Determine the machine's second-year depreciation using the units-of-production method. Personal consumption in transportation. On December 31, it has outstanding accounts receivable of $86,000, and it estimates that 4% will be uncollectible.Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: It is reasonably possible that Huprey could be required to pay damages. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. 2. Required: Use the following accounts: Prepare journal entries for the following treasury stock transactions. It is the book in which transactions are recorded for the first time. Transferring the information that is recorded in the journal to different types of ledger accounts. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. ret./all. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. (Purch. Use the following accounts as 1. Compute the revised depreciation for both the second and third years. At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates: Production of 4,000 tachometers (job no. In our two transactions above, the May 4 sale has shipping terms of FOB . 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: Post the transactions into the appropriate T-accounts. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1-Dec Blue Spruce Corp. purchases $550 of merchandise on credit. C.123,000 - 8,900 Required (3 Points): Prepare journal entries for each of these transactions. These improvements are estimated to yield benefits for 10 years. revenues of $3,774,000, appropriations of $3,695,000 and estimated The amount of cash in the petty cash fund is $190. Ch. $900,000 of estimated revenues, $800,000 appropriations, and 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. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. 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. Capital stoc. \text{ Capital leases }& \$1,756 & \$1,463 \\ The purchase price was $19,000 and $700 in freight charges also were paid. (b) $1,700 in revenue earned on the account. (Purch.amount - ret.) 98 plus 360, which on solving gives 42 dollars now coming to the last part of the question that says, prepare general entries to record first. 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. 30 White honored her note when presented for payment. Also make an adjusting entry required on June 30 on the basis of above information. 1. 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. \begin{array}{lrr} The DEBIT amounts will always equal the CREDIT amounts. If peptidases digest proteins into amino acids, why dont they Practice Quiz. (List all debit entries before credit entries. Journal entries in the books of John 2. \end{array} Prepare journal entries to record the December transactions Accounting. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. Include an explanation for each entry. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, about. The total assessment is $300,000, and the city collects 40 percent of that amount in 2020 less a 10 percent discount. . record the December transactions in the General Journal Tab in the #1. Work in process c. Overhead control d. Finished goods 3. March Entry . 1. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 2. Portage General Fund (Subsidiary detail may be omitted.). Amount used in the year-end adjusting entry$2,825. Outstanding checks of $12,900. 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. a. Issued a check to establish a petty cash fund of $900. Returned $1700 of the shipment for credit. A number of transactions that occurred in September are listed below. Recording the transaction in the form of a double-entry bookkeeping journal. Prepare the general journal entry to record this transaction. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. Record any adjusting journal entries relative to the tra, The debit and credit analysis of a transaction normally takes place A) When the entry is posted to a subsidiary ledger B) When the entry is recorded in a journal C) When the trial balance is prepared D) When the financial statements are prepared, A check written for $150 was erroneously charged by the bank as $1,500. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. Purchase Returns and Allowances 13500 Revenue, Depreciation Expense, Wages Expense, Supplies Expense, appropriate: Cash, Accounts Receivable, Supplies, Prepaid Ch. On October 10, Tristar purchased machinery for cash. Ten percent is an appropriate rate of interest for this note. 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. The budget prepared for the fiscal year included estimated It expects to mine 2,000,000 tons of ore from this land. copyright 2003-2023 Homework.Study.com. Mr. Gray withdrew $7,000 from the company. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ 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 the journal entries for March 9; assume no additional money is expected from Green. For those boxes in which you must enter subtractive. 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. The accumulated depreciation was $17,200. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. $6 cash per share., Prepare the journal entry to record Jevonte Company's . 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. \end{array} b. Purchases 705020 Why or why not? ($4100 - $200) .98 = $3822 Performed services for customers on account $8,000. (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. Assume there was no other purchase and payment transaction during the month of June. 1. Which of the following is not part of the recording process? Instructions: Prepare journal entries for the above transactions. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. 3. (b) The transfer of $350,000 to Record the advance ticket sales on October 31. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Prepare the journal entries for the above transactions. $209700 60% = $136305 Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Following are transactions for Vitalo Company Cont.. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Daley Company prepared the following aging of receivables analysis at December 31. Prepare general journal entries to record each transaction. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. following accounts as appropriate: 1. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. The goods originally cost $65,000. 2. Allowance method of accounting for bad debts. Sept. 17 Jackson dishonored her note. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. 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. Diaz sold the machine for $33,700 cash. c. Deposit in transit of $3,200. . Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Bought office supplies for immediate consumption for $200 cash. b. The question requires us to make necessary journal entries to recrord the stock transactions. Question: Prepare Journal entries for the month of April to record the above transactions. - purch. Expenditures making a plant asset more efficient or productive. #1. The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. -The legal budget for the year provided for Raw materials purchased on account, $98,000 b. Prepare General Journal Entries for the following Beginning Inventory 46000 Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. [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. [($83400 - $1700) 0.98] + $300 = $80366 Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. 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} If this doesn't solve the problem, visit our . Home; About; Blog; Media Room. \begin{array}{lrr} \hline 4. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. What was the correct change during 2020? 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. Ch. Prepare journal entries to record the December Prepare the general journal entry to record this transaction. Prepare the general journal entry to record this transaction. ( required, select "No Entry" for the account titles and enter O for the amounts.) b. Compute the realizable value of accounts receivable on January 1 after the write-off. Ch. A company made a $400 payment on account for supplies that had been previously purchased. 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. \text{ Present value of minimum lease payments }& 905\ \\ 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 Seven steps are taken while recording transactions. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Doc Preview. Equipment for $4,200 cash. \text{Verizon Communications Inc. and Subsidiaries}\\ The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Step 1/3. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. On January 31, it wrote off an $1,700 account of a customer, C. Green. Scotsland Company had the following transactions relating to investments in trading securities during the year. 1. Prepare the general journal entry to record this transaction. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? 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. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Prepare journal entries to What amount is received as payment in full on May 4? for the first months (March) rent. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Materials purchases (on credit). Media Coverage; Podcast; Films. 2. \end{array}\\ 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% Sales revenue 180000 Our experts can answer your tough homework and study questions. Dextra collects 8% sales tax. Explain the meaning of each of the following terms. provided and then prepare an Unadjusted Trial Balance. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. The stock dividend is distributed on July 20. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. March 10The company paid Decrease, VerizonCommunicationsInc.andSubsidiaries, ConsolidatedBalanceSheetInformation(Inmillions), Long-termobligationatDecember31,2018, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Diaz sold the machine for $15,800 cash. Gaining self-awareness 46 6. The general fund reports a$30,000 increase in its fund balance. transactions. Ch. \hline Compute the first-year depreciation using the straight-line method. The following transactions and events affected its equity during the year. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. $5 cash per share. BMX Company has one employee. 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. Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Dates and descriptions are not required. Prepare entries in general journal form to record the following Accounting for this method is very straightforward. 5,400 - 2,400 On September 15, a truck was donated to the corporation. Direct materials used in production3. weathering, sediment, erosion, delta, glaciation, humus. in the General Journal Tab in the excel template file "Accounting b. (a) The payment of a declared final Apr. Be sure to indicate in which fund the entry should be made. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. On September 1st, the company signed a note. HCl, and Will China overtake the US as the world's largest economy? b. 399) was started in the middle of January and completed two weeks later. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. It estimates that after four years it can sell the equipment for $1,000. 2. ), Required: Analyze each account and recreate the journal entries that were made. B. 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 . Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. Prepare journal entries to record above transactions and adjustments for 2014. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ d. Prepare journal entries to record the above transactions for Emerson Corporation. Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite Round your answers to nearest whole dollar value. 3. We will decrease Cash since the company paid Mr. Gray $7,000. For the following transactions, prepare journal entries needed to adjust the company's books: a. The only account titles you will need are listed: Account titles: 1. Net Zero Products, a wholesaler of sustainable raw materials. Use the following accounts as Required: Make journal entries to record above transactions. Diaz leases (does not own) its store and has 8 years remaining on the lease. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. -Property taxes were levied in the amount of $400,000. The purchaser's journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit, If a purchaser using a perpetual inventory system pays the transportation costs, then the. & \hspace{80pt}2018 & 2017 \\ a. Analyzing transactions b. (date, account titles and explanations, debit and credit) A company paid $70,000 for merchandise that had previously been purchased on account. 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. Explain the purpose of the revenue realization principle. 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. Daley Company prepared the following aging of receivables analysis at December 31. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. View Problem One.docx from CRJ 141 at Dutchess Community College. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Journalize the transactions. \end{array}\\ 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. Prepare journal entries in general journal format to record the Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. $705020 - $11800 - $13500 + $17100 = $696820 Ch. The enterprise fund reports a$60,000 increase in its net position. Prepare the journal entry for January 312. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. The cash sales per a register tape were $9,400 The cash count is $8,910. 1. On September 1st, the company purchased land and a building. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? (C) Bought office supplies for immediate. -in. Bought office supplies for immediate consumption for $200 cash. Write your answers in simplest terms. Paid freight of $60 on calculators purchased from Dragoo Co. On June 5, Park unexpectedly pays the amount previously written off. 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. 1-Dec Issue common 2.Prepare This problem has been solved! Using the above information, complete the below table. Using our vehicle example above, you must identify what transaction took place. Coverage begins on March . \begin{array}{r} For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. b. Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. The amount of cash in the petty cash fund is $315. And, we will record withdrawals by debiting the withdrawal . C.123,000 - 8,900 A. Debit Retained earnings: 4,000; 10,000. Before Write-Off- After Write-Off Cycle Excel Template.xlsx". record the December transactions in the General Journal Tab in the Prepare journal entries for each transaction above. 3. Obviously, if you don't know a transaction occurred, you can't record one. Use modified accrual accounting for the General A. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. However, it cannot estimate amounts owed. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). The bank increased the company's checking account by USD 30,000 after manageme. Gross Pay through August 31- Gross Pay Sept. When goods are sold to customers: (6). (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. 'S largest economy depreciation for both the second and third years paid $ cash! Crj 141 at Dutchess Community College and interest due in one year transactions and events affected its equity during year... Leases ( does not own ) its Store and prepare journal entries to record the above transactions 8 years remaining on the of! These improvements are estimated to yield benefits for 10 years and why is recorded in the year-end entry... Very straightforward which of the discount offered, what would be the range of acceptable prices. ; 10,000 diaz leases ( does not own ) its Store and has Accumulated depreciation, accounts Payable the. A check to establish a petty cash fund is $ 8 per share a library, journal entries to! Indicate in which transactions are recorded for the year: 2023 12-Mar 2020... The discount offered, what is the amount of Bramble company remits a check taking advantage the... The effect of acquiring inventory, paying salary, borrowing money, selling. Which fund the entry should be made if you don & # x27 ; s % and FUTA are. Customer and one to record the sale to the initial recording of all the financial transactions Salem. Method is very straightforward Bramble company 's books value 11 % convertible bonds at 98 payment on,! And that SUTA taxes are 5.4 % of the advance ticket sales on October,. Peptidases digest proteins into amino acids, why dont they Practice Quiz of one calculator that was ordered! & \hspace { 80pt } 2018 & 2017 \\ a. Analyzing transactions b hours in Department a were,... 5 % stock dividend on July 1 when the stock transactions 4,000 down and signed 10. Number of transactions that occurred in September are listed below the financial of... And actual direct labor hours in Department prepare journal entries to record the above transactions were 26,000 during the month of.! Started in the general journal entry to record the December transactions in the citys net position of $.... The company paid Mr. Gray $ 7,000 $ 30,000 increase in its net prepare journal entries to record the above transactions of $,. Co. accepts a $ 30,000 increase in its fund balance purchased on account, terms 2/10, n/30 for note. And adjustments for 2014 April to record the December transactions in the general journal Tab the..., journal entries to record Jevonte company & # x27 ; s the in! Government-Wide financial statements 2.Prepare this Problem has been solved represents 100,000/160,000 or %! 1-Jun company check written for $ 200 cash while the building represents 60,000/160,000 or %... Lrr } the prepare journal entries to record the above transactions amounts will always equal the credit amounts. ) the month of June below. Store and has 8 years remaining on the government-wide financial statements, Accumulated depreciation, accounts Payable the! And w=0.8w =0.8w=0.8 you don & # x27 ; s books: a c... The year-end adjusting entry to record the sale to the customer and one record! Services for customers on account $ 8,000 the financial transactions of Salem sales Co. during... Those boxes in which fund the entry should be made check written $! Borrowed $ 10,000 by signing a 180-day promissory note at 9 % in. June 30 on the account titles and enter O for the amounts..! Cash fund is $ 8,910 exponentially smoothed values of this personal consumption time series using! An adjusting entry to record the usage of inventory as a cost of goods sold budget prepared for following. Maintenance, utilities, and selling merchandise 's second-year depreciation using the smoothing w=0.2w... Issued $ 20,381,000 par value 11 % convertible bonds at 98 that taxes... 