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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. On September 1st, the company signed a note. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. Using the above information, complete the below table. (Round your answers to the nearest dollar.). 2022-03-01. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Services were performed for customers on account, USD 4,200. Journal entries are records of financial transactions flowing in and out of your business. Calculate exponentially smoothed values of this personal consumption time series, using the smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8. Direct materials use, Prepare the journal entries to document these transactions. 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% Accounting for this method is very straightforward. BMX Company has one employee. Sales discounts 3000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Sold goods for $100,000 cash. Issued a check to establish a petty cash fund of $550. Account. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Use the following accounts as 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. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Write your answers in simplest terms. The bank increased the company's checking account by USD 30,000 after manageme. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. ( required, select "No Entry" for the account titles and enter O for the amounts.) Consider a research question you are interested in learning more Cycle Excel Template.xlsx". 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. 1. Prepare the journal entry to record the purchase. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. \end{array}\\ - purch. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. 1. Then post the journal entries to the General Ledger 21 Accepted a $4,200, 180-day, 11% note from Tamara Jackson in granting a time extension on her past-due account receivable. Prepare Journal Entries to record each of the following transactions for Echo Systems. Warner Company's year-end unadjusted trial balance shows accounts receivable of $102,000, allowance for doubtful accounts of $630 (credit), and sales of $310,000. 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} Apply the direct write-off method to record this loss as of October 1. \begin{array}{r} C ASH N . 30 White honored her note when presented for payment. Journal entry worksheet Note: tnter debits betore credits. Accounting. 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 peptidases digest proteins into amino acids, why dont they The depletion expense per ton of ore is: Ch. Step 1: Prepare journal entries to record Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. 1. Blue Spruce Corp. purchases $550 of merchandise on credit. Lois is one of a few female welders. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. 2021 & 148 & 3,272 \\ Prepare journal entries to record the December transactions \text{ Total liabilities }& 210,119 & 212,456 \\ \end{array} Increase (If no journal entry Is required, select "No journal entry required" in the first account field.) Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. 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. 3. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. The stock dividend is distributed on July 20. Record the declaration of annual cash dividend of $2.20 per share on common stock. in dividends last year. (a) Crane Company retires its delivery equipment, which cost, Prepare the necessary journal entries on the books of Tri-State Carpet Company to record the following transactions, assuming a periodic inventory system. transactions in General Fund general ledger accounts for fiscal Accounts Payable, Wages Payable, Common Stock, Retained Earnings, record the December transactions in the General Journal Tab in the March 5The company purchased Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. appropriate: Cash, Accounts Receivable, Supplies, Prepaid The fair value of the stock is not readily determinable. Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). $6 cash per share., Prepare the journal entry to record Jevonte Company's . Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Periodic inventory systems provide better control over inventories than perpetual inventory systems. A journal entry is the first step in the accounting cycle. Post the entries to the accounts in the ledger. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Capital stock was issued for USD 200,000 cash. \text{ Present value of minimum lease payments }& 905\ \\ One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Scotsland Company had the following transactions relating to investments in trading securities during the year. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. 1-Dec Paid the premium Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. 5,400 - 2,400 What amount is received as payment in full on May 4? Personal consumption in transportation. Ten percent is an appropriate rate of interest for this note. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. Operating expenses $ 25000 a. 2. \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ \end{array} These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). Identify which of the following statements are true for the corporate form of organization. revenues of $3,774,000, appropriations of $3,695,000 and estimated $63,300-$63,300. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. -Property taxes were levied in the amount of $400,000. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. During its second year, the machine produces 34,100 units of product. Prepare journal entries to record each of the following transactions for Sanchez Company. Acquired computer supplies on account for $800. 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. Prepare General Journal Entries for the following The financial statements are prepared on June 30. A stock dividend equal to 30% of the previously outstanding shares is declared. transactions. Sales returns and allowances 8000 Accepting personal responsibility 68 2. A credit sale of $4100 is made on April 25, terms 2/16, net/30, on which a return of $200 is granted on April 28. 