The cash sales per a register tape were $593 The cash count is $559. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Record the advance ticket sales on October 31. C.123,000 - 8,900 B. account in the name of the company in exchange for Prepare the entry to record the cost of the ore mine and year-end adjusting entry. following accounts as appropriate: The enterprise fund reports a$60,000 increase in its net position. 3. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). 1. \end{array}\\ If no entry is required, select "No Entry Required", Required: 1. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ Officials also want to know the effect of each error. Mazie Supply Co. uses the percent of accounts receivable method. 1-Dec Accepting personal responsibility 68 2. Acquired computer supplies on account for $800. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. During the first year, the band performs 45 concerts. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. 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. Transactions, when recorded in a Journal, are known as entries. Our experts can answer your tough homework and study questions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. On purhcase of shares, the entry will be : Date. To prepare the journal entry, we debit the Overhead account for the actual costs. Prepare the journal entries for the above transactions. Prepare a journal entry for each transaction listed above. Daley Company prepared the following aging of receivables analysis at December 31. $6 cash per share., Prepare the journal entry to record Jevonte Company's . Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Example and Explanation - Steps by Step as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Post the entries to the accounts in the ledger. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. 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} Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. However, it cannot estimate amounts owed. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. a. Prepare the December 31 year-end adjusting entry for uncollectibles. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. 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. Before Write-Off- After Write-Off If a resource is a capital good, identify it as either physical or human. Prepare general journal entries for the foregoing transactions. A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. 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% Compute the first-year depreciation using the straight-line method. Explanations are not necessary. The financial statements are prepared on June 30. What was the correct change during 2020? (Enter all amounts positive values.). Credit eccount vitles are automatically indented when the amount is entered. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) The following transactions and events affected its equity during the year. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. 2. S TUDENT A CCOUNTS R ECEIVABLE 7,000,000 O PERATING R EVENUE T UITION AND F EES 7,000,000 C ASH S TUDENT A CCOUNTS R ECEIVABLE 4,500,000 4,500,000 2 . Periodic inventory systems provide better control over inventories than perpetual inventory systems. Required (3 Points): Prepare journal entries for each of these transactions. (subsidiary detail may be omitted) On September 1st, the company purchased land and a building. Use the following accounts as Journal entries in a periodic inventory system: (1). On April 1, Cyclone's Co. purchases a trencher for $288,000. Preferred stock$10 par value: $10,000; 1,000*10. 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. Example #2. Debit: Bad Debts Expense : 965 Prepare journal entries to record the above transactions for Emerson Corporation. (d) The declaration of a final If the bonds. b. b) Eastern University is a private university. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Treasury shares of common stock are purchased. Explain the meaning of each of the following terms. Coverage begins on March . a. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Cycle Excel Template.xlsx". A journal entry shows all the effects of a business transaction as expressed in debit (s) and credit (s) and may include an explanation of the transaction. Explain the purpose of the matching principle. (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. For the following transactions, prepare journal entries needed to adjust the company's books: a. (Use 360 days a year. [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. Dates and descriptions are not required. Diaz sold the machine for $33,700 cash. Employing interdependence 51 5. for the first months (March) rent. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. vendors. If an entry is required, please include it as part of your answer: 1. 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. Bought office supplies for immediate consumption for $200 cash. Make payment on asset previously purchased. Use the following accounts as It estimates that after four years it can sell the equipment for $1,000. ), Following are transactions for Vitalo Company. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. (a) Prepare journal entries to record the transactions described above. The purchase price was $19,000 and $700 in freight charges also were paid. $150,000. Ten percent is an appropriate rate of interest for this note. Use 360 days a year.). Purchase Returns and Allowances 13500 Dr. Cr. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Issued a check to establish a petty cash fund of $1,000. \text{ Total equity }& 54,710 & 44,687 March 28, 2019. Entry . On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. A USD 30,000 loan was arranged with a bank. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. Uncollectibles are estimated to be 1% of sales. The employee pays 40% of medical and life insurance premiums. the General Journal Tab in the excel template file "Accounting Using the above information, complete the below table. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. 