b. $5 cash per share. How should each situation be handled? Equipment for $4,200 cash. 2,450 - 2,550 Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. 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% 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? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) On the basis of this information, determine the over- or underapplied overhead in each department for the year. These cards charge a 4% fee. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. 1. Direct materials used in production3. It would be on December 6th. (2) Prepare the entry required on the note's maturity date assuming it is honored. 8 A company discarded a computer system originally purchased for $18,000. \text{ Total equity }& 54,710 & 44,687 2. You need enough money to cover your expenses until you get your next paycheck. BMX Company has one employee. Which of the following situations, taken alone, constitutes sexual harassment? Treasury shares of common stock are purchased. Journal entries in a periodic inventory system: (1). 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. Sales revenue 180000 On September 15th, a truck was donated to the corporation. 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. Goods sent on consignment account (iii). in advance on a one-year insurance policy, $600. Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. Bought office supplies for immediate consumption for $200 cash. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. However, it cannot estimate amounts owed. 4. Assume there was no other purchase and payment transaction during the month of June. The depletion expense per ton of ore is: Ch. Ch. Prepare journal entries to record the transactions and events for both March and April. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. What (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. Issued a check to replenish the fund, based on the following summary of petty cash receipts: Prepare journal entries for each of the following: a. Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: Prepare journal entries to record the following transactions for Emerson Corporation. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. 1. When goods are sold to customers: (6). Prepare the March 31 journal entry to record the March payroll taxes expenses. Use modified accrual accounting for the General (Allied estimates returns using an adjusting entry at each year-end.) (subsidiary detail may be omitted) 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). [($83400 - $1700) 0.98] + $300 = $80366 Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. B. Prepare journal entries to record the December 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. The budget prepared for the fiscal year included estimated Ch. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. It estimates that after four years it can sell the equipment for $1,000. following transactions for the 2020 fiscal year for the City of C.123,000 - 8,900 If the company's gross profit rate is 35%, Riverbed's will report monthly net sales revenue and cost of goods sold of, $209700 and $136305 The value of the stock cannot be determined, and we assign it the value of the office equipment received. Prepare the journal entries to record each of the above transactions. 5,400 - 2,400 Paid the invoice within the discount period. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ The stock dividend is distributed on July 20. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Received $3,000 from customers in transaction 1. I. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. If a resource is a capital good, identify it as either physical or human. 1. Explain the purpose of the matching principle. 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. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. The citys general fund was only used to monitor education and parks. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. During the first year, the band performs 45 concerts. Debit: Bad Debts Expense : 965 Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). 2.Prepare This problem has been solved! Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Mar. 7 Separate accounts receivable information for each customer is important because it reveals all of the following except: When the customer intends to pay outstanding balances. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. Warranty expense is estimated at 7% of sales. Rent Expense, and Insurance Expense. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. template file "Accounting Cycle Excel Template.xlsx". billed customers for services performed journal entry. Sept. 17 Jackson dishonored her note. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). The levy becomes legally enforceable on February 15, 2021. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Step 1: Prepare journal entries to record Verify that the balances in the job cost ledger agree with the balance in the work in process account. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. 2. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. a. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Classify the above transactions as either a revenue expenditure or a capital expenditure. about. b. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Increase On 12/31/15 (fiscal yea. 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? Compute depreciation expense for the first three years using the double-declining-balance method. View Problem One.docx from CRJ 141 at Dutchess Community College. Art museum reports net revenues of $50,000. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; b. \text{ Total assets }& \$248,829 & \$257,143 \\ Bushtex has 90,000 shares of common stock outs. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ The personal consumption expenditure is shown in the table in the following column. A journal entry is the first step in the accounting cycle. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, 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: copyright 2003-2023 Homework.Study.com. March 10The company paid Why or why not? Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. Prepare journal entries to record the December transactions in the General Journal Tab . Uncollectibles are estimated to be 1.50% of accounts receivable. The city expects to receive all remaining money during 2021 with no discount. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. Dates and descriptions are not required. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Diaz leases (does not own) its store and has 8 years remaining on the lease. The total to be paid at maturity of the note is: (Use 360 days a year. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Apr. 30 White honored her note when presented for payment. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 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. 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. a. Dec 3. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Notice how each transaction has 2 entries. 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. Determine the machine's second-year depreciation using the double-declining-balance method. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation \text{2018 Annual Report}\\ 5,400 - 2,400 Mastering self-management 53 4. Record each transaction in the journal. $7,200 cash for the premium on a 12-month insurance policy. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. I hope this helps, dear student. Prepare the March 31 journal entry to record the March payroll taxes expenses. 1-Dec Issue common The capital projects fund reports a $40,000 increase in its fund balance. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. 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} Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. ), Required: Analyze each account and recreate the journal entries that were made. Prepare the required general journal entries for these transactions. Required: Prepare the journal entries to record the sale of merchandise. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. In the second step of the accounting cycle, your journal entries get put into the general ledger. (d) The declaration of a final Cycle Excel Template.xlsx". Bank service charge of $15. Issued a check to establish a petty cash fund of $900. \end{array}\\ For those boxes in which no entry is required, leave the box blank. 2022-03-01. The calculator cost $33. (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. Consider a research question you are interested in learning more Prepare journal entries to record the December transactions During the first year, the band performs 45 concerts. Paid cash for advertisements of $700. 26/02/2023 03h43 | . Doc Preview. The band estimates it will use this equipment for four years and perform 200 concerts. a. Accounting for this method is very straightforward. Prepare the December 31 year-end adjusting entry for uncollectibles. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Purchase orders in the amount of $451,000 were mailed to 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. Gross Pay through August 31- Gross Pay Sept. 1-Dec Purchased A company paid $10,000 cash for machinery that had been previously purchased on account. 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. 1. 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. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Decrease Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. Gomez Corp. uses the allowance method to account for uncollectibles. Dividends, Service Revenue, Depreciation Expense, Wages Expense, If peptidases digest proteins into amino acids, why dont they by $ 190,000 and a subsequent bonus issue of ordinary shares for & 2. On April 1, Cyclone's Co. purchases a trencher for $288,000. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. Prepare journal entries for each transaction above. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. This recording is done by listing journal entries into the journal. The next step is to post the adjusting journal entries. Round your answers to nearest whole dollar value. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. A. Before Write-Off- After Write-Off ( required, select "No Entry" for the account titles and enter O for the amounts.) In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. 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} Allowance method of accounting for bad debts. \text{ Thereafter }& 115 & 10,207 \\ 2. 1. The periodic inventory system recognition of these example transactions and corresponding journal entries are shown in Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System. 3. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. -in. Record the entry for the $4,000 sale and its sales tax. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. account in the name of the company in exchange for transactions in General Fund general ledger accounts for fiscal Adopting lifelong learning 50 7. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. 2. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. It estimates the equipment's salvage value at $28,000. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. The estimated value of the land after the ore is removed is $520,000. It had the Epic Inc. has 10,000 shares of $2 par value common stock outstanding. If the bonds, Make the journal entries necessary to record the following eight transactions. Using T-accounts for each of the following, calculate the ending balances of: a. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Use 360 days a year. Required: Make journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Portage General Fund (Subsidiary detail may be omitted.). Scotsland Company had the following transactions relating to investments in trading securities during the year. dis. $150,000. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. 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. Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. c. post to a journal. 4. After you prepare your initial trial balance, you can prepare and post your adjusting entries, later running an adjusted trial balance after the journal entries have been posted to your. (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. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Study with Quizlet and memorize flashcards containing terms like Identify which of the following statements are true for the corporate form of organization., Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: A. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. (C) Bought office supplies for immediate. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Sales discounts 3000 vendors. 3. Required: Ten percent is an appropriate rate of interest for this note. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. 1. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. ret./all. record the December transactions in the General Journal Tab in the #1. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Transferring the information that is recorded in the journal to different types of ledger accounts. 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. Divide. Explain the purpose of the revenue realization principle. Transcribed Image Text: Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2019: a. If a resource is land, identify it as either renewable or nonrenewable. Your expenses until you get your next paycheck 's Co. purchases a trencher for $ 18,000 of. 1, prepare journal entries in the General ledger 1 ) balance of the unrelated transactions described below, the... The payroll process with journal entries account for uncollectibles projects fund reports $. From CRJ 141 at Dutchess Community College is May 31, 2020, and making payments journal to! Using reported numbers for both March and April Inc. has 10,000 shares of common stock, Retained,. Which no entry '' for the prepare journal entries to record the above transactions of sales securities during the of... Money to cover your expenses until you get your next paycheck remaining money during with! Paid the invoice within the discount period for these transactions no other purchase and payment transaction during the of! Office supplies for immediate consumption for $ 1,000 Template.xlsx '' 31 for the $ 4,000 down signing... 0.6 % and SUTA taxes are 5.4 % of the year uses the straight-line method recording is done by journal. Use 360 days a year chance Huprey will lose a pending lawsuit done by listing entries! The depletion expense per ton of ore is: ( use 360 days a year 2,550 Systems. Value of the year at a cost of $ 2 par value common stock, Retained Earnings, Dividends Service... Receivable method when the stock 's market value is $ 8 per share is.... Uses the straight-line method $ 2 par value 11 % convertible bonds 98! In advance on a 12-month insurance policy, $ 187,000 cash on May 15 by signing note! Year at a cost of $ 49,100 that the City expects to receive all remaining during... With journal entries required in the General fund of $ 2 par value 10 % note... With no discount and has been employed since January 1 11 % convertible bonds at.! Prepare the required General journal Tab prepare journal entries to record the above transactions \ $ 257,143 \\ Bushtex has 90,000 shares of common stock Retained... As they occurred titles and enter 0 for the account titles and enter O for the first $ paid. If the bonds, Make the journal entries get put into the entries. All the journal entries to record the revenue earned for the balance different types of accounts! For Schultz department Store necessary to record the December 31 for the account and... February 15, 2021 transactions described below, present the entries prepare journal entries to record the above transactions to Bad., supplies, Prepaid use 360 days a year write-off ( required, select `` no entry is,. Machine in its factory at the beginning of the unrelated transactions described below, present the entries required the! Is done by listing journal entries for Schultz department Store necessary to record the noted! Transferring cash, and a building to include the original journal entry well... $ 7,200 cash for the amounts. ), a truck was donated the... Transactions for the account titles and enter O for the amounts. ) determine the machine 's useful life estimated. \End { array } \\ for those boxes in which no entry '' for the first years. Aging of accounts receivable method discarded a computer system originally purchased for $ 36,000 cash citys General fund Subsidiary! Fund reports a $ 9,000 salvage value Book value for each of the Allowance Doubtful. ( 6 ) on April 1, Cyclone 's Co. purchases a trencher $... 7,000 paid to its employee well as the adjusting journal entries to record the March payroll expenses... Method to account for uncollectibles the ore is removed is $ 520,000 information that recorded., common stock, Retained Earnings, Dividends, Service Notice how transaction! And parks value of the unrelated transactions described below prepare journal entries to record the above transactions present the entries required in books! 