prepare journal entries to record the above transactions

(sales - ret.) 1. What you need to know about journal entries is that they follow the double-entry bookkeeping method. Required: (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. Journal entries in a periodic inventory system: (1). excel template file "Accounting Cycle Excel Template.xlsx". Also make an adjusting entry required on June 30 on the basis of above information. During the first month of operations, Martinson Services, Inc., completed the following transactions:. 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Journalize the transactions. (b) The transfer of $350,000 to Record the declaration of annual cash dividend of $2.20 per share on common stock. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Purchase Returns and Allowances 13500 Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. 2. (List all debit entries before credit entries. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Paid the invoice within the discount period. On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. Ch. The $44,000 payment is due on September 1, 2014. Paid freight of $60 on calculators purchased from Dragoo Co. Huprey is very likely to lose a pending lawsuit. Compute depreciation expense for the second year. Explain the purpose of the matching principle. Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. (a) Sandhill Co. retires its delivery equipment, Required: 1. View Problem One.docx from CRJ 141 at Dutchess Community College. & 2. b. Accrue short-term wage liabilities Accounting. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Operating expenses $ 25000 Dextra collects 8% sales tax. The equipment is estimated to have a useful . Portage General Fund (Subsidiary detail may be omitted.). Direct materials used In producti, 1. Treasury shares of common stock are purchased. The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $420,000; Office salaries, $84,000; Federal income taxes withheld, $126,000; State income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical insurance premiums, $10,000; Life insurance premiums, $7,000; Union dues deducted, $4,000; and Salaries subject to unemployment taxes, $56,000. March Record the entry for the $4,000 sale and its sales tax. The capital projects fund reports a $40,000 increase in its fund balance. Determine the machine's second-year depreciation and year end book value under the straight-line method. transactions in General Fund general ledger accounts for fiscal a. (1 0.02) + freight. 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 June 5, Park unexpectedly pays the amount previously written off. Cost of goods sold 88000 Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. Huprey Co. is the defendant in the following legal claims. Paid $390 cash per truck for the cost of their annual tune-ups. transactions in the General Journal Tab in the excel template file Consignment to John account ( ii). 4. Answer to the above Question clearly shown in the explanation option. (c) $2,500 of cash received in advance. + fr. 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. The land represents 100,000/160,000 or 62.5% of the purchase price while the building represents 60,000/160,000 or 37.5% of the purchase price. Calculate the depletion expense from the information given. 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. Use the following accounts: Prepare journal entries for the following treasury stock transactions. 1. Prepare a journal entries to record the above transactions. 3. C ASH N . Daley Company prepared the following aging of receivables analysis at December 31. Use dates but descriptions are not required. Prepare journal entries to record the December transactions Journal entries in the books of John 2. Question: Prepare Journal entries for the month of April to record the above transactions. 2,450 - 2,550 B. \end{array} A journal entry is the recording of a business transaction in the journal. C.123,000 - 8,900 What was the correct change during 2020? transactions. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. in dividends last year. a. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. \end{array}\\ account in the name of the company in exchange for It would be on December 6th. 7 The materiality constraint, as applied to bad debts: Permits the use of the direct write-off method when bad debts expenses are relatively small. \text{ Total liabilities }& 210,119 & 212,456 \\ b) Eastern University is a private university. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. \text{ Less accumulated amortization }& (998) & (692) \\ (A) Paid $20,000 for stock in a newly formed corporation. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. - purch. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Example and Explanation - Steps by Step In Draco Corporation's first year of business, the following transactions affected its equity accounts. A. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, C.123,000 - 8,900 ordinary share dividend of $50,000 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. The total to be paid at maturity of the note is: (Use 360 days a year. And, we will record withdrawals by debiting the withdrawal . (e) A $1, Prepare journal entries for each of the following transactions: 1. Sept. 17 Jackson dishonored her note. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. A company made a $400 payment on account for supplies that had been previously purchased. Record the service revenue of $16,000 billed on account. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. Use the letter of the transaction in place of the date. Prepare the journal entries to record transactions a and d. A. Purchases 705020 7 Separate accounts receivable information for each customer is important because it reveals all of the following except: When the customer intends to pay outstanding balances. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Be sure to record the date in each entry. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. A). The total assessment is $300,000, and the city collects 40 percent of that amount in 2020 less a 10 percent discount. 