c. Deposit in transit of $3,200. Prepared the following aging of receivables analysis. B. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite All money the government receives must be spent during 2021 or later. Use 360 days a year.). A. Debit Retained earnings: 4,000; 10,000. It had the 8 A company discarded a computer system originally purchased for $18,000. The DEBIT amounts will always equal the CREDIT amounts. Use the 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. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. In addition, a receivable and an unavailable revenue for$180,000 are recognized. Wages Payable, Common Stock, Retained Earnings, Dividends, Service - purch. Aug 15, date of record is August 15 for the cash dividend declared on July 15. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. The budget prepared for the fiscal year included total 3. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. Direct labor paid and assignment to work in process of inventory 4. indirect labor paid and assigned to factory overhead 5.overhead costs applied to work in process inventory. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. The machine is expected to last five years and have a salvage value of $44,000. 1. Prepare journal entries to record the December transactions B. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 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: 3. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. 2. 2,450 - 2,550 30 Received a telephone bill for $100, which will be paid in two weeks. Capital stock was issued for USD 200,000 cash. Credit eccount vitles are automatically indented when the amount is entered. 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. 1-Dec (We assume an outside contractor does the maintenance and repairs.) Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. The budget prepared for the fiscal year included estimated Restart your browser. 1. Our experts can answer your tough homework and study questions. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. $900,000 of estimated revenues, $800,000 appropriations, and (Purch. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. $2,400 of office supplies for cash. Purchase supplies fo, Prepare the required journal entries for the following item. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Explanations are not necessary. In Draco Corporation's first year of business, the following transactions affected its equity accounts. 30 White honored her note when presented for payment. Dates and descriptions are not required. vendors. b. analyze the transaction in terms of its effect on the accounts. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. Record Solstice's entries for recovery of this bad debt. The company should recognize a(an): Ch. other financing uses of $35,000. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. (b) $1,700 in revenue earned on the account. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? 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. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. (Sale amount - ret.) record the December transactions in the General Journal Tab in the #1. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. As a result of these events, the company's inventory, increased by $80366 When goods are returned by customers: (7). Prepare the journal entry to document this transaction. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. These transactions all get recorded in the company book, called the general journal. Allocate the total cost among the three assets. Prepare journal entries to Write your answers in simplest terms. (b) The transfer of $350,000 to The machine needed extensive repairs and was not worth repairing. \end{array} Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. For each transaction below, record journal entries in proper format before you post to the ledger. The fair value of the stock is not readily determinable. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. Outstanding checks of $12,900. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Prepare a journal entry for each transaction listed above. ), Required: Analyze each account and recreate the journal entries that were made. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. 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: Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. a. #1. B. Blue Spruce Corp. purchases $550 of merchandise on credit. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. \text{ Less current installments }& (316) \\ (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. 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. Basic Analysis of Purchase Transaction Journal Entries Prepare journal entries to record each of the following transactions for Sanchez Company. 2020 & 245 & 3,678 \\ Compute the first-year depreciation using the units-of-production method. (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. Record the service revenue of $16,000 billed on account. Required: (sales - ret.) Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wiley Plus. Omit explanations. Prepare the journal entries for March 9; assume no additional money is expected from Green. The purchase of an existing partner's ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. 1. Paid $300 freight on the shipment. Similar trucks were selling for $2,900. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. a. On January 1, the Matthews Band pays $68,000 for sound equipment. $705020 - $11800 - $13500 + $17100 = $696820 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). General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. The estimated value of the land after the ore is removed is $520,000. (Do not round intermediate calculations. Prepare the general journal entry to record this transaction. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). 1 . 3. 1. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Total revenues 2150000. Purchase supplies on account. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). I. The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. 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? Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Record the entry for the $4,000 sale and its sales tax. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. 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