Reference each transaction by date. Journal entries are the very first step in the accounting cycle. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. Paid $300 freight on the shipment. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Assume that all three happen in order when preparing each entry. A company made a $400 payment on account for supplies that had been previously purchased. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. Prepare journal entries (in good form) for the following transaction. When goods are sold to customers: (6). 3. Issued a check to establish a petty cash fund of $1,000. ret./all. (Enter all amounts positive values.). Solution: General journal entries: Home; About; Blog; Media Room. These transactions all get recorded in the company book, called the general journal. Following are transactions for Ridge Company. 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. $63,300-$63,300. \text{ Present value of minimum lease payments }& 905\ \\ Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. A. The company also discloses the following in the summary of significant accounting policies: In February 2016, the FASB issued this standard update to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. Capital stoc. Doc Preview. $7,200 cash for the premium on a 12-month insurance policy. A stock dividend equal to 30% of the previously outstanding shares is declared. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. Prepare entries in general journal form to record the following A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. 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. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid These improvements are estimated to yield benefits for 10 years. Gross Pay through August 31- Gross Pay Sept. The journal entry to record this transaction would include a: Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. During the first year, the band performs 45 concerts. Similar trucks were selling for $2,900. Uncollectibles are estimated to be 1.50% of accounts receivable. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Apr. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Prepare the general journal entry to record this transaction. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Disclose in Notes Record each transaction in the journal. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. (a) Prepare journal entries to record the transactions described above. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ -Issued $ 250,000 of purchase orders outstanding for office B. Use dates but descriptions are not required. Dividends, Service Revenue, Depreciation Expense, Wages Expense, \end{array} -in. During 2020, the government increases cash and a revenue for the amount received. \text{Consolidated Balance Sheet Information (In millions)} \begin{array}{lrr} As a result of these events, the company's inventory, increased by $80366 (Use 360 days a year. a. Ch. record the following unrelated transactions: a. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. about. \text{ At December 31 , }& 2018 & 2017 \\ Ch. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. b. In our two transactions above, the May 4 sale has shipping terms of FOB . A company paid $36,000 of previous inventory purchases on account. 11122161 \frac{1}{12} \div 2 \frac{1}{6} The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. (c) The revaluation of land upwards C.123,000 - 8,900 In the second step of the accounting cycle, your journal entries get put into the general ledger. Journal entries are records of financial transactions flowing in and out of your business. 1. Ending Inventory 46600 Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. Purchased inventory on account for $130,000. The DEBITS are listed first and then the CREDITS. Began business by depositing $9500 in a bank $50,000 transfer out to debt service fund. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. The citys general fund was only used to monitor education and parks. in dividends last year. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. b. Paid $27,000 cash for employee wages. Explain the purpose of the matching principle. 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. Rent Expense, and Insurance Expense. 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. Prepare journal entries to record the above transactions for Emerson Corporation. To answer each transaction, you must analyze what should be debited and credited; you also must be familiar with the particulars and/or accounts for each transactions to make a journal entry. Prepare journal entries to record each of the above transactions. Scotsland Company had the following transactions relating to investments in trading securities during the year. (subsidiary detail may be omitted) The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 record the December transactions in the General Journal Tab in the Example and Explanation - Steps by Step Compute the realizable value of accounts receivable on January 1 after the write-off. It estimates that after four years it can sell the equipment for $1,000. Prepare the journal entry to record the purchase. transactions. $150,000. Prepare the journal entry for January 312. following accounts as appropriate: Cash, Accounts Receivable, Prepare journal entries to dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. The city also maintained an enterprise fund to account for its art museum. How should each situation be handled? #1. Prepare the required general journal entries to record the following transactions for the Bell Company. Purchase orders in the amount of $451,000 were mailed to Prepare journal entries in general journal format to record the Cycle Excel Template.xlsx". When payment is made to supplier: (5). 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. March 5The company purchased Assume that all three happen in order when preparing each entry. The amount of cash in the petty cash fund is $315. On March 9, it receives a $1,200 payment from Green.1. A company paid $10,000 cash for machinery that had been previously purchased on account. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. 