During the first month of operations, Martinson Services, Inc., completed the following transactions:. Journalize the transactions. During its second year, the machine produces 34,100 units of product. company March 2The company rented equipment by paying $2,000 cash 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. Prepare the December 31 year-end adjusting entry for uncollectibles. The fair value of the stock is not readily determinable. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: Prepare the journal entries for Ivanhoe Company to record the following transactions using a perpetual inventory system. Sold goods for $100,000 cash. (Round your answers to the nearest dollar.). The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Prepare the general journal entry to record this transaction. Following are transactions for Ridge Company. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) \end{array} (1 0.02) + freight. Define "accrual accounting" and list its two components. For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. Portage General Fund (Subsidiary detail may be omitted.). tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite corn ____________. The stock dividend is distributed on July 20. Be sure to indicate in which fund the entry should be made. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. Journal entries in a periodic inventory system: (1). 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. 3. It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. Uncollectibles are estimated to be 1% of sales. Prepare journal entries to On September 18th, the company paid its lawyer $5,000. Issued a check to replenish the fund, based on the following summary of petty cash receipt, Prepare all journal entries required in all funds, budgetary and actual, and the GCA and GLTL accounts to record the following transactions and events: 1. Ch. stock in exchange for cash of $6,500. Prepare the required general journal entries to record the following transactions for the Bell Company. $50,000 transfer out to debt service fund. Services were performed for customers on account, USD 4,200. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, ), Required: Analyze each account and recreate the journal entries that were made. 2. 3. 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. Cost of goods sold 88000 a) Issued a check to establish a petty cash fund of $600. A company paid $193 for office supplies that had been previously purchased on account. \end{array}\\ If the bonds. 1. The estimated value of the land after the ore is removed is $520,000. The machine needed extensive repairs and was not worth repairing. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. The question requires us to make necessary journal entries to recrord the stock transactions. Prepare the December 31 year-end adjusting entry for uncollectibles. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100? On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. 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. Sales returns and allowances 8000 1. A. Prepare General Journal Entries for the following If this doesn't solve the problem, visit our . Instructions: Prepare journal entries for the above transactions. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Prepare the journal entry to document this transaction. a. Dec 3. Materials b. The personal consumption expenditure is shown in the table in the following column. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. Required: #1. Its capital projects funds worked in connection with each of these functions at times during the current year. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. (2) Prepare the entry required on the note's maturity date assuming it is honored. Table of contents Top 10 Examples of Journal Entry Example #1 - Revenue Sales Journal Entry: Allowance for Doubtful Accounts Entry: Example #2 - Expense Journal Entry for Accounts Payable: \hline 2023 & 52 & 2,522 \\ Following are transactions for Vitalo Company Cont.. Periodic inventory systems provide better control over inventories than perpetual inventory systems. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. 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. March The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. B. Is the process of allocating the cost of a plant asset to expense. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. The levy becomes legally enforceable on February 15, 2021. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. A company paid $10,000 cash for machinery that had been previously purchased on account. \begin{array}{lrr} 1&2. Use 360 days a year.). 1. (a) Prepare journal entries to record the transactions described above. The following information is from Amos Company for the year ended December 31, 2019. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. 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. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. 26/02/2023 03h43 | . dividend equalisation reserve 11122161 \frac{1}{12} \div 2 \frac{1}{6} Acquired computer supplies on account for $800. Gomez Corp. uses the allowance method to account for uncollectibles. 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%. Performed services for customers on account $8,000. Purchase Discounts $ 11800 The salvage value of the land is expected to be $250,000. (Use 360 days a year. Credit eccount vitles are automatically indented when the amount is entered. provided and then prepare an Unadjusted Trial Balance. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. The machine is expected to last five years and have a salvage value of $44,000. Rent Expense, and Insurance Expense. Why or why not? Prepare the journal entries to record the preceding transactions and events. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Compute depreciation expense for the last three months of the first year. 2. 3. Prepare the journal entries to record the sale of merchandise. Ch. Compute the revised depreciation for both the second and third years. dis. Diaz sold the machine for $40,900 cash. Prepare the general journal entry to record this transaction. estimated other financing uses of $225,000. Prepare a journal entry for the following. Lois is one of a few female welders. The city expects to receive all remaining money during 2021 with no discount. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. Recording the transaction in the form of a double-entry bookkeeping journal. Consider a research question you are interested in learning more 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. Classify the above transactions as either a revenue expenditure or a capital expenditure. Answer to the above Question clearly shown in the explanation option. The bank increased the company's checking account by USD 30,000 after manageme. b) The amount of cash in the petty cash fund is $200. The only account titles you will need are listed: Account titles: 1. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. The amount of cash in the petty cash fund is $190. Financial information is presented below: Account. 1-Dec Paid the premium 5,400 - 2,400 First, the business transaction has to be identified. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Question: Prepare Journal entries for the month of April to record the above transactions. The value of the stock cannot be determined, and we assign it the value of the office equipment received. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. On December 2, Tristar acquired various items of office equipment. (Allied estimates returns using an adjusting entry at each year-end.) (b) $1,700 in revenue earned on the account. \hline dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. Bank service charge of $15. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. If no entry is required, select "No Entry Required", Required: 1. What amount is received as payment in full on May 4? Ch. March 10The company paid However, it cannot estimate amounts owed. Accrue short-term wage liabilities Accounting. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. copyright 2003-2023 Homework.Study.com. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. On June 5, Park unexpectedly pays the amount previously written off. 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. 7 Sellers allow customers to use bank (or third-party) credit cards for all of the following reasons except: To be able to charge more due to fees and interest. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. ordinary share dividend of $50,000 A company made a $200 payment on account for supplies that had been previously purchased. in dividends last year. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. (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. 2. (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. The band estimates it will use this equipment for four years and perform 200 concerts. weathering, sediment, erosion, delta, glaciation, humus. 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. Prepare journal entries for each of the following: a. There has been phenomenal growth in the transportation sector of the economy since 2006. [($83400 - $1700) 0.98] + $300 = $80366 I. Ch. other financing uses of $35,000. Use the letter of the transaction in place of the date. Compute the realizable value of accounts receivable on January 1 after the write-off. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Gross Pay through August 31- Gross Pay Sept. ($4100 - $200) .98 = $3822 Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions.

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