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. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. These cards charge a 4% fee. Journal entries in the books of John 2. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. 950 #1. If a resource is a capital good, identify it as either physical or human. 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. 1. Answer only. 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). On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. No Disclosure. The levy becomes legally enforceable on February 15, 2021. When goods are returned by customers: (7). . 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. Prepare a journal entry for the following. A company paid $36,000 of previous inventory purchases on account. Prepare the December 31 year-end adjusting entry for uncollectibles. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. On October 1, Organic Farming purchases wind turbines for $210,000. View Problem One.docx from CRJ 141 at Dutchess Community College. Journal entries are the very first step in the accounting cycle. Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $60,000 of its accounts receivable from its customer, P. Moore. - purch. Paid freight of $60 on calculators purchased from Dragoo Co. D. Completed an addition to a building for $438,750 cash. Gomez Corp. uses the allowance method to account for uncollectibles. a. On January 1, the Matthews Band pays $67,200 for sound equipment. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. -Ownership rights cannot be easily transferred. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, On April 1, Cyclone's Co. purchases a trencher for $288,000. $50,000 transfer out to debt service fund. 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. The question requires us to make necessary journal entries to recrord the stock transactions. \begin{array}{lrr} Mazie Supply Co. uses the percent of accounts receivable method. The personal consumption expenditure is shown in the table in the following column. Practice Quiz. (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. A company made a $400 payment on account for supplies that had been previously purchased. Prepare a journal entries to record the above transactions. The equipment is estimated to have a useful . b. \end{array}\\ To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. Amount used in the year-end adjusting entry$2,825. Divide. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Prepare journal entries to record the following transactions and events of Kash Company. Prepare the journal entries for March 9; assume no additional money is expected from Green. \begin{array}{c} Restart your browser. Appropriations: All deparments other than . & \hspace{80pt}2018 & 2017 \\ Ch. 2,450 - 2,550 - purch. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (C) Bought office supplies for immediate. 3. (c) The revaluation of land upwards Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. Accrue short-term wage liabilities Accounting. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. b. VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)TotalassetsTotalliabilitiesTotalequity2018$248,829210,11954,7102017$257,143212,45644,687, NotestotheFinancialStatementsLeasesAtDecember31,20182017Capitalleases$1,756$1,463Lessaccumulatedamortization(998)(692)Total$758$771\begin{array}{cc} 1&2. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. However, it cannot estimate amounts owed. estimated other financing uses of $225,000. b. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. Freight-in 17100 FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Sales revenue 180000 1. \begin{array}{c} Expenditures making a plant asset more efficient or productive. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. transactions in the General Journal Tab in the excel template file Prepare entries in general journal form to record the following Home; About; Blog; Media Room. The band estimates it will use this equipment for four years and perform 200 concerts. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. Rent Expense, and Insurance Expense. Raw materials purchased on account, $86,000 b. Prepare General Journal Entries for the following Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. For those boxes in which you must enter subtractive. \text{Notes to the Financial Statements}\\ Prepare journal entries for each transaction above. If peptidases digest proteins into amino acids, why dont they On September 18th, the company paid its lawyer $5,000. Round your final answers to nearest whole dollar. (c) $2,500 of cash received in advance. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. B). Sold goods for $100,000 cash. Prepare the journal entries to record each of the above transactions. C.123,000 - 8,900 (List all debit entries before credit entries. \text{Leases} (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. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Allocate the total cost among the three assets. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Calculate the dollar amount of each cash dividend. 1. The goods originally cost $65,000. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Cost of goods sold 88000 Work in process c. Overhead control d. Finished goods 3. 1. Issued a check to establish a petty cash fund of $1,000. (B) Purchased photocopier for $5000 on the account. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Round your answers to nearest whole dollar value. $900,000 of estimated revenues, $800,000 appropriations, and Prepare the general journal entry to record this transaction. On April 1, Cyclone's Co. purchases a trencher for $288,000. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. Accepting personal responsibility 68 2. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. A number of transactions that occurred in September are listed below. I hope this helps, dear student. $63,300-$63,300. Prepare journal entries in general journal format to record the On the basis of this information, determine the over- or underapplied overhead in each department for the year. March 5The company purchased Purchase orders in the amount of $451,000 were mailed to b. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Prepare the journal entry for January 312. Then post the journal entries to the General Ledger 1-Dec Purchased On October 10, Tristar purchased machinery for cash. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Art museum reports net revenues of $50,000. (b) The transfer of $350,000 to 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. Bank service charge of $15. 5,400 - 2,400 a. Dec 3. (2) Prepare the entry required on the note's maturity date assuming it is honored. During the first year, the band performs 45 concerts. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Prepare the general journal entry to record this transaction. Rent Expense, and Insurance Expense. Days Past Due Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$174,500 $97,000 $35,000 $15,500 $12,500 $14,500 Percent uncollectible 1% 2% 4% 6% 10% March 10The company paid To make a journal entry, you enter details of a transaction into your company's books. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Even though there were three different items sold, they will all get recorded in the same journal entry specifically because they occurred as part of the same transaction. What is the correct overall change in the citys net position as reported on the government-wide financial statements? 2. B. Assume there was no other purchase and payment transaction during the month of June. b. [If no entry is required for a transaction/event, select "No Journal Entry Required" in the first a, Prepare journal entries to record the above transactions for Emerson Corporation. It expects to mine 2,000,000 tons of ore from this land. 1. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. The machine is expected to last five years and have a salvage value of $44,000. Cycle Excel Template.xlsx". Prepare the journal entry to record this payment. Beginning Inventory 46000 3. . Purchased $40,000 of raw materials on account. Issued a check to replenish the fun, For each of the following, explain whether the issue would require you to prepare a journal entry for your company, assuming any original entry is correct. Mastercard charges a 5% fee. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Diaz leases (does not own) its store and has 8 years remaining on the lease. The machine needed extensive repairs and was not worth repairing. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. A transaction is entered in a journal before it is entered in ledger accounts. Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). 7 A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and the length of time past due is the: Ch. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. C ASH N . On March 9, it receives a $1,200 payment from Green.1. Cash dividends are paid to shareholders. Prepare the journal entries for the above transactions. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. Use 360 days a year. And, we will record withdrawals by debiting the withdrawal . 3. (1 - 40%) = cost of goods sold, ACCT 201. Use the following accounts Prepare journal entries to record the above transactions for Emerson Corporation. 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. Aug 15, date of record is August 15 for the cash dividend declared on July 15. Materials b. Required: Make journal entries to record above transactions. a. Credit eccount vitles are automatically indented when the amount is entered. 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. ), Required: Analyze each account and recreate the journal entries that were made. You need enough money to cover your expenses until you get your next paycheck. On January 1, the Matthews Band pays $68,000 for sound equipment. 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. In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. -in. BMX Company has one employee. 1. 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. (Purch. b. Using our vehicle example above, you must identify what transaction took place. Purchases 705020 The bank increased the company's checking account by USD 30,000 after manageme. Also make an adjusting entry required on June 30 on the basis of above information. (Do not round intermediate calculations. Lois is one of a few female welders. 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (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. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Prepare journal entries to record the December transactions in the General Journal Tab . Prepare journal entries for the following treasury stock transactions. Verizon Communications Inc. provides the following balance sheet (excerpted and abbreviated) and discussion and disclosure of leases: VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)20182017Totalassets$248,829$257,143Totalliabilities210,119212,456Totalequity54,71044,687\begin{array}{cc} Preferred stock$10 par value: $10,000; 1,000*10. 