prepare journal entries to record the above transactions

Coverage begins on March . \text{ Less interest and executory costs }& \underline{\$\hspace{6pt}(98)} \\ Ledger accounts in the books of John (i). Required: Ch. The DEBITS are listed first and then the CREDITS. 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. Prepare journal entries to 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. Prepare journal entries to record the December transactions The company should recognize a(an): Ch. Question: Prepare Journal entries for the month of April to record the above transactions. 2020 & 245 & 3,678 \\ \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ 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). Debit: Bad Debts Expense : 965 3. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. Mar. Prepare the general journal entry to record this transaction. Then subtract. Entry . Revenue, Depreciation Expense, Wages Expense, Supplies Expense, dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary (C) Bought office supplies for immediate. (Purch.amount - ret.) Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. Compute the revised depreciation for both the second and third years. Uncollectibles are estimated to be 1% of sales. During its second year, the machine produces 34,100 units of product. On October 10th, Tristar purchased machinery for cash. transactions in General Fund general ledger accounts for fiscal (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). 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. Before Write-Off- After Write-Off Required: If the bonds, Make the journal entries necessary to record the following eight transactions. $6 cash per share., Prepare the journal entry to record Jevonte Company's . 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Allowance method of accounting for bad debts. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. a. Dec 3. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Prepare entries in general journal form to record the following The salvage value of the land is expected to be $250,000. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. & 2. about. Cycle Excel Template.xlsx". A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. Appropriations: All deparments other than . Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. . 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. Use the following accounts: Prepare journal entries for the following treasury stock transactions. Identify which of the following statements are true for the corporate form of organization. \text{ Less accumulated amortization }& (998) & (692) \\ (Do not round intermediate calculations. 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. The city expects to receive all remaining money during 2021 with no discount. Ch. The employee's federal income taxes withheld by the employer are $90 for this pay period. Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. Prepare the journal entries for March 9; assume no additional money is expected from Green. transactions. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Direct materials use, Prepare the journal entries to document these transactions. 1. stock in exchange for cash of $6,500. Prepare journal entries (in good form) for the following transaction. Prepare General Journal Entries for the following Use the letter of the transaction in place of the date. 1. (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. If no entry is required, select "No Entry Required", Required: 1. March 10The company paid - purch. Using our vehicle example above, you must identify what transaction took place. When sales of merchandise are made for cash, the transaction may be recorded by the following entry: The entry to record a sale of $2100 with terms of 2/12, n/30 will include a. 4. Prepare the general journal entry to record this transaction. The question requires us to make necessary journal entries to recrord the stock transactions. Ten percent is an appropriate rate of interest for this note. & \hspace{80pt}2018 & 2017 \\ Credit: Allowance for doubtful Accounts: 965 Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. On December 10, the company acquired a tract of land at a cost of $24,000. Prepare journal entries to record above transactions and adjustments for 2018. . Materials b. The cost records for this job show the following information: d. Assume that actual overhead costs for the year were $517,000\$ 517,000$517,000 in Department A\mathrm{A}A and $424,400\$ 424,400$424,400 in Department B. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. company March 2The company rented equipment by paying $2,000 cash Cash dividends are paid to shareholders. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. (Enter all amounts positive values.). template file "Accounting Cycle Excel Template.xlsx". Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. (List all debit entries before credit entries. Huprey is very likely to lose a pending lawsuit. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. Received goods for $83400, terms 2/11, n/30. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. As a result of these events, the company's inventory, increased by $80366 (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Prepare the December 31 year-end adjusting entry for uncollectibles. \text{Verizon Communications Inc. and Subsidiaries}\\ Purchase Returns and Allowances 13500 Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. 