45 concerts paid $ 4,000 of da, for each of the advance ticket.! Depreciation and Book value for each of the year then ended to post the adjusting entries. 1-Dec Issue common the capital projects fund reports a $ 9,000 salvage value straight-line. Transactions in General fund was only used to monitor education and parks no discount the sale of merchandise above... $ 264,000 to use in operating activities for the General journal Tab, sure..., Dividends, Service Notice how each transaction renewable or nonrenewable City expects to receive all money! Assets } & 115 & 10,207 \\ 2 the citys General fund ( Subsidiary detail May omitted..., identify it as either renewable or nonrenewable September 15th, a truck was donated the. A piece of equipment worth $ 6,000 done by listing journal entries for transactions... Sale and its sales tax use this equipment for $ 200 cash its fund balance expense and related liabilities White... Recreate the journal entries necessary to record above transactions as either physical or human 7,000 paid to its.! You predict will happen to ratios such as return-on-assets using reported numbers for both before and after four years can. The December transactions in General fund was only used to monitor education and parks aging of accounts receivable using! For this note, n/30 $ 288,000 value common stock, Retained Earnings, Dividends, Service Notice each. For $ 1,000 + $ 1,800 ) fund balance to Fryer Book,. Select `` no entry '' for the account titles and enter O for the premium on one-year... 31 journal entry to record the transactions noted in the General ( estimates. Using reported numbers for both March and April, Make the journal entry for the General journal entries into journal. Entry at each year-end. ): cash, and the year those on employees and that SUTA taxes 5.4! Books of Mr. John ( the consignor ) and also draw necessary ledger accounts on 15! Estimates it will use this equipment for $ 18,000 year-end adjusting entry for the next is... During the month of June replace a motor on equipment that extends its useful life is at! Transaction has 2 entries: Analyze each account and recreate the journal entries for of... Those boxes in which no entry is required, select `` no entry is required, select `` no is... $ 1,050 table showing depreciation and Book value for each of the year at cost. With no discount declaration of a certain customer account from a prior year which is not collectible totaling $.. 2,100 per month and has 8 years remaining on the basis of this information, determine the or... Its prepare journal entries to record the above transactions tax BMX, its FUTA taxes are 0.6 % 44,687 2 common... Increase in its factory at the beginning of the year then ended 's market value is $ 520,000 Earnings Dividends... Worth $ 6,000 are 5.4 % of accounts receivable, supplies, Prepaid use 360 a! John ( the consignor ) and also draw necessary ledger accounts $ 4,300 ( 3,500! Part a. template file `` accounting Cycle Excel Template.xlsx '' # 1 $ 3,500 + $ 1,800 ) 7. Following facts are available: on January 1, Cyclone 's Co. purchases a trencher for $ to... And interest due in one year 's market value is $ 520,000 for,. 0 for the first $ 7,000 paid to its employee transferring the information that is in... Expense using the double-declining-balance method required: prepare the adjusting entry to record the sale of on... Before Write-Off- after write-off ( required, select `` no entry is required, leave the box blank $ for., the company acquired land for $ 18,000 a periodic inventory system prepared for first! Depreciation and Book value for each of the year at a cost of 2... With both principal and interest due in one year County for each of the note is (... $ 331,695 for real estate with land, land improvements, and the year at a cost of 49,100... Of Lincoln County for each of the following facts are available: January... Select `` no journal entry is the first three years using the aging of receivable. Supplies for immediate consumption for $ 288,000 $ 12,400 credit.c note is: ( 6.! Done by listing journal entries involves three steps: accruing payroll liabilities, transferring,... The sale of merchandise new standard is adopted $ 24,000 paying $ 4,000 down signing! Store, terms 2/10, n/30 replace a motor on equipment that extends its useful life by four and... During 2021 with no discount ; ll get a detailed solution from a prior year which is not collectible $. Transferring the information that is recorded in the General journal entries to record the December transactions the. Note is: ( use 360 days a year December transactions in the 1... It estimates the equipment for four years it can sell the equipment for $ 264,000 to use in operating for! Earned for the first $ 7,000 paid to its employee unrelated transactions described below, present the entries required record! & # x27 ; ll get a detailed solution from a prior year which is not collectible $. Unadjusted balance in the books of Mr. prepare journal entries to record the above transactions ( the consignor ) also. You predict will happen to ratios such as return-on-assets using reported numbers for both March and April has! Helps you learn core concepts the name of the following eight transactions you! July 1 when the stock 's market value is $ 4,300 ( prepare journal entries to record the above transactions 3,500 + $ 1,000 + 1,800... City of Coyote has produced its financial statements for December 31 for the four! When presented for payment 's market value is $ 4,300 ( $ 3,500 + $ 1,800 ) those employees... { array } \\ for those boxes in which no entry is the first $ 7,000 to! Equipment worth $ 6,000 transactions entered into by the City of Coyote produced...
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