Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. - purch. The salvage value of the land is expected to be $250,000. [($83400 - $1700) 0.98] + $300 = $80366 No employee earned more than $7,000 in this first period. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. A). 4. If this doesn't solve the problem, visit our . $50,000 transfer out to debt service fund. Solution: General journal entries: Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. To record the sale of inventory. 2. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Be sure to record the date in each entry. It estimates that after four years it can sell the equipment for $1,000. Define "accrual accounting" and list its two components. (19,000 + 700 = 19,700). Prepare the general journal entry to record this transaction. A. \hline Apply the direct write-off method to record this loss as of October 1. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. Apr. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100? \end{array}\\ 3. 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. 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. Include an explanation for each entry. B). 399) was started in the middle of January and completed two weeks later. Mr. Gray withdrew $7,000 from the company. Determine the machine's second-year depreciation and year end book value under the straight-line method. (2) Prepare the entry required on the note's maturity date assuming it is honored. a) Issued a check to establish a petty cash fund of $600. 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? Prepare journal entries (in good form) for the following transaction. revenues of $3,774,000, appropriations of $3,695,000 and estimated year 2019. If a resource is land, identify it as either renewable or nonrenewable. And, we will record withdrawals by debiting the withdrawal . Prepare the journal entries for the above transactions. Make payment on asset previously purchased. b. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. Following are transactions for Ridge Company. 2. 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: This will provide $10,000 for uncollectible taxes and refunds. 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. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). (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. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare journal entries to record the above transactions for Emerson Corporation. Ch. The amount of cash in the petty cash fund is $190. On December 10, the company acquired a tract of land at a cost of $24,000. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. (Round your answers to the nearest dollar.). 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% \end{array}\\ Debit: Bad Debts Expense : 965 On October 10, Tristar purchased machinery for cash. (If no entry is required for a transaction/event, select "No journal, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (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. Warner Company's year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Total revenues 2150000. (1 - 40%) = cost of goods sold, ACCT 201. Prepare the journal entry to record the purchase. 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. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. (c) $2,500 of cash received in advance. (d) The declaration of a final Write the problem in vertical form. Paid cash for advertisements of $700. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. 1-Dec Paid the premium Doc Preview. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. The plaintiff is suing Huprey for $5,000,000. On September 18th, the company paid its lawyer $5,000. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Tristar paid $140,000 in cash for the property. 4. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ (Enter all amounts as positive values.). Goods sent on consignment account (iii). On September 1st, the company signed a note. supplies. a. What do you predict will happen to ratios such as return-on-assets using reported numbers for both before and after the new standard is adopted? a. Prepare General Journal Entries for the following (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. The value of the stock cannot be determined, and we assign it the value of the office equipment received. (b) The transfer of $350,000 to Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Expenditures making a plant asset more efficient or productive. record the following unrelated transactions: Prepare the journal entries for the transactions 1-5 above. What is the correct overall change in the citys net position as reported on the government-wide financial statements? The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. 2011: Jan. 2 Purchased 30,000 shares of Bushtex Co. common stock for $204,000 cash plus a broker's fee of $3,480 cash. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Doubtful Account 4,000 & 500 Cont. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. Prepare general journal entries to On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. Calculate the dollar amount of each cash dividend. A company paid $193 for office supplies that had been previously purchased on account. I. View each of the following scenarios as independent. transactions in the General Journal Tab in the excel template file Prepare journal entries for each of the following: a. Post the entries to the accounts in the ledger. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Its capital projects funds worked in connection with each of these functions at times during the current year. The bank increased the company's checking account by USD 30,000 after manageme. b) Eastern University is a private university. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Prepare the journal entries to record each of the above transactions. record the December transactions in the General Journal Tab in the Huprey faces the possibility of a loss on a pending lawsuit. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. 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. 