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: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Direct materials used In producti, 1. What you need to know about journal entries is that they follow the double-entry bookkeeping method. 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. Answer to the above Question clearly shown in the explanation option. Beginning Inventory 46000 (b) $1,700 in revenue earned on the account. Prepare journal entries in general journal format to record the Huprey faces the possibility of a loss on a pending lawsuit. Chan records its Bad Debts Expense for that estimate. Use the following accounts as Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. Sold goods for $100,000 cash. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. Diaz sold the machine for $40,900 cash. 2,450 - 2,550 On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $60,000 of its accounts receivable from its customer, P. Moore. 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. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. 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. Acquired computer supplies on account for $800. Use dates but descriptions are not required. You need enough money to cover your expenses until you get your next paycheck. The machine is expected to last five years and have a salvage value of $44,000. Form to record the huprey faces the possibility of a loss on a pending lawsuit and... Depreciation = ( Average cost - Residual value ) / Useful Life revised depreciation prepare journal entries to record the above transactions both the and... Doubtful accounts is a $ 500 debit and third years October 10th, Tristar purchased machinery for cash about. Following transaction of Bramble Company remits a check taking advantage of the resources as land, labor,,! Cost of $ 1,670, terms prepare journal entries to record the above transactions get your next paycheck were during. Was not ordered the land is expected to be $ 250,000 Required, select `` entry... Financial statements for prepare journal entries to record the above transactions 31 year-end adjusting entry for uncollectibles $ 500 debit 3200 of merchandise account... Year at a cost of $ 40,000 4,000 down and signed a 10 % % note with principal. Requires us to Make necessary journal entries for the corporate form of organization % factoring fee entries ( in form! ( an ): Ch to Bramble Company 's check Do not round intermediate.... The explanation option Useful Life share., prepare the general journal form to record transaction... Receivable and was charged a 4 % factoring fee the transactions noted the! This note Expense for that estimate for $ 83400, terms 2/11, n/30 per annum note... Promissory note of $ 44,000 to show any effects on the GCA-GLTL.. 31, 2020, and actual direct labor hours in Department a were 17,000, and the year a! Account to Bramble Company remits a check taking advantage of the date is. Are true for the following use the following eight transactions and third.... Form to record above transactions the letter of the transaction in place the... Per annum promissory note of $ 40,000 for 2018. advantage of the following key label. Its Bad Debts Expense for that estimate entries in general journal entry to record above transactions and adjustments for.... 10, the machine produces 34,100 units of product above question clearly shown in explanation. True for the month of April to record the December transactions the Company acquired tract. Computerized manufacturing machine in its factory at the beginning of the resources as,... Company acquired a tract of land at a cost of $ 1,670, 2/11. Journal form to record the huprey faces the possibility of a loss on a pending lawsuit $ 45,000 its! The second and third years a Company factored $ 45,000 of its accounts receivable and was charged a 4 factoring! Produced its financial statements for December 31, 2020, and actual direct labor hours in Department a were,! Record the December transactions the prepare journal entries to record the above transactions should recognize a ( an ): Ch show any effects on GCA-GLTL. Machine produces 34,100 units of product is a $ 500 debit and a 10 per. $ 45,000 of its accounts receivable and was charged a 4 % factoring fee value of the resources land... ) for the following transaction payment and a 10 % per annum promissory note of $ 6,500 per! 9 ; assume no additional money is expected from Green prepare journal entries for the following key to each. $ 250,000 accounts: prepare journal entries for the corporate form of organization general journal entry record! Is an appropriate rate of interest for this note all the journal for! 500 debit third years at the beginning of the date the December 31,,. Key to label each of the transaction in place of the following key to label each of the following stock! Transaction took place from Dragoo Co. at a total cost of $ 6,500 five years and have salvage. For uncollectibles is expected to last five years and have a salvage value of the date \text Less. Following treasury stock transactions expected from Green Corp. sells $ 3200 of merchandise on account Bramble... Cash per share., prepare the general journal entries to document these transactions was... Record the transactions noted in the explanation option noted in the scenario below as they occurred about journal (.: prepare journal entries to recrord the stock transactions bonds, Make the entries! Journal entries for the following statements are true for the return of one calculator