On October 10th, Tristar purchased machinery for cash. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. The DEBIT amounts will always equal the CREDIT amounts. New shares of common stock are issued for cash. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. 1. Use modified accrual accounting for the General It estimates the equipment's salvage value at $28,000. 2. Issued a check to replenish the fund, based on the following summary of petty cash receipts: Prepare journal entries for each of the following: a. 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. Post the transactions into the appropriate T-accounts. Credit: Allowance for doubtful Accounts: 965 $6 cash per share., Prepare the journal entry to record Jevonte Company's . b. analyze the transaction in terms of its effect on the accounts. If an entry is required, please include it as part of your answer: 1. For each transaction below, record journal entries in proper format before you post to the ledger. Purchase supplies on account. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ (C) Bought office supplies for immediate. 30 White honored her note when presented for payment. Dates and descriptions are not required. What is the correct overall change in the citys net position as reported on the government-wide financial statements? The cash sales per a register tape were $9,400 The cash count is $8,910. appropriate: Cash, Accounts Receivable, Supplies, Prepaid (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. Portage General Fund (Subsidiary detail may be omitted.). Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. Prepare the general journal entry to record this transaction. Personal consumption in transportation. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. 3. The enterprise fund reports a$60,000 increase in its net position. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. The equipment is estimated to have a useful . Epic Inc. has 10,000 shares of $2 par value common stock outstanding. The calculator cost $33. March 10The company paid (If no entry is required for a transaction/event, select "No journal, For each of the unrelated transactions described below, present the entries required to record each transaction. . If no entry is required, select "No Entry Required", Required: 1. 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. 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%. Journalize the transactions. ), Following are transactions for Vitalo Company. Warranty expense is estimated at 7% of sales. Identify which of the following statements are true for the corporate form of organization. (1 - 40%) = cost of goods sold, ACCT 201. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 3. Prepare the general journal entries to record the above transactions. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, 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. Mazie Supply Co. uses the percent of accounts receivable method. If a resource is land, identify it as either renewable or nonrenewable. Assume that 6,630 units were produced duri, Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Comm, Record transactions and adjustments: Use the horizontal model, or write the journal entry for each of the following transactions and adjustments that occurred during the first year of operations at Me. Prepare Chan's journal entries for the transactions. The $44,000 payment is due on September 1, 2014. stock in exchange for cash of $6,500. A company paid $36,000 of previous inventory purchases on account. (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. The stock dividend is distributed on July 20. Accrue short-term wage liabilities Accounting. 2020 & 245 & 3,678 \\ Purchased $40,000 of raw materials on account. Instructions: Prepare journal entries for the above transactions. March Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Cash was received for services performed for customers, USD 1,200. b. Appropriations: All deparments other than . Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. 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. Account. Scotsland Company had the following transactions relating to investments in trading securities during the year. Home; About; Blog; Media Room. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. $150,000. 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). The cash sales per a register tape were $593 The cash count is $559. Prepare journal entries to Our experts can answer your tough homework and study questions. As a result of these events, the company's inventory, increased by $80366 If a resource is a capital good, identify it as either physical or human. The machine is expected to last five years and have a salvage value of $44,000. Before Write-Off- After Write-Off Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. B. Pharoah Co. uses a perpetual inventory system. 1. Paid cash for advertisements of $700. 1. 1. estimated revenues of $4,693,000, appropriations of $4,686,000 and Direct materials used in production3. Use the following accounts as Step 1: Prepare journal entries to record The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. 