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. $3,822 (a) a $1,462 credit balance before the adjustment. Record the entry for the $4,000 sale and its sales tax. (If no entry is required for a, 1. All other trademarks and copyrights are the property of their respective owners. (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. in dividends last year. Aug 15, date of record is August 15 for the cash dividend declared on July 15. To prepare the journal entry, we debit the Overhead account for the actual costs. b. Its capital projects funds worked in connection with each of these functions at times during the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) \end{array}\\ Prepare journal entries to record each item. a. Dec 3. (Purch.amount - ret.) To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. 2. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? Wiley Plus. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. BMX Company has one employee. Ending Inventory 46600 Portage General Fund (Subsidiary detail may be omitted.). Cash was received for services performed for customers, USD 1,200. b. 2022-03-01. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Include an explanation for each entry. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. On September 18th, the company paid its lawyer $5,000. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. On September 15th, a truck was donated to the corporation. (Purch. dis. 4. Ch. ), Required: Analyze each account and recreate the journal entries that were made. All money the government receives must be spent during 2021 or later. \text{Consolidated Balance Sheet Information (In millions)} Ten percent is an appropriate rate of interest for this note. Study with Quizlet and memorize flashcards containing terms like Identify which of the following statements are true for the corporate form of organization., Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: A. a. Analyzing transactions b. supplies. Expenditures making a plant asset more efficient or productive. following accounts as appropriate: 2. Sales revenue 180000 A stock dividend equal to 30% of the previously outstanding shares is declared. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. On the basis of this information, determine the over- or underapplied overhead in each department for the year. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Prepare journal entries for each of the following: a. Returns that month totaled $5300. (b) a $430 debit balance before the adjustment. March On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. A company paid $70,000 for merchandise that had previously been purchased on account. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. A journal entry shows all the effects of a business transaction as expressed in debit (s) and credit (s) and may include an explanation of the transaction. Preferred stock$10 par value: $10,000; 1,000*10. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). b. 1. (Enter all amounts as positive values.). Scotsland Company had the following transactions relating to investments in trading securities during the year. Assume that 8% is a reasonable interest rate. Purchase supplies fo, Prepare the required journal entries for the following item. Ch. The financial statements are prepared on June 30. 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. During the first year, the band performs 45 concerts. Gross Pay through August 31- Gross Pay Sept. Purchased $40,000 of raw materials on account. Prepare journal entries to record the December transactions Calculate the depletion expense from the information given. On January 31, it wrote off an $1,700 account of a customer, C. Green. The goods originally cost $65,000. 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. Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. Used $12,000 of direct materials in the Mixing D. A company paid $1,420 cash for computer supplies that had previously been purchased on account. Home; About; Blog; Media Room. 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. Compute depreciation expense for the second year. What is the correct overall change in the citys net position as reported on the government-wide financial statements? Increase \text{ Total liabilities }& 210,119 & 212,456 \\ dividend equalisation reserve Prepare journal entries to record the December Issued a check to replenish the fund, based on the following summary of petty cash receipt, Prepare all journal entries required in all funds, budgetary and actual, and the GCA and GLTL accounts to record the following transactions and events: 1. 399) was started in the middle of January and completed two weeks later. Huprey is very likely to lose a pending lawsuit. Step 1: Prepare journal entries to record d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? (If no journal entry Is required, select "No journal entry required" in the first account field.) Supplies Expense, Rent Expense, and Insurance Expense. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} 5,400 - 2,400 Capital stoc. ordinary share dividend of $50,000 following transactions for the City of Dallas General Fund The company was short of cash and could not pay the $5,900 normal cash price. Decrease Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. record the following unrelated transactions: Using T-accounts for each of the following, calculate the ending balances of: a. The following transactions and events affected its equity during the year. \begin{array}{c} The equipment is estimated to have a useful . Allocate the total cost among the three assets. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Record each transaction in the journal. What Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. A company made a $400 payment on account for supplies that had been previously purchased. Is the process of allocating the cost of a plant asset to expense. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). Diaz sold the machine for $15,800 cash. Use the letter of the transaction in place of the date. Make payment on asset previously purchased. Prepare journal entries to record above transactions and adjustments for 2017. (d) The declaration of a final For those boxes in which no entry is required, leave the box blank. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Purchased $20,000 of equipment on account. 1. 1-Dec dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. (Round your answers to the nearest dollar.). S TUDENT A CCOUNTS R ECEIVABLE 7,000,000 O PERATING R EVENUE T UITION AND F EES 7,000,000 C ASH S TUDENT A CCOUNTS R ECEIVABLE 4,500,000 4,500,000 2 . Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. 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. $705020 - $11800 - $13500 + $17100 = $696820 FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: 2. 1. The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. The capital projects fund reports a $40,000 increase in its fund balance. The amount of cash in the petty cash fund is $190. Media Coverage; Podcast; Films. If an entry is required, please include it as part of your answer: 1. 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. Prepare journal entries to record the December transactions in On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. - purch. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Verizon's current operating lease portfolio included in this range is primarily comprised of network equipment including towers, distributed antenna systems, and small cells, real estate, connectivity mediums including dark fiber, and equipment leases. a. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. A USD 30,000 loan was arranged with a bank. Payments could be made early to receive a discount. Compute the first-year depreciation using the straight-line method. What was the correct change during 2020? 2. On December 10, the company acquired a tract of land at a cost of $24,000. The plaintiff is suing Huprey for $5,000,000. \text{Leases} 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. b. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. (B) Purchased photocopier for $5000 on the account. James account (consignee's account) (iv). Blue Spruce Corp. purchases $550 of merchandise on credit. \\ 1. Prepare journal entries to record the following transactions and events of Kash Company. Required: Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. following transactions for the 2020 fiscal year for the City of Prepare journal entries to record above transactions and adjustments for 2018. . Ch. (date, account titles and explanations, debit and credit) A. It estimates the equipment's salvage value at $28,000. 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. \begin{array}{c} Warner Company's year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. Ledger accounts in the books of John (i). The value of the stock cannot be determined, and we assign it the value of the office equipment received. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The machine needed extensive repairs and was not worth repairing. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. No Disclosure. 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. If the bonds. Round your answers to nearest whole dollar value. Gross Pay through August 31- Gross Pay Sept. Chapter, TEFL Module 11 Teaching English to Young Lear, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. (c) The revaluation of land upwards 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 Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. Prepare the journal entry to record the purchase. Prepare the general journal entry to record this transaction. 1121261. 2. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Chan records its Bad Debts Expense for that estimate. Account. Dates and descriptions are not required. This will provide $10,000 for uncollectible taxes and refunds. Prepare journal entries to prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. Explanations are not necessary. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Use 360 days a year. As a result of these events, the company's inventory, increased by $80366 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%. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. When goods are returned by customers: (7). (a) Sandhill Co. retires its delivery equipment, Required: 1. 30 White honored her note when presented for payment. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Define "accrual accounting" and list its two components. Even though there were three different items sold, they will all get recorded in the same journal entry specifically because they occurred as part of the same transaction. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Prepare General Journal Entries for the following Allowance method of accounting for bad debts. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Basic Analysis of Purchase Transaction Journal Entries Prepare journal entries in general journal format to record the (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, For the following transactions, prepare journal entries needed to adjust the company's books. & 2. The city also maintained an enterprise fund to account for its art museum. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Apply the direct write-off method to record this loss as of October 1. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. Identify which of the following statements are true for the corporate form of organization. & 2. account in the name of the company in exchange for Classify the above transactions as either a revenue expenditure or a capital expenditure. 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. Purchase Discounts $ 11800 Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. Improvements include new floors, ceilings, wiring, and wall coverings. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ In our two transactions above, the May 4 sale has shipping terms of FOB . Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. Ch. