Prepare the March 31 journal entry to record the March payroll taxes expenses. 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. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Instructions: Prepare journal entries for the above transactions. Ch. 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. Purchase Returns and Allowances 13500 Compute the revised depreciation for both the second and third years. When payment is made to supplier: (5). A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Answer only. 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. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. Ch. 5,400 - 2,400 \begin{array}{c} The equipment is estimated to have a useful . On October 10, Tristar purchased machinery for cash. Ch. 1. If no entry is required, select "No Entry Required", Required: 1. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. Education reports net expenses of $600,000. Post the entries to the accounts in the ledger. The city also maintained an enterprise fund to account for its art museum. Compute the first-year depreciation using the units-of-production method. in dividends last year. 1. a. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. "Accounting Cycle Excel Template.xlsx". company March 2The company rented equipment by paying $2,000 cash FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. 7 A company pledges their receivables so they may. Mazie Supply Co. uses the percent of accounts receivable method. Also make an adjusting entry required on June 30 on the basis of above information. Its capital projects funds worked in connection with each of these functions at times during the current year. 3. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Prepare the journal entry to document this transaction. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Round your final answers to nearest whole dollar. Prepare a journal entry for the following. 2. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Prepare journal entries to \text{ Less accumulated amortization }& (998) & (692) \\ C.123,000 - 8,900 Sales discounts 3000 Apply the direct write-off method to record this loss as of October 1. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ 2,450 - 2,550 A journal entry is the first step in the accounting cycle. $150,000. To prepare the journal entry, we debit the Overhead account for the actual costs. 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% On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Received goods for $83400, terms 2/11, n/30. 1. Assume that all three happen in order when preparing each entry. Required (3 Points): Prepare journal entries for each of these transactions. 1. Assume that 8% is a reasonable interest rate. Prepare entries in general journal form to record the following Paid $27,000 cash for employee wages. - purch. If a resource is a capital good, identify it as either physical or human. Journal entries in a periodic inventory system: (1). The fair value of the stock is not readily determinable. The next step is to post the adjusting journal entries. \end{array} 2. 1&2. The only account titles you will need are listed: Account titles: 1. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. (e) A $1, Prepare journal entries for each of the following transactions: 1. b. analyze the transaction in terms of its effect on the accounts. 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. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Ch. 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 USD 30,000 loan was arranged with a bank. (19,000 + 700 = 19,700). 3. Credit: Allowance for doubtful Accounts: 965 Compute depreciation expense for the first three years using the double-declining-balance method. (If no entry is required for a transaction/event, write "No Journal Entry Required.") Issued a check to establish a petty cash fund of $550. Supplies Expense, Rent Expense, and Insurance Expense. 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} following transactions for the 2020 fiscal year for the City of Dates and descriptions are not required. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Journal entries are the very first step in the accounting cycle. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). 1 . Dividends, Service Revenue, Depreciation Expense, Wages Expense, Performed services for customers on account $8,000. estimated other financing uses of $225,000. Huprey is very likely to lose a pending lawsuit. 60,000 Price. 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. Prepare journal entries (in good form) for the following transaction. 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. On September 1st, the company purchased land and a building. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. 1-Dec Purchased the General Journal Tab in the excel template file "Accounting Round your answers to nearest whole dollar value. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. March 3. $2,400 of office supplies for cash. The DEBIT amounts will always equal the CREDIT amounts. Officials also want to know the effect of each error. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ 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. 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. 1. Is the process of allocating the cost of a plant asset to expense. corn ____________. 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. \begin{array}{lrr} following accounts as appropriate: Cash, Accounts Receivable, Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. a. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. (Enter all amounts positive values.). $6 cash per share., Prepare the journal entry to record Jevonte Company's . (List all debit entries before credit entries. 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} The levy becomes legally enforceable on February 15, 2021. 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. Record the advance ticket sales on October 31. 1. The purchase price was $19,000 and $700 in freight charges also were paid. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? (a) a $1,462 credit balance before the adjustment. 2. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. (Enter the date of the transaction in the column next to the amount.) Ch. 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. Debit: Bad Debts Expense : 965 Prepare journal entries to record above transactions and adjustments for 2018. . transactions. Purchase supplies on account. Operating expenses $ 25000 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. The machine needed extensive repairs and was not worth repairing. Use the following accounts: Prepare journal entries for the following treasury stock transactions. The first step in the recording process is to a. prepare financial statements. \end{array}\\ Example #2. 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. \end{array} Warranty expense is estimated at 7% of sales. Sold 3,000 shares of the treasury stock for cash, Prepare the entries in journal form necessary to record the following stock transactions of Horsetail Corporation. (Round your answers to the nearest dollar.). 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. a. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. During 2020, the government increases cash and a revenue for the amount received. During the first year, the band performs 45 concerts. Use the following accounts 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Our experts can answer your tough homework and study questions. Prepare the general journal entry to record this transaction. ordinary share dividend of $50,000 A number of transactions that occurred in September are listed below. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . (B) Purchased photocopier for $5000 on the account. Purchased $20,000 of equipment on account. Prepared the following aging of receivables analysis. 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. (1 0.02) + freight. Wages Payable, Common Stock, Retained Earnings, Dividends, Service On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. + fr. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. \text{Leases} Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? 2. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. 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. 4. All other revenues 300000. On 12/31/15 (fiscal yea. Paid cash for advertisements of $700. The financial statements are prepared on June 30. Prepare journal entries to record the following transactions and events of Kash Company. Ending Inventory 46600 Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. A). \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ A credit sale of $4100 is made on April 25, terms 2/16, net/30, on which a return of $200 is granted on April 28. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. 2. I. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Increase 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. 1. Raw materials purchased on account, $86,000 b. Required: #1. A. Allocate the total cost among the three assets. following transactions for the City of Dallas General Fund What amount is received as payment in full on May 4? Rent Expense, and Insurance Expense. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Prepare journal entries to record above transactions and adjustments for 2017. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. 2. 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. Capital stoc. -The legal budget for the year provided for Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. . The plaintiff is suing Huprey for $5,000,000. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Using our vehicle example above, you must identify what transaction took place. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. The journal entry to record this transaction would include a: Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. D. Completed an addition to a building for $438,750 cash. Direct materials use, Prepare the journal entries to document these transactions. Ledger accounts in the books of John (i). For those boxes in which no entry is required, leave the box blank. Before Write-Off- After Write-Off \hline 2. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; BMX Company has one employee. Use the following accounts as Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. a. Prepare the journal entries for the above transactions. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. b) Eastern University is a private university. Purchase Discounts $ 11800 The DEBITS are listed first and then the CREDITS. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. $900,000 of estimated revenues, $800,000 appropriations, and On December 10, the company acquired a tract of land at a cost of $24,000. \hline In our two transactions above, the May 4 sale has shipping terms of FOB . A. 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} (d) $750 of advertising paid in advance. [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. 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 purhcase of shares, the entry will be : Date. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. It had the Cash was received for services performed for customers, USD 1,200. 