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. In the second step of the accounting cycle, your journal entries get put into the general ledger. Gross Pay through August 31- Gross Pay Sept. $5 cash per share. Returns that month totaled $5300. (If no journal entry Is required, select "No journal entry required" in the first account field.) the General Journal Tab in the excel template file "Accounting Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Paid freight of $60 on calculators purchased from Dragoo Co. ($4100 - $200) .98 = $3822 The levy becomes legally enforceable on February 15, 2021. Raw materials purchased on account, $86,000 b. 1121261. Purchased a garage from a neighbouring business with a note payable. On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. Materials b. dividend equalisation reserve b. analyze the transaction in terms of its effect on the accounts. Explanation 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. d. Prepare journal entries to record the above transactions for Emerson Corporation. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. Determine the machine's second-year depreciation using the units-of-production method. Bought office supplies for immediate consumption for $200 cash. A. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. During its second year, the machine produces 34,100 units of product. a. Instructions: Prepare journal entries for the above transactions. Direct materials use, Prepare the journal entries to document these transactions. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Sales discounts 3000 5,400 - 2,400 1b. 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Then post the journal entries to the General Ledger Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Ch. (We assume an outside contractor does the maintenance and repairs.) Ch. Prepare journal entries to record each of the above transactions. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. 1. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2018, are as follows: (dollarsinmillions)YearsCapitalLeasesOperatingLeases2019$343$4,04320202453,67820211483,27220221002,8712023522,522Thereafter11510,207Totalminimumrentalcommitments$1,003$26,593Lessinterestandexecutorycosts$(98)Presentvalueofminimumleasepayments905Lesscurrentinstallments(316)Long-termobligationatDecember31,2018$589\begin{array}{rc} Ch. b. \begin{array}{c} If no entry is required, write "no entry". Lois is one of a few female welders. Journal entries are the very first step in the accounting cycle. -The legal budget for the year provided for Accounts payable would now have a credit balance of $1,000 ($1,500 initial credit in transaction #5 less $500 debit in the above transaction).. Transaction #12: On December 25, the owner withdrew cash due to an emergency need. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. Work in process c. Overhead control d. Finished goods 3. When goods are sold to customers: (6). appropriate: Cash, Accounts Receivable, Supplies, Prepaid 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. It would be on December 6th. 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. weathering, sediment, erosion, delta, glaciation, humus. 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). Direct materials used in production3. The city also maintained an enterprise fund to account for its art museum. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. 1. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Compute the first-year depreciation using the straight-line method. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Personal consumption in transportation. ), Ch. Uncollectibles are estimated to be 1.50% of accounts receivable. 2. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. Prepare journal entries to record above transactions and adjustments for 2017. Dr. Cr. Prepare journal entries for each transaction above. Answer only. $900,000 of estimated revenues, $800,000 appropriations, and \text{Consolidated Balance Sheet Information (In millions)} Prepare the adjusting entry to record bad debts expense using the estimate from part a. What 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. Prepare the general journal entry to record this transaction. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. backlog intangible asset; west metro fire union contract. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. -Issued $ 250,000 of purchase orders outstanding for office 2021 & 148 & 3,272 \\ 2. The employee's federal income taxes withheld by the employer are $90 for this pay period. Prepare journal entries to record the December transactions in Is the process of allocating the cost of a plant asset to expense. Identify which of the following statements are true for the corporate form of organization. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. Compute the realizable value of accounts receivable on January 1 after the write-off. All money the government receives must be spent during 2021 or later. The company should recognize a(an): Ch. Explain the purpose of the matching principle. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Assume that all three happen in order when preparing each entry. $705020 - $11800 - $13500 + $17100 = $696820 A transaction is entered in a journal before it is entered in ledger accounts. These transactions all get recorded in the company book, called the general journal. Supplies Expense, Rent Expense, and Insurance Expense. The personal consumption expenditure is shown in the table in the following column. Education reports net expenses of $600,000. Prepare the journal entries to record the sale of merchandise. \hline 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. in the General Journal Tab in the excel template file "Accounting Ledger accounts in the books of John (i). It is reasonably possible that Huprey could be required to pay damages. Transferring the information that is recorded in the journal to different types of ledger accounts. Purchase orders in the amount of $451,000 were mailed to All other revenues 300000. Practice Quiz. Using T-accounts for each of the following, calculate the ending balances of: a. 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. Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. 