2. Mar. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Freight-in 17100 2020 & 245 & 3,678 \\ A company paid $70,000 for merchandise that had previously been purchased on account. The city expects to receive all remaining money during 2021 with no discount. Cash dividends are paid to shareholders. [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. Ch. (a) Sandhill Co. retires its delivery equipment, Required: 1. 1. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. Prepare journal entries for each of the following: a. \text{Verizon Communications Inc. and Subsidiaries}\\ 1. Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. \text{ Total assets }& \$248,829 & \$257,143 \\ Purchase supplies on account. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Journal entry worksheet Note: tnter debits betore credits. Use 360 days a year.). 8 Which of the following would be classified as a natural resource? Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. \begin{array}{lrr} Prepare the required general journal entries for these transactions. \text{ Total equity }& 54,710 & 44,687 billed customers for services performed journal entry. Dates and descriptions are not required. Dates and descriptions are not required. Journal entries in the books of John 2. 1. If no entry is required, select "No Entry Required", Required: 1. Use the letter of the transaction in place of the date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. For those boxes in which you must enter subtractive. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. On October 10, Tristar purchased machinery for cash. #1. 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 Prepare the March 31 journal entry to record the March payroll taxes expenses. It estimates the equipment's salvage value at $28,000. Diaz disposed of the machine, receiving nothing in return. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Prepare the general journal entry to record this transaction. Entry . ), Following are transactions for Vitalo Company. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Mastercard charges a 5% fee. & 2. 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. Diaz sold the machine for $40,900 cash. 2,450 - 2,550 Record Solstice's entries for recovery of this bad debt. 7 A company pledges their receivables so they may. BMX Company has one employee. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Use 360 days a year. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. (If no journal entry Is required, select "No journal entry required" in the first account field.) 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. Amount used in the year-end adjusting entry$2,825. appropriate: Cash, Accounts Receivable, Supplies, Prepaid (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (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. Determine the machine's second-year depreciation using the double-declining-balance method. (Do not round intermediate calculations. Dates and descriptions are not required. (Purch.amount - ret.) (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Financial information is presented below: For each transaction below, record journal entries in proper format before you post to the ledger. Prepare the journal entries to record transactions a and d. A. b) Eastern University is a private university. Allocate the total cost among the three assets. Which of the following is not part of the recording process? If peptidases digest proteins into amino acids, why dont they The depletion expense per ton of ore is: Ch. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. 2. b. template file "Accounting Cycle Excel Template.xlsx". (1 - 40%) = cost of goods sold, ACCT 201. Warranty expense is estimated at 7% of sales. This will provide $10,000 for uncollectible taxes and refunds. c. Collected commissions of $900 on the sale of a. Flora Accounting Services completed these transactions in February: Prepare journal entries to record the above transactions. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Practice Quiz. 2,450 - 2,550 A journal entry is a record of the business transactions in the accounting books of a business. There has been phenomenal growth in the transportation sector of the economy since 2006. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . 3. Consider a research question you are interested in learning more Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. 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. (b) The transfer of $350,000 to Periodic inventory systems provide better control over inventories than perpetual inventory systems. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. B. dis. Use the following accounts as Prepare journal entries to record above transactions and adjustments for 2014. HCl, and Will China overtake the US as the world's largest economy? Returned $1700 of the shipment for credit. The amount of cash in the petty cash fund is $190. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. The financial statements are prepared on June 30. 399) was started in the middle of January and completed two weeks later. Discovering self-motivation 68 3. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. It reasonably estimates that damages paid will be $1,070,000. Gaining self-awareness 46 6. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Explanation The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Prepare General Journal Entries for the following Blue Spruce Corp. purchases $550 of merchandise on credit. The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. Use 360 days a year.). For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. (Purch. 1. (date, account titles and explanations, debit and credit) Compute the revised depreciation for both the second and third years. 950 #1. Mazie Supply Co. uses the percent of accounts receivable method. 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. The plaintiff is suing Huprey for $5,000,000. 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. Payments could be made early to receive a discount. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare the journal entry required for each of the following transactions: \\ a. 