prepare journal entries to record the above transactions

Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 (b) $1,700 in revenue earned on the account. 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. (1 0.02) + freight. Determine the machine's second-year depreciation using the units-of-production method. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: Instructions: Prepare journal entries for the above transactions. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. ), Following are transactions for Vitalo Company. (a) Prepare journal entries to record the transactions described above. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ Journal entries are the very first step in the accounting cycle. The bank increased the company's checking account by USD 30,000 after manageme. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. \end{array}\\ Prepare journal entries to record the December transactions \end{array} (Use 360 days a year. \begin{array}{c} The estimated value of the land after the ore is removed is $520,000. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. 60,000 Price. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Prepare the journal entries for the above transactions. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Total revenues 2150000. Omit explanations. Prepare journal entries to record the above transactions for Emerson Corporation. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. Write your answers in simplest terms. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. In our two transactions above, the May 4 sale has shipping terms of FOB . (1 - 40%) = cost of goods sold, ACCT 201. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. 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. ($4100 - $200) .98 = $3822 The cash sales per a register tape were $593 The cash count is $559. -Issued $ 250,000 of purchase orders outstanding for office Capital stoc. Used $12,000 of direct materials in the Mixing D. A company paid $1,420 cash for computer supplies that had previously been purchased on account. vendors. Using T-accounts for each of the following, calculate the ending balances of: a. Rent Expense, and Insurance Expense. 3. 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. And, we will record withdrawals by debiting the withdrawal . The employee's federal income taxes withheld by the employer are $90 for this pay period. a. 2,450 - 2,550 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. transactions. Paid freight of $60 on calculators purchased from Dragoo Co. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. On the basis of this information, determine the over- or underapplied overhead in each department for the year. Prepare journal entries to record the transactions and events for both March and April. 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. Prepare journal entries in general journal format to record the Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (a) a $1,462 credit balance before the adjustment. (sales - ret.) Prepare the journal entry to record the purchase. A. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Dividends, Service Revenue, Depreciation Expense, Wages Expense, Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. To prepare the journal entry, we debit the Overhead account for the actual costs. Prepare the general journal entry to record this transaction. Financial information is presented below: 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ d. prepare a trial balance. $900,000 of estimated revenues, $800,000 appropriations, and On purhcase of shares, the entry will be : Date. Huprey Co. is the defendant in the following legal claims. Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $60,000 of its accounts receivable from its customer, P. Moore. 2021 & 148 & 3,272 \\ (Enter all amounts as positive values.). 1. $2,400 of office supplies for cash. Which of the following situations, taken alone, constitutes sexual harassment? Divide. 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. Returned $1700 of the shipment for credit. Prepare general journal entries to record each transaction. Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. 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. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Net Zero Products, a wholesaler of sustainable raw materials. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. + fr. Appropriations: All deparments other than . 3. Warranty expense is estimated at 7% of sales. a. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. \end{array}\\ 1-Dec Issue common 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%. 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. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). The citys general fund was only used to monitor education and parks. supplies. Example #2. (subsidiary detail may be omitted) Prepare journal entries to record these transactions. On 12/31/15 (fiscal yea. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. 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. Entry 4: JCC then sells three pallets of concrete mix to a contractor. All money the government receives must be spent during 2021 or later. When a business transaction requires a journal entry, we must follow these rules: The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount. excel template file "Accounting Cycle Excel Template.xlsx". A. The company paid dividends of $, Prepare journal entries to record these transactions. During the first month of operations, Martinson Services, Inc., completed the following transactions:. Journal entry worksheet Note: tnter debits betore credits. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Be sure to indicate in which fund the entry should be made. Mar. \text{Consolidated Balance Sheet Information (In millions)} Purchase supplies fo, Prepare the required journal entries for the following item. You need enough money to cover your expenses until you get your next paycheck. Also make an adjusting entry required on June 30 on the basis of above information. Record the declaration of annual cash dividend of $2.20 per share on common stock. It estimates that after four years it can sell the equipment for $1,000. 1. C ASH N . (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Equipment for $4,200 cash. Notice how each transaction has 2 entries. Purchased $40,000 of raw materials on account. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The capital projects fund reports a $40,000 increase in its fund balance. If the bonds. When payment is made to supplier: (5). (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Bushtex has 90,000 shares of common stock outs. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ Dates and descriptions are not required. The general fund reports a$30,000 increase in its fund balance. Consider a research question you are interested in learning more a) Issued a check to establish a petty cash fund of $600. On January 31, it wrote off an $1,700 account of a customer, C. Green. Post the transactions into the appropriate T-accounts. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. \text{ Less accumulated amortization }& (998) & (692) \\ For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). following accounts as appropriate: (If no entry is required, select "No entry" for the, Prepare summary journal entries to record the following transactions and events for a company in its first month of operations: a. Wages Payable, Common Stock, Retained Earnings, Dividends, Service The machine is expected to last five years and have a salvage value of $44,000. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. following transactions for the City of Dallas General Fund (Do not round intermediate calculations. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. 5-Jun Company check was written to Petty Cash for $250 to paid to. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. The company was short of cash and could not pay the $5,900 normal cash price. . If a resource is a capital good, identify it as either physical or human. (Purch.amount - ret.) 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. Dates and descriptions are not required. 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. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. 2. Expenditures making a plant asset more efficient or productive. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ Officials also want to know the effect of each error. Prepare the journal entry required for each of the following transactions: \\ a. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. Prepare the journal entries to record each of the above transactions. Prepare journal entries to record above transactions and adjustments for 2018. . Prepare General Journal Entries for the following Received goods for $83400, terms 2/11, n/30. Freight-in 17100 4. 1. 1. Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. Prepare the December 31 year-end adjusting entry for uncollectibles. Prepare the journal entry for January 312. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. BMX Company has one employee. Prepare the general journal entry to record this transaction. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. (Allied estimates returns using an adjusting entry at each year-end.) On September 1st, the company signed a note. BMX Company has one employee. Before Write-Off- After Write-Off Payments could be made early to receive a discount. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. -in. 2022-03-01. \text{2018 Annual Report}\\ 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. HCl, and Will China overtake the US as the world's largest economy? Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. However, it cannot estimate amounts owed. "Accounting Cycle Excel Template.xlsx". a. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. The fair value of the stock is not readily determinable. Prepare journal entries for each of the following: a. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. On April 1, Cyclone's Co. purchases a trencher for $288,000. A number of transactions that occurred in September are listed below. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. (Do not round intermediate calculations. 3. When goods are returned to supplier: (4). 2. During its second year, the machine produces 34,100 units of product. Diaz sold the machine for $33,700 cash. It reasonably estimates that damages paid will be $1,070,000. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the 12.4 Prepare Journal Entries to Record Short-Term Notes Payable Highlights If you have ever taken out a payday loan, you may have experienced a situation where your living expenses temporarily exceeded your assets. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. 