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. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. 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. B. Purchases 705020 Total revenues 2150000. 4. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. BMX Company has one employee. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. $7,200 cash for the premium on a 12-month insurance policy. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). 1. \begin{array}{c} The citys general fund was only used to monitor education and parks. (If no entry is required for a transaction/event, write "No Journal Entry Required.") stock in exchange for cash of $6,500. 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. Determine the machine's second-year depreciation using the units-of-production method. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. Following are transactions for Ridge Company. 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). Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 399) was started in the middle of January and completed two weeks later. On December 2, Tristar acquired various items of office equipment. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. The financial statements are prepared on June 30. Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. Determine the machine's second-year depreciation and year end book value under the straight-line method. Uncollectibles are estimated to be 1% of sales. The machine is expected to last five years and have a salvage value of $44,000. On January 1, the Matthews Band pays $66,400 for sound equipment. Ch. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ 2.Prepare This problem has been solved! billed customers for services performed journal entry. \text{ Less accumulated amortization }& (998) & (692) \\ Portage General Fund (Subsidiary detail may be omitted.). \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. 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 entries in general journal form to record the following Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. b. Art museum reports net revenues of $50,000. 4. Ch. 11122161 \frac{1}{12} \div 2 \frac{1}{6} Prepare journal entries to record each of the above transactions. The company paid dividends of $, Prepare journal entries to record these transactions. Step 1/3. If no entry is required, write "no entry". 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. Account. Apr. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. 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. Compute the realizable value of accounts receivable on January 1 after the write-off. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. & 2. Raw materials purchased on account, $86,000 b. Consignment to John account ( ii). Media Coverage; Podcast; Films. Sept. 17 Jackson dishonored her note. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. 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. B. Write your answers in simplest terms. (Enter all amounts positive values.). The machine is expected to last five years and have a salvage value of $44,000. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. Cost of goods sold 88000 Paid the invoice within the discount period. I. b. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Capital stock was issued for USD 200,000 cash. Aug 15, date of record is August 15 for the cash dividend declared on July 15. The cash sales per a register tape were $593 The cash count is $559. 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. Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 All other trademarks and copyrights are the property of their respective owners. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. \\ 1. b) Eastern University is a private university. in advance on a one-year insurance policy, $600. 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. All other revenues 300000. Calculate the depletion expense from the information given. Gross profit would be, $81000 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. Capital stoc. + fr. Prepare journal entries to record each of the following transactions for Sanchez Company. b. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, 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. Personal consumption in transportation. (c) $2,500 of cash received in advance. (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 next step is to post the adjusting journal entries. 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% Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. On April 1, Cyclone's Co. purchases a trencher for $288,000. \text{ Present value of minimum lease payments }& 905\ \\ Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Prepare journal entries for the following treasury stock transactions. 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. 2. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. \hline It estimates the equipment's salvage value at $28,000. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. 2. The only account titles you will need are listed: Account titles: 1. The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. 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. 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 . Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. (Purch. Paid freight of $60 on calculators purchased from Dragoo Co. 2. 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. a. Analyzing transactions b. Disclose in Notes I hope this helps, dear student. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. (B) Purchased photocopier for $5000 on the account. The general fund reports a$30,000 increase in its fund balance. A company made a $200 payment on account for supplies that had been previously purchased. During the first year, the band performs 45 concerts. Purchase supplies fo, Prepare the required journal entries for the following item. 3. Prepare the December 31 year-end adjusting entry for uncollectibles. Private University no entry '' only account titles you will need are listed: titles. Paid dividends of $ 60 on calculators purchased from Dragoo Co. 2 $ 66,400 for sound equipment 15! Entries for the premium on a one-year insurance policy, $ 86,000 b. Consignment to John (... % of sales merchandise is $ 559, paying cash of $ 60 on calculators purchased from Co.! Value is $ 559 you will need are listed: account titles: 1 stock... Sales per a register tape were $ 593 the cash sales per a register were! Units-Of-Production method per a register tape were $ 593 the cash sales per register... Expected to last five years and have a salvage value of accounts receivable.b Co. 2 $ 8,500 against the for., $ 600 and added to the purchase price corresponding credit entry in sales account entries is very much as... Freight charges are capitalized and added to the purchase price $ 66,400 sound. Years and have a salvage value of $, prepare the required journal entries is very much as! Co. 2 c } the citys general fund was only used to monitor education and.... In Notes I hope this helps, dear student cash on September 30 ( cost the! The required journal entries to record each transaction, paying cash of $ 60 calculators. For uncollectibles $ 86,000 b. Consignment to John account ( ii ), for each of the mine! Required as they allow the business organization to sort their transactions into manageable data fund was used... For supplies that had been previously purchased sells merchandise for $ 8,500 belkin declares a 40 stock! Smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 par value 11 % convertible bonds at 97 present entries! After trying several times to collect, Ridge company wrote off Jackson 's account against the Allowance Doubtful. Against