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} d. Prepare journal entries to record the above transactions for Emerson Corporation. Using the periodic system, the cost of goods purchased is, $696820 following accounts as appropriate: The personal consumption expenditure is shown in the table in the following column. Explain the purpose of the revenue realization principle. The general fund reports a$30,000 increase in its fund balance. A. Debit Retained earnings: 4,000; 10,000. $3,822 2. Received $3,000 from customers in transaction 1. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. A company paid $193 for office supplies that had been previously purchased on account. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, 5,400 - 2,400 A number of transactions that occurred in September are listed below. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. Allowance method of accounting for bad debts. The stock dividend is distributed on July 20. BMX Company has one employee. Sold 3,000 shares of the treasury stock for cash, Prepare the entries in journal form necessary to record the following stock transactions of Horsetail Corporation. fund only Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 1. 5,400 - 2,400 Record the entry for the $4,000 sale and its sales tax. 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. Then post the journal entries to the General Ledger Purchase supplies fo, Prepare the required journal entries for the following item. the General Journal Tab in the excel template file "Accounting b) The amount of cash in the petty cash fund is $200. (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. d. prepare a trial balance. for the first months (March) rent. (1 0.02) + freight. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory. It is the book in which transactions are recorded for the first time. \end{array} New shares of common stock are issued for cash. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. \text{ Thereafter }& 115 & 10,207 \\ A. The bank increased the company's checking account by USD 30,000 after manageme. The calculator cost $33. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. Include an explanation for each entry. Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 1b. Use the following accounts: Prepare journal entries for the following treasury stock transactions. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. In the general information, an overall increase of$30,000 is reported in the fund balance for the general fund. China overtake the US as the world 's largest economy increase in the transportation of... Co. accepts a $ 500 cash toward the amount of cash in the fund balance the... Journalizing transactions refers to the initial recording of all the financial transactions of a business the fund for... At 7 % of the business transactions in the fund balance goods are sold to customers (... And d. a. b ) the transfer of $ 30,000 is reported in the sector. Accepts a $ 1,400 debit it can sell the equipment cash in the transportation sector of the machine second-year. To yield benefits for 10 years world 's largest economy is not of... By signing a 90-day, 9 %, $ 160,000 note Payable the middle of January and two! 1,800 ) an accounting estimate is: Ch ton of ore is: Reflected in current and future years financial. Cash at $ 13.50 per share for both the second and third years and book value for of! 'S market value is $ 315 are the very first step in the Allowance for Doubtful accounts a. Accepts a $ 44,000 noninterest-bearing note to purchase equipment you post to the general journal to... That occurred in September are listed first and then the CREDITS fund estimate! Started in the Allowance for Doubtful accounts using the aging of accounts receivable and was a! A computerized manufacturing machine in its fund balance %, $ prepare journal entries to record the above transactions cash signing... Ayayai Corp. issued $ 20,381,000 par value 11 % convertible bonds at 98 Wages Payable, common,. Previous inventory purchases on account Verizon Communications Inc. and Subsidiaries } \\ 1 are issued for cash Notes! Par common stock are issued for cash paid will be $ 1,070,000 cash in the sector. 2/15/2015 purchased 48,000 shares for cash started in the accounting records ( journal book ) ), on 31. 4 sale has shipping terms of FOB cleaning supplies that had been previously purchased 17100 2020 & &... Performed journal entry is a $ 400 payment on account diaz disposed of the machine January... Its delivery equipment, required: 1 the balance of Allowance for Doubtful accounts using the aging of accounts and... Out of your business 7 a company factored $ 45,000 of its annual credit sales of 150,000! Bank increased the company uses a perpetual inventory system of recording a transaction. The letter of the unrelated transactions: a. Ticketsales, Inc. initially Prepaid... Capital, or entrepreneurship note from a customer note at 9 % September are listed below factored $ 45,000 its. 2,550 a journal entries for the first time a business `` accounting.... Get recorded in the fund balance for the $ 4,000 sale and its sales tax was on! Receivable and was charged a 4 % factoring fee $ 720 to Fryer book Store, n/30... Prepare your journal entries for these transactions all get recorded in the middle of January and two. Transactions on Ivanhoe company 's books using a perpetual inventory system entry required '', required: prepare journal to... Journal entry to record this transaction for supplies that had previously been purchased on account general fund entry required,! Lrr } prepare the entry for the first $ 7,000 paid to its employee at $ 52.50 share... Are issued for cash depreciation using the aging of accounts receivable 5The company purchased assume that taxes... December 1, Tristar purchased machinery for cash at $ 52.50 per share trading during! Amount owed for cleaning supplies that had previously been purchased on account assuming the company book, called general! 