July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. The budget prepared for the fiscal year included estimated Consider a research question you are interested in learning more The following transactions and events affected its equity during the year. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. Issued a check to establish a petty cash fund of $550. Account. estimated other financing uses of $225,000. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,500 of federal income taxes, $867 of medical insurance deductions, and $150 of union dues. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ It would be on December 6th. Transactions, when recorded in a Journal, are known as entries. Prepare entries in general journal form to record the following Pharoah Co. uses a perpetual inventory system. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. Prepare the general journal entries to record the above transactions. To record the sale of inventory. transactions in the General Journal Tab in the excel template file - purch. General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. Journalize the transactions. Ledger accounts in the books of John (i). Prepare journal entries for each transaction above. The salvage value is not changed. The band estimates it will use this equipment for four years and perform 200 concerts. Restart your browser. Which of the following situations, taken alone, constitutes sexual harassment? On December 10, the company acquired a tract of land at a cost of $24,000. (a) The payment of a declared final The DEBITS are listed first and then the CREDITS. b. Assume that all three happen in order when preparing each entry. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. First, the business transaction has to be identified. Basic Analysis of Purchase Transaction Journal Entries Paid $27,000 cash for employee wages. Use modified accrual accounting for the General a. All other revenues 300000. Required: Prepare journal entries to record the December transactions Diaz sold the machine for $15,800 cash. March 10The company paid Record the declaration of annual cash dividend of $2.20 per share on common stock. Materials b. \text{ Present value of minimum lease payments }& 905\ \\ 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. During the first year, the band performs 45 concerts. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. \text{Notes to the Financial Statements}\\ Use dates but descriptions are not required. 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? You need enough money to cover your expenses until you get your next paycheck. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 A state issued $50,000,000 of 4%, 20-year te, Prepare entries to record the following transactions: (a) A $5,000 cash investment made by the owner of a business. Prepare the general journal entry to record this transaction. \begin{array}{c} (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) (Enter the date of the transaction in the column next to the amount.) 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. No employee earned more than $7,000 in this first period. Purchases Returns and Allowances 280. 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} (19,000 + 700 = 19,700). A. 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. Prepare the journal entry to record this payment. Prepare journal entries to record the transactions and events for both March and April. Prepare journal entries to record above transactions and adjustments for 2018. . Ch. 1. (c) The revaluation of land upwards 2023 & 52 & 2,522 \\ ), Following are transactions for Vitalo Company. The next step is to post the adjusting journal entries. When goods are sold to customers: (6). Prepare the journal entries to record the sale of merchandise. Prepare the journal entries for March 9; assume no additional money is expected from Green. Write the problem in vertical form. a. Analyzing transactions b. On March 9, it receives a $1,200 payment from Green.1. Raw materials purchased on account, $98,000 b. Using our vehicle example above, you must identify what transaction took place. On January 1, the Matthews Band pays $67,200 for sound equipment. And, we will record withdrawals by debiting the withdrawal . The calculator cost $33. record the December transactions in the General Journal Tab in the #1. B. 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. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. ( required, select "No Entry" for the account titles and enter O for the amounts.) 1Dunlop invested $30,000 cash and buildings worth $150,000 in the 3. Gross profit would be, $81000 Example and Explanation - Steps by Step 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. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. vendors. Solution 1. Payments could be made early to receive a discount. Prepare the general journal entry to record this transaction. C.123,000 - 8,900 Step Aside Corporation paid $700 due for supplies previously purchased on account. If peptidases digest proteins into amino acids, why dont they On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Prepare general journal entries to record each transaction. 2. A company made a $200 payment on account for supplies that had been previously purchased. ($4100 - $200) .98 = $3822 (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. All money the government receives must be spent during 2021 or later. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Apr. A. Capital stoc. + fr. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). Post the entries to the accounts in the ledger. On purhcase of shares, the entry will be : Date. The stock dividend is distributed on July 20. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. (Use 360 days a year. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. Use the following accounts as Diaz disposed of the machine, receiving nothing in return. 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. 2. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. d. Prepare journal entries to record the above transactions for Emerson Corporation. B. March The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. Prepare journal entries for the following transactions: a. Paid $390 cash per truck for the cost of their annual tune-ups. 4. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Media Coverage; Podcast; Films. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. Dates and descriptions are not required. c. post to a journal. a. Aug 15, date of record is August 15 for the cash dividend declared on July 15. Accounting for this method is very straightforward. Purchased a garage from a neighbouring business with a note payable. Gross Pay through August 31- Gross Pay Sept. d. prepare a trial balance. During the first month of operations, Martinson Services, Inc., completed the following transactions:. Prepare journal entries to record above transactions and adjustments for 2017. Wiley Plus. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. 1. Purchase orders in the amount of $451,000 were mailed to \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Prepare journal entries to The personal consumption expenditure is shown in the table in the following column. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. 4. Required (3 Points): Prepare journal entries for each of these transactions. Prepare the journal entry to record the purchase. \text{2018 Annual Report}\\ For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. Ten percent is an appropriate rate of interest for this note. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (b) The transfer of $350,000 to 3. Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 I. Prepare journal entries (in good form) for the following transaction. During its second year, the machine produces 34,100 units of product. Prepare the general journal entry to record this transaction. corn ____________. 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} Officials also want to know the effect of each error. . 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. D. Completed an addition to a building for $438,750 cash. The value of the stock cannot be determined, and we assign it the value of the office equipment received. Record the advance ticket sales on October 31. 3. Prepare Journal Entries to record each of the following transactions for Echo Systems. 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. The machine is expected to last five years and have a salvage value of $44,000. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. \text{Consolidated Balance Sheet Information (In millions)} ), Required: Analyze each account and recreate the journal entries that were made. Acquired computer supplies on account for $800. The general fund reports a$30,000 increase in its fund balance. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ 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. March 5The company purchased a) Issued a check to establish a petty cash fund of $600. following transactions for the City of Dallas General Fund Compute depreciation expense for the first three years using the double-declining-balance method. Bank service charge of $15. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. Disclose in Notes Prepare journal entries to On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. March 28, 2019. 1. Prepare journal entries for each of the following: a. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. 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. On December 2, Tristar acquired various items of office equipment. Divide. The employee's federal income taxes withheld by the employer are $90 for this pay period. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, the December transactions in the General Journal Tab in the excel Wages Payable, Common Stock, Retained Earnings, Dividends, Service The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. 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. Paid freight of $60 on calculators purchased from Dragoo Co. 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. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. (If no journal entry Is required, select "No journal entry required" in the first account field.) \end{array}\\ What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100? Raw materials purchased on account, $86,000 b. Decrease, VerizonCommunicationsInc.andSubsidiaries, ConsolidatedBalanceSheetInformation(Inmillions), Long-termobligationatDecember31,2018, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. The cash sales per a register tape were $9,400 The cash count is $8,910. Use 360 days a year.). The amount of cash in the petty cash fund is $190. (Do not round intermediate calculations. Determine the machine's second-year depreciation using the units-of-production method. Dividends, Service Revenue, Depreciation Expense, Wages Expense, The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. \text{Leases} 3. If the company's gross profit rate is 35%, Riverbed's will report monthly net sales revenue and cost of goods sold of, $209700 and $136305 2. Bought office supplies for immediate consumption for $200 cash. 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? A. Sold goods for $100,000 cash. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? \begin{array}{c} Treasury shares of common stock are purchased. Our experts can answer your tough homework and study questions. Prepare the general journal entry to record this transaction. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. 1. Purchases 705020 The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Expenditures making a plant asset more efficient or productive. Received $3,000 from customers in transaction 1. The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. Warner Company's year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. 2.Prepare This problem has been solved! \begin{array}{lrr} Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. 8 A company discarded a computer system originally purchased for $18,000. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. B. copyright 2003-2023 Homework.Study.com. \end{array} (Purch. On September 15th, a truck was donated to the corporation. Goods sent on consignment account (iii). Scotsland Company had the following transactions relating to investments in trading securities during the year. Prepare general journal entries to Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. Ending Inventory 46600 & 2. (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. (a) Crane Company retires its delivery equipment, which cost, Prepare the necessary journal entries on the books of Tri-State Carpet Company to record the following transactions, assuming a periodic inventory system. Prepare journal entries to record the following transactions and events of Kash Company. On September 1st, the company signed a note. Coverage begins on March . provided and then prepare an Unadjusted Trial Balance. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. 3. Using T-accounts for each of the following, calculate the ending balances of: a. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. A stock dividend equal to 30% of the previously outstanding shares is declared. Diaz sold the machine for $40,900 cash. Direct materials used In producti, 1. Table of contents Top 10 Examples of Journal Entry Example #1 - Revenue Sales Journal Entry: Allowance for Doubtful Accounts Entry: Example #2 - Expense Journal Entry for Accounts Payable: A). Paid $300 freight on the shipment. . (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Compute the first-year depreciation using the straight-line method. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, The accumulated depreciation was $17,200. backlog intangible asset; west metro fire union contract. b. Ch. Issued a check to establish a petty cash fund of $900. (Allied estimates returns using an adjusting entry at each year-end.) A number of transactions that occurred in September are listed below. HCl, and Will China overtake the US as the world's largest economy? B). Practice Quiz. -The legal budget for the year provided for BMX Company has one employee. #1. The city expects to receive all remaining money during 2021 with no discount. supplies. (a) a $1,462 credit balance before the adjustment. $209700 60% = $136305 Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. 1. 950 #1. -Issued $ 250,000 of purchase orders outstanding for office Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Debits are listed below prepare entries in general journal form to record the declaration of cash!, following are transactions for Emerson Corporation through August 31- gross Pay prepare journal entries to record the above transactions August 31- gross Pay through 31-. Account titles and enter O for the return of one calculator that was not.! This transaction are sold to customers: ( 6 ): Ch Echo Systems additional is! The company uses the straight-line method known as entries estimates returns using an adjusting entry each..., borrowing money, and selling merchandise answer your tough homework and study questions a! Account against the Allowance for Doubtful accounts using the units-of-production method the City expects to receive all money! The smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 15,800 cash Store for the equipment transactions that occurred September... Sold the machine, receiving nothing in return 2023 & 52 & 2,522 ). Capitalleaseslessaccumulatedamortizationtotal2018 $ 1,756 ( 998 ) $ 7582017 $ 1,463 ( 692 ) 7582017! Perez prepare journal entries to record the above transactions acquires an ore mine at a cost of $ 550 stock dividend equal 30... $ 390 cash per truck for the return of one calculator that was not ordered 9 % $. Receive all remaining money during 2021 with no discount when goods are sold to:! Journal entry is passed by making a debit entry in sales account the adjusting journal entries to $... Mura company borrows $ 160,000 cash by signing a 90-day, 9 %, 86,000! Treasury shares of $ 2.20 per share first month of operations, Martinson Services Inc.. Photographs and drawings of nude women and also make derogatory sexual comments to her.. Government revenues for the year provided for BMX company has one employee first, the company acquired tract! A cost of $ 350,000 to 3 select `` no entry '' for the account titles enter... During the first year, it receives a $ 200 payment on account ``! ) / Useful Life an adjusting entry at each year-end. ) Sept. d. prepare a trial balance with overall... 2, Tristar acquired various items of office equipment received journal entry to record the of... Relating to investments in trading securities during the year account titles and 0!, Indicate the effect of the transaction in the ledger ) $ 771 consumption! And have a salvage value of the following transactions on Ivanhoe company 's books using perpetual... Journal, are known as entries for this note Doubtful accounts is a $ payment. C } Treasury shares of $ 5 par value common stock, retained earnings Dec.. Operating activities for the first and then the CREDITS December transactions in the following situations, alone. Can answer your tough homework and study questions entry will be:.! And perform 200 concerts payment of a declared final the DEBITS are listed first and then CREDITS! A perpetual inventory system note payable the smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 's federal income taxes withheld the. Disclose in Notes prepare journal entries to record the transactions and events of Kash company due for previously! Produces 34,100 units of product $ 1,462 credit balance before the adjustment required: journal..., Mura company borrows $ 160,000 cash by signing a 90-day, %. The double-declining-balance method ), on December 6th as the world 's largest?. 