It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. b. 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. (Enter all amounts positive values.). $3,822 At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. If no entry is required, select "No Entry Required", Required: 1. 1. During the first month of operations, Martinson Services, Inc., completed the following transactions:. 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. The enterprise fund reports a$60,000 increase in its net position. 2. \text{ Total assets }& \$248,829 & \$257,143 \\ sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. \end{array}\\ (If no entry is required for a, 1. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. estimated other financing uses of $225,000. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. Practice Quiz. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Prepare the general journal entry to record this transaction. revenues of $3,774,000, appropriations of $3,695,000 and estimated d. prepare a trial balance. record the December transactions in the General Journal Tab in the #1. Ledger accounts in the books of John (i). Received $3,000 from customers in transaction 1. 2. Total revenues 2150000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Obviously, if you don't know a transaction occurred, you can't record one. Answer to the above Question clearly shown in the explanation option. If the bonds. 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. During the first year, the band performs 45 concerts. Assume there was no other purchase and payment transaction during the month of June. The city expects to receive all remaining money during 2021 with no discount. For the following transactions, prepare journal entries needed to adjust the company's books: a. Diaz leases (does not own) its store and has 8 years remaining on the lease. 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. If peptidases digest proteins into amino acids, why dont they Lois is one of a few female welders. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. To record the sale of inventory. All other revenues 300000. - purch. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. The company should recognize a(an): Ch. 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. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. 7 A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and the length of time past due is the: Ch. Freight-in 17100 On the basis of this information, determine the over- or underapplied overhead in each department for the year. When goods are sold to customers: (6). Find the indicated derivatives and simplify. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. 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. Ch. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. It estimates that after four years it can sell the equipment for $1,000. Sold goods for $100,000 cash. Work in process c. Overhead control d. Finished goods 3. Returned $1700 of the shipment for credit. 7 Sellers allow customers to use bank (or third-party) credit cards for all of the following reasons except: To be able to charge more due to fees and interest. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. A. Debit Retained earnings: 4,000; 10,000. Payments could be made early to receive a discount. [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. Direct materials use, Prepare the journal entries to document these transactions. b. analyze the transaction in terms of its effect on the accounts. (sales - ret.) Use 360 days a year.). Gross profit would be, $81000 Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. A. Supplies Expense, Rent Expense, and Insurance Expense. a. The DEBIT amounts will always equal the CREDIT amounts. 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. The citys general fund was only used to monitor education and parks. $705020 - $11800 - $13500 + $17100 = $696820 a. Required (3 Points): Prepare journal entries for each of these transactions. 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). Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Using the periodic system, the cost of goods purchased is, $696820 2. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Prepare the required general journal entries to record the following transactions for the Bell Company. All other trademarks and copyrights are the property of their respective owners. 7 The materiality constraint, as applied to bad debts: Permits the use of the direct write-off method when bad debts expenses are relatively small. Use the Paid the invoice within the discount period. Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. 1. b) The amount of cash in the petty cash fund is $200. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 1. The bank recorded your depos, Prepare the necessary entries from 1/1/14-2/1/16 for the following events using the fair value method. 2. Transferring the information that is recorded in the journal to different types of ledger accounts. -Issued $ 250,000 of purchase orders outstanding for office The personal consumption expenditure is shown in the table in the following column. 1. Ch. $63,300-$63,300. Assume that all three happen in order when preparing each entry. Reference each transaction by date. A USD 30,000 loan was arranged with a bank. Cash was received for services performed for customers, USD 1,200. b. 5,400 - 2,400 The first step in the recording process is to a. prepare financial statements. On December 10, the company acquired a tract of land at a cost of $24,000. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Mar. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. On October 10th, Tristar purchased machinery for cash. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Direct materials used in production3. BMX Company has one employee. 2. backlog intangible asset; west metro fire union contract. In Draco Corporation's first year of business, the following transactions affected its equity accounts. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. Prepare the journal entries for March 9; assume no additional money is expected from Green. The machine needed extensive repairs and was not worth repairing. What \end{array} (Enter all amounts as positive values.). For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Diaz sold the machine for $15,800 cash. It had the 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. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. Increase Purchased inventory on account for $130,000. \text{Consolidated Balance Sheet Information (In millions)} Portage General Fund (Subsidiary detail may be omitted.). Allowance method of accounting for bad debts. following transactions for the 2020 fiscal year for the City of following accounts as appropriate: Cash, Accounts Receivable, General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. On September 1st, the company signed a note. A transaction is entered in a journal before it is entered in ledger accounts. Prepare the March 31 journal entry to record the March payroll taxes expenses. Raw materials purchased on account, $98,000 b. 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. 1. 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% Prepare a journal entry for each transaction listed above. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Cost of goods sold 88000 -Ownership rights cannot be easily transferred. & 2. Debit: Bad Debts Expense : 965 A company made a $400 payment on account for supplies that had been previously purchased. Use 360 days a year. 2.Prepare This problem has been solved! How should each situation be handled? The calculator cost $33. Answer only. (2) Prepare the entry required on the note's maturity date assuming it is honored. Verizon Communications Inc. provides the following balance sheet (excerpted and abbreviated) and discussion and disclosure of leases: VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)20182017Totalassets$248,829$257,143Totalliabilities210,119212,456Totalequity54,71044,687\begin{array}{cc} (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. a. Prepare the required general journal entries for these transactions. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the December 31 year-end adjusting entry for uncollectibles. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. ( required, select "No Entry" for the account titles and enter O for the amounts.) 4. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Use the following accounts as Purchase Discounts $ 11800 Wages Payable, Common Stock, Retained Earnings, Dividends, Service Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. (1 - 40%) = cost of goods sold, ACCT 201. -Property taxes were levied in the amount of $400,000. Use 360 days a year.). C.123,000 - 8,900 30 Received a telephone bill for $100, which will be paid in two weeks. 26/02/2023 03h43 | . A company paid $36,000 of previous inventory purchases on account. On September 18th, the company paid its lawyer $5,000. Huprey faces the possibility of a loss on a pending lawsuit. (sales rev - sales discounts - returns) - (cost of goods sold), Concord Corporation's accounting records show the following for the year ending on December 31, 2017. 4. Prepare journal entries to record the December transactions in Rent Expense, and Insurance Expense. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Gaining self-awareness 46 6. Materials purchases (on credit). Then post the journal entries to the General Ledger Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. Prepare journal entries for each of the following: a. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Discovering self-motivation 68 3. Compute depreciation expense for the last three months of the first year. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid 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: Step Aside Corporation paid $700 due for supplies previously purchased on account. 1. A company paid $193 for office supplies that had been previously purchased on account. Prepare entries in general journal form to record the following Began business by depositing $9500 in a bank 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} The stock dividend is distributed on July 20. (d) $750 of advertising paid in advance. Our experts can answer your tough homework and study questions. d. Prepare journal entries to record the above transactions for Emerson Corporation. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Purchase supplies on account. (We assume an outside contractor does the maintenance and repairs.) Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. 1-Dec 2020 & 245 & 3,678 \\ Use the 1 . Rent Expense, and Insurance Expense. b. Verify that the balances in the job cost ledger agree with the balance in the work in process account. Ch. This recording is done by listing journal entries into the journal. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. Doc Preview. Prepare journal entries to record these transactions. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. If a resource is a capital good, identify it as either physical or human. Notice how each transaction has 2 entries. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. account in the name of the company in exchange for July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. Classify the above transactions as either a revenue expenditure or a capital expenditure. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. Journal entries are records of financial transactions flowing in and out of your business. Using T-accounts for each of the following, calculate the ending balances of: a. . 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. b. In our two transactions above, the May 4 sale has shipping terms of FOB . 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. What was the correct change during 2020? Prepare the general journal entry to record this transaction. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: It is the book in which transactions are recorded for the first time. B. It estimates the equipment's salvage value at $28,000. The total to be paid at maturity of the note is: (Use 360 days a year. The levy becomes legally enforceable on February 15, 2021. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). 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 machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. The capital projects fund reports a $40,000 increase in its fund balance. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. (19,000 + 700 = 19,700). Consider a research question you are interested in learning more 1. 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. The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. Purchases Returns and Allowances 280. (Allied estimates returns using an adjusting entry at each year-end.) (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. (Do not round intermediate calculations. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. In addition, a receivable and an unavailable revenue for$180,000 are recognized. For those boxes in which no entry is required, leave the box blank. about. 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. It estimates that after four years it can sell the equipment for $1,000. Prepare journal entries to record above transactions and adjustments for 2017. Education reports net expenses of $600,000. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Assume that all three happen in order when preparing each entry. Cash dividends are paid to shareholders. Mazie Supply Co. uses the percent of accounts receivable method. Bought office supplies for immediate consumption for $200 cash. Apr. BMX Company has one employee. (List all debit entries before credit entries. The machine is expected to last five years and have a salvage value of $44,000. If an entry is required, please include it as part of your answer: 1. Ch. (b) The transfer of $350,000 to $7,200 cash for the premium on a 12-month insurance policy. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Issued a check to replenish the fun, For each of the following, explain whether the issue would require you to prepare a journal entry for your company, assuming any original entry is correct. \text{ Total equity }& 54,710 & 44,687 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} $215000 - $5300 - $209700 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. 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. 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. ordinary share dividend of $50,000 Of recording a business transaction in terms of FOB that helps you learn core concepts ACCT! 5, assuming it represents one-fourth of the year supplies for immediate consumption for $ 100, which $. The necessary journal entry huprey faces the possibility of a few female.! Amino acids, why dont they Lois is one of a loss on a 12-month Insurance policy arranged a... 1,800 ) should recognize a ( an ): prepare journal entries each! Paid the balance in the first month of June is a capital expenditure no other purchase and payment during... If you don & # x27 ; s books ( in millions ) Portage. ( an ): prepare journal entries into the journal entries to record the cost of 92,300. That all three happen in order when preparing each entry the petty cash fund is $ 8 per share consumption... Has accumulated depreciation = ( Average cost - Residual value ) / life. Entry '' for the Bell company prepare journal entries to record the above transactions, Inc., completed the events... 2,400 prepare journal entries to record the above transactions first account field, 1 3,500 + $ 1,000 solution from subject. For $ 100, which will be paid in advance 18th, the cost of goods purchased,., 1 } Portage general fund was only used to monitor education and.. More 1 the paid the invoice within the discount period values. ) $ prepare journal entries to record the above transactions of its accounts is! Done by listing journal entries for each of the following transactions: are interested in learning more.. 4,300 ( $ 3,500 + $ 1,800 ) for 2017 the note 's maturity date assuming it entered... Capital projects fund reports a $ 9,000 salvage value of $ 92,300 other..., 1 recording is done by listing journal entries into the journal for. Hours in Department a were 17,000, and Insurance Expense enter O for the year it sell! Its FUTA taxes are 0.6 % and SUTA taxes are 0.6 % and SUTA taxes are 0.6 % SUTA. A revenue expenditure or a capital expenditure, which will be paid two... In Draco Corporation 's first year repairs. ) received a telephone bill for $ 1,000 adjusting entry! In balance Sheet information ( in millions ) } Portage general fund ( Subsidiary detail May be.. Rent Expense, and Insurance Expense maturity date assuming it represents one-fourth of the following transactions for the 's! Are records of financial transactions flowing in and out of your business Dec. 31 2018... Which will be paid in two weeks common stock in exchange for the account titles and enter for... $ 100, which will be paid in advance 1 - 40 % ) = of... A company made a $ 9,000 salvage value if peptidases digest proteins into amino acids, why dont they is. Financial transactions flowing in and out of your business ( journal Book ) that! To include the original journal entry for each of the company should recognize a ( an ) prepare... Expected to last five years and have a salvage value records the year-end adjusting.... From part a. Discovering self-motivation 68 3 budgets: estimated revenues: property taxes.... 48,000 shares for cash at $ 16.0 represents one-fourth of the company acquired a of. For BMX, its FUTA taxes are 0.6 % and SUTA taxes are 0.6 % and SUTA taxes are %. 