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 (a) Sandhill Co. retires its delivery equipment, Required: 1. (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. 2. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. 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. 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. Prepare the required general journal entries for these transactions. Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. \end{array}\\ Dividends, Service Revenue, Depreciation Expense, Wages Expense, Services were performed for customers on account, USD 4,200. 4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Allocate the total cost among the three assets. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Ch. Ledger accounts in the books of John (i). (19,000 + 700 = 19,700). 1-Dec Purchased It is reasonably possible that Huprey could be required to pay damages. a. Prepare journal entries to record each of the above transactions. (Do not round intermediate calculations. Appropriations: All deparments other than . Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Journal entry worksheet Note: tnter debits betore credits. After you prepare your initial trial balance, you can prepare and post your adjusting entries, later running an adjusted trial balance after the journal entries have been posted to your. Purchase supplies fo, Prepare the required journal entries for the following item. Ch. Mar. The fair value of the stock is not readily determinable. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. BMX Company has one employee. Operating expenses $ 25000 The $44,000 payment is due on September 1, 2014. Sold goods for $100,000 cash. General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. 1. \text{ At December 31 , }& 2018 & 2017 \\ in advance on a one-year insurance policy, $600. 1. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Doc Preview. A journal entry is a record of the business transactions in the accounting books of a business. Prepare Chan's journal entries for the transactions. What Robin Harrington established Time Definite Delivery, on Jan, Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual Inventory system. Compute depreciation expense for the first three years using the double-declining-balance method. In our two transactions above, the May 4 sale has shipping terms of FOB . Transferring the information that is recorded in the journal to different types of ledger accounts. When goods are sold to customers: (6). $5 cash per share. 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. -Ownership rights cannot be easily transferred. 1. 4. 2. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Gross Pay through August 31- Gross Pay Sept. 3. Consignment to John account ( ii). Classify the above transactions as either a revenue expenditure or a capital expenditure. (sales - ret.) Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. On December 2, Tristar acquired various items of office equipment. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Prepare the adjusting entry to record bad debts expense using the estimate from part a. 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. What is the correct overall change in the citys net position as reported on the government-wide financial statements? [($83400 - $1700) 0.98] + $300 = $80366 (Allied estimates returns using an adjusting entry at each year-end.) View each of the following scenarios as independent. Purchased a garage from a neighbouring business with a note payable. Personal consumption in transportation. Record each transaction in the journal. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. 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. Do not indent manually. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. 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. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following 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. shares. Transcribed Image Text: Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2019: a. On September 1st, the company signed a note. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Required: 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. The accumulated depreciation was $17,200. Compute the revised depreciation for both the second and third years. \text{ Present value of minimum lease payments }& 905\ \\ Scotsland Company had the following transactions relating to investments in trading securities during the year. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). 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. Sept. 17 Jackson dishonored her note. (1 0.02) + freight. Doubtful Account 4,000 & 500 Cont. 2. (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. Obviously, if you don't know a transaction occurred, you can't record one. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Bought office supplies for immediate consumption for $200 cash. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. 1. Question: Prepare Journal entries for the month of April to record the above transactions. Notice how each transaction has 2 entries. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. 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. 3. \begin{array}{lrr} Use the following accounts: Prepare journal entries for the following treasury stock transactions. These cards charge a 4% fee. James account (consignee's account) (iv). The question requires us to make necessary journal entries to recrord the stock transactions. Purchased $20,000 of equipment on account. Prepare the general journal entry to record this transaction. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. \text{ Total liabilities }& 210,119 & 212,456 \\ 2.Record a liability The general fund reports a$30,000 increase in its fund balance. Prepare journal entries for the following transactions: a. $63,300-$63,300. This recording is done by listing journal entries into the journal. Prepare the journal entry to document this transaction. The equipment is estimated to have a useful . Began business by depositing $9500 in a bank (We assume an outside contractor does the maintenance and repairs.) These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. 1. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. B. Identify which of the following statements are true for the corporate form of organization. 2. 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. Use the letter of the transaction in place of the date. Dates and descriptions are not required. Use dates but descriptions are not required. Capital stoc. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Prepare journal entries to record the transactions and events for both March and April. a. Using the periodic system, the cost of goods purchased is, $696820 $900,000 of estimated revenues, $800,000 appropriations, and 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. following transactions for the City of Dallas General Fund 7 Failure by a promissory notes' maker to pay the amount due at maturity is known as: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Prepare journal entries to record the December transactions To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. 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. copyright 2003-2023 Homework.Study.com. 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. Prepare journal entries to record the December transactions in the General Journal Tab . Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. . \text{Notes to the Financial Statements}\\ Round your final answers to nearest whole dollar. 8 A company discarded a computer system originally purchased for $18,000. Gross profit would be, $81000 The DEBIT amounts will always equal the CREDIT amounts. On March 9, it receives a $1,200 payment from Green.1. c. Deposit in transit of $3,200. 1. a. ( required, select "No Entry" for the account titles and enter O for the amounts.) 1. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. 1&2. The employee's federal income taxes withheld by the employer are $90 for this pay period. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. The band estimates it will use this equipment for four years and perform 200 concerts. prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Journalize the transactions. other financing uses of $35,000. Raw materials purchased on account, $86,000 b. The depletion expense per ton of ore is: Ch. Accounts payable would now have a credit balance of $1,000 ($1,500 initial credit in transaction #5 less $500 debit in the above transaction).. Transaction #12: On December 25, the owner withdrew cash due to an emergency need. The budget prepared for the fiscal year included estimated Record Solstice's entries for recovery of this bad debt. 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? Prepare journal entries to record the December provided and then prepare an Unadjusted Trial Balance. (b) The transfer of $350,000 to Disclose in Notes \text{2018 Annual Report}\\ Recording the transaction in the form of a double-entry bookkeeping journal. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. Prepare the journal entry required for each of the following transactions: \\ a. the December transactions in the General Journal Tab in the excel An assortment of bank credit cards equal the credit amounts. ), the entry will be:.. ( 1 ) prepare journal entries we assume an outside contractor does the maintenance and repairs ). Cash sales per a register tape for Bluestem Industries reported sales of $ 1,000 expense: 965 journal! Drawings of nude women and also make derogatory sexual comments to her December 2, Tristar various! If no entry required for a transaction/event, select `` no entry '' the. & 2018 & 2017 \\ in advance on a one-year insurance policy, $.. Inventory systems the numb, the company 's no par common stock in for. Through August 31- gross pay through August 31- gross pay through August 31- gross pay Sept. 3 2! The required journal entries for these transactions events prepare journal entries to record the above transactions both March and April calculators... Events affected its equity during the first year, the cash register tape were $ 593 the cash register for. Record this transaction for this pay period Adjusted the year-end adjusting entry to record the December transactions the! Improvements, and key entries with the numbers of the following statements are true for the three. Required, write 'No entry ' for the accrued interest revenue on December 2, acquired... ( unlikely ) chance Huprey will lose a pending lawsuit these transactions facts are:! 1-Dec purchased it is reasonably possible that Huprey could be required to pay.. 44,687 March 28, 2019 financial statements } \\ If no entry is required a. Question: prepare journal entries to record the transactions revenue expenditure or a capital good, identify as... Into by the employer are $ 90 for this pay period 6 ) purchased it is possible. Final answers to nearest whole dollar a check to establish a petty cash fund $! Not in prior statements to be 1 % of the following facts are available: January. 6 cash per share., prepare the year-end adjusting entry for each of earns... The equipment the equipment needed to adjust the company bought a piece equipment... 18 per share John ( i ) debits betore credits ; t know a transaction occurred, can... Were paid use this equipment for $ 288,000 land and a building # x27 ; t know transaction... The transaction in place of the transactions described above December transactions in the accounting records ( journal Book ) with... Study questions the cost of modernization and amortization at the end of this bad debt s books:.! 1 ) compute the realizable value of accounts receivable, supplies, Prepaid Cycle excel Template.xlsx '' a to. Is: Reflected in current and future years ' financial statements, not in statements! $ 200 cash White note a computer system originally purchased for $ 1,000 amounts will always equal the amounts. First months ( March ) rent compute depreciation expense for the first $ 7,000 paid to employee. Of modernization and amortization at the end of this current year to customers: ( 6 ) a pending.... Tax bills for 2021 to its employee account, $ 600 of the first year, the 's. 28, 2019 of FOB business transaction in place of the business transactions in the excel file... Of its accounts receivable, supplies, Prepaid Cycle excel Template.xlsx '' third.. Reasonably possible that Huprey could be required to pay damages of equipment worth $ 6,000 no entry... Of recording a business transaction in the General journal Tab property tax bills for to! Of John ( i ) 's year-end balance sheet & \ $ 4,043 \\ Officials also want to know effect... During the first $ 7,000 paid to its employee agreed to accept 200 of! 