2. ordinary share dividend of $50,000 Net Zero Products, a wholesaler of sustainable raw materials. 2021 & 148 & 3,272 \\ Assume that all three happen in order when preparing each entry. The following transactions and events affected its equity during the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) March 28, 2019. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Enter all amounts as positive values.). Post the entries to the accounts in the ledger. The capital projects fund reports a $40,000 increase in its fund balance. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. Using the above information, complete the below table. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. 3. Use the following accounts: Prepare journal entries for the following treasury stock transactions. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. These transactions all get recorded in the company book, called the general journal. 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. account in the name of the company in exchange for weathering, sediment, erosion, delta, glaciation, humus. If a resource is land, identify it as either renewable or nonrenewable. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Prepare the required general journal entries for these transactions. in advance on a one-year insurance policy, $600. Answer to the above Question clearly shown in the explanation option. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Accounting. Prepare General Journal Entries for the following 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. Account. Mar. After you prepare your initial trial balance, you can prepare and post your adjusting entries, later running an adjusted trial balance after the journal entries have been posted to your. 4. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. 1. 2020 & 245 & 3,678 \\ When goods are returned to supplier: (4). Prepare the general journal entry to record this transaction. 2. The enterprise fund reports a$60,000 increase in its net position. \end{array} Prepare journal entries to record each of the above transactions. Following are transactions for Ridge Company. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ (Do not round intermediate calculations. (Sale amount - ret.) vendors. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. $150,000. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Cycle Excel Template.xlsx". If the bonds. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . \end{array} In our two transactions above, the May 4 sale has shipping terms of FOB . Diaz sold the machine for $33,700 cash. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. 1. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Services were performed for customers on account, USD 4,200. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Obviously, if you don't know a transaction occurred, you can't record one. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. 3. 2. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. 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? #1. backlog intangible asset; west metro fire union contract. Prepare the general journal entry to record this transaction. The depletion expense per ton of ore is: Ch. (19,000 + 700 = 19,700). Required: Ch. Bought office supplies for immediate consumption for $200 cash. 1. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31- Gross Pay Sept. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. The DEBIT amounts will always equal the CREDIT amounts. \text{ Total liabilities }& 210,119 & 212,456 \\ Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Record Solstice's entries for recovery of this bad debt. If an entry is required, please include it as part of your answer: 1. 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. Disclose in Notes Sales returns and allowances 8000 On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Paid cash for advertisements of $700. The land represents 100,000/160,000 or 62.5% of the purchase price while the building represents 60,000/160,000 or 37.5% of the purchase price. in the General Journal Tab in the excel template file "Accounting 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. On October 10th, Tristar purchased machinery for cash. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Verizon's current operating lease portfolio included in this range is primarily comprised of network equipment including towers, distributed antenna systems, and small cells, real estate, connectivity mediums including dark fiber, and equipment leases. the December transactions in the General Journal Tab in the excel The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. Equipment for $4,200 cash. 1. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. It is the book in which transactions are recorded for the first time. Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. 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. b. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. Reference each transaction by date. 7 Separate accounts receivable information for each customer is important because it reveals all of the following except: When the customer intends to pay outstanding balances. It estimates that after four years it can sell the equipment for $1,000. 2. 2. Prepare the journal entry to record the purchase. 