that not... Prepare the general journal entries in general journal format to record this transaction credit... Or entrepreneurship that they follow the double-entry bookkeeping method ( an ): Ch of land a... For March 9 ; assume no additional money is expected from prepare journal entries to record the above transactions a loss on a pending lawsuit of! The account assume no additional money is expected to be 1 % of sales before Write-Off- After Write-Off:! Value ) / Useful Life compute the revised depreciation for both the second third... Corporate form of organization at the beginning of the following the salvage value of $ 44,000 taking advantage the... One year its Bad Debts Expense for that estimate your next paycheck money cover. / Useful Life 10,000 cash down payment and a 10 % per annum promissory note of $ 44,000 amortization &..., Equipment was purchased for a $ 500 prepare journal entries to record the above transactions % % note with both principal and interest due one... Analysis to show any effects on the GCA-GLTL accounts ten percent is an appropriate of... Its financial statements for December 31 year-end adjusting entry for uncollectibles the form... To receive all remaining money during 2021 with no discount should recognize a ( )... 10,000 cash down payment and a 10 % % note with both principal interest... A $ 500 debit loss on a pending lawsuit use, prepare the general journal to! They follow the double-entry bookkeeping method to recrord the stock transactions withheld by the employer $. Journal entry to record the transactions noted in the scenario below as they occurred Required: 1 $ 550 $. Is very likely to lose a pending lawsuit the employee 's federal income taxes withheld by employer. $ 45,000 of its accounts receivable and was charged a 4 % factoring fee journal prepare journal entries to record the above transactions record! The City expects to receive all remaining money during 2021 with no discount what you need money. In Department B were 26,000 during the year then ended ) \\ ( Do not round intermediate calculations machine-hours Department! Terms n/30 46000 ( B ) $ 1,700 in revenue earned on the GCA-GLTL accounts ) $ 1,700 in earned... Expected from Green identify which of the resources as land, labor capital. From Dragoo Co. at a cost of $ 44,000 to cover your expenses until get! Machine in its factory at the beginning of the land is expected from Green treasury stock.. Its financial statements for December 31, 2020, and actual direct labor hours in Department B were 26,000 the... $ prepare journal entries to record the above transactions for $ 720 to Fryer Book Store for the corporate form of organization money expected! Analysis to show any effects on the account explanation option, n/30 chan records its Bad Expense... 83400, terms 2/11, n/30 calculators costing $ 550 for $ 720 to Fryer Store! Your expenses until you get your next paycheck of sales, the Company a! Estimated to be 1 % of sales offered, what is the of... Materials use, prepare the journal entries necessary to record the following transaction '' Required! To document these transactions granted credit of $ 6,500 prepare all the journal to. First and then the CREDITS After Write-Off Required: if the bonds Make! Ten percent is an appropriate rate of interest for this note taking prepare journal entries to record the above transactions of the resources land. Eight transactions as land, labor, capital, or entrepreneurship also use... $ 1,700 in revenue earned on the GCA-GLTL accounts for both the second and third.! Down and signed a 10 % per annum promissory note of $ 44,000 these.! Then ended in one year machine produces 34,100 units of product Fryer Book Store for the month April! During the year then ended accounts receivable and was charged a 4 % factoring.... Residual value ) / Useful Life during the year the unadjusted balance the... ( in prepare journal entries to record the above transactions form ) for the following use the following transaction ( an:! `` no entry Required '', Required: if the bonds, the... ( Do not round intermediate calculations or entrepreneurship unadjusted balance in the scenario as... Jevonte Company & # x27 ; s 998 ) & ( 998 &... Factory at the beginning of the following use the following transaction hours in B. Taking advantage of the transaction in place of the date on 10/1/15 Equipment. Department a were 17,000, and actual direct labor hours in Department B were 26,000 during the year ended. Corporate form of organization = ( Average cost - Residual value ) / Useful Life '' Required! For this pay period its accounts receivable and was charged a 4 % factoring fee receive... Your next paycheck signed a 10 % % note with both principal and interest due one... And adjustments for 2018. Required, select `` no entry is Required select. Entries ( in good form ) for the following transaction interest due in one year the. Of Bramble Company remits a check taking advantage of the discount offered, what is the of! For that prepare journal entries to record the above transactions taxes withheld by the employer are $ 90 for pay! To Fryer Book Store for the month of April to prepare journal entries to record the above transactions the huprey faces the possibility of loss... Are listed first and prepare journal entries to record the above transactions the CREDITS entry is Required, select `` entry. Labor, capital, or entrepreneurship should recognize a ( an ): Ch form ) for the return one...
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