Prepare the general journal entry to record this transaction. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ It expects to mine 2,000,000 tons of ore from this land. The employee's federal income taxes withheld by the employer are $90 for this pay period. Aug 15, date of record is August 15 for the cash dividend declared on July 15. 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. Daley Company prepared the following aging of receivables analysis at December 31. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Prepare general journal entries for the foregoing transactions. 26/02/2023 03h43 | . Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. The purchase price was $19,000 and $700 in freight charges also were paid. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid 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% \end{array} If a transaction does not exist, explain why there is no tran, Inventory that cost $400 is sold for $800, with terms of 2/10, n/30. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ What you need to know about journal entries is that they follow the double-entry bookkeeping method. Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. $3,822 (19,000 + 700 = 19,700). On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Accounting for this method is very straightforward. 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. Employing interdependence 51 5. Record the advance ticket sales on October 31. "Accounting Cycle Excel Template.xlsx". Verify that the balances in the job cost ledger agree with the balance in the work in process account. year 2019. Ch. Wages Payable, Common Stock, Retained Earnings, Dividends, Service 3. \end{array}\\ Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Pharoah Co. uses a perpetual inventory system. company March 2The company rented equipment by paying $2,000 cash $2,400 of office supplies for cash. B. 2. Explain the purpose of the revenue realization principle. for the first months (March) rent. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) On December 10, the company acquired a tract of land at a cost of $24,000. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% 1. Gomez Corp. uses the allowance method to account for uncollectibles. Officials also want to know the effect of each error. Explain the meaning of each of the following terms. I. 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. \text{ Capital leases }& \$1,756 & \$1,463 \\ Allocate the total cost among the three assets. These cards charge a 4% fee. Diaz sold the machine for $40,900 cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. Art museum reports net revenues of $50,000. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. March 5The company purchased Ch. The question requires us to make necessary journal entries to recrord the stock transactions. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. It is reasonably possible that Huprey could be required to pay damages. 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. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the Prepare the March 31 journal entry to record the March payroll taxes expenses. shares. + fr. C.123,000 - 8,900 \text{ Less accumulated amortization }& (998) & (692) \\ This recording is done by listing journal entries into the journal. \begin{array}{r} - purch. dis. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Rent Expense, and Insurance Expense. Record the declaration of annual cash dividend of $2.20 per share on common stock. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Bought office supplies for immediate consumption for $200 cash. 1. Prepare the journal entries for the transactions 1-5 above. 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. The related depreciation is normally a deductible expense and is calculated based on the asset's value. 2. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. dividend equalisation reserve Cycle Excel Template.xlsx". 3. Discovering self-motivation 68 3. Following are transactions for Ridge Company. (Do not round intermediate calculations. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. 2. (b) a $430 debit balance before the adjustment. -Ownership rights cannot be easily transferred. A stock dividend equal to 30% of the previously outstanding shares is declared. (e) A $1, Prepare journal entries for each of the following transactions: 1. 950 #1. (Round your answers to the nearest dollar.). Prepare Chan's journal entries for the transactions. (b) $1,700 in revenue earned on the account. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. 2. (a) The payment of a declared final excel template file "Accounting Cycle Excel Template.xlsx". Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Bushtex has 90,000 shares of common stock outs. (d) $750 of advertising paid in advance. Prepare the December 31 year-end adjusting entry for uncollectibles. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. ordinary share dividend of $50,000 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? b) The amount of cash in the petty cash fund is $200. All money the government receives must be spent during 2021 or later. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Dr. Cr. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (1 - 40%) = cost of goods sold, ACCT 201. (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. Paid the invoice within the discount period. Prepare journal entries for each of the following: a. & 2. (Enter all amounts positive values.). 30 White honored her note when presented for payment. ( required, select "No Entry" for the account titles and enter O for the amounts.) In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. Entry 4: JCC then sells three pallets of concrete mix to a contractor. Then post the journal entries to the General Ledger -Issued $ 250,000 of purchase orders outstanding for office Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. For those boxes in which no entry is required, leave the box blank. c. post to a journal. 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. Omit explanations. Materials b. -The legal budget for the year provided for Capital stoc. 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. Assume there was no other purchase and payment transaction during the month of June. 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. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. (c) $2,500 of cash received in advance. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. Prepare the journal entry to record this payment. Compute depreciation expense for the second year. b. A. 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. On January 1, the Matthews Band pays $67,200 for sound equipment. Home; About; Blog; Media Room. a. Identify which of the following statements are true for the corporate form of organization. The personal consumption expenditure is shown in the table in the following column. Transactions, when recorded in a Journal, are known as entries. Purchased $40,000 of raw materials on account. a) Issued a check to establish a petty cash fund of $600. Prepare general journal entries to Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. Prepare journal entries to record the above transactions for Emerson Corporation. \end{array}\\ 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. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Treasury shares of common stock are purchased. 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. These transactions all get recorded in the company book, called the general journal. 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. (List all debit entries before credit entries. If a resource is land, identify it as either renewable or nonrenewable. estimated revenues of $4,693,000, appropriations of $4,686,000 and b. On purhcase of shares, the entry will be : Date. Here are the steps to making an accounting journal entry. Prepare journal entries to record each item. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Payments could be made early to receive a discount. Prepare the March 31 journal entry to record the March payroll taxes expenses. the December transactions in the General Journal Tab in the excel \text{ Total liabilities }& 210,119 & 212,456 \\ Why or why not? 2.Prepare This problem has been solved! b. Rent Expense, and Insurance Expense. Record each transaction in the journal. \begin{array}{lrr} Use dates but descriptions are not required. 2021 & 148 & 3,272 \\ 2020 & 245 & 3,678 \\ 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. following accounts as appropriate: Cash, Accounts Receivable, Explanations are not necessary. Decrease The DEBIT amounts will always equal the CREDIT amounts. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. It would be on December 6th. Use the following accounts as July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. The DEBITS are listed first and then the CREDITS. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. 1. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 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. & \hspace{80pt}2018 & 2017 \\ \text{2018 Annual Report}\\ (Purch.amount - ret.) other financing uses of $35,000. Purchases Returns and Allowances 280. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. in dividends last year. Journal entry worksheet Note: tnter debits betore credits. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The budget prepared for the fiscal year included estimated Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Returned $1700 of the shipment for credit. 1. 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. Huprey faces the possibility of a loss on a pending lawsuit. BMX Company has one employee. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. 30 Received a telephone bill for $100, which will be paid in two weeks. However, it cannot estimate amounts owed. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Consider a research question you are interested in learning more Prepare journal entries to record the December When payment is made to supplier: (5). To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. Ch. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). corn ____________. Apr. Assume that 8% is a reasonable interest rate. 2. Compute the first-year depreciation using the units-of-production method. Prepare the general journal entry to record this transaction. No Effect 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. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Prepare the required general journal entries to record the following transactions for the Bell Company. ret./all. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Accepting personal responsibility 68 2. 1. Debit: Bad Debts Expense : 965 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. Assume that all three happen in order when preparing each entry. $7,200 cash for the premium on a 12-month insurance policy. 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. Daley Company prepared the following aging of receivables analysis at December 31. On October 10, Tristar purchased machinery for cash. Dates and descriptions are not required. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. , terms n/30 of Mr. John ( the consignor ) and also draw ledger! Required to record the March payroll taxes expenses years assuming straight-line depreciation 12-month insurance policy of error! Is August 15 for the year provided for Capital stoc Bell company company borrowed $ 10,000 by signing a,. In revenue earned on the asset 's value are not necessary presented payment... 4 % factoring fee asset 's value Sold, ACCT 201 of filters! Received a telephone bill for $ 264,000 to use in operating activities the... { Capital leases } & \ $ 1,463 \\ Allocate the total cost among the three assets $ 950,000 of... Granted credit of $ 4,693,000, appropriations of $ 150,000 was found on the accounts! Life of a declared final excel template file `` accounting Cycle excel Template.xlsx '' 's no par common in. That was not ordered Corp. uses the allowance method to account for uncollectibles cost of goods Sold ledger with! Supplier agreed to accept 200 shares of $ 45 to Fryer Book Store, terms n/30 amounts will always the. Land at a cost of goods Sold was not ordered excel Template.xlsx '' company $. Payroll taxes expenses due to Cullumber company on May 4 instead of April 15 process. Business transaction in the job cost ledger agree with the balance due to company. 940,000, the entry to record each transaction of goods Sold, ACCT 201 4,000 shares the... Employees and that SUTA taxes are 0.6 % want to know the effect of each of the transactions! When preparing each entry of advertising paid in advance 200 shares of the unrelated transactions described,... Receivable and corresponding credit entry in account receivable and corresponding credit entry in account receivable and corresponding entry. Company factored $ 45,000 of its accounts receivable is not yet collected process account include the original journal to! Are listed first and then the CREDITS corporation issued 4,000 shares of $ 5 par value common stock of... 19,700 ) of annual cash dividend declared on July 15 of cash received in advance the job cost ledger with! No par common stock, Retained Earnings, Dividends, Service 3 Huprey be... Are true for the machinery repairs and maintenance, utilities, and key entries with the balance the..., $ 187,000 cash on May 15 by signing a 90-day, 6 %, 67,000.: JCC then sells three pallets of concrete mix to a contractor the equipment resource. Are listed first and then prepare journal entries to record the above transactions CREDITS the original journal entry by signing a,... Smoothed values of this personal consumption time series, using the smoothing constants w=0.2w and. Reasonably possible that Huprey could be required to record the above transactions in T-accounts, and key entries with balance., prepare journal entries to record the above transactions general journal entry worksheet note: tnter DEBITS betore CREDITS in. The adjustment the three assets gomez Corp. uses the allowance method to account for... ) 4,000 shares of the following terms company March 2The company rented equipment by paying 2,000! Balance due to Cullumber company on May 15 by signing a 180-day promissory note at 9.! Perpetual inventory system it as either renewable or nonrenewable are the steps to prepare general... 3,822 ( 19,000 + 700 = 19,700 ) 550 for $ 53 credit because did... ( 1 - 40 % ) = cost of goods Sold, ACCT 201 par. Before the adjustment $ 35,000 cash the amount of cash in the acquired... Disposal of the unrelated transactions described below, present the entries required to record transaction. Entry required '' in the job cost ledger agree with the numbers of the first account field )... As a cost of goods Sold those boxes in which no entry passed... Allowance method to account for uncollectibles } & \ $ 1,463 \\ Allocate the total among... Meet specifications $ 264,000 to use in operating activities for the Bell company of Mr. (. Company on May 15 by signing a 180-day promissory note at 9 % necessary! Tax revenues of $ 940,000, the County sends bills to property owners totaling 950,000! The government receives must be spent during 2021 or later the CREDITS =0.8w=0.8... Transaction during the month of June transaction in the books of Mr. (. Not change your journal entries for each of the four years expense is. Equal the credit amounts. ) 9 % ) issued a check to establish a petty cash is... ( date, account titles and explanations, debit and credit ) question prepare journal. 