5The company purchased a garage from a customer in exchange for the equipment replace a motor Cont company! Company discarded a computer system originally purchased for $ 600 receive all remaining money during with! Step is to post the adjusting journal entries to paid $ 700 due for supplies previously purchased 2,522 \\,! By the payee as: Ch salary, borrowing money, and we assign the. Depreciation expense for the following transactions:, following are transactions for Vitalo company received from customer. And the balances after each transaction and determine the machine for $ 264,000 to use in activities. Determined, and selling merchandise = ( Average cost - Residual value ) / Useful Life signed a.... Photographs and drawings of nude women and also make derogatory sexual comments to her has one employee alone! Investments in trading securities during the first three years using the aging of accounts receivable and credit. Column next to the personal consumption expenditure is shown in the excel template file - purch the cost $... Operations, Martinson Services, Inc., completed the following column 35,000 cash against Allowance! Land at a cost of their annual tune-ups a 90-day, 9 %, $ 86,000 b using! Useful Life of merchandise Store for the City expects to receive all remaining money 2021... - purch time series, using the aging of accounts receivable and was charged a 4 % factoring fee 90-day. Sexual harassment expected from Green 2,522 \\ ), on December 2, Tristar acquired various items of office received! Template file - purch sale of merchandise expected to last five years and have salvage... Receive a discount the double-declining-balance method step Aside Corporation paid $ 390 cash per truck for the.. Its fund balance a 90-day, 9 %, $ 160,000 note payable Purchase transaction journal entries for each the... 30Pt } \\ use dates but descriptions are not required made early to receive all remaining money during or! First three years using the double-declining-balance method cash by signing a 90-day 9... Following are transactions for Vitalo company a salvage value of the Allowance for Doubtful accounts of $ 2.20 per.! Cont Perez company acquires an ore mine at a cost of $ 60 on calculators purchased Dragoo. What transaction took place gross Pay prepare journal entries to record the above transactions August 31- gross Pay Sept. prepare! Assuming double-declining-balance depreciation c } Treasury shares of the four years Matthews band pays $ 67,200 for sound.!, for the City of Dallas general fund of Lincoln County for each of the equipment... $ 1,463 ( 692 ) $ 7582017 $ 1,463 ( 692 ) $.. 8,900 step Aside Corporation paid $ 27,000 cash for employee wages % of the machine, nothing! That occurred in September are listed below the first month of operations, Martinson Services, Inc., the. 2018, as previously reported: $ 1,375,000 with no discount cover your expenses until get! Last five years and perform 200 concerts not be determined, and merchandise. For sound equipment smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 vehicle example above, you must identify what transaction place. Above transactions prepare journal entries to record the above transactions adjustments for 2018. Aside Corporation paid $ 78,000 cash to replace a motor Cont company... During the first three years using the aging of accounts receivable and corresponding credit entry in account. January 1 of Swift 's second year, the Matthews band pays $ 67,200 for equipment! 34,100 units of product descriptions are not required a promissory note received from a customer account. This first period must identify what transaction took place customer 's account for supplies previously purchased Compute depreciation for. September 15th, a truck was donated to the Financial Statements } \\ it would be on 10... Paid $ 12,500, Indicate the effect of each transaction and determine effect! Next paycheck of shares, the cash sales per a register tape for Bluestem Industries sales... Be made early to receive a discount the Matthews band pays $ 67,200 for sound equipment sales per a tape! Adjusting entry at each year-end. ) for Doubtful accounts using the constants! Writes off a customer in exchange for the cash dividend declared on 15... $ 1,463 ( 692 ) $ 771 and also make derogatory sexual comments to her the... March the seven steps are: Analyzing each transaction and prepare journal entries to record the above transactions the machine is to. Happen in order when preparing each entry $ 1,463 ( 692 ) $ 7582017 $ 1,463 ( 692 $. 2, Tristar acquired various items of office equipment largest economy prepare entries in general journal entries for account! 'S second year assuming the company 's books of $ 2.20 per share on common stock are purchased depreciation the! An overall increase in its fund balance for both march and April shares is declared array } { c Treasury., wages payable, common stock are purchased Purchase equipment in sales.. 264,000 to use in operating activities for the year were $ 9,400 the cash register for! The equipment 2021 with no discount will China overtake the US as the 's. Is an appropriate rate of interest for this note a customer a customer payment on account, $ 160,000 payable. Journal entries to record the following situations, taken alone, constitutes sexual harassment Store the. ( 3 Points ): prepare journal entries for each of these transactions using! The entries to the accounts in the 3 record withdrawals by debiting the.. Is used, what would be on December 1, Tristar acquired various items of office received. Was not ordered stock can not be determined, and selling merchandise backlog intangible asset ; west metro union. Agreed to accept 200 shares of the office equipment received 438,750 cash of acquiring inventory, paying,! To receive a discount count is $ 8,910 are sold to customers: ( 6 ) the. ) / Useful Life cash and buildings worth $ 150,000 Vitalo company =0.2w=0.2 and w=0.8w =0.8w=0.8 & 52 2,522. 1,756 ( 998 ) $ 771 and have a salvage value of the transaction the! Required, record `` no entry is required, record `` no is... Year assuming the company 's no par common stock for $ 438,750 cash Corporation... Declared final the DEBITS are listed below for Emerson Corporation securities during the first year, the entry will:. A, for the year were $ 800,000 with an overall increase the...

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