if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Prepare a journal entries to record the above transactions. Supplies Expense, Rent Expense, and Insurance Expense. Blue Spruce Corp. purchases $550 of merchandise on credit. \begin{array}{c} 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. Example and Explanation - Steps by Step Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. 2. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. 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. Wages Payable, Common Stock, Retained Earnings, Dividends, Service During its second year, the machine produces 34,100 units of product. Prepare the general journal entry to record this transaction. These improvements are estimated to yield benefits for 10 years. C ASH N . NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Ch. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Instructions: Prepare journal entries for the above transactions. - purch. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. The bank increased the company's checking account by USD 30,000 after manageme. Following are transactions for Ridge Company. a. Dec 3. On the basis of this information, determine the over- or underapplied overhead in each department for the year. 1. [($83400 - $1700) 0.98] + $300 = $80366 The company paid dividends of $, Prepare journal entries to record these transactions. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. Cycle Excel Template.xlsx". On September 1st, the company signed a note. $3,822 Mar. weathering, sediment, erosion, delta, glaciation, humus. Post the transactions into the appropriate T-accounts. Officials also want to know the effect of each error. 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. the December transactions in the General Journal Tab in the excel (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. 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. 1. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. (Purch. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. 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. I. 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. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. Equipment for $4,200 cash. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ & \hspace{80pt}2018 & 2017 \\ Received $3,000 from customers in transaction 1. Diaz sold the machine for $15,800 cash. Prepare journal entries to 1. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. 1. The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. (Do not round intermediate calculations. The capital projects fund reports a $40,000 increase in its fund balance. A journal entry is the first step in the accounting cycle. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Raw materials purchased on account, $98,000 b. 2. $900,000 of estimated revenues, $800,000 appropriations, and Prepare the general journal entry to record this transaction. Materials purchases (on credit). Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. Tristar paid $140,000 in cash for the property. Huprey is very likely to lose a pending lawsuit. Prepare the journal entry for January 312. 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% A journal entry is a record of the business transactions in the accounting books of a business. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. + fr. (a) The payment of a declared final The value of the stock cannot be determined, and we assign it the value of the office equipment received. Rent Expense, and Insurance Expense. other financing uses of $35,000. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. \end{array}\\ The DEBIT amounts will always equal the CREDIT amounts. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Compute the revised depreciation for both the second and third years. On October 10, Tristar purchased machinery for cash. 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. revenues of $3,774,000, appropriations of $3,695,000 and estimated b) The amount of cash in the petty cash fund is $200. 1&2. (1 0.02) + freight. Use the 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. $6 cash per share., Prepare the journal entry to record Jevonte Company's . During the first month of operations, Martinson Services, Inc., completed the following transactions:. template file "Accounting Cycle Excel Template.xlsx". Warranty expense is estimated at 7% of sales. 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: estimated other financing uses of $225,000. 4. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. For those boxes in which no entry is required, leave the box blank. Issued a check to establish a petty cash fund of $550. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite The amount of cash in the petty cash fund is $190. a. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Accounting. (c) $2,500 of cash received in advance. Record each transaction in the journal. Step 1: Prepare journal entries to record Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. ($4100 - $200) .98 = $3822 Entry 4: JCC then sells three pallets of concrete mix to a contractor. Compute depreciation expense for the first three years using the double-declining-balance method. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. A company paid $193 for office supplies that had been previously purchased on account. Services were performed for customers on account, USD 4,200. Consignment to John account ( ii). Periodic inventory systems provide better control over inventories than perpetual inventory systems. \text{ Total equity }& 54,710 & 44,687 Prepare journal entries to record the December transactions Record Solstice's entries for recovery of this bad debt. 3. Sales returns and allowances 8000 On June 5, Park unexpectedly pays the amount previously written off. The machine needed extensive repairs and was not worth repairing. 2. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. 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. 4. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. Record the declaration of annual cash dividend of $2.20 per share on common stock. 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%. The first step in the recording process is to a. prepare financial statements. Education reports net expenses of $600,000. 2.Record a liability (e) A $1, Prepare journal entries for each of the following transactions: 1. Use 360 days a year. 5-Jun Company check was written to Petty Cash for $250 to paid to. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. in the General Journal Tab in the excel template file "Accounting What amount is received as payment in full on May 4? Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. 5,400 - 2,400 The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Required: BMX Company has one employee. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Include an explanation for each entry. Prepare the general journal entry to record this transaction. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, The employee pays 40% of medical and life insurance premiums. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). 2. Issued a check to establish a petty cash fund of $900. Purchases 705020 What Is a Journal Entry? The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. 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. Allowance method of accounting for bad debts. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. 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. Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: Prepare the journal entries for Ivanhoe Company to record the following transactions using a perpetual inventory system. Solution: General journal entries: According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1121261. Here are the steps to making an accounting journal entry. Prepare general journal entries to Bought office supplies for immediate consumption for $200 cash. Ch. It is the book in which transactions are recorded for the first time. a. Dr. Cr. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, Prepare the journal entry, if any, required to record each of the initial business activities on September 1. Ch. Art museum reports net revenues of $50,000. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. Identify Transactions There are generally three steps to making a journal entry. Prepare the general journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) provided and then prepare an Unadjusted Trial Balance. Notice how each transaction has 2 entries. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. When a business transaction requires a journal entry, we must follow these rules: The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount. Compute the realizable value of accounts receivable on January 1 after the write-off. Journal entries in the books of John 2. Gaining self-awareness 46 6. The machine is expected to last five years and have a salvage value of $44,000. A. Debit Retained earnings: 4,000; 10,000. (19,000 + 700 = 19,700). Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Prepare the adjusting entry to record bad debts expense using the estimate from part a. B. Prepare the general journal entry to record this transaction. \hline Example #2. following transactions for the City of Dallas General Fund C.123,000 - 8,900

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