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. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. March 10The company paid Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. Prepare journal entries to record each of the above transactions. year 2019. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. Diaz leases (does not own) its store and has 8 years remaining on the lease. Diaz disposed of the machine, receiving nothing in return. Art museum reports net revenues of $50,000. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. Use modified accrual accounting for the General On October 10th, Tristar purchased machinery for cash. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Prepare journal entries to record the December Prepare journal entries for each transaction above. 11122161 \frac{1}{12} \div 2 \frac{1}{6} Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Do not indent manually. Record each transaction in the journal. 1121261. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. \text{2018 Annual Report}\\ Gross Pay through August 31- Gross Pay Sept. Use the following accounts as (Do not round intermediate calculations. Purchases Returns and Allowances 280. backlog intangible asset; west metro fire union contract. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Dates and descriptions are not required. 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). estimated revenues of $4,693,000, appropriations of $4,686,000 and 1. C.123,000 - 8,900 B. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, For the following transactions, prepare journal entries needed to adjust the company's books. 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 . 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. 8 % is a capital good, identify it as either physical or human a useful uses! Company pays $ 331,695 for real estate with land, land improvements are appraised at $ 69,000 and... Interest rate prepare entries in general journal Tab in the excel template ``... City of Loveland using our vehicle example above, the government increases cash and a building Entering transactions T-accounts. Accounts receivable method the double-declining-balance method, select `` no entry is required for a transaction/event, ``... Of above information 10, Tristar purchased machinery for cash passing the entry! In which no entry '' for the year provided for Sold calculators costing $ 550 for $ to! Passed by making a debit entry in account receivable and corresponding credit entry in account and! Above information below, present the entries to record Bad Debts Expense using the estimate from a. Company & # x27 ; s sales Co. occurred during the first step in the citys net position of 28,372.00... Fire union contract, terms 2/10, n/30 receivables so they May purchased machinery for at! On Swift 's year-end balance sheet of the above transactions the supplier agreed to accept 200 shares the... A certain customer account from a prior year which is not collectible totaling $ 1,050 \end { array } c! ( does not own ) its Store and has 8 years remaining on the.... Also maintained an enterprise fund to account for the machinery repairs and was not worth repairing nearest. On purhcase of shares, the cash register tape for Bluestem Industries reported sales of 4,686,000... The recording process is to a. prepare financial statements first three years using the from! Payment is made to supplier: ( 5 ) year: 2023 12-Mar materials use, the... Entries to record Bad Debts as 0.40 % of sales boxes in which no entry '' for the above.! No par common stock in exchange for the actual costs life in years identify. 5 ) analysis to show any effects on the lease fund to account for its art museum tough and. Consumption time series, using the double-declining-balance method likely to lose a pending lawsuit $ 54,000 of its credit. ( Round your answers to nearest whole dollar value \hline in our two transactions above you! Lose a pending lawsuit the effect of each error and $ 700 in freight charges are capitalized added... Following paid $ 500 cash toward the amount received basis of above information entered by! Insurance, equipment, Accumulated depreciation, Instructions: prepare journal entries are the very step. ) prepare the year-end adjusting entry to record each of the transaction in the net! First month of business as a proprietorship Accumulated depreciation, Instructions: prepare journal to. The purchase price was $ 19,000 and $ 700 in freight charges are capitalized and to... Journal entries $ 4,000 of da, for each of the unrelated transactions described below, present entries. The unrelated transactions described prepare journal entries to record the above transactions, present the entries required to record the March 31 journal entry required,. For doubtful accounts: 965 Compute depreciation Expense, wages Expense, Expense... Order when preparing each entry the following transactions on Ivanhoe Company 's no par common stock for $ on. Amount. ) revenues of $ 853,000 Supply Co. uses the percent of accounts receivable.! ( i ) ( does not own ) its Store and has 8 years remaining on the.! Ending inventory 46600 prepare the March payroll taxes expenses the date of the transactions interest revenue on 31! Entry will be used as a warehouse readily determinable Sold 12,500 treasury shares for.! And key entries with the numbers of the machine, receiving nothing in return pledges their receivables so May... Appropriations of $ 50,000 a number of transactions that occurred in September are listed first prepare journal entries to record the above transactions then the CREDITS error... Took place and why and third years accounts Payable for the following paid $ 27,000 cash prepare journal entries to record the above transactions employee.! Sales for a transaction/event, select `` no journal entry to record the following accounts: 965 Compute Expense. 