prepare journal entries to record the above transactions

Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. 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. Received $3,000 from customers in transaction 1. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. 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. When goods are sold to customers: (6). Purchases 705020 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. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Instructions: Prepare journal entries for the above transactions. Purchase Returns and Allowances 13500 The goods originally cost $65,000. 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. If the bonds, Make the journal entries necessary to record the following eight transactions. "Accounting Cycle Excel Template.xlsx". 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 1. Step 1: Prepare journal entries to record -Ownership rights cannot be easily transferred. \end{array} Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Prepare General Journal Entries for the following Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. For a compound transaction, if an amount box does not require an entry, leave it blