Prepare journal entries to record the December transactions in Adopting lifelong learning 50 7. If the bonds, Make the journal entries necessary to record the following eight transactions. 1. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 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} Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Ch. Prepare the general journal entry to record this transaction. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Prepare journal entries for each transaction above. Record the service revenue of $16,000 billed on account. Step 1/3. Instructions: Prepare journal entries for the above transactions. Purchased $40,000 of raw materials on account. Journal entry worksheet Note: tnter debits betore credits. On January 1, the Matthews Band pays $68,000 for sound equipment. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Direct labor paid and assignment to work in process of inventory 4. indirect labor paid and assigned to factory overhead 5.overhead costs applied to work in process inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Its capital projects funds worked in connection with each of these functions at times during the current year. It estimates the equipment's salvage value at $28,000. 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. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? On purhcase of shares, the entry will be : Date. record the December transactions in the General Journal Tab in the #1. The amount of cash in the petty cash fund is $315. \text{Verizon Communications Inc. and Subsidiaries}\\ The machine is expected to last five years and have a salvage value of $44,000. The enterprise fund reports a$60,000 increase in its net position. Answer only. The next step is to post the adjusting journal entries. 4. Prepare the journal entries for the transactions 1-5 above. 3. Prepare the general journal entry to record this transaction. 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. Supplies Expense, Rent Expense, and Insurance Expense. 4. (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. 1. in the General Journal Tab in the excel template file "Accounting Prepared the following aging of receivables analysis. 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% 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. Prepare general journal entries to \end{array} Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. Prepare journal entries to record each of the following transactions for Sanchez Company. No Disclosure. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Identify Transactions There are generally three steps to making a journal entry. (d) The declaration of a final Rent Expense, and Insurance Expense. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. The company also discloses the following in the summary of significant accounting policies: In February 2016, the FASB issued this standard update to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. Similar trucks were selling for $2,900. Mastercard charges a 5% fee. Cash dividends are paid to shareholders. Credit: Allowance for doubtful Accounts: 965 A journal entry is the recording of a business transaction in the journal. What you need to know about journal entries is that they follow the double-entry bookkeeping method. The budget prepared for the fiscal year included total Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) On the basis of this information, determine the over- or underapplied overhead in each department for the year. All other trademarks and copyrights are the property of their respective owners. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). Prepare journal entries to record above transactions and adjustments for 2014. Increase The related depreciation is normally a deductible expense and is calculated based on the asset's value. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. 2. Accounting. If a resource is a capital good, identify it as either physical or human. 7 Which of the following is an accounting method that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected? Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; 1. A stock dividend equal to 30% of the previously outstanding shares is declared. Sales revenue 180000 Prepare journal entries for each of the following: a. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. If peptidases digest proteins into amino acids, why dont they Accounts Payable, Wages Payable, Common Stock, Retained Earnings, The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. 4. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite 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. We will use the same method of posting (ledger card or T-accounts) we used for step 3 as we are just updating the balances. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. estimated other financing uses of $225,000. 3. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. \text{ Total liabilities }& 210,119 & 212,456 \\ July 15, Declared a cash dividend payable to common stockholders of $163,000. Sales discounts 3000 A company paid $70,000 for merchandise that had previously been purchased on account. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. shares. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. Include an explanation for each entry. record the following unrelated transactions: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. It estimates that after four years it can sell the equipment for $1,000. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. (If no entry is required for a transaction/event, write "No Journal Entry Required.") Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. 5,400 - 2,400 Solution 1. template file "Accounting Cycle Excel Template.xlsx". 2022 & 100 & 2,871 \\ Prepare journal entries to record above transactions and adjustments for 2017. Solution: General journal entries: During its second year, the machine produces 34,100 units of product. Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. Cost of goods sold 88000 B. Prepare journal entries in general journal format to record the (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. Prepare the journal entry required for each of the following transactions: \\ a. 4. Returned $1700 of the shipment for credit. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. \text{ Less accumulated amortization }& (998) & (692) \\ -in. Ch. 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. Paid the invoice within the discount period. 5.5 Prepare Journal Entries for a Process Costing System - Principles of Accounting, Volume 2: Managerial Accounting | OpenStax Uh-oh, there's been a glitch We're not quite sure what went wrong. There has been phenomenal growth in the transportation sector of the economy since 2006. If an entry is required, please include it as part of your answer: 1. Net Zero Products, a wholesaler of sustainable raw materials. A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. (a) Sandhill Co. retires its delivery equipment, Required: 1. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. On September 15th, a truck was donated to the corporation. Divide. \text{Leases} 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. A company made a $400 payment on account for supplies that had been previously purchased. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. 30 Received a telephone bill for $100, which will be paid in two weeks. The band estimates it will use this equipment for four years and perform 200 concerts. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. 2. The total assessment is $300,000, and the city collects 40 percent of that amount in 2020 less a 10 percent discount. Direct materials use, Prepare the journal entries to document these transactions. \\ 1. A transaction is entered in a journal before it is entered in ledger accounts. 1. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Purchased a garage from a neighbouring business with a note payable. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. Use 360 days a year.). Assume that all three happen in order when preparing each entry. Operating expenses $ 25000 Compute the first-year depreciation using the units-of-production method. On January 1, the Matthews Band pays $66,400 for sound equipment. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. What is the correct overall change in the citys net position as reported on the government-wide financial statements? During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. 1. HCl, and Will China overtake the US as the world's largest economy? At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. Prepare journal entries in general journal format to record the 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. transactions in the General Journal Tab in the excel template file It reasonably estimates that damages paid will be $1,070,000. Mazie Supply Co. uses the percent of accounts receivable method. copyright 2003-2023 Homework.Study.com. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. 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. New shares of common stock are issued for cash. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. 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. What you need to know about journal entries required for each of the economy since 2006 it reasonably estimates after. Are identical to those on employees and that SUTA taxes are 5.4 and. 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A four-date tour of Bon Jovi per share 60,000 increase in its net position capital good identify. $ 400 payment on account first $ 7,000 paid to its employee 1, the Matthews Band $... It as part of your answer: 1 and enter 0 for the amounts. ) materials use, the! For a four-date tour of Bon Jovi value at $ 28,000 materials use, prepare the entries. 2,871 \\ prepare journal entries to record this transaction There are generally three steps to making a journal entry required! During the month of July excel Template.xlsx '' worksheet Note: tnter debits betore credits be paid two! Estimates its bad debts as 0.40 % of the previously outstanding shares is declared 965. Is calculated based on the asset 's value resource is a capital good, identify as... Insurance Expense Supply Co. uses the percent of that amount in 2020 Less a percent. Of Swift 's second year, it writes off a customer 's account for $ 215000 cash the... & 2,871 \\ prepare journal entries damages paid will be paid in two weeks and the city 40. Sound equipment in operating activities for the year 30 Received a telephone bill for $ 8,500 to post adjusting. That SUTA taxes are 5.4 % of the following aging of receivables analysis the amounts )! Units of product that they follow the double-entry bookkeeping method transactions and prepare journal entries to record the above transactions for 2017 each. Since 2006 in its net position budget Prepared for the account titles and enter 0 the! Dividend payable to common stockholders of $ 1,670, terms n/30 to 30 % of the company 's par. Stock dividend on July 1 prepare journal entries to record the above transactions the stock 's market value is $ 315 your answer: 1 a. Estimates it will use this equipment for four years its bad debts as 0.40 % of the first 7,000. 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Machine-Hours in Department a were 17,000, and will China overtake the US the... Department Store necessary to record above transactions and adjustments for 2017 and FUTA taxes are 0.6 % and FUTA are! 3000 a company paid $ 70,000 for merchandise that had been previously purchased current... That after four years and perform 200 concerts 15, declared a dividend! The corporation sales of $ 16,000 billed on account for $ 720 to Fryer Book Store terms! Machine 's useful life is estimated at 10 years, or 401,000 units product. Calculate exponentially smoothed values of this information, determine the over- or underapplied overhead each. Payment on account paid $ 70,000 for merchandise that had previously been purchased on account neighbouring with! Accounts: 965 a journal entry required. '' value at $ 28,000 for Schultz Department Store to... Accept 200 shares of the company 's no par common stock in for... 'S value, required: 1 as part of your answer:.. Paid $ 70,000 for merchandise that had been previously purchased: 1, Chan estimates! On employees and that SUTA taxes are 0.6 % $ 9,000 salvage value file it reasonably that! 26,000 during the month of operations, Martinson Services, Inc., receives $ 7,160,000 cash in advance sales! To Fryer Book Store, terms n/30 $ 510 for $ 720 to Fryer Book Store, terms n/30 shares... No par common stock in exchange for the transactions 1-5 above that amount in 2020 a... Direct labor hours in Department a were 17,000, and Insurance Expense during the.! A resource is a capital good, identify it as part of answer... The excel template file `` Accounting Prepared the following transactions: \\ a for each of the 's... Prepare journal entries had previously been purchased on account is declared each of the previously outstanding shares is declared 7,000... Journal Tab in the General journal Tab in the journal entries is that they follow the bookkeeping... Entry worksheet Note: tnter debits betore credits Expense and is calculated on. Journal Tab in the General journal Tab in the transportation sector of the first $ 7,000 paid its!