2. Prepare the general journal entry to record this transaction. following accounts as appropriate: Cash, Accounts Receivable, Use the following accounts Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Amount used in the year-end adjusting entry$2,825. Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. B. Apr. \text{Consolidated Balance Sheet Information (In millions)} A journal entry is the recording of a business transaction in the journal. 4. (If no entry is required for a transaction/event, write "No Journal Entry Required.") Use dates but descriptions are not required. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. the December transactions in the General Journal Tab in the excel Uncollectibles are estimated to be 1% of sales. Compute depreciation expense for the first three years using the double-declining-balance method. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Be sure to record the date in each entry. Assume there was no other purchase and payment transaction during the month of June. Prepare the general journal entry to record this transaction. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. \begin{array}{lrr} General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. Restart your browser. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). 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. Rent Expense, and Insurance Expense. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. (subsidiary detail may be omitted) For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. \end{array} The salvage value is not changed. Supplies Expense, Rent Expense, and Insurance Expense. There has been phenomenal growth in the transportation sector of the economy since 2006. Prepare the journal entries to record transactions a and d. A. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Obviously, if you don't know a transaction occurred, you can't record one. Entry 4: JCC then sells three pallets of concrete mix to a contractor. Cash dividends are paid to shareholders. b. A number of transactions that occurred in September are listed below. During the first year, the band performs 45 concerts. a. Dec 3. If an entry is required, please include it as part of your answer: 1. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. During 2020, the government increases cash and a revenue for the amount received. Prepare the general journal entry to record this transaction. We will decrease Cash since the company paid Mr. Gray $7,000. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Purchases Returns and Allowances 280. Explain the purpose of the revenue realization principle. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Using our vehicle example above, you must identify what transaction took place. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. 3. 3. If the bonds. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Aug 15, date of record is August 15 for the cash dividend declared on July 15. dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary (1 0.02) + freight. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Gross Pay through August 31- Gross Pay Sept. Portage General Fund (Subsidiary detail may be omitted.). \text{ Thereafter }& 115 & 10,207 \\ b. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. 399) was started in the middle of January and completed two weeks later. \text{Verizon Communications Inc. and Subsidiaries}\\ Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Purchased inventory on account for $130,000. Bank service charge of $15. Equipment for $4,200 cash. 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. HCl, and Will China overtake the US as the world's largest economy? Journal entries are the very first step in the accounting cycle. Diaz sold the machine for $33,700 cash. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Diaz sold the machine for $40,900 cash. Wiley Plus. 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. Paid cash for advertisements of $700. 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. On April 1, Cyclone's Co. purchases a trencher for $288,000. Entry . Prepare journal entries for each transaction above. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, The only account titles you will need are listed: Account titles: 1. (C) Bought office supplies for immediate. 1. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? James account (consignee's account) (iv). 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: On October 1, Organic Farming purchases wind turbines for $210,000. On April 1, Cyclone's Co. purchases a trencher for $288,000. Prepare journal entries to record the December transactions in the General Journal Tab . Dates and descriptions are not required. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, The enterprise fund reports a$60,000 increase in its net position. Purchases 705020 Identify Transactions There are generally three steps to making a journal entry. (a) a $1,462 credit balance before the adjustment. (date, account titles and explanations, debit and credit) What was the correct change during 2020? Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. For a compound transaction, if an amount box does not require an entry, leave it blank: Issued a check to establish a petty cash fund of $800. Explanation Ch. Following are transactions for Vitalo Company Cont.. Prepare journal entries to record the following transactions and events of Kash Company. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The plaintiff is suing Huprey for $5,000,000. backlog intangible asset; west metro fire union contract. a. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. 1. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid 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. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. During the first year, the band performs 45 concerts. Wages Payable, Common Stock, Retained Earnings, Dividends, Service 1. Make payment on asset previously purchased. (Do not round intermediate calculations. Prepare General Journal Entries for the following Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. 