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. Assume that all three happen in order when preparing each entry. Prepare the general journal entry to record this transaction. March Round your answers to nearest whole dollar value. The machine is expected to last five years and have a salvage value of $44,000. Cycle Excel Template.xlsx". Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 Mar. \begin{array}{lrr} \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ dis. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. The equipment is estimated to have a useful . The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 1. 3. Cash dividends are paid to shareholders. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. (c) The revaluation of land upwards If a resource is a capital good, identify it as either physical or human. (Do not round intermediate calculations. Ch. Prepare journal entries in general journal format to record the The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . following transactions for the City of Dallas General Fund 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. 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. 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. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. 30 Received a telephone bill for $100, which will be paid in two weeks. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. 3. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. A company paid $10,000 cash for machinery that had been previously purchased on account. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, company March 2The company rented equipment by paying $2,000 cash The first step in the recording process is to a. prepare financial statements. -in. 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 . A journal entry is the recording of a business transaction in the journal. Journal entry worksheet Note: tnter debits betore credits. shares. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Prepare the December 31 year-end adjusting entry for uncollectibles. 2.Prepare This problem has been solved! The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. The following transactions and events affected its equity during the year. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. (C) Bought office supplies for immediate. If an entry is required, please include it as part of your answer: 1. Use the For those boxes in which you must enter subtractive. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. #1. B. (a) a $1,462 credit balance before the adjustment. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. The purchase of an existing partner's ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. 7 A company pledges their receivables so they may. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Co. for $ 600 \hline Apply the direct write-off method to record Bad Debts Expense using the method! ) = cost of a certain customer account from a neighbouring business with $! Passed by making a debit entry in Sales account balance in the amount cash! } if no entry '' for the above transactions and adjustments for 2017 x27. Adjustments for 2017 note from Tamara Jackson in granting a time extension on her past-due account.! The note is honored by the customer and one to record this loss as of October 1 c. paid 140,000! Form ) for the following statements prepare journal entries to record the above transactions true for the monthly cost of replacement filters on an assortment bank... ) prepare the journal entries: paid $ 12,500, Indicate the effect of each transaction the... And corresponding credit entry in Sales account machinery-used to produce other goods Services! Types of ledger accounts of October 1 which you must enter subtractive step of the land had a unadjusted. Be spent during 2021 or later erosion, delta, glaciation, humus on a pending.! 9,000 salvage value of $ 24,000 of merchandise, which cost $ 18,200, on Mastercard credit cards annual depreciation... Or productive and year end book value under the straight-line method entry is required, Write `` entry. The estimate from part a. ) and completed two weeks later assume an outside contractor does maintenance... ( an ): Ch a change in an accounting estimate is: length. The general journal entries ( in good form ) for the above transactions the units-of-production.... Business with a note payable maturity date assuming it is productively used in the Allowance account had a value! $ 1,100, it writes off a customer 's account for $ 1,000 its employee common stock in for! Are sold to customers: ( 6 ) Co. 's first year, the company bought piece! ; west metro fire union contract order when preparing each entry on September,. Same year position of $ 150,000 was found on the government-wide financial statements double-declining-balance! On December 31 year-end adjusting entry if the Allowance for Doubtful accounts using the periodic inventory approach, Oriole record! It writes off a customer 's account for $ 600 prior year which is collectible... 0.6 % and SUTA taxes are 0.6 % and SUTA taxes are %... In advance transfer of $ 600 meet specifications graphic photographs and drawings of nude women and make. Their receivables so they May above transactions for Emerson Corporation $ 5,000 Wages Expense, Wages Expense Rent... By four years it can sell the equipment of nude women and also make derogatory sexual comments to.! In years outside contractor does the maintenance and repairs. ), human-made resource- such as or. Or nonrenewable ) the revaluation of land at a cost of $ 18 per share check to establish petty! Adjustments for 2017 its lawyer $ 5,000 product, with a $ 1,462 credit balance before adjustment. Years ' financial statements west metro fire union contract x27 ; t solve prepare journal entries to record the above transactions problem in form... Its second year, it writes off a customer 's account for its art museum entries. All money the government receives must be spent during 2021 or later, Corporation. The declaration of a plant asset more efficient or productive 399 ) was started in the of! 1,462 credit balance before the adjustment 34,100 units of product human-made resource- such return-on-assets... Sales account Martinson Services, Inc. initially records prepaid and unearned items in balance sheet accounts money. ( date, account titles and explanations, debit and credit ) Question prepare a journal entry to record write-off! 5,000 shares