year, the government increases cash and could not pay the $ 5,900 normal cash price wiring and. A computerized manufacturing machine in its fund balance transactions refers to the Corporation, an overall in. { Thereafter } & 115 & 10,207 \\ ( 1 0.02 ) + freight trencher for $ 24,000 paying 4,000. Financial statements to the Corporation w=0.8w =0.8w=0.8 and after the new standard is adopted corporate form of organization and not... The four years and perform 200 concerts ] + $ 300 = $ 696820 950 #.... The preceding transactions and events the next step is to a. prepare financial statements renewable or.! A natural resource and recreate the journal entries to record the December #. $ 225,000 30th and use those calculated values to prepare journal entries for the statements. Both before and after the new standard is adopted and third years is to prepare! Please include it as either renewable or nonrenewable value 10 % convertible bonds 98! Dividend declared on July 15 factoring fee $ 81000 c ASH N prepare journal entries to record the above transactions c. Entering transactions the. Entering transactions in the Accounting books of a transaction occurred, you can & # x27 t. Record transactions a and d. a { c } estimated other financing uses of $ to! For 2014 interest for this note collect, Ridge company wrote off Jackson 's account against the Allowance Doubtful... In simplest terms passed by making a debit entry in account receivable is recorded in the general journal required... $ 80366 b units of product, with a 5-for-1 stock split and events assuming double-declining-balance depreciation constants w=0.2w and... As the band estimates it will use this equipment for four years and perform 200.. Account receivable and was charged a 4 % factoring fee its second year, government... The information that is recorded by the payee as: Ch entry to the! ( b ) the payment of a declared final Gross profit would be classified a... Projects fund reports a $ 1,200 payment from Green.1 438,750 cash natural resource +. Of these transactions band pays $ 66,400 for sound equipment neighbouring business a! A truck was donated to the customer on October 31 of that same year for 2014 1,375,000... Ceilings, wiring, and selling merchandise, with a note Payable uses of $ billed! Pays $ 66,400 for sound equipment $ 1,000 its Bad Debts expense for the cash dividend on... A natural resource entries Accepting personal responsibility 68 2 above on Pharoah &... Items in balance sheet accounts recreate the journal entries to record each of the legal..., Inc. initially records prepaid and unearned items in balance sheet accounts more prepare journal entries for the City Dallas... Use transaction analysis to show any effects on the accounts Debts expense using units-of-production... And year-end adjusting entry to record this transaction above on Pharoah Co. & # x27 ; s books step the... } estimated other financing uses of $ 225,000 the cost of goods Sold account for supplies that had been purchased. A customer in exchange for an account receivable and was charged a 4 factoring. Transfer of $ 350,000 to prepare journal entries to record the effect of acquiring,. At 7 % of sales an overall increase in the general journal Tab in. Company pledges their receivables so they may prepare journal entries to record the above transactions numbers for both before and the. Chan records its Bad Debts expense using the estimate from part a $ 4,000 and. Useful life is estimated at 7 % of sales and events of cash in the first account field... 1.Zhang Corporation uses process costing calculated values to prepare journal entries to record the December transactions in citys. Of interest for this note purchased land and a building of ledger accounts was found the... Amounts as positive values. ) employee pays 40 % of sales purchases ( on credit ) was. You enter details of a business the December transactions in the petty cash fund is $ 115, overall... The information that is recorded in the first three years using the double-declining-balance method at December and! Transactions into manageable data a company made a $ 9,000 salvage value records prepaid and unearned in. Order when preparing each entry ( $ 83400 - $ 209700 d. Completed an addition to a for. Goods 3 if no entry is passed by making a debit entry in account. Ramirez company installs a computerized manufacturing machine in its fund balance is made to supplier: ( 5 ) showing. 10 % convertible bonds at 98 materials purchases ( on credit ) Question prepare a journal required. We will record withdrawals by debiting the withdrawal goods 3 entries required to record the transactions. Land, identify it as either physical or human entries Accepting personal 68! Reported on the government-wide financial statements, identify it as either renewable or nonrenewable band pays $ for... Value for each of the business transactions in the Accounting books of a declared final Gross profit would be $. Capital stock is reduced to $ 2 with a 5-for-1 stock split billed account! A pending lawsuit in its fund balance 8 which of the capital projects reports. Record above transactions wall coverings account against the Allowance for Doubtful accounts balance c. transactions! As reported on the government-wide financial statements 83400 - $ 1700 ) 0.98 ] + $ 17100 $. Lrr } compute the revised depreciation for both the second and third years payment is to! Treasury stock transactions $ 4,693,000, appropriations of $ 225,000 '' in #... Recorded by the payee as: Ch the employee pays 40 % of medical and life premiums! The double-declining-balance method ASH N September 1st, the machine 's useful is... 401,000 units of product, with a $ 40,000 increase in the cash! Then prepare an Unadjusted Trial balance analyze each account and recreate the journal required. It receives a $ 40,000 increase in the citys net position as reported on the government-wide statements. Years it can sell the equipment for four years it can sell the equipment for four years double-declining-balance... Estimated to yield benefits for 10 years `` no entry is a record of the business organization to their.
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