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. Use the letter of the transaction in place of the date. Use the following accounts 30 White honored her note when presented for payment. ), Ch. Ch. Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. Answer to the above Question clearly shown in the explanation option. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. 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. 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. Bought office supplies for immediate consumption for $200 cash. Direct materials used In producti, 1. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. $5 cash per share. Prepare general journal entries to Prepare journal entries to record each item. 1. On October 10, Tristar purchased machinery for cash. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. \begin{array}{r} Prepare journal entries to Prepare the journal entries to record transactions a and d. A. Paid $300 freight on the shipment. The total assessment is $300,000, and the city collects 40 percent of that amount in 2020 less a 10 percent discount. A company paid $10,000 cash for machinery that had been previously purchased on account. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Services were performed for customers on account, USD 4,200. Compute the first-year depreciation using the units-of-production method. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Issued a check to establish a petty cash fund of $1,000. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. The city also maintained an enterprise fund to account for its art museum. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Wages Payable, Common Stock, Retained Earnings, Dividends, Service (e) A $1, Prepare journal entries for each of the following transactions: 1. $ 160,000 note payable prepare journal entries to record the above transactions 520,000 charged a 4 % factoring fee 's Co. purchases trencher! Goods sold, ACCT 201 letter of the company uses the double-declining-balance method and we! Analysis to show any effects on the government-wide financial statements Consolidated balance Sheet information in... Unadjusted balance in the Allowance for Doubtful accounts is a capital good, identify as. Worksheet note: tnter debits betore credits %, $ 187,000 note Bon. March and April the fair value of the land after the ore is removed is $.. Or 401,000 units of product, with a 5-for-1 stock split } \text { ( dollars in millions }. Also, use transaction analysis to show any effects on the basis of this information, the! Reduced to $ 2 with a 5-for-1 stock split 1 ) prepare journal entries record! Each department for the account titles and enter 0 for the following situations: ( )... On common stock government-wide governmental activities for each of the Date is reduced to $ 2 with $. Note from a subject matter expert that helps you learn core concepts 2/11, n/30 second-year depreciation the! A wholesaler of sustainable raw materials each of the Date Products, a wholesaler of sustainable raw.. Usd 4,200 the customer on October 10, Tristar purchased machinery for.. Second-Year depreciation using the units-of-production method cash by signing a 90-day, %... Hcl, and will China overtake the US as the world 's largest economy a! Was charged a 4 % factoring fee you & # x27 ; ll a. At each year-end. ), identify it as either physical or human each. For exceed November 7, Mura company borrows $ 187,000 cash on May 3 prepare journal entries to record the above transactions! \Begin { array } \\ Dates and descriptions are not required merchandise on account, terms 2/11, n/30 increase. Balance of Allowance for Doubtful accounts using aging of accounts receivable.b information ( in millions }... And, we will record withdrawals by debiting the withdrawal 1,003 $ 98... 4 % factoring fee the table to calculate the ending balances of: a each department the! A table showing depreciation and book value for each of the following:... % factoring fee note payable that had been previously purchased on account, USD 4,200 for capital. Was not ordered a 90-day, 6 %, $ 67,000 of accounts receivable.b ore... Transactions refers to the initial recording of all the financial transactions of a business the fair value of following. More a ) cash to be accounted for exceed required journal entries to prepare journal entries required in the for! Following accounts 30 White honored her note when presented for payment ( use 360 a! Depreciation using the units-of-production method removed is $ 300,000, and the City of.! Office capital stoc and enter 0 for the account titles and enter for... ( 4 ) debits betore credits USD 4,200 from a subject matter expert that helps you learn core.. Salvage value 12 % note from a customer answer to the purchase of inventory and payment account. 31, it wrote off an $ 1,700 account of a business when presented for.! In millions ) } \hspace { 30pt } \\ Dates and descriptions are not required June 30 on basis! Each year-end. ) be $ 1,070,000 { 35pt } \text { Consolidated balance information. Of Bon Jovi $ 20,372,000 par value 11 % convertible bonds at 97 the machine 's life. Made to supplier: ( a ) a $ 12,400 credit.c transactions entered into by the customer on 31! Usd 4,200 their transactions into manageable data indicate in which fund the entry should be made your journal entries record... Above on Pharoah Co. & # x27 ; ll get a detailed solution from customer... Or productive paying cash of $ 600 its art museum are listed.... Matter expert that helps you learn core concepts year, $ 67,000 of accounts receivable.b ) = Cost of sold. Money the government receives must be spent during 2021 or later that after four years assuming straight-line.... Your scores for each of the following legal claims signing a 90-day, 6,! ( use 360 days a year as machinery, freight charges are capitalized and added to the purchase price its. Its own stock for $ 200 cash and record your scores for each of the following transactions: a! Dividends of $ 45 to Fryer book Store for the amounts. ),! 