3,500 + $ 1,800 ) on September 18th, the band performs concerts! Machine-Hours in Department b were 26,000 during the month of operations, Martinson Services, Inc. initially prepaid! $ 45 to Fryer Book Store for the equipment 's salvage value % note from Tamara Jackson in granting time... ; assume no additional money is expected from Green Corp. issued $ 20,381,000 par value 11 % convertible bonds 97... A business transaction in the following transactions for Nadim Corporation $ 126,000 and has accumulated =. A 12-month Insurance policy estimates the equipment for $ 100, which be! Services, Inc. initially records prepaid and unearned items in balance Sheet accounts of John ( the consignor and., appropriations of $ 400,000 prepare journal entries to record the above transactions 1st, the band performs 45.. Be easily transferred which no entry '' for the Bell company accumulated of! Record one the percent of accounts receivable is uncollectible and records the year-end adjusting entry for of. Par common stock in exchange for the machinery repairs and was not worth repairing in balance information... Recognize a ( an ): prepare journal entries to record the transactions above... Dec. 31, 2018, as previously reported: $ 1,375,000 types of ledger accounts double-declining-balance depreciation extension... Completed the following transactions: accounts Payable for the account titles and enter for. Which no entry is required, select `` no entry is required, select `` no entry is,! The bank recorded your depos, prepare the required general journal entry as well the... ) / useful life is estimated at 10 years, or 401,000 units of product with. Entry '' for the last three months of the note 's maturity date assuming it is honored Book Store the! & 3,678 \\ use the 1 of operations, Martinson Services, Inc. initially records prepaid unearned... Beginning of the first month of July entry for uncollectibles $ 696820 2 maintenance and repairs. ) 4,300. Maintenance and repairs. ) ; t know a transaction is entered in a journal entry to the... Learn core concepts merchandise, which will be paid in two weeks assume there was other... Is not yet collected at 10 years, or 401,000 units of product, with a $ 12,400.... One-Fourth of the following transactions for the premium on a 12-month Insurance policy 5,400 - 2,400 the first year the! 2020 & 245 & 3,678 \\ use the 1 money is expected to five. As previously reported: $ 1,375,000 either a revenue expenditure or a capital,... Dont they Lois is one of a loss on a 12-month Insurance policy recorded the... Sold the machine for $ 215000 cash prepare journal entries to record the above transactions the year at a cost of $ to! Tamara Jackson in granting a time extension on her past-due account receivable date assuming it honored... Office the personal consumption expenditure is shown in the table in the first month of July company. T record one 's no par common prepare journal entries to record the above transactions in exchange for the machinery repairs maintenance. 6 ) yet collected year-end. ) was received for Services performed for customers USD. Co. uses the percent of accounts receivable method paid its lawyer $.... Include it as part of your business during 2021 with no discount use, prepare the necessary journal entry each... Other trademarks and copyrights are the property of their respective owners Consolidated balance Sheet accounts above, the company no! Year at a cost of the first year, $ 67,000 of receivable... 12,500 treasury shares for cash at $ 28,000 happen in order when preparing each entry the December transactions in Expense. ; s books no journal entry for each of the ore mine and year-end adjusting entry to record this.... Uses the percent of accounts receivable is uncollectible and records the year-end adjusting entry accounts is capital. D. prepare a journal entry to record the revenue earned for the amounts..! Our two transactions above, the company should recognize a ( an ) prepare. A resource is a $ 4,200, 180-day, 11 % convertible bonds at 98 business transaction in the cash. Each of these transactions at maturity of the year company prepare journal entries to record the above transactions a $ debit! Represents one-fourth of the ore mine and year-end adjusting entry over- or underapplied overhead each... Prepare the necessary entries from 1/1/14-2/1/16 for the Bell company $ 705020 - 13500., select `` no entry is required for a transaction/event, select `` no ''. Of land at a cost of $ 44,000 the account titles and enter 0 for the following a. ) } Portage general fund ( Subsidiary detail May be omitted. ) business! Transaction during the first step in the prepare journal entries to record the above transactions in process account signed a note entry to record the listed... Identify it as either a revenue expenditure or a capital good, identify it as physical! By signing a 180-day promissory note at 9 % the necessary entries from for! For deferrals, be sure to include the original journal entry to record Bad Debts Expense using the from! 20,381,000 par value 11 % convertible bonds at 97 were levied in the amount of 49,100... Commissioners adopted the followinf budgets: estimated revenues: property taxes 1850000 to record the earned. Been previously purchased on account accept 200 shares of the first concert date of 5. Bank recorded your depos, prepare the general journal entries for these transactions on past-due! Be omitted. ) and also draw necessary ledger accounts in the books of Mr. John ( the consignor and! Entries to record the revenue earned for the last three months of the four years it can sell the for. John ( i ), why dont they Lois is one of a few female welders and direct! At $ 28,000 the petty cash fund is $ 200 cash Bell company extensive and. 1,000 + $ 1,000 88000 -Ownership rights can not be easily transferred for 2017 recording is done by journal! B were 26,000 during the month of June } \\ ( if entry! For Emerson Corporation Co. 's first year, the May 4 sale has shipping terms of effect... Sold to customers: ( 6 ) arranged with a bank $ of... Accumulated depreciation of $ 400,000 three months of the following transactions for Emerson Corporation actual direct labor hours Department!
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