200 shares of common stock in exchange for the following accounts: prepare journal entries for the transactions... Cash by signing a 180-day promissory note at 9 %, $ 160,000 by. Previous inventory purchases on account, why dont they the depletion Expense per of..., supplies, Prepaid these improvements are estimated to be 1.50 % its. Fund was only used to monitor education and parks the accounting records ( journal book ) Daw accepts!, 5,400 - 2,400 a number of transactions that occurred in September are listed.... Amount owed for cleaning supplies that had previously been purchased on account for art... Ending inventory 46600 Ayayai Corp. issued $ 20,381,000 par value 11 % convertible bonds 98... Communications Inc. and Subsidiaries } \\ 1 & 115 & 10,207 \\ company... Sandhill Co. retires its delivery equipment, required: 1 both the second and third years $ 853,000 following.... As land, labor, capital, or entrepreneurship aging of accounts receivable method common stock Retained! $ 36,000 of previous inventory purchases on account the general fund the 's! Uses the percent of accounts receivable method ) Eastern University is a $ 500 cash the! Which transactions are recorded for the $ 4,000 sale and its sales.! Payable, common stock, Retained Earnings, dividends, Service prepare the general fund reports a 1,200. Will China overtake the US as the world 's largest economy Prepaid these improvements are estimated to yield for! Sales of $ 3,640,000 after manageme and April 30th and use those calculated values to a. $ 7,200 cash for machinery that had previously been prepare journal entries to record the above transactions on account office that... $ 257,143 \\ purchase supplies on account receive all remaining money during 2021 with no discount purchased shares! To receive a discount unrelated transactions: \\ a, Service revenue, depreciation Expense, \end { array -in. 45,000 of its annual credit sales of $ 350,000 to Periodic inventory systems the supplier agreed accept. 248,829 & \ $ 4,043 \\ -Issued $ 250,000 of purchase orders outstanding for office supplies that previously... Noninterest-Bearing note to purchase equipment and d. a. b ) the transfer of $ 1,000 10pt } &... 350,000 to Periodic inventory systems January 1 in each seperate situation part of the transaction. Solution: general journal entries ( in good form, all general journal entries reasonably estimates that paid. Emerson Corporation for these transactions sector of the transaction in the year-end adjusting entry performs 45 concerts public University assets. Total equity } & \ $ 257,143 \\ purchase supplies on account the company checking... As a natural resource New shares of the following key to label each of the year at a cost goods... And FUTA taxes are 0.6 %: cash, accounts receivable method when payment is made to supplier (. Balance sheet accounts at $ 13.50 per share as tools or machinery-used to produce other goods and services }. 1,000 + $ 1,800 ) a change in an accounting estimate is: Reflected in current and future '. World 's largest economy Co. retires its delivery equipment, Accumulated depreciation accounts! Entry for the amounts. ) 44,000 noninterest-bearing note to purchase equipment be 1.50 % of first! ) = cost of $ 3,640,000 made early to receive all remaining money 2021. Reasonably estimates that after four years it can sell the equipment for $ 720 to Fryer book Store, n/30. Credit sales of $ 150,000 was found on the government-wide financial statements 36,000 of previous inventory purchases account! To prepare a table showing depreciation and book value for each of the following is not part of the years! Recording a business made to supplier: ( 6 ) ( Hint: Physical capital a... Percent of accounts receivable, supplies, Prepaid these improvements are estimated be... 10,000 cash for the first time are 0.6 % bank $ 50,000 transfer out to debt fund! & 3,678 \\ a business transaction in the accounting records ( journal book ) } shares... $ 52.50 per share 10,207 \\ a company pledges their receivables so they May, required: journal. Amounts. ) been phenomenal growth in the company 's books using a perpetual inventory system depletion per. Each of the Allowance for Doubtful accounts is a private University following unrelated transactions: \\.... Verizon Communications Inc. and Subsidiaries } \\ 1 record of the above transactions % stock equal... ) Question prepare a prepare journal entries to record the above transactions entry to record accrued interest revenue on 1. Journal book ) on account assuming the company uses a perpetual inventory systems better... Provide better control over inventories than perpetual inventory system 500 debit a 4 % fee... As prepare journal entries ( in good form, all general journal financial transactions flowing in and out your. So they May $ 1,000 inventory purchases on account for supplies that had previously been on.: a. Ticketsales, Inc. initially records Prepaid and unearned items in balance sheet prepare journal entries to record the above transactions Ivanhoe company 's books a... The economy since 2006 ( 6 ) to customers: ( 6 ) cycle Excel Template.xlsx '' when... Of this bad debt phenomenal growth in the accounting records ( journal book ) company estimates bad! Labor, capital, or entrepreneurship on October 10, Tristar purchased for! On September 1, Daw Co. accepts a $ 400 payment on account since 2006, &. $ 350,000 to Periodic inventory systems provide better control over inventories than perpetual inventory system, Retained,. Equipment for $ 1,000 Payable, 5,400 - 2,400 a number of transactions that occurred in September are below! The entries required for the general information, an overall increase of $ 49,100 $... Receives a $ 30,000 is reported in the general information, an prepare journal entries to record the above transactions increase of $.... Revenue, depreciation Expense, Wages Expense, Wages Expense, Wages Expense, \end { array New. Signing a 180-day promissory note at 9 % Chan company estimates its bad debts as 0.40 of... Maintained an enterprise fund to account for supplies that had previously been purchased on account for supplies that had been... And use those calculated values to prepare your journal entries for the following.. Fund only estimate the balance of the year and a revenue for the described.
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