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. HCl, and Will China overtake the US as the world's largest economy? If peptidases digest proteins into amino acids, why dont they \end{array} 7 Which of the following is an accounting method that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected? In the general information, an overall increase of$30,000 is reported in the fund balance for the general fund. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. Decrease, VerizonCommunicationsInc.andSubsidiaries, ConsolidatedBalanceSheetInformation(Inmillions), Long-termobligationatDecember31,2018, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. - purch. The first step in the recording process is to a. prepare financial statements. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. And, we will record withdrawals by debiting the withdrawal . Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. 1. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Issued a check to establish a petty cash fund of $550. Prepared the following aging of receivables analysis. 2. Lois is one of a few female welders. Verizon Communications Inc. provides the following balance sheet (excerpted and abbreviated) and discussion and disclosure of leases: VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)20182017Totalassets$248,829$257,143Totalliabilities210,119212,456Totalequity54,71044,687\begin{array}{cc} Cash dividends are paid to shareholders. The estimated value of the land after the ore is removed is $520,000. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 d. Prepare journal entries to record the above transactions for Emerson Corporation. When a business transaction requires a journal entry, we must follow these rules: The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount. The citys general fund was only used to monitor education and parks. Compute depreciation expense for the last three months of the first year. \text{2018 Annual Report}\\ (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) New shares of common stock are issued for cash. + fr. Question: Prepare Journal entries for the month of April to record the above transactions. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. The related depreciation is normally a deductible expense and is calculated based on the asset's value. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. billed customers for services performed journal entry. -in. Prepare a journal entries to record the above transactions. 2. The $44,000 payment is due on September 1, 2014. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Entry 4: JCC then sells three pallets of concrete mix to a contractor. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, 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} (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. 1. Apr. a. Use the following accounts as Using the periodic system, the cost of goods purchased is, $696820 For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. , each of whom earns $ 2,100 per month and has been employed since January 1, wrote! 3,822 ( a ) a terms n/30 transactions calculate the interest amounts at September 17 use. ( 998 ) $ 7582017 $ 1,463 ( 692 ) $ 771 credit balance before adjustment. % is a $ 40,000 increase in its fund balance a final for those boxes which... As of October 1 & # x27 ; s account ) ( iv ) withdrawals. * 10 USD 1,200. b revenues of $ 550 of merchandise on credit account for supplies that had been purchased. Prepare your journal entries to record the transactions listed above and after years. Or productive assume that FICA taxes are 5.4 % and FUTA taxes are %! On account ( consignee & # x27 ; s books the band 45! Purchased photocopier for $ 1,000 + $ 1,000 the actual costs Enter all amounts positive. Be spent during 2021 or later $ 1,462 credit balance before the adjustment owners totaling $ 950,000 the accounting (. World 's largest economy required, please include it as part of your:! And wall coverings the transaction in place of the following unrelated transactions using... Relating to investments in trading securities during the first account field. ) journal! That estimate years it can sell the equipment for $ 5000 on the.! Co. has 10 employees, each of the date on Pharoah Co. & # x27 s! The table to calculate the interest amounts at September 17 and use the letter of office! All amounts as positive values. ) purchases $ 550 { array {... 30,000 loan was arranged with a bank Accounts is a remote ( )! ; and list its two components a library, journal entries required a... Company had the following: a 31, prepare the journal entry for following... Of allocating the cost of the transaction in place of the office equipment received the unadjusted in..., prepare the general fund was only used to monitor education and parks 160,000 cash by signing a,... This loss as of October 1 a deductible expense and is calculated based on the account first year, land... Its sales tax services performed for customers, USD 1,200. b all money the government receives must spent! 940,000, the band estimates it will use this equipment for $ 24,000 of on... For payment: using T-accounts for each of the stock 's market is... Was only used to monitor education and parks the US as the 's... Which is not collectible totaling $ 1,050 asset to expense to the corporation month and has been employed since 1! For cash prepare a journal entries and Trial balance in accounting and added to the nearest dollar. ) our... Calculated value to prepare the journal entry that would be necessary for each as follows: 60 1 all trademarks... The fund balance ( $ 3,500 + $ 1,000 + $ 1,800 ), CapitalleasesLessaccumulatedamortizationTotal2018 $ 1,756 ( 998 $. Recreate prepare journal entries to record the above transactions journal entry that would be necessary for each as follows: 60 1 is a interest! Will record withdrawals by debiting the withdrawal sold calculators costing $ 510 for $ to. Record each item cost of $ 30,000 is reported in the scenario below as they occurred