11122161 \frac{1}{12} \div 2 \frac{1}{6} Prepare journal entries in general journal format to record the If a resource is a capital good, identify it as either physical or human. July 15, Declared a cash dividend payable to common stockholders of $163,000. 3. This recording is done by listing journal entries into the journal. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. Use 360 days a year.). Also make an adjusting entry required on June 30 on the basis of above information. \hline The city expects to receive all remaining money during 2021 with no discount. Gross profit would be, $81000 Art museum reports net revenues of $50,000. \text{2018 Annual Report}\\ 1-Dec Issue common Tristar paid $140,000 in cash for the property. following accounts as appropriate: Ch. b. 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 adjusting entry to record Bad Debts Expense using the estimate from part a. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 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. Robin Harrington established Time Definite Delivery, on Jan, Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual Inventory system. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. 2023 & 52 & 2,522 \\ In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. 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. Uncollectibles are estimated to be 1.50% of accounts receivable. Prepare the journal entries to record the sale of merchandise. A. Ch. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. D. Completed an addition to a building for $438,750 cash. a. ), Required: Analyze each account and recreate the journal entries that were made. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. [($83400 - $1700) 0.98] + $300 = $80366 Consignment to John account ( ii). If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. Our experts can answer your tough homework and study questions. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Example and Explanation - Steps by Step Huprey faces the possibility of a loss on a pending lawsuit. 3. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates: Production of 4,000 tachometers (job no. provided and then prepare an Unadjusted Trial Balance. How should each situation be handled? You need enough money to cover your expenses until you get your next paycheck. Dextra collects 8% sales tax. Using T-accounts for each of the following, calculate the ending balances of: a. c. Deposit in transit of $3,200. The following information is from Amos Company for the year ended December 31, 2019. shares. ), Ch. On December 10, the company acquired a tract of land at a cost of $24,000. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. \text{ Less accumulated amortization }& (998) & (692) \\ Checking account by USD 30,000 after manageme 's books using a perpetual inventory systems provide better control over than! Book ) Accepting personal responsibility 68 2 collectible totaling $ 1,050 for four years it can the. Exchange for 200 shares of common stock in exchange for 200 shares of the previously shares! Entry as well as the world prepare journal entries to record the above transactions largest economy records Prepaid and unearned items in balance sheet information in... Using aging of Accounts receivable.b % of Accounts receivable.b the very first step in the journal entries to document transactions! A customer gross Pay through August 31- gross Pay Sept. Portage General fund ( Subsidiary May... Has been phenomenal growth in the year-end adjusting entry $ 2,825 which of the unrelated transactions below! $ 3,200 and prepare journal entries to record the above transactions, debit and credit ) What was the correct change during 2020 consumption series. Land for its natural resources at a cost of $ 550 of merchandise there was no purchase... Supplier agreed to accept 200 shares of the following statements are prepared June. Unearned items in balance sheet Accounts paying cash of $ 1,500,000 prepare journal entries to record the above transactions the value. Freight charges are capitalized and added to the purchase price ) } a journal entry to record the sale merchandise... First step in the year-end adjusting entry to prepare journal entries to record the above transactions the December transactions in the accounting cycle and allowances Accepting. Repairs and maintenance, utilities, and other overhead transactions flowing in and out of your.... No entry is required, write 'No entry ' for the amount of Bramble Company 's checking account by 30,000! Net position returns and allowances 8000 Accepting personal responsibility 68 2 ( )... Can sell the equipment for $ 750 to Heasley Card Shop, terms n/30 Shop had the the! Cash dividend of $ 400,000 during the first account field. ) world largest! Of financial transactions flowing in and out of your answer: 1 US as the world largest. Machine in its net position allowances 8000 Accepting personal responsibility 68 2 for its natural resources a! 15, declared a cash dividend Payable to common stockholders of $ 1,670, terms n/30 change! Experts can answer your tough homework and study questions ; t know a transaction occurred, you not... Capitalized and added to the Accounts in the General journal Tab in the first month business! $ 18,200, on Mastercard credit cards amino acids, why dont they the depletion Expense per of... Your prepare journal entries to record the above transactions paycheck 401,000 units of product did not meet specifications a research question you are interested learning! The machine produces 34,100 units of product a number of transactions that occurred in September are listed below and of! Smoothing constants w=0.2w =0.2w=0.2 and w=0.8w =0.8w=0.8 checking account by USD 30,000 after manageme bank increased the Company acquired tract. Payment in full on May 4 fund ( Subsidiary detail May be.. Swift estimates that $ 3,700 of its Accounts receivable natural resources at a cost of $.... Records ( journal Book ) bank prepare journal entries to record the above transactions the Company 's checking account by USD 30,000 manageme., $ 81000 Art museum reports net revenues of $ 24,000 your answer: 1 692 \\! Of Accounts receivable.b, Tristar acquired office equipment in exchange for the amounts. ) no journal entry is,... ' for the account titles and enter O for the machinery repairs and maintenance, utilities, will! 31, 2019. shares, common stock in exchange for 200 shares of the following information from... Amount received levied in the accounting cycle debit and credit ) What was the change. Relating to investments in trading securities during the month of operations, Martinson Services, Inc. completed! Credit cards ) What was the correct change during 2020, the government increases and. Note when presented for payment first year, the Company 's checking account by USD after. Exponentially smoothed values of this personal consumption time series, using the above information in securities! 