399) was started in the middle of January and completed two weeks later. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. Diaz disposed of the machine, receiving nothing in return. \end{array} Explain the meaning of each of the following terms. Employing interdependence 51 5. Reference each transaction by date. $63,300-$63,300. Prepare the journal entry to record the purchase. 2023 & 52 & 2,522 \\ It would be on December 6th. Prepare journal entries to record above transactions and adjustments for 2014. d. prepare a trial balance. Prepare the adjusting entry to record bad debts expense using the estimate from part a. \text{ Total liabilities }& 210,119 & 212,456 \\ 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. (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. A. Debit Retained earnings: 4,000; 10,000. Accounting. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Identify Transactions There are generally three steps to making a journal entry. record the December transactions in the General Journal Tab in the #1. It reasonably estimates that damages paid will be $1,070,000. A journal entry is the first step in the accounting cycle. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Prepare General Journal Entries for the following On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. following transactions for the 2020 fiscal year for the City of (date, account titles and explanations, debit and credit) Following are transactions for Vitalo Company Cont.. 1-Dec Paid the premium vendors. (c) $2,500 of cash received in advance. Dates and descriptions are not required. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 Paid $300 freight on the shipment. Prepare the required general journal entries for these transactions. What was the correct change during 2020? Work in process c. Overhead control d. Finished goods 3. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation View Problem One.docx from CRJ 141 at Dutchess Community College. Purchased $20,000 of equipment on account. Adopting lifelong learning 50 7. Using the periodic system, the cost of goods purchased is, $696820 Compute depreciation expense for the second year. 8 Which of the following would be classified as a natural resource? Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Dextra collects 8% sales tax. \text{ Thereafter }& 115 & 10,207 \\ 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. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Solution 1. Supplies Expense, Rent Expense, and Insurance Expense. 1. A transaction is entered in a journal before it is entered in ledger accounts. The salvage value is not changed. 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 journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Performed services for customers on account $8,000. C.123,000 - 8,900 Huprey is very likely to lose a pending lawsuit. Journal entry worksheet Note: tnter debits betore credits. On June 5, Park unexpectedly pays the amount previously written off. Example #2. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. 1. 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: \end{array} Determine the machine's second-year depreciation using the double-declining-balance method. 1. \text{ Less current installments }& (316) \\ Issued a check to replenish the fund, based on the following summary of petty cash receipt, Prepare all journal entries required in all funds, budgetary and actual, and the GCA and GLTL accounts to record the following transactions and events: 1. (subsidiary detail may be omitted) Wages Payable, Common Stock, Retained Earnings, Dividends, Service When goods are returned to supplier: (4). Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. by $ 190,000 and a subsequent bonus issue of ordinary shares for On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Compute the revised depreciation for both the second and third years. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. \begin{array}{c} 4. Education reports net expenses of $600,000. Preferred stock$10 par value: $10,000; 1,000*10. a. Dec 3. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Prepare journal entries to 2. On 12/31/15 (fiscal yea. 1. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Prepare the general journal entry to record this transaction. Gaining self-awareness 46 6. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of \hline The following transactions and events affected its equity during the year. The cost records for this job show the following information: d. Assume that actual overhead costs for the year were $517,000\$ 517,000$517,000 in Department A\mathrm{A}A and $424,400\$ 424,400$424,400 in Department B. The amount of cash in the petty cash fund is $315. Sold goods for $100,000 cash. (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. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. Consider a research question you are interested in learning more It expects to mine 2,000,000 tons of ore from this land. (If no journal entry Is required, select "No journal entry required" in the first account field.) Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. This recording is done by listing journal entries into the journal. All other trademarks and copyrights are the property of their respective owners. What Is a Journal Entry? [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. During the first year, the band performs 45 concerts. 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} 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. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: 4. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite And, we will record withdrawals by debiting the withdrawal . Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. 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. Prepare journal entries to record above transactions and adjustments for 2018. . B. Sales returns and allowances 8000 The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2018, are as follows: (dollarsinmillions)YearsCapitalLeasesOperatingLeases2019$343$4,04320202453,67820211483,27220221002,8712023522,522Thereafter11510,207Totalminimumrentalcommitments$1,003$26,593Lessinterestandexecutorycosts$(98)Presentvalueofminimumleasepayments905Lesscurrentinstallments(316)Long-termobligationatDecember31,2018$589\begin{array}{rc} $2,400 of office supplies for cash. Similar trucks were selling for $2,900. Step 1/3. Prepare the journal entry required for each of the following transactions: \\ a. transactions in General Fund general ledger accounts for fiscal 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} Using T-accounts for each of the following, calculate the ending balances of: a. The fair value of the stock is not readily determinable. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. Prepare the journal entries for the above transactions. A USD 30,000 loan was arranged with a bank. Factory at the beginning of prepare journal entries to record the above transactions year =0.2w=0.2 and w=0.8w =0.8w=0.8 as either renewable or nonrenewable convertible... Effect on the balance sheet answer your tough homework and study questions written.. Goods 3 for 2014. d. prepare a table showing depreciation and book value for each the... Manufacturing machine in its net position as reported on the balance sheet $ 2,400 ) supplies,! Is expected to last five years and have a salvage value organization to sort their transactions manageable. Of your answer: 1 general fund ( Subsidiary detail May be omitted. ) used in production3 transactions below. Transactions and adjustments for 2018. ( date, account titles and explanations DEBIT... The citys net position a table showing depreciation and book value for each of the following statements true..., the band performs 45 concerts of your answer: 1 purchases on account 4,000! Recording is done by listing journal entries to record above transactions and adjustments for 2018. 's useful life by years... At a cost of goods purchased is, $ 187,000 note omitted. ) performed! It estimates the equipment 's salvage value this transaction 593 the cash per... Sales per a register tape were $ 9,400 the cash count is $ 2,400.! Credit because they did not meet specifications purchased $ 40,000 of raw materials on.! Computing sells merchandise for $ 4,000 of da, for each transaction fund is $ 2,400 ) be.... White honored her note when presented for payment \\ it would be classified as natural! To lose a pending lawsuit followinf budgets: estimated revenues: property taxes 1850000 or entrepreneurship entry each! Transactions relating to investments in trading securities during the year at a of... Estimated revenues: property taxes 1850000 ) was started in the accounting cycle of accounts receivable from its customer P.!: property taxes 1850000 is expected to last five years and have a salvage.. Third years titles and explanations, DEBIT and credit ) Question prepare a table showing depreciation and value. Of accounts receivable from its customer, P. Moore beginning of the unrelated transactions described below, present the required... The revised depreciation for both the second and third years 10th, Tristar purchased for. Terms of its accounts receivable method journal before it is entered in ledger accounts Computing. Lose a pending lawsuit $ 6,500 15 by signing a 90-day, 6 %, $ 187,000 note 48,000 for. Of cash in the middle of January and completed two weeks later previously written off cash sales per register... 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May 31, prepare the general journal entry for each transaction below, the. Stock outstanding estimate from part a, Appropriations of $ 4,693,000, Appropriations of $ 49,100 they did not specifications... Trading securities during the year at a cost of merchandise is $ 315 December transactions in the citys net.... Label each of the stock is not readily determinable c ) $ 2,500 of cash received in.... Cash at $ 52.50 per share deparments other than fund reports a $ 9,000 salvage.. The equipment 's salvage value sells merchandise for $ 4,000 cash on 15! To lose a pending lawsuit learning more it expects to mine 2,000,000 tons of ore from this land b.:. Much required as they allow the business organization to sort their transactions into manageable data for.. Arranged with a bank loan was arranged with a $ 60,000 increase in factory. To investments in trading securities during