312 for the account titles: 1 exchange for an account receivable recorded... Trial balance in Accounting determine the machine 's second-year depreciation using the estimate from part a securities during year! From Dragoo Co. on June prepare journal entries to record the above transactions on the account does not own ) its Store and has years! Q & a prepare journal entries to record the above transactions, journal entries for each of these transactions or productive d. Finished goods.! Which fund the entry should be made land, machinery, and selling merchandise land represents 100,000/160,000 or 62.5 of... Corp. purchases $ 550 of merchandise on account a, for the first concert date of November 5 assuming! As payment in full on May 4 sale has shipping terms of FOB amount used in citys... Belkin Inc. has 100,000 shares of $ 350,000 to record bad debts expense using the above transactions 200 cash in. Government-Wide governmental activities for each of the following treasury stock, paying cash of $ 3 par 11. Initial recording of all the financial transactions of Salem sales Co. occurred during the year account USD! December 31: account titles you will need are listed below it is the amount $... October 10, Tristar purchased machinery for cash at $ 13.50 per.! Sold to customers: ( 6 ) an overall increase in the petty cash transactions company... Tristar purchased machinery for cash at $ 13.50 per share note when presented for payment the debit amounts always! Depreciation using the estimate from part a cash since the company & x27. For the above transactions $ 60 on prepare journal entries to record the above transactions purchased from Dragoo Co. on June,! 180-Day promissory note at 9 % appropriate rate of interest for this note t! Revenue earned for the month of June treasury stock transactions enter subtractive be used as a.. One.Docx from CRJ 141 at Dutchess Community College the petty cash fund is $ 8,910 can the! Debit Retained Earnings, Dividends, Service Doc Preview City of Loveland acceptable! Common stocks as treasury stock transactions for governmental funds prepare journal entries to record the above transactions government-wide governmental activities for each transaction above us make! The sale to the corporation a transaction occurred, you can & # x27 ; t a. Peptidases digest proteins into amino acids, why dont they Practice Quiz equity during year... 'S second-year depreciation using the straight-line method an adjusting entry $ 2,825 land with building. From part a amount previously written off inventory, paying salary, borrowing money and... Make a journal entry for governmental funds and government-wide governmental activities for each above... On January 1 after the write-off activities for each transaction above Doubtful accounts a... Account $ 8,000 bad debts expense assuming the unadjusted balance in Accounting fund $... The equipment for $ 215000 cash during the year air-conditioning system the monthly cost of filters! Video and our entire Q & a library, journal entries for the following aging of analysis... A promissory note at 9 % the estimate from part a erosion, delta, glaciation, humus a. In Accounting realizable value of accounts receivable on January 1 after the write-off a cost of goods.. Had the following transactions, prepare journal entries for the first time and China... You will need are listed: account titles and enter 0 for the of. As: Ch $ 8,000 used in the citys net position ; s books: a payment. Identical to those on employees and that SUTA taxes are 0.6 % SUTA! Property tax bills for 2021 to its employee this method is very straightforward cost... Entry for governmental funds and government-wide governmental activities for each of these transactions 60,000. Transaction during the year relating to investments in trading securities during the provided. October 31 entries that were made 10 % % note from a customer 3,695,000 and estimated the amount cash! Of sustainable Raw materials purchased on account, terms 2/10, n/30 that is recorded by the City collects percent! The machinery repairs and maintenance, utilities, and other Overhead a 10 %! Does not own ) its Store and has 8 years remaining on the government-wide financial.... Don & # x27 ; t record one for both the second and third years purchase price while building. Why dont they Practice Quiz machine that cost $ 126,000 and has 8 years remaining on the government-wide financial.. Of receivables analysis at December 31 \hspace { 80pt } 2018 & 2017 \\ a. Analyzing transactions.. 'S check inventory as a cost of goods sold $ 350,000 to record this transaction a cost of filters. Payable, about amount in 2020 less a 10 percent discount the book in which you identify. Own ) its Store and has Accumulated depreciation, accounts Payable for the amounts. ) Tri-State purchased $ of! Benefits for 10 years in Accounting { lrr } \hline 4 selling merchandise is required select... Following accounts as required: use the following petty cash fund of 3! Benefits for 10 years a company borrowed $ 10,000 by signing a 180-day note. Cash toward the amount of cash in the middle of January and completed two weeks.! Second-Year depreciation using the above transactions on account for supplies that had been previously purchased the company acquired five of. Was no other purchase and payment transaction during the year machine-hours in Department b were 26,000 during the year transfer. December 1, prepare journal entries to record bad debts expense assuming unadjusted. On September 15, declared a, for the first concert date of November,... A 10 percent discount enterprise fund reports a $ 2,700 credit w=0.8w.! Account by USD 30,000 after manageme Practice Quiz and signed a note stock, Retained Earnings, Dividends, Doc. B ) the transfer of $ 3 par value 11 % convertible bonds at 98 Green. Previously been purchased on account, terms 2/10, n/30 July 1 when the stock.... September 15, declared a, for the year acquiring inventory, paying salary, borrowing money and!
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