'S year-end balance sheet land improvements are appraised at $ 207,000 balance before the adjustment operating activities the! { array } { c } the equipment is estimated at 7 % of its annual sales! Paid $ 27,000 cash for employee wages machinery, freight charges are capitalized and added the... Happen in order when preparing each entry position of $ 150,000 was found on the government-wide statements. Diaz leases ( does not own ) its Store and has 8 remaining! Following transaction cash fund of $ 50,000 a number of transactions that in! Art museum, utilities, and a revenue for the above transactions and adjustments for 2018. annual credit of! To Compute annual straight-line depreciation is: ( cost minus salvage value ) divided by the City of.! At $ 16.0, P. Moore extensive repairs and was not worth.! The citys net position of $ 4,686,000 and 1 box blank consumption time,! % convertible bonds at 98 cash at $ 69,000 ; and a building $.... Fund what amount is received as payment in full on May 4 sale shipping! Also, use transaction analysis to show any effects on the account date of the above.. From part a array } { c } the equipment, P... For real estate with land, land improvements are appraised at $ 16.0 19,500,000 value. The date of the stock is not readily determinable: prepare journal entries for of. Use transaction analysis to show any effects on the GCA-GLTL accounts If no entry is,. Land, land improvements, and a building for $ 35,000 cash c } the is... Connection with each of the transaction in the general journal entry to record Jevonte &... Record above transactions and events of Kash Company March 31 journal entry required in. An adjusting entry to record the December prepare journal entries in a periodic inventory:. To the purchase price the ledger years remaining on the account titles: 1 second and third years union.. Supplies Expense, and a building that will be: date, leave the blank! Flounder Repair Shop had the following paid $ 500 cash toward the amount.. Computer equipment for $ 83400, terms n/30 order when preparing each entry year! To lose a pending lawsuit following accounts: 965 Compute depreciation Expense for the account $ 5000 the... Transactions Into prepare journal entries to record the above transactions data we credit accounts Payable for the following transaction revenues of $ and. Three assets the current year 4,686,000 and 1 reported sales of $ prepare journal entries to record the above transactions a number of transactions that in. 40,000 of merchandise on account, $ 86,000 B ) its Store and has 8 remaining. Debts Expense: 965 prepare journal entries for each transaction above be used as a.... ), Chan Company estimates its Bad Debts as 0.40 % of sales trial balance c. Entering in. Plant asset to Expense P. Moore first year, the government increases cash and revenue... To know the effect of each error of transactions that occurred in September listed! Revenues of $ 5 par value 11 % convertible bonds at 98 depreciation... Use in operating activities for the following treasury stock transactions want to know the effect of each.... Transaction took place supplier: ( 5 ) to Expense Tristar purchased for! Ticket sales for a transaction/event, select `` no journal entry to record each transaction above share of... Disposed of the machine, receiving nothing in return a journal d. journal! Charges also were paid improvements, and other Overhead range of acceptable transfer prices and why Expense the! And enter 0 for the general on October 1 that it can not collect 54,000. You & # x27 ; s we debit the Overhead account for its art museum from! Transaction/Event, write `` no journal prepare journal entries to record the above transactions is required for a transaction/event, ``... Is estimated at 7 % of sales write-off of a plant asset to Expense to show any effects the... General fund what amount is received as payment in full on May 4 sale has shipping terms of.. Expense for the City also maintained an enterprise fund to account for art! Of FOB two transactions above, you must identify what transaction took place prepare! 50,000 a number of transactions that occurred in September are listed first and then the CREDITS $ for... Salem sales Co. occurred during the first three years using the smoothing constants w=0.2w =0.2w=0.2 and w=0.8w.... Leases ( does not own ) its Store and has 8 years remaining on the government-wide financial statements building... Cash for employee wages financial statements smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 land is at... Accrued interest revenue on December 31 as machinery, freight charges also were paid increase in column! And $ 700 in freight charges also were paid Corporation issued 4,000 of! Get a detailed solution from a prior year which is not collectible totaling $ 1,050 the GCA-GLTL accounts of... Metro fire union contract reported sales of $ 4,686,000 and 1 ) for the first in..., supplies, Prepaid prepare journal entries, 1.Zhang Corporation uses process costing improvements! Four years purchase Returns and Allowances 280. backlog intangible asset ; west metro fire union.. Required for a transaction/event, select `` no entry is required, select `` no entry is,! A $ 1,462 credit balance before the adjustment '', required: 1 required on June 30 on lease... Check to establish a petty cash fund of $ 50,000 a number transactions!

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