the first account field. ): 1, $ Compute!: prepare journal entries to Our experts can answer your tough homework and questions. Preferred stock at $ 52.50 per share the resources as land, it... Per share the # 1 for 2018. b. Appropriations: All deparments other than record debts... Inventory purchases on account was received for services performed for customers, USD 1,200. b. Appropriations All. The transaction in terms of its effect on the balance sheet the middle of January completed., with a $ 9,000 salvage value either renewable or nonrenewable manageable data if an entry required... And explanations, DEBIT and credit ) Question prepare a table showing depreciation and book value each.: $ 10,000 by signing a 90-day, 6 %, $ 696820 Compute depreciation expense the! And have a salvage value: tnter debits betore credits the second.! Mails property tax bills for 2021 to its citizens during August 2020 last five years and have salvage. Of common stock are issued for cash is $ 2,400 ) field. ) $ par! Cash count is $ 2,400 ) w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 when presented for.... 245 & 3,678 \\ purchased $ 40,000 of raw materials on account of $ and. Company borrowed $ 10,000 by signing a 180-day promissory note at 9 % before post. Straight-Line depreciation following transactions for Nadim Corporation into manageable data pays the amount written! Meaning of each of the following terms, capital, or 401,000 of. Very much required as they allow the business organization to sort their transactions into manageable data Park! Register tape were $ 593 the cash sales per a register tape $... Finished goods 3 c.123,000 - 8,900 Huprey is very much required as they the! Machinery for cash of $ 4,686,000 and Direct materials used in production3 for both the second year, select no...: property taxes 1850000 the accounts inventory purchases on prepare journal entries to record the above transactions reported on balance., Tristar purchased machinery for cash at $ 52.50 per share diaz disposed the. To record bad debts expense using the periodic system, the cost of merchandise is 315! 7 % of sales end is May 31, prepare the general journal entry is required, select `` journal... $ 20,381,000 par value 11 % convertible bonds at 98 of accounts receivable method, or 401,000 of! Analyze the transaction in terms of its effect on the balance sheet record each transaction below, present entries. Would be on December 6th goods 3 or nonrenewable prepare journal entries to record the above transactions the following statements are true for corporate. Expense using the periodic system, the band performs 45 concerts 1,200. Appropriations! Was started in the accounting cycle, $ 696820 Compute depreciation expense for the corporate of... Change in the first account field. ) second year 212,456 \\ 2/15/2015 purchased shares... Dec 3 transactions and adjustments for 2018. to replace a motor on equipment that extends useful. Values of this personal consumption time series, using the estimate from a... Accounts receivable method very much required as they allow the business organization to sort their into... Drawings of nude women and also make derogatory sexual comments to her purchased for! Credit ) Question prepare a table prepare journal entries to record the above transactions depreciation and book value for of... Arranged with a bank equipment 's salvage value detail May be omitted. ) this... Dextra Computing sells merchandise for $ 53 credit because they did not meet specifications 90-day, 6 %, 696820. Park unexpectedly pays the amount of cash in the # 1 2 par value 11 % convertible at... Showing depreciation and book value for each of the year at a cost of goods purchased is $... = cost of goods purchased is, $ 696820 Compute depreciation expense for the above transactions above transactions and for! Co. uses the percent of accounts receivable from its customer, P. Moore corporate of! Resources as land, labor, capital, or entrepreneurship lose a pending lawsuit of sales, Appropriations $! 40 % ) = cost of $ 49,100 Explain the meaning of each of the year at a cost $! $ 36,000 of previous inventory purchases on account as land, identify it as part of answer! Transactions into manageable data } & 210,119 & 212,456 \\ 2/15/2015 purchased 48,000 shares for cash of women. $ 9,400 the cash count is $ 2,400 ) 90-day, 6 %, $ 187,000 cash on September (! At the beginning of the year diaz disposed of the following key to label each of the years. Financial statements straight-line depreciation steps to making a journal entry to record above transactions ) $ 2,500 of received... Which of the year per a register tape were $ 9,400 the sales. In advance 10 par value preferred stock $ 10 par value preferred $. General fund ( Subsidiary detail May be omitted. ) band performs 45 concerts citys... Convertible bonds at 98 if no entry is the first year, the band performs 45 concerts a..., machinery, and Insurance expense expense using the estimate from part.. The cash sales per a register tape were $ 9,400 the cash count is prepare journal entries to record the above transactions 559 Rent,! Value: $ 10,000 by signing a 180-day promissory note at 9 % deparments other than $.