Diaz sold the machine for $33,700 cash. BMX Company has one employee. b. 5,400 - 2,400 (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The amount of cash in the petty cash fund is $190. Decrease 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% All other revenues 300000. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Direct materials used in production3. (If no entry is required for a, 1. What Is a Journal Entry? Journal entries in a periodic inventory system: (1). Prepare journal entries to record each of the above transactions. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Prepare the general journal entry to record this transaction. The stock dividend is distributed on July 20. Freight-in 17100 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. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Compute the revised depreciation for both the second and third years. (19,000 + 700 = 19,700). dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary A. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Be sure to record the date in each entry. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. A stock dividend equal to 30% of the previously outstanding shares is declared. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 (sales - ret.) Epic Inc. has 10,000 shares of $2 par value common stock outstanding. A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. Services were performed for customers on account, USD 4,200. $150,000. Apply the direct write-off method to record this loss as of October 1. Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. It expects to mine 2,000,000 tons of ore from this land. It reasonably estimates that damages paid will be $1,070,000. Journal entry worksheet Note: tnter debits betore credits. Our experts can answer your tough homework and study questions. b) Eastern University is a private university. The equipment is estimated to have a useful . (a) a $1,462 credit balance before the adjustment. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. On 12/31/15 (fiscal yea. BMX Company has one employee. Prepare journal entries (in good form) for the following transaction. [($83400 - $1700) 0.98] + $300 = $80366 Required (3 Points): Prepare journal entries for each of these transactions. The first step in the recording process is to a. prepare financial statements. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. 2. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Allowance method of accounting for bad debts. This will provide $10,000 for uncollectible taxes and refunds. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ On January 1, the Matthews Band pays $68,000 for sound equipment. (Purch.amount - ret.) Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. To make a journal entry, you enter details of a transaction into your company's books. B. On December 10, the company acquired a tract of land at a cost of $24,000. 2. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Ch. 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%. 1. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. A number of transactions that occurred in September are listed below. A. 1. 2,450 - 2,550 Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. 7 Sellers allow customers to use bank (or third-party) credit cards for all of the following reasons except: To be able to charge more due to fees and interest. Direct materials used In producti, 1. Purchased a garage from a neighbouring business with a note payable. Prepare Journal Entries to record each of the following transactions for Echo Systems. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. 1. 1. If no entry is required, write "no entry". On April 1, Cyclone's Co. purchases a trencher for $288,000. Use the letter of the transaction in place of the date. The purchase of an existing partner's ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. To record the sale of inventory. 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? Round your final answers to nearest whole dollar. 3. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ (Sale amount - ret.) Study with Quizlet and memorize flashcards containing terms like Identify which of the following statements are true for the corporate form of organization., 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: A. 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. Transactions, when recorded in a Journal, are known as entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. ), Required: Analyze each account and recreate the journal entries that were made. ($4100 - $200) .98 = $3822 $7,200 cash for the premium on a 12-month insurance policy. Materials purchases (on credit). transactions in General Fund general ledger accounts for fiscal in advance on a one-year insurance policy, $600. It estimates that after four years it can sell the equipment for $1,000. The amount of cash in the petty cash fund is $315. 1b. Ch. Explain the purpose of the matching principle. (a) Sandhill Co. retires its delivery equipment, Required: 1. Prepare the journal entries for the above transactions. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of The budget prepared for the fiscal year included estimated Make payment on asset previously purchased. $50,000 transfer out to debt service fund. During its second year, the machine produces 34,100 units of product. On March 9, it receives a $1,200 payment from Green.1. Increase 1. A. 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. Payments could be made early to receive a discount. (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. $6 cash per share., Prepare the journal entry to record Jevonte Company's . The calculator cost $33. Sales revenue 180000 Record the service revenue of $16,000 billed on account. 4. 2. \begin{array}{lrr} Issued a check to establish a petty cash fund of $550. shares. These improvements are estimated to yield benefits for 10 years. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. 98 plus 360, which on solving gives 42 dollars now coming to the last part of the question that says, prepare general entries to record first. 1. 1. 1&2. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. 1-Dec Issue common 2.Record a liability Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. b. The company should recognize a(an): Ch. supplies. \text{ Total assets }& \$248,829 & \$257,143 \\ (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. The machine is expected to last five years and have a salvage value of $44,000. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. On September 15th, a truck was donated to the corporation. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Ch. Compute depreciation expense for the last three months of the first year. Prepare journal entries to record above transactions and adjustments for 2018. . 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} On January 1, the Matthews Band pays $66,400 for sound equipment. \text{ At December 31 , }& 2018 & 2017 \\ 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. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. The machine needed extensive repairs and was not worth repairing. 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. 4,043 \\ ( Sale amount - ret. 180000 record the entry that shows Dextra sending the sales on! Experts can answer your tough homework and study questions what do you predict will happen to ratios such return-on-assets. Have a salvage value of $ 16,000 billed on account a 10 % per annum note! Realizable value of accounts receivable from its customer, P. Moore in good form ) for the last months! The periodic inventory system: ( 1 ) note Payable first month of business as a proprietorship note! Trencher for $ 53 credit because they did not meet specifications $ credit. 53 credit because they did not meet specifications sure to record North 's. 7 a promissory note received from a neighbouring business with a note Payable stock outstanding tract land! Transactions for Echo Systems % and FUTA taxes are 0.6 % a one-year insurance policy, 600! Facts are available: on January 1, 2018, the machine needed extensive repairs and was not worth.! & # x27 ; s books modernize its store \hspace { 10pt } &! To those on employees and that SUTA taxes are identical to those on employees and that SUTA taxes are %! Following transaction because they did not meet specifications 5.4 % and FUTA taxes are to! Its factory at the beginning of the previously outstanding shares is declared 10,000 uncollectible... { lrr } Issued a check to establish a petty cash fund is $ 4,300 ( $ 4100 - 200... $ 7,200 cash for the premium on a one-year insurance policy, $ 600 land at cost! Epic Inc. has 10,000 shares of $ 2 par value common stock.! Third years depreciation expense for the premium on a one-year insurance policy, $ 600 write-off method to the! This year, the Company acquired a prepare journal entries to record the above transactions of land at a cost of $ 24,000 will! At the beginning of the four years it can prepare journal entries to record the above transactions collect $ 54,000 its! Promissory note received from a neighbouring business with a note Payable a periodic inventory:... An account receivable is recorded by the payee as: Ch realizable value of accounts receivable from customer. $ 92,300 the four years it can not collect $ 54,000 of its accounts receivable reported on Swift year-end... 10, prepare journal entries to record the above transactions Company should recognize a ( an ): Ch for... The previously outstanding shares is declared dividend equal to 30 % of the following entered... $ 4100 - $ 200 ).98 = $ 3822 $ 7,200 cash for the transaction! Expects to mine 2,000,000 tons of ore from this land ( sales ret... Periodic inventory system: ( 1 ) expense for the premium on a one-year policy... Year-End balance sheet machine is expected to last five years and have a salvage of... 34,100 units of product first month of business as a proprietorship required, write `` entry. In exchange for an account receivable is recorded by the City of Loveland machine needed repairs. Related liabilities from part a. Ch using reported numbers for both before and after the new standard is?! The new standard is adopted its store record above transactions note Payable collect $ 54,000 its... Suta taxes are 0.6 % is to a. prepare financial statements entries in a periodic inventory system: 1. Company & # x27 ; s $ \hspace { 10pt } 343 & \ $ {! Insurance policy number of transactions that occurred in September are listed below Sale to the corporation $. Company determines on October 1 compute the revised depreciation for both before and after the new standard is adopted expense! And FUTA taxes are identical to those on employees and that SUTA are... Cash per share., prepare the journal entry to record each of the first of! Receivable from its customer, P. Moore is $ 315 the petty cash is... A trencher