Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. 1. Determine the machine's second-year depreciation and year end book value under the straight-line method. Required: For a compound transaction, if an amount box does not require an entry, leave it blank: Issued a check to establish a petty cash fund of $800. Cash dividends are paid to shareholders. 11122161 \frac{1}{12} \div 2 \frac{1}{6} (date, account titles and explanations, debit and credit) Dates and descriptions are not required. Warner Company's year-end unadjusted trial balance shows accounts receivable of $102,000, allowance for doubtful accounts of $630 (credit), and sales of $310,000. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. 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. 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. Prepare journal entries to record each of the above transactions. On September 18th, the company paid its lawyer $5,000. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. The plaintiff is suing Huprey for $5,000,000. It estimates that after four years it can sell the equipment for $1,000. 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. Account. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. Prepare general journal entries for the foregoing transactions. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Calculate the dollar amount of each cash dividend. During 2020, the government increases cash and a revenue for the amount received. Performed services for customers on account $8,000. Then subtract. 3. The budget prepared for the fiscal year included total Assume that 8% is a reasonable interest rate. Required: \hline Discovering self-motivation 68 3. 1-Dec Paid the premium Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Prepare journal entries to record the December Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Prepare the general journal entry to record this transaction. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. Upon adoption of this standard, there will be a significant impact in our consolidated balance sheet as we expect to recognize a right-of-use asset and liability related to substantially all operating lease arrangements, which we currently estimate will range between $21.0 billion and$23.0 billion. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: Prepare journal entries to record the following transactions for Emerson Corporation. March 5The company purchased Financial information is presented below: The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. other financing uses of $35,000. The related depreciation is normally a deductible expense and is calculated based on the asset's value. Total revenues 2150000. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Record the declaration of annual cash dividend of $2.20 per share on common stock. 8 Which of the following would be classified as a natural resource? These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. a. (Purch. Diaz sold the machine for $15,800 cash. 2. (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. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. BMX Company has one employee. Use 360 days a year.). Use modified accrual accounting for the General Prepare the journal entries for the transactions 1-5 above. supplies. The fair value of the stock is not readily determinable. \end{array} sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. Operating expenses $ 25000 dividend equalisation reserve All other revenues 300000. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Gross profit would be, $81000 The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. 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. Identify which of the following statements are true for the corporate form of organization. (c) The revaluation of land upwards 3. 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. Mazie Supply Co. uses the percent of accounts receivable method. Journal entries in a periodic inventory system: (1). 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. 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. Accrue short-term wage liabilities Accounting. 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. Issued a check to establish a petty cash fund of $900. (Enter the date of the transaction in the column next to the amount.) Dextra collects 8% sales tax. Compute the revised depreciation for both the second and third years. 3. Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. It is reasonably possible that Huprey could be required to pay damages. Tristar paid $140,000 in cash for the property. Received $3,000 from customers in transaction 1. What Is a Journal Entry? Purchase supplies on account. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. \end{array} Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. Services were performed for customers on account, USD 4,200. The employee pays 40% of medical and life insurance premiums. Prepare the journal entries to record the sale of merchandise. A company paid $193 for office supplies that had been previously purchased on account. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Journal entry worksheet Note: tnter debits betore credits. in dividends last year. Home; About; Blog; Media Room. Prepare journal entries to record the following transactions and events of Kash Company. 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. Be sure to indicate in which fund the entry should be made. Journal entries in the books of John 2. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. copyright 2003-2023 Homework.Study.com. -Issued $ 250,000 of purchase orders outstanding for office How should each situation be handled? Accounting. You need enough money to cover your expenses until you get your next paycheck. year 2019. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. Determine the machine's second-year depreciation using the units-of-production method. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. Allowance method of accounting for bad debts. Treasury shares of common stock are purchased. Based on the information discussed regarding Dart Industries, assume that a transfer price of $158 has been established and that 40,000 units of materials are transferred, with no reduction in the Components Divisions current sales. Credit eccount vitles are automatically indented when the amount is entered. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. A. \text{Verizon Communications Inc. and Subsidiaries}\\ Obviously, if you don't know a transaction occurred, you can't record one. Ch. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Uncollectibles are estimated to be 1% of sales. 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. 1. Employing interdependence 51 5. Study with Quizlet and memorize flashcards containing terms like Identify which of the following statements are true for the corporate form of organization., Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: A.

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