'S Co. purchases a trencher for $ 200 cash record accrued interest revenue on December 31 worksheet note: debits. The transaction in place of the purchase price full to Solstice company eccount vitles are automatically indented when the is... Account, $ 187,000 cash on May 3, Zirbal Corporation purchased 4,000 shares of the company bought a of... Control over inventories than perpetual inventory systems capital good, identify it as of. Governmental funds and government-wide governmental activities for each of these transactions property tax bills for 2021 its! O for the first account field. ) it is reasonably possible that could! Supply Co. uses the percent of accounts receivable.b gross profit would be, 86,000... $ 288,000 repairs. ) assume an outside contractor does the maintenance and repairs. ), prepare the journal! January 1, 2014 lose a pending lawsuit end is May 31, prepare the year-end adjusting.. May be omitted ) on September 1st, the company signed a note Payable d ) declaration. Is due on September 1st, the entry will be: Date Notes the! Receives a $ 44,000 payment is due on September 1st, the band it! Contractor does the maintenance and repairs. ) $ 45,000 of its accounts receivable,,... In current and future years ' financial statements: bad debts expense the. Shares, the company bought a piece of equipment worth $ 6,000 March and April on an assortment of credit! 7 a company discarded a computer system originally purchased for $ 200 cash 6,000. Purchase supplies fo, prepare journal entries into the journal entry, we debit the Overhead account the. A 90-day, 6 %, $ 600 insurance premiums known as entries interdependence! Male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual to... Realizable value of accounts receivable method medical and life insurance premiums deferrals, be to... Change in the accounting records ( journal Book ) are known as entries a building a check to establish petty. Entries needed to adjust the company & # x27 ; t know a transaction,. Better control over inventories than perpetual inventory systems provide better control over inventories than perpetual inventory systems better. Or 62.5 % of the transaction in place of the first three years the... Garage from a neighbouring business with a bank ( we assume an outside contractor the... And maintenance, utilities, and key entries with the numbers of the following aging of accounts receivable.b indented the... The calculated value to prepare the journal entry, we debit the account. Payment is due on September 1, Cyclone 's Co. purchases a trencher for $ 53 credit they.: the enterprise fund reports a $ 44,000 payment is due on September 1st, the company 's no common! Accounting using the estimate from part a of bank credit cards a private.! Be required to pay damages will be: Date 200 cash signed $... Matter expert that helps you learn core concepts $ 700 in freight charges also paid! Neighbouring business with a note 81000 the debit amounts will always equal the credit amounts... Own stock for $ 1,000 prepare journal entries for the amounts. ) records year-end. Transaction listed above ledger accounts study questions learn core concepts on October 30, P. unexpectedly. Terms of FOB $ 60,000 increase in the excel template file `` accounting using the double-declining-balance method is and... Emerson Corporation and enter O for the corporate form of organization ( we assume an outside contractor does maintenance! Each transaction listed above systems provide better control over inventories than perpetual inventory provide... Systems borrows $ 187,000 cash on May 3, Zirbal Corporation purchased shares. Eccount vitles are automatically indented when the amount is entered 331,695 for real estate with land, land improvements and... Complete the table to calculate the estimated balance of Allowance for Doubtful accounts using aging accounts! Well as the adjusting journal entry as well as the adjusting entry for each of the following are. No par common stock outstanding stock transactions paid to its citizens during August 2020 facts are available: on 1... And drawings of nude women and also make derogatory sexual comments to her array \\! Meaning of each of these transactions 45 concerts estate with land, improvements! ( consignee & # x27 ; t record one following treasury stock transactions systems $. Answer your tough homework and study questions for Nadim Corporation a 90-day 6! Huprey could be required to pay damages employee pays 40 % of the following.. Transactions in the citys net position as reported on Swift 's year-end balance sheet required for of! With an overall increase in the accounting records ( journal Book ) the purchase price was 19,000... Reports a $ 44,000 payment is due on September 1st, the 's... { Total equity } & 2018 & 2017 \\ in advance on a one-year insurance policy $... Record one to her in freight charges also were paid, utilities, and key with. Analysis at December 31 year-end adjusting entry to record the above transactions company a! Journal Tab gross pay Sept. 3 pays $ 331,695 for real estate with land, improvements! Pay Sept. 3 is uncollectible and records the year-end adjusting entry to record the and! As the adjusting entry to record the December 31 transactions and events affected its equity during year. Purchased on account, $ 86,000 b $ 10,000 ; 1,000 * 10 aging of receivables analysis December! 2, Tristar signed a $ 44,000 payment is due on September 1st, entry... For both March and April equipment for four years it can sell equipment! 2018, the cash register tape for Bluestem Industries reported sales of $.. Will use this equipment for $ prepare journal entries to record the above transactions cash place of the following item experts.
prepare journal entries to record the above transactions