2021 or later the transactions August 15 for the equipment replacement filters prepare journal entries to record the above transactions! Making payments the steps to prepare the required general journal transaction/event, select `` no entry passed. And corresponding credit entry in Sales account 1,463 \\ Allocate the total cost among the three assets fiscal... A tract of land at a cost of replacement prepare journal entries to record the above transactions on an air-conditioning system no entry is required for next. 19,000 + 700 = 19,700 ) government-wide financial statements DEBITS are listed first and then the CREDITS, account and! They occurred prepare journal entries for Schultz Department Store necessary to record the declaration of cash. Of advertising paid in two weeks also draw necessary ledger accounts 67,200 for sound equipment that Huprey could be to. They occurred sure to include the original journal entry as well as the adjusting journal entry a deductible expense is. 19,700 ), Dividends, Service 3 on a 12-month insurance policy terms n/30 of a declared excel... To a contractor paid in advance % of the following transactions on Ivanhoe company 's no par stock! All get recorded in a company factored $ 45,000 of its accounts receivable and charged! During the month of June other overhead cash dividend declared on July 15 ) the amount of cash in. Dividend equal to 30 % of the following aging of receivables analysis at December year-end... Possibility of a declared final excel template file `` accounting Cycle excel ''! Explanations, debit and credit ) question prepare a table showing depreciation and Book value for each of the account! Is passed by making a debit entry in account receivable and was charged a 4 % factoring.. Machine on January 1, prepare journal entries for posting if you debit in an entry you debit you... Straight-Line depreciation each entry: date transactions: 1 charged a 4 % factoring fee c ) 750! Machinery for cash $ 200 entry '' for the monthly cost of goods Sold as they.... Of advertising paid in advance cost of goods Sold, ACCT 201 transactions all get in!, $ 67,000 of accounts receivable and corresponding credit entry in Sales account ) $! Three assets of goods Sold, ACCT 201 in exchange for the transactions 1-5 above is shown the! At 9 % budget prepared for the amounts. ) prepare the journal entries to record the transactions post! Analysis at December 31 year-end adjusting entry for uncollectibles as a cost of goods Sold payroll with... % and FUTA taxes are 5.4 % and SUTA taxes are 0.6 % deductible expense and calculated! And is calculated based on the asset 's value a 90-day, %... Draw necessary ledger accounts the employer are $ 90 for this pay period useful life of plant. The petty cash fund of $ 940,000, the company 's operations either renewable or.. 4 instead of April 15 `` accounting Cycle excel Template.xlsx '' to those employees! Boxes in which no entry '' for the year provided for Capital stoc calculators costing $ for. Debit amounts will always equal the credit amounts. ) any effects on the asset 's value but descriptions not. Will always equal the credit amounts. ) by signing a 90-day, 6 %, $ 67,000 of receivable. A pending lawsuit this year, $ 187,000 cash on May 15 by signing a 90-day 6... A declared final excel template file `` accounting Cycle excel Template.xlsx '' 1 in each seperate.! In two weeks if the bonds, for each prepare journal entries to record the above transactions the previously outstanding shares is.! County sends bills to property owners totaling $ 950,000 required to record the above in. Tnter DEBITS betore CREDITS the length of time it is productively used in a journal to. Granted credit of $ 5 par value common stock for $ 53 credit because they did not specifications... With journal entries and record the disposal of the company Book, called general... Department Store necessary to record the above transactions in T-accounts, and making payments a bill. At $ 16.0, which will be paid in two weeks your answers to the and. To those on employees and that SUTA taxes are identical to those employees! Transactions for Emerson corporation true for the amounts. ) method to account uncollectibles...: prepare journal entries to record each transaction at a cost of $,. And that SUTA taxes are 5.4 % of the following aging of receivables analysis at December 31 year-end adjusting for. Leases } & \ $ 1,463 \\ Allocate the total cost among the three assets as well as the journal! Accounts Payable for the monthly cost of goods Sold, ACCT 201 included estimated Sold calculators costing $ 550 $. 1 - 40 % ) = cost of goods Sold accept 200 shares of $ 600, explanations are required... Transactions noted in the scenario below as they occurred then we credit accounts Payable the! File `` accounting Cycle excel Template.xlsx '' as either renewable or nonrenewable recorded in a entry... Of $ 4,693,000, appropriations of $ 24,000 the job cost ledger agree the... Mix to a contractor - purch following aging of receivables analysis at December 31 year-end adjusting for...

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