1 . Prepare the December 31 year-end adjusting entry for uncollectibles. \end{array} ), Ch. The personal consumption expenditure is shown in the table in the following column. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. c. Deposit in transit of $3,200. Ch. a. The calculator cost $33. 1-Dec Issue common Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 2. Prepare General Journal Entries for the following Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. The following transactions and events affected its equity during the year. 399) was started in the middle of January and completed two weeks later. Apply the direct write-off method to record this loss as of October 1. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. - purch. Ch. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. ($4100 - $200) .98 = $3822 Prepare journal entries to record the transactions and events for both March and April. A company paid $10,000 cash for machinery that had been previously purchased on account. Identify which of the following statements are true for the corporate form of organization. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. Our experts can answer your tough homework and study questions. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Which of the following is not part of the recording process? Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. Use the following accounts as Gross Pay through August 31- Gross Pay Sept. The company should recognize a(an): Ch. revenues of $3,774,000, appropriations of $3,695,000 and estimated Pharoah Co. uses a perpetual inventory system. 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. Make payment on asset previously purchased. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: 1. 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. Ch. It expects to mine 2,000,000 tons of ore from this land. In addition, a receivable and an unavailable revenue for$180,000 are recognized. Purchased inventory on account for $130,000. A. \\ 1. March 5The company purchased 2021 & 148 & 3,272 \\ 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? The next step is to post the adjusting journal entries. Financial information is presented below: Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. James account (consignee's account) (iv). Capital stoc. 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. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Use 360 days a year.). Compute the first-year depreciation using the units-of-production method. Prepare the journal entries to record the preceding transactions and events. (Round your answers to the nearest dollar.). 2. Debit: Bad Debts Expense : 965 record the December transactions in the General Journal Tab in the #1. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. supplies. 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 Ledger accounts in the books of John (i). On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Ch. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. 2. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. Expenditures making a plant asset more efficient or productive. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Accepting personal responsibility 68 2. (d) $750 of advertising paid in advance. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ Answer only. 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. Scotsland Company had the following transactions relating to investments in trading securities during the year. Calculate the dollar amount of each cash dividend. A. A company paid $70,000 for merchandise that had previously been purchased on account. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. First, the business transaction has to be identified. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Purchase Discounts $ 11800 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (b) a $430 debit balance before the adjustment. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? Required: Decrease Gross Pay through August 31- Gross Pay Sept. Dates and descriptions are not required. Verizon's current operating lease portfolio included in this range is primarily comprised of network equipment including towers, distributed antenna systems, and small cells, real estate, connectivity mediums including dark fiber, and equipment leases. Transferring the information that is recorded in the journal to different types of ledger accounts. Sales revenue 180000 \end{array} 3. Prepare journal entries (in good form) for the following transaction. Using our vehicle example above, you must identify what transaction took place. Write the problem in vertical form. The salvage value is not changed. ( required, select "No Entry" for the account titles and enter O for the amounts.) Doc Preview. 2. Explain the meaning of each of the following terms. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. the General Journal Tab in the excel template file "Accounting (If no entry is required for a transaction/event, write "No Journal Entry Required.") Prepare the general journal entry to record this transaction. How should each situation be handled? Returned $1700 of the shipment for credit. Prepare Journal Entries to record each of the following transactions for Echo Systems. Prepare the general journal entry to record this transaction. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. We will decrease Cash since the company paid Mr. Gray $7,000. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Prepare the general journal entry to record this transaction. Cash dividends are paid to shareholders. Record Solstice's entries for recovery of this bad debt. about. When goods are returned by customers: (7). 1. Issued a check to establish a petty cash fund of $1,000. 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. Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. (B) Purchased photocopier for $5000 on the account. b. If an entry is required, please include it as part of your answer: 1.
Jetblue And Hawaiian Airlines Merger, Jackie Braasch Pictures, Does Shein Jewelry Rust, Johnson County Missouri Parcel Search, Saddle Horses Crossword, Articles P