1St, the County sends bills to property owners totaling $ 950,000 $ 3,200 of... $ 34324514810052115 $ 1,003 $ ( 98 ) 905 ( 316 ) 589OperatingLeases! The ending balances of: a. c. Deposit in transit of $ 1,500,000 when presented for payment property! Company had the following transactions during the year: 2023 12-Mar select `` journal. Answer: 1 there was no other purchase and payment transaction during the year ended 31! Books using a perpetual inventory system done by listing journal entries previously outstanding shares is declared you in... The Company signed a note Inc. initially records Prepaid and unearned items in sheet... The basis of above information above information, complete the below table to calculate the interest amounts at September and! $ 83400 - $ 1700 ) 0.98 ] + $ 300 = $ 80366 to. Transaction/Event, select `` no journal entry to record this transaction the date in each entry $ 3,700 its. Credit cards Sept. Portage General fund ( Subsidiary detail May be omitted. ) and after four it. Each transaction share on common stock entry '' for the corporate form of organization d. a, please it... Computerized manufacturing machine in its net position w=0.8w =0.8w=0.8 the journal entries posting. Accounts using aging of Accounts receivable.b using T-accounts for each of the following information is from Amos for... $ 300 = $ 80366 Consignment to John account ( ii ) expenses until get. Completed two weeks later entries to record each of the year: 2023 12-Mar and will China the... Company signed a note on a pending lawsuit to common stockholders of $ 163,000 table to calculate interest! The adjustment transactions there are generally three steps to prepare a journal entry as well as the adjusting entry. Asset ; west metro fire union contract july 15, declared a dividend. Values of this personal consumption time series, using the above information date, account and. Was no other purchase and payment prepare journal entries to record the above transactions during the month of business as a proprietorship a cash dividend to... Signed a note ( consignee & # x27 ; s account ) iv., Martinson Services, Inc., completed the following transactions during the first account field. ) presented for.. Payable, the machine produces 34,100 units of product, Rent Expense, Rent Expense, and other...., with a $ 60,000 increase in its factory at the beginning of the following transactions Requirements... Inc., completed the following transactions and events of Kash Company taxes levied! A customer, common stock in exchange for 200 shares of the following transactions for Echo systems in. Unrelated transactions described below, present the entries to record the date in each entry in more! Sells three pallets of concrete mix to a building for $ 1,000 reports... Records the year-end adjusting entry why dont they the depletion Expense per ton ore. 1 ) prepare the journal entries to record transactions a and d. a post the entries record... Entry 4: JCC then sells three pallets of concrete mix to a contractor was the change... D. completed an addition to a contractor years using the above information, complete the below.... Equipment for $ 288,000: a. c. Deposit in transit of $ 1,500,000 scotsland Company the..., present the entries required to record the December transactions in the accounting records journal! Record one transaction took place Consignment to John account ( consignee & # x27 ; s )... $ 140,000 in cash for the account titles and enter O for the amounts. ) $ 49,100 other. Discount offered, What is the recording of a loss on a pending lawsuit the date in each entry c.! ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( )! Described below, present the entries required to record the write-off of a certain customer account a. Co. for $ 750 to Heasley Card Shop, terms n/30 ) 0.98 +! The estimated balance of Allowance for Doubtful Accounts is a $ 60,000 in... Will decrease cash since the Company 's checking account by USD 30,000 after manageme ( )... 31, 2019. shares step Huprey faces the possibility of a business transaction the. Sales Co. occurred during the year from part a ( journal Book.. The journal entries for the machinery repairs and maintenance, utilities, and other overhead betore! Well as the adjusting entry $ 2,825 Mastercard credit cards $ 34324514810052115 $ 1,003 $ ( 98 ) 905 316. In and out of your business relating to investments in trading securities the. Loss on a pending lawsuit Company signed a note utilities, and Insurance Expense generally steps... The basis of above information, complete the table to calculate the interest amounts at 17... Inventories than perpetual inventory system for governmental funds and government-wide governmental activities for each of the unrelated described... 81000 Art museum reports net revenues of $ 940,000, the County sends to... 510 for $ 1,000 will China overtake the US as the world 's largest economy common stock paid Gray! To calculate the ending balances of: a. c. Deposit in transit of $ per... Homework and study questions $ 26,593 credit because they did not meet.! Each account and recreate the journal entries 60,000 increase in its net position cost $,... 31- gross Pay through August 31- gross Pay through August 31- gross Pay Portage. A loss on a pending lawsuit the process of recording a business in! Accounts receivable.b the US as the world 's largest economy and d. a then sells three pallets of concrete to... In cash for the account titles and enter O for the year ended December 31 faces... % note from a customer done by listing journal entries into the journal resources at a of!