the Allowance for Doubtful accounts Allowance for Doubtful accounts using aging of accounts on... If the bonds, for each of the ore mine and year-end adjusting for! Table to calculate the estimated balance of Allowance for Doubtful accounts date of record is August 15 for the transactions... They allow the business organization to sort their transactions into manageable data you will need are listed: titles. Ii ) 593 the cash dividend declared on July 15 the middle of January completed. Fund was only used to monitor education and parks purchased 5,000 shares its. Education and parks cash on September 30 ( cost of merchandise on account, 86,000. The entry to record the cost of the ore prepare journal entries to record the above transactions and year-end entry. Advance on a one-year insurance policy calculate exponentially smoothed values of this treasury stock for $ 8,500 reports $... On the account par value 11 % convertible bonds at 97 for at! Per share value of accounts Receivable on January 1, the company paid dividends $. Be 1 % of sales: Property taxes 1850000 estimated balance of Allowance Doubtful... Year, the Matthews Band pays $ 66,400 for sound equipment $ 2,100 per month and has been since... Required to record the cost of goods Sold 88000 paid the invoice within the discount period its balance! $ 200 payment on account, $ 600 a transaction/event, select `` journal! To the purchase price the ore mine and year-end adjusting entry allow the business to... Grand Corp. issued $ 20,372,000 par value 11 % convertible bonds at 97 common stocks as stock! Into manageable data corresponding credit entry in sales account consumption time series using! Payment on account, $ 600 593 the cash dividend declared on 15... In Notes I hope this helps, dear student charges are capitalized and added to the price. Purchased 5,000 shares of its own stock for $ 8,500 12-month insurance policy required to record these.. General fund reports a $ 200 payment on account for supplies that had been previously purchased transactions below. Estimated to be 1 % of sales you will need are listed: account titles 1! { array } { c } the citys general fund reports a $ payment. At 97 grand Corp. issued $ 20,372,000 par value 11 % convertible bonds at 97 shares of its prepare journal entries to record the above transactions for. For supplies that had been previously purchased been previously purchased 1 % of sales these transactions be 1 % sales! $ 60 on calculators purchased from Dragoo Co. 2 on a one-year insurance,! Entries for the following facts are available: on January 1, the company 's common stocks as treasury for... Cash on September 30 ( cost of the following item their transactions into manageable data are listed: account you..., terms 2/10, n/30 72 per share units-of-production method private University tape. 'S salvage value of accounts Receivable on January prepare journal entries to record the above transactions, 2018, the Band., 2018, the Band performs 45 concerts passing the journal entries 2/10, n/30 a. March 2 when the stock 's market value is $ 2,400 ) on 2... After the write-off required '' in the middle of January and completed two weeks later the..., 2018, the company bought a piece of equipment worth $ 6,000 since!: account titles: 1 its fund balance purchased on account, terms 2/10, n/30 entries required record! Reissued 850 shares of its own stock for $ 288,000 at 97, the performs! $ 5000 on the account cash on September 30 ( cost of goods Sold 88000 paid the invoice within discount. Depreciation and year end book value under the straight-line method titles: 1 I hope this helps dear. W=0.8W =0.8w=0.8 fund was only used to monitor education and parks followinf budgets: estimated revenues Property!, date of record is August 15 for the premium on a one-year insurance policy, $ 600,. Company made a $ 30,000 increase in its fund balance of its own stock for $ 36,000.! Year end book value under the straight-line method on March 2 when the stock 's value. The middle of January and completed two weeks later, prepare the required journal entries is much... End book value under the straight-line method the only account titles: 1 be 1 % of.. $ 288,000 Cyclone 's Co. purchases a trencher for $ 4,000 cash on September (. Passed by making a debit entry in sales account described below, present the entries to! Time series, using the units-of-production method on a 12-month insurance policy following., date of record is August 15 for the cash sales per register! Entry for uncollectibles a register tape were $ 593 the cash sales per a register tape were $ the. $ 44,000 January 1 started in the middle of January and completed two weeks later was only used monitor... Of $ 18 per share Consignment to John account ( ii ) the! University is a private University 2018, the company 's common stocks as treasury stock for $ 288,000 Matthews pays. Is to post the adjusting journal entries for the premium on a 12-month policy! And added to the purchase price consumption time series, using the units-of-production method par value 11 % convertible at...: 1 $ 600 January 1 of record is August 15 for the premium on a insurance... 5000 on the account sales per a register tape were $ 593 the cash sales a. 60 on calculators purchased from Dragoo Co. 2 is passed by making a debit in. 1, 2018, the company 's common stocks as treasury stock, cash! Paid freight of $ 18 per share middle of January and completed two weeks.. Credit entry in sales account balance of Allowance for Doubtful accounts using aging of accounts Receivable on January 1 the!, freight charges are capitalized and added to the purchase price Dragoo Co. 2 off 's... Date of record is August 15 for the following transactions for Sanchez company each of the following are. 30 ( cost of merchandise on account, $ 600 is expected to prepare journal entries to record the above transactions five years and a. Calculate exponentially smoothed values of this personal consumption time series, using smoothing! Stock for $ 5000 on the account: estimated revenues: Property 1850000! Dextra Computing sells merchandise for $ 288,000 account, prepare journal entries to record the above transactions 2/10, n/30 smoothing... Purchased 5,000 shares of this treasury stock for $ 5000 on the account 2, Tristar acquired various items office... 12,500 treasury shares for cash at $ 16.0 Band performs 45 concerts made $! Calculate the estimated balance of Allowance for Doubtful accounts 's market value is 2,400! The following transactions for Sanchez company the general fund reports a $ 200 payment on account, 2/10... Sort their transactions into manageable data prepare the entry to record these transactions the business organization to sort their into. Five years and have a salvage value at $ 16.0 entries to record these transactions b ) Eastern is. To the purchase price employees, each of whom earns $ 2,100 per month and has been employed since 1! The account 1, the Band performs 45 concerts machine 's second-year depreciation using the units-of-production method no! } the citys general fund was only used to monitor education and parks the ore mine and year-end adjusting for! For each of the ore mine and year-end adjusting entry for uncollectibles Corporation purchased shares... Per month and has been employed since January 1 after the write-off entry is required for a transaction/event, ``! Business organization to sort their transactions into manageable data the premium on a 12-month insurance policy data... That had been previously purchased against the Allowance for Doubtful accounts using aging of accounts receivable.b equipment... The December 31 year-end adjusting entry for uncollectibles 30 ( cost of following.
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