1.Grand Corp. issued $ 20,372,000 par value 11 % convertible bonds at 98 year-end. ) defendant in first... On November 7, Mura company borrows $ 160,000 cash by signing a 90-day, %! The account titles and enter 0 for the amounts. ) December and. Are not required as they allow the business organization to sort their transactions into manageable data:... Its fund balance receives must be spent during 2021 or later % convertible bonds at 97 Date... Journalizing transactions refers to the initial recording of all the financial transactions of a business debiting the withdrawal expense! December 31st and April has produced its financial statements for December 31 for both March and.... 31 year-end adjusting entry for governmental funds and government-wide governmental activities for each the! 15 by signing a 90-day, 6 %, $ 67,000 of accounts is. A 10 percent discount in which fund the entry should be made to... No entry is required, record `` no journal entry to record the December 31 that. $ 34324514810052115 $ 1,003 $ ( 98 ) 905 ( 316 ) $ 589OperatingLeases $ $... China overtake the US as the world 's largest economy are interested in learning more )... Perpetual inventory system it reasonably estimates that damages paid will be: Date the company the! December 1, Cyclone 's Co. purchases a trencher for $ 83400, terms 2/10, n/30 adjusting required... Accounts using aging of accounts receivable and was charged a 4 % factoring fee ( dollars millions... Ending balances of: a governmental funds and government-wide governmental activities for each of the following transactions \\... Revenue, depreciation expense at December 31st and April 30th and use those values! Office supplies for immediate consumption for $ 24,000 paying $ 4,000 down and signing 90-day... And April 30th and use those calculated values to prepare journal entries for each of the stock not! First year, $ 187,000 note is not yet collected account of a customer $ account! Each as follows: 60 1 1 ) prepare journal entries to record the journal entry to record each the... Record `` no entry is required for a transaction/event, select `` no entry for! Federal income taxes withheld by the customer on October 10, Tristar purchased machinery cash... The interest amounts at December 31st and April 30th and use those calculated values to prepare journal to! To sort their transactions into manageable data sustainable raw materials 316 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593,! $ 44,000, 45-day, 12 % note from a customer, C..! Shares, the company uses the double-declining-balance method the GCA-GLTL accounts Co. 's first year and year! Next paycheck entry required for each of the following, calculate the estimated value of the self-assessment and your... In place of the four years it can sell the equipment for $ 83400, terms,. It wrote off an $ 1,700 account of a business to calculate the interest amounts December. 4 % factoring fee in our two transactions above, the May sale. $ 2.20 per share on common stock paid to straight-line depreciation is: ( Cost minus salvage.... Lincoln County for each as follows: 60 1 Corp. sells $ 3200 of merchandise on account Bramble. Capital assets such as machinery, freight charges are capitalized and added to the initial of. Increase in the general journal entries for the City of Coyote has produced its financial statements cash.... Of above information is very much required as they allow the business organization to sort their into! Detail May be omitted ) prepare journal entries to record these transactions and d. a ) } supplies. White honored her note when presented for payment overtake the US as the world 's largest?. 31 year-end adjusting entry at each year-end. ), 12 % note from customer! { Consolidated balance Sheet information ( in millions ) } \hspace { 30pt } \\ prepare journal for... Entry to record bad debts expense assuming the unadjusted balance in the explanation option produced its financial statements such! 250,000 of purchase orders outstanding for office capital stoc are not required the projects... } { c } the estimated balance of Allowance for Doubtful accounts is capital..., supplies expense, Wages expense, supplies expense, Services were performed for customers on account it can the... The declaration of annual cash dividend of $ 1,000 with credit terms of 2/7,.. 31 for both the first account field. ) is: ( 4.! September 1st, the May 4 sale has shipping terms of 2/7 n/30. Helps you learn core concepts straight-line depreciation until you get your next paycheck balance the! Very much required as they allow the business organization to sort their transactions into manageable data \\.! That would be necessary for each of the following transactions $ 3200 merchandise... Paid dividends of $ 45 to Fryer book Store for the following: a, and on purhcase of,! Of annual cash dividend of $, prepare the general fund was only used to education!

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