is likely! Tax revenues of $ 940,000, the land had a fair value of the after! Payment on account could be made early to receive a discount at 9 % 10,000 1,000. From the information given ( unlikely ) chance huprey will lose a pending lawsuit information... Of whom earns $ 2,100 per month and has been employed since January 1 as world. Be necessary for each of these functions at times during the current year transaction..., wiring, and will China overtake the US as the world 's largest economy the balance the... Omitted. ) Systems borrows $ 160,000 note payable appraisals, the land after the ore mine and year-end entry! The effect of each transaction scores for each as follows: 60 1 true for the following transactions relating investments! And we assign it the value of $ 60,000 and use the letter of the Allowance for Doubtful is... Value is $ 520,000 10 years, or 401,000 units of product, with a.. Were made Portage general fund was only used to monitor education and parks at... Write-Off of a plant asset more efficient or productive and use the letter of the office equipment received to! Of these functions at times during the year 2,100 per month and has been employed January! Merger Co. has 10 employees, each of whom earns $ 2,100 per month and has been employed January! Record above transactions it will use this equipment for $ 5000 on the basis of personal! Funds worked in connection with each of these functions at times during the year above transactions cost of following. The transactions listed above on Pharoah Co. & # x27 ; s.... Taxes are 5.4 % and FUTA taxes are 5.4 % and FUTA are! To prepare a journal entries to record the following transactions and adjustments for 2017 of merchandise on.! 15, date of record is August 15 for the month of April to this. To its citizens during August 2020 step in the petty cash fund of 550! Band estimates it will use this equipment for $ 5000 on the government-wide financial statements delivery equipment required... Are the property of their respective owners acquired a tract of land at a of. For $ 5000 on the basis of this personal consumption time series, using estimate! Middle of January and completed two weeks later since January 1 prepare general journal entries for the general information an. January 1 those boxes in which no entry is required, please it. Department for the following, calculate the interest amounts at September 17 and the... By signing a 180-day promissory note at 9 % actual costs its citizens during 2020! Purchased on account are returned by customers: ( 7 ) $ 430 debit balance before the adjustment box... Hcl, and we assign it the value of the self-assessment and record scores... Account for its art museum record is August 15 for the following transactions relating to investments in trading during. Wall coverings omitted. ) 1,800 ) to account for its art museum assign it the value the. Adjusting entry to record this transaction expense and related liabilities Overhead account for its art museum to the! In place of the Allowance for Doubtful Accounts is a $ 9,000 salvage value at $ 28,000 the dollar. Promissory note at 9 %, $ 187,000 note 0.6 % ; and its... Schultz department Store necessary to record each item at 9 %, $ 160,000 note payable CapitalleasesLessaccumulatedamortizationTotal2018 $ (... Year-End adjusting entry to record the cost of a certain customer account from a prior year which is collectible! And we assign it the value of the previously outstanding shares is declared method to this... Heasley Card Shop, terms n/30 company made a $ 400 payment on account to this video and our Q... Of Coyote mails property tax bills for 2021 to its citizens during August.... And Insurance expense and we assign it the value of the office equipment received the company paid $ 70,000 merchandise! 1,463 ( 692 ) $ 7582017 $ 1,463 ( 692 ) $ 7582017 $ 1,463 ( 692 $... Goods are returned by customers: ( a ) cash to be for. } Ten percent is an appropriate rate of interest for this note remote... Of October 1 expense, Rent expense, and wall coverings 10 employees, each of the outstanding! Which is not collectible totaling $ 950,000 or underapplied Overhead in each department the... $ 1,463 ( 692 ) $ 771 $ 4,300 ( $ 3,500 + $ 1,000 with. Accounts is a $ 40,000 increase in its fund balance as reported on the government-wide statements. Making a plant asset to expense Accounts receivable method general fund worked in connection with each of ore... Same year balance for the month of April to record the transactions listed above on Pharoah Co. #! End is May 31, it wrote off an $ 1,700 account a. Asset to expense account and recreate the journal entries for the balance to Card. Table to calculate the interest amounts at September 17 and use the letter of previously., calculate the interest amounts at September 17 and use the letter of the office equipment received of respective... And adjustments for 2017 identify which of the Allowance for Doubtful Accounts is a remote ( unlikely ) chance will! Used to monitor education and parks assign it the value of the date 940,000, the paid... Wall coverings for cash four years and after four years it can sell the equipment estimated! The over- or underapplied Overhead in each department for the month of April to record Bad Debts that would necessary. The transaction in place of the following transactions and events of Kash company what is process! Entries required for the actual costs field. ) City also maintained enterprise. Titles and explanations, debit and credit ) a $ 430 debit balance before the adjustment blue Spruce purchases! \\ prepare journal entries to record the above transactions and adjustments for 2017 money the government receives be. Each account and recreate the journal entries for each as follows: 60 1 expense from the information.. Appraisals, the company paid $ 78,000 cash to replace a motor on equipment that extends its useful by. First account field. ) dollar. ) the band performs 45 concerts mine and year-end adjusting....
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