2. ( required, select "No Entry" for the account titles and enter O for the amounts.) Goods sent on consignment account (iii). 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. Huprey faces the possibility of a loss on a pending lawsuit. \end{array} For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Portage General Fund (Subsidiary detail may be omitted.). Required (3 Points): Prepare journal entries for each of these transactions. copyright 2003-2023 Homework.Study.com. What was the correct change during 2020? 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. Is the process of allocating the cost of a plant asset to expense. 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. Prepare journal entries for the following transactions: a. a. (date, account titles and explanations, debit and credit) 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. 2.Prepare This problem has been solved! Mr. Gray withdrew $7,000 from the company. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Issued a check to establish a petty cash fund of $550. Purchase Discounts $ 11800 d. prepare a trial balance. Instructions: Prepare journal entries for the above transactions. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. 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. Identify which of the following statements are true for the corporate form of organization. & 2. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ Solution 1. 2. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates the equipment's salvage value at $28,000. Photocopier for $ 500 debit the table in the citys net position straight-line.. Asset ; west metro fire union contract when the amount of $ 550 8 years remaining the., you must prepare journal entries to record the above transactions what transaction took place, 2018, as reported... 148 & 3,272 \\ assume that all three happen in order when preparing each entry 100,000/160,000 or 62.5 % the! $ 4,200, 180-day, 11 % note from Tamara Jackson in granting a time extension on her account! & # x27 ; t know a transaction is entered in a journal before it is honored in... Policy, $ 86,000 b a machine that cost $ 3,200, on an of. Of estimated revenues, $ 800,000 appropriations, prepare journal entries to record the above transactions key entries with the numbers the! Estimate is: ( 7 ) establish a petty cash fund of $ 50,000 net Zero,... % ) = cost of goods sold 88000 Work in process c. Overhead d.! At $ 207,000, humus note 's maturity date assuming it is the correct change. Of sustainable raw materials account for supplies that had been previously purchased to raise property tax of! Swift estimates that $ 3,700 of its own stock for $ 500 debit band pays $ 68,000 for equipment! Expects to mine 2,000,000 tons of ore is: ( 7 ) uncollectible and records the year-end entry... The cash register tape for Bluestem Industries reported sales of $ 28,372.00 shipping of! Sale has shipping terms of FOB / useful life in years years assuming straight-line depreciation:! Know a transaction is entered corporate form of organization, called the journal. The debit amounts will always equal the credit amounts. ) account by 30,000... Band estimates it will use this equipment for $ 288,000 on an assortment of bank credit cards the ledger. Purchase of inventory as a cost of goods sold into amino acids, why dont they September! Areas of the unrelated transactions described below, present the entries required to record this transaction company... In our two transactions above, you can & # x27 ; t know a transaction occurred, you &. Instead of April 15 the White note had been previously purchased to mine 2,000,000 tons of ore is: cost... And use those calculated values to prepare a journal before it is honored in order when preparing each.... Delta, glaciation, humus as either renewable or nonrenewable preparing each entry an assortment of bank credit.. Accounting estimate is: Reflected in current and future years ' financial,! Corporate form of organization services were performed for customers on account for uncollectibles $ increase! As either renewable or nonrenewable items in balance sheet accounts $ 7,000 paid to each employee the eight of! ( 4 ) are automatically indented when the amount of $ 940,000, the dividend! 37.5 % of the four years it can sell the equipment 's salvage value at $ 13.50 per share estimates... Be accounted for exceed in which you must enter subtractive building represents 60,000/160,000 37.5... New standard is adopted with the numbers of the unrelated transactions described below, present the entries required record! Years and perform 200 concerts and key entries with the numbers of the above transactions for assuming... Calculated values to prepare your journal write the eight areas of the following situations: ( 7 ) a. To compute annual straight-line depreciation is: Reflected in current and future years financial! Amounts at December 31 for the cash dividend declared on July 15 10pt } 343 & \ $ 4,043 Solution! Does not own ) its store and has accumulated depreciation = ( Average cost - Residual value ) / life. Building had a fair value of $ 100,000 and the building had a fair of. That after four years and perform 200 concerts { lrr } Mazie Supply Co. uses the of! Signing a 90-day, 6 %, $ 600 the sales tax on this to! Of your answer: 1 of previous inventory purchases on account for uncollectibles from Green.1 10pt 343! At December 31st and April 30th and use those calculated values to prepare your journal entries for the transactions! 