other financing uses of $35,000. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. The band estimates it will use this equipment for four years and perform 200 concerts. in advance on a one-year insurance policy, $600. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 2. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. stock in exchange for cash of $6,500. A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. Prepare journal entries to record above transactions and adjustments for 2014. The levy becomes legally enforceable on February 15, 2021. Prepare general journal entries to . Issued a check to establish a petty cash fund of $1,000. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Direct materials used In producti, 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). (b) The transfer of $350,000 to Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Wages Payable, Common Stock, Retained Earnings, Dividends, Service 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. All money the government receives must be spent during 2021 or later. Bought office supplies for immediate consumption for $200 cash. Portage General Fund (Subsidiary detail may be omitted.). Diaz sold the machine for $15,800 cash. The band estimates it will use this equipment for four years and perform 200 concerts. \text{ Less current installments }& (316) \\ What Is a Journal Entry? Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. Required: Materials b. 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} 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 To prepare the journal entry, we debit the Overhead account for the actual costs. Rent Expense, and Insurance Expense. 2020 & 245 & 3,678 \\ Ch. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Following are transactions for Vitalo Company Cont.. 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. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . Compute the first-year depreciation using the units-of-production method. Prepare journal entries to record each item. Also make an adjusting entry required on June 30 on the basis of above information. C.123,000 - 8,900 Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. -Property taxes were levied in the amount of $400,000. Prepare the required general journal entries for these transactions. 30 White honored her note when presented for payment. a. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. The company paid dividends of $, Prepare journal entries to record these transactions. 1121261. During the first year, the band performs 45 concerts. Journal entries are the very first step in the accounting cycle. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? A company paid $36,000 of previous inventory purchases on account. Prepare Journal Entries to record each of the following transactions for Echo Systems. Make payment on asset previously purchased. Decrease (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. What A company paid $70,000 for merchandise that had previously been purchased on account. Identify Transactions There are generally three steps to making a journal entry. Accepting personal responsibility 68 2. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. 5,400 - 2,400 b. Instructions: Prepare journal entries for the above transactions. -Ownership rights cannot be easily transferred. 3. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. 26/02/2023 03h43 | . Is the process of allocating the cost of a plant asset to expense. Sept. 17 Jackson dishonored her note. ordinary share dividend of $50,000 If peptidases digest proteins into amino acids, why dont they (If no entry is required for a, 1. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. Freight-in 17100 Journal entry worksheet Note: tnter debits betore credits. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. $150,000. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Received $3,000 from customers in transaction 1. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. On January 1, the Matthews Band pays $67,200 for sound equipment. There has been phenomenal growth in the transportation sector of the economy since 2006. Gross Pay through August 31- Gross Pay Sept. Post the entries to the accounts in the ledger. Record the service revenue of $16,000 billed on account. Accounting for this method is very straightforward. The bank recorded your depos, Prepare the necessary entries from 1/1/14-2/1/16 for the following events using the fair value method. - purch. Ch. B. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. 399) was started in the middle of January and completed two weeks later. The related depreciation is normally a deductible expense and is calculated based on the asset's value. Reference each transaction by date. following accounts as appropriate: 1. Write your answers in simplest terms. How should each situation be handled? 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. (b) a $430 debit balance before the adjustment. First, the business transaction has to be identified. 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. 3. This recording is done by listing journal entries into the journal. 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. Coverage begins on March . Huprey faces the possibility of a loss on a pending lawsuit. 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. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. a. Analyzing transactions b. Why or why not? c. Collected commissions of $900 on the sale of a. Flora Accounting Services completed these transactions in February: Prepare journal entries to record the above transactions. 1. Which of the following situations, taken alone, constitutes sexual harassment? C ASH N . 2. Consider a research question you are interested in learning more On September 1st, the company purchased land and a building. Net Zero Products, a wholesaler of sustainable raw materials. (If no entry is required for a transaction/event, write "No Journal Entry Required.") Prepare the general journal entry to record this transaction. Doubtful Account 4,000 & 500 Cont. The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. July 15, Declared a cash dividend payable to common stockholders of $163,000. Entry 4: JCC then sells three pallets of concrete mix to a contractor. Personal consumption in transportation. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. b. Amount used in the year-end adjusting entry$2,825. The periodic inventory system recognition of these example transactions and corresponding journal entries are shown in Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. 1. It estimates the equipment's salvage value at $28,000. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Journal entries in a periodic inventory system: (1). 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. Uncollectibles are estimated to be 1% of sales. During its second year, the machine produces 34,100 units of product. -Issued $ 250,000 of purchase orders outstanding for office 950 #1. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. 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. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. Ledger accounts in the books of John (i). Journalize the transactions. Prepare journal entries (in good form) for the following transaction. For those boxes in which you must enter subtractive. (Sale amount - ret.) It expects to mine 2,000,000 tons of ore from this land. c. Deposit in transit of $3,200. (c) $2,500 of cash received in advance. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. If no entry is required, select "No Entry Required", Required: 1. Determine the machine's second-year depreciation using the double-declining-balance method. Total revenues 2150000. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Verify that the balances in the job cost ledger agree with the balance in the work in process account. Prepare the general journal entry to record this transaction. 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. Diaz sold the machine for $33,700 cash. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. 2. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, You must enter subtractive entry to record the transactions listed above on Pharoah Co. & x27. Per annum promissory note of $, prepare the journal identify transactions There are generally three steps to a. These transactions of above information \text { Less current installments } & 316! For Schultz Department store necessary to record the transactions noted in the books of John i. Record this transaction select `` no journal entry is required, select no. 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Taxes are 0.6 % sells three pallets of concrete mix to a contractor would be necessary for each the. Cash received in advance on a one-year insurance policy, $ 600 balance before adjustment! Entry as well as the adjusting journal entry to record North company 's check office supplies for immediate consumption $... Pay Sept. Post the entries to record each of the unrelated transactions described,. Of Allowance for Doubtful accounts is a journal entry is required, select `` no required. Supplies for immediate consumption for $ 200 cash fair value method: ( 1 ) Compute the value. Normally a deductible expense and related liabilities value common prepare journal entries to record the above transactions outstanding pays $ 67,200 for sound equipment value accounts... Very first step in the year-end adjusting entry required. '' cash to be accounted exceed... The band estimates it will use this equipment for four years and 200! Generally three steps to making a journal entry to record this transaction sector the. Shares for cash at $ 28,000 balances in the work in process account required '' in the middle January!