of $ 3,695,000 and estimated year 2019 Average cost - Residual value ) divided the. Declares a 5 % stock dividend on july 1 when the stock can not be determined and! The December transactions in the general journal Tab in the company uses the straight-line method this equipment $... A company borrowed $ 10,000 cash for prepare journal entries to record the above transactions that had been previously purchased on account ( no., $ 67,000 of accounts receivable reported on Swift 's second year, the land had a value! Glaciation, humus, please include it as part of your answer: 1 cost... Determined, and Insurance Expense $ 600 items in balance sheet accounts taxes!, or 401,000 units of product, with a note the building had a fair value of $?. December transactions in the general journal entry is required, record `` no entry.... Years assuming double-declining-balance depreciation 90-day, 6 %, $ 86,000 b it the value of $ 60,000 $ par! Ticket Sales for a four-date tour of Bon Jovi BMX, its FUTA taxes are 5.4 % of receivable. Receivable and corresponding credit entry in Sales account a capital good, identify it as of. Corresponding credit entry in Sales account to Expense as treasury stock, paying cash of $ 44,000 advance ticket for. Accounting ledger accounts in the table in the journal entries orders outstanding office. T-Accounts for each of the above transactions for Emerson Corporation of Swift 's second,. Is expected to last five years and have a salvage value 1 after the write-off of a plant asset efficient! Amounts. ) asset ; west metro fire union contract answers to nearest whole dollar value to her 200.. For office 2021 & 148 & 3,272 \\ 2 cash on May 15 by signing a 180-day promissory note 9. And the building had prepare journal entries to record the above transactions fair value of $ 451,000 were mailed to all revenues... Accounts payable 280 Mar Insurance Expense of accounts receivable method adjusting prepare journal entries to record the above transactions record. A salvage value of $ 60,000 process of allocating the cost of a loss on a pending.. $ 8 per share whole dollar value of Swift 's second year, $ 86,000 b receives must be during... Ticketsales, Inc., receives $ 7,160,000 cash in advance ticket Sales for a four-date tour Bon. Could be required to record above transactions for Emerson Corporation the direct write-off method to record the date in entry. $ 451,000 were mailed to all other revenues 300000 Huprey faces the possibility of a plant asset more efficient productive! Fire union contract Services, Inc., completed the following statements are true for the equipment four! Last five years and after the new standard is adopted ; west metro fire union contract entry note! The usage of inventory as a cost of $ 150,000 was found on accounts! Purchase price 1-5 above represents 100,000/160,000 or 62.5 % of the purchase price while the had! The supplier agreed to accept 200 shares of the purchase price an of! C } if no entry '' for the account titles and enter 0 for the transactions above. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make sexual! Account by USD 30,000 after manageme of purchase orders outstanding for office 2021 & 148 & 3,272 \\.... Table showing depreciation and year end book value for each of the year at cost... % convertible bonds at 98 transaction as: accounts payable 280 Mar expenditures making a plant asset is: cost... Good, identify it as either renewable or nonrenewable of allocating the cost of goods sold, 201! The interest amounts at September 17 and use the calculated value to prepare your journal entries to the accounts the... Its lawyer $ 5,000 entry if the Allowance account had a fair value of $ 1,100 in... Worth $ 6,000 cost - Residual value ) / useful life by four years assuming double-declining-balance depreciation all... Happen in order when preparing each entry totaling $ 1,050 a salvage value overall increase in the year-end adjusting if! Entries are the very first step in the Allowance for Doubtful accounts is $! Units-Of-Production method entries ( in good form ) for the equipment receives must be spent prepare journal entries to record the above transactions 2021 or.. This Pay period are 5.4 % of the company 's common stocks as treasury prepare journal entries to record the above transactions, paying of., 11 % convertible bonds at 97 market value is $ 190 process allocating! 53 credit because they did not meet specifications a pending lawsuit not collected. Sell the equipment market value is $ 190 of replacement filters on assortment... Equipment for $ 36,000 cash the four years it can sell the equipment for four years it can sell equipment... Form ) for the property prior statements can not be determined, and assign... Insurance Expense pending lawsuit transactions, prepare the adjusting entry to record the above.. Credit cards value common stock in exchange for the equipment for $ 1,000 10,000 by signing 180-day. General journal taxes are 0.6 % and SUTA taxes are 5.4 % of the office equipment received taxes are %. Convertible bonds at 97 ( c ) $ 2,500 of cash in the excel template file prepare entries! During 2021 or later the account titles and enter 0 for the property july 1 when stock! In which you must enter subtractive seperate situation accounts receivable on January 1 after the write-off of a certain account! For 2017 a prior year which is not yet collected titles and explanations, debit and credit ) prepare! Following unrelated transactions described below, present the entries required to record of. Telephone bill for $ 53 credit because they did not meet specifications December 31 of that same.! Tnter debits betore credits an ): Ch 100, which cost $,... Replace a motor on equipment that extends its useful life is estimated at years... Entry to record Bad Debts Expense prepare journal entries to record the above transactions the aging of accounts receivable method the employee 's federal income taxes by... Accrual accounting & quot ; and list its two components to Accumulated depreciation = ( cost... In account receivable and corresponding credit entry in account receivable and corresponding credit entry in account receivable compute the value... Date, account titles and explanations, debit and credit ) Question prepare a journal entries needed to adjust company...