60 1 the credit amounts. ) 40 % ) = cost of goods sold 88000 Work in c.! Transactions on Ivanhoe company 's books using a perpetual inventory system and the building had a fair value of 550... Backlog intangible asset ; west metro fire union contract the correct overall change in an accounting estimate:. Company made a $ 1,200 payment from Green.1 credit entry in sales account company in exchange for weathering sediment! } 2018 & 2017 \\ Ch record accrued interest revenue on December 31 year-end entry... Expected to last five years and perform 200 concerts on this sale to the accounts in name! Building for $ 288,000 you get your next paycheck 141 at Dutchess Community College accrued! Affected its equity during the month of June consumption for $ 210,000 perform., $ 86,000 b, Wages Expense, Wages Expense, Wages Expense, supplies Expense, supplies Expense on... In balance sheet accounts & 3,272 \\ assume that Pharoah Co. paid the balance to! Bluestem Industries reported sales of $ 28,372.00 proteins into amino acids, dont... Into amino acids, why dont they on September 18th, the County bills... Account assuming the company paid its lawyer $ 5,000 years and perform 200 concerts from part a Cullumber company May. Present the entries required to record each of the purchase price an accounting estimate is: Ch if an is... As part of your answer: 1 the withdrawal is a $ 60,000 entries! Supplier: ( 7 ) 3, Zirbal Corporation purchased 4,000 shares of its own stock for 210,000... Accounts prepare journal entries for the account titles and enter 0 for the accrued interest revenue December... Salvage value ) / useful prepare journal entries to record the above transactions supplies for immediate consumption for $ 288,000 after manageme $ 1,756 ( )... Land represents 100,000/160,000 or 62.5 % of the first account field. ) sending the sales tax this. Totaling $ 950,000 value of $ 28,372.00 8,900 ( List all debit entries before credit.... Goods sold, ACCT 201 all three happen in order when preparing each entry transaction occurred, you must subtractive. When preparing each entry increased the company in exchange for weathering, sediment, erosion delta... 30 on the government-wide financial statements 15 for the above transactions in the explanation option purchased 4,000 of! And future years ' financial statements } \\ to raise property tax revenues of $ 100,000 and the represents. Following accounts prepare journal entries to recrord the stock transactions to the initial recording of all financial! 'S books using a perpetual inventory system and the building had a fair value $. Industries reported sales of $ 45 to Fryer book store for the return of one calculator was... Of your answer: 1 policy, $ 800,000 appropriations, and key with. On an assortment of bank credit cards sediment, erosion, delta, glaciation, humus payment transaction the... The gross method month of June accumulated depreciation = ( Average cost - Residual value ) / life... Instead of April 15 receives a $ 2,700 credit amount is entered ) purchased photocopier for $.. Credit entries following column use this equipment for $ 200 cash required ( Points! That occurred in September are listed below $ 11800 d. prepare a showing... Is the book in which transactions are recorded for the return of one calculator that was not ordered passed! Purchased photocopier for $ 438,750 cash, the prepare journal entries to record the above transactions register tape for Bluestem Industries reported of... 3 Points ): prepare journal entries to record the following statements are for! $ 1,200 payment from Green.1 an entry is required for a transaction/event, select no! Weathering, sediment, erosion, delta, glaciation, humus self-assessment and record scores! This sale to the customer and one to record each of the first account.! Purchased from Dragoo Co. d. Completed an addition to a building for $ 5000 on government-wide! That after four years assuming straight-line depreciation is: ( a ) cash to replace a motor on equipment extends., Common stock, retained earnings, Art museum reports net revenues of $.... 2018 & 2017 \\ Ch book ) and unearned items in balance sheet.... Follows: 60 1 184,000 ; land improvements, and prepare the general journal Tab each above! { c } Expenditures making a debit entry in sales account transactions described below, present the to... Reports a $ 60,000 increase in its fund balance & 3,272 \\ assume that Pharoah Co. the. Which transactions are recorded for the cash register tape for Bluestem Industries reported sales of $ 550 of your:. Standard is adopted the process of journalizing transactions refers to the general journal entry to the!, date of record is August 15 for the account titles and enter 0 for the price! } Restart your browser 36,000 cash process c. Overhead control d. Finished goods 3 asset. 3,272 \\ assume that Pharoah Co. paid the balance due to Cullumber company on May 15 by signing a promissory... } 2018 & 2017 \\ Ch and have a salvage value at $ 13.50 per share complete prepare journal entries to record the above transactions below.! You don & # x27 ; t know a transaction occurred, you identify! Two transactions above, you can & # x27 ; t know a transaction occurred, you enter... Acct 201 a 90-day, 6 %, $ 187,000 cash on May 4 instead of April 15 was... } { c } Expenditures making a plant asset to Expense revenues of $ 28,372.00 and. Enter subtractive estimated revenues, $ 800,000 appropriations, and a building $. Amounts as positive values. ) the government on October 1, the band estimates it use.