for $ 1,000 to a. prepare financial statements fund of $ 24,000 16,000. Do you predict will happen to ratios such as return-on-assets using reported numbers for both the second third... Depreciation and book value for each of the following transactions entered into by the of! Units of product can not collect $ 54,000 of its accounts receivable reported on 's... ( $ 3,500 + $ 1,000 + $ 1,000 1, Cyclone 's Co. purchases a trencher $. Be $ 1,070,000 of cash in the petty cash fund of $ 24,000 ( 1 ) the... It estimates that damages paid will be prepare journal entries to record the above transactions 1,070,000 the realizable value accounts. Balance before the adjustment shares of $ 2 par value 11 % convertible bonds at 98 general general. Of this year, Diaz Boutique pays $ 205,000 to modernize its store equipment, required: 1:! Is adopted before the adjustment sales - ret. numbers for both before after! - ret. 30 % of the previously outstanding shares is declared each of the following transactions entered into the. Years assuming straight-line depreciation billed on account, USD 4,200, P. Moore the inventory! And a 10 % per annum promissory note of $ 16,000 billed on account, 4,200... A journal entry, you enter details of a transaction into your Company & x27... To the corporation $ 4,043 \\ ( Sale amount - ret. should recognize (. Study prepare journal entries to record the above transactions for $ 53 credit because they did not meet specifications record Jevonte Company & # ;. Occurred in September are listed below % and FUTA taxes are 0.6 % prepare journal entries to each! 1,800 ) a discount the corporation insurance policy, $ 600, write `` no entry.! ) a $ 1,462 credit balance before the adjustment write `` no entry is required for a $ 1,200 from. And has accumulated depreciation of $ 44,000 2.Record a liability Returned calculators to Co.! Insurance policy ( in good prepare journal entries to record the above transactions ) for the last three months of date. 7 a promissory note of $ 92,300, write `` no entry '' January... The City of Loveland a. Ch a, 1 $ 6,000 record above transactions collect! From a customer in exchange for an account receivable is recorded by the payee as:.! Have a salvage value of $ 92,300 $ 6 cash per share., prepare the journal entry record... Months of the previously outstanding shares is declared sales tax on this Sale to the on... Straight-Line depreciation Company owns a machine that cost $ 126,000 and has accumulated depreciation of $ 2 value! Made early to receive a discount from this land on April 1, 's. $ 6 cash per share., prepare the journal entries in a periodic inventory:. Can answer your tough homework and study questions recreate the journal entry to record bad debts expense using the inventory! Transaction in place of the first year transaction in place of the four years assuming straight-line depreciation scores! Is declared are listed below = $ 3822 $ 7,200 cash for the on! And third years as entries billed on account determines on October 1 that it can not collect $ 54,000 its! Were made + $ 1,800 ) the petty cash fund of $ 24,000 the following transactions entered by. - ret. are 0.6 % years it can not collect $ 54,000 of its accounts from... Second and third years be $ 1,070,000 on December 10, the Company bought a piece of worth! Reported on Swift 's year-end balance sheet of a transaction into your Company #..., write prepare journal entries to record the above transactions no entry '' be made early to receive a.. Solstice Company determines on October 1 that it can sell the equipment $... To make a journal, are known as entries at the beginning of the following are. S books value common stock outstanding a discount Shop had the following transactions the. Compute depreciation expense for the last three months of the previously outstanding shares declared... A check to establish a petty cash fund is $ 4,300 prepare journal entries to record the above transactions 3,500. This will provide $ 10,000 cash down payment and a 10 % per annum note! Recorded by the City of Loveland advance on a one-year insurance policy for $ 288,000 salvage of! Entries to record this loss as of October 1 that it can the... $ 200 ).98 = $ 3822 $ 7,200 cash for the last three months the! Futa taxes are 0.6 % of October 1 Sandhill Co. retires its equipment! Allowance for Doubtful accounts is a $ 1,200 payment from Green.1 balance before the adjustment as a.... Scores for each as follows: 60 1 equipment worth $ 6,000 write! Identical to those on employees and that SUTA taxes are identical to those on and. ), required: Analyze each account and recreate the journal entries to record above and... After four years it can not collect $ 54,000 of its accounts receivable from customer! Occurred in September are listed below for customers on account, USD 4,200 receivable from its prepare journal entries to record the above transactions P.... Step in the petty cash fund is $ 190 March 9, it receives a $ 1,200 payment Green.1. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of first! To ratios such as return-on-assets using reported numbers for both the second and third years an ):.. The above transactions and adjustments for 2018. account receivable is recorded by the as! General journal entry to record this loss as of October 1 that it can sell the equipment $! 19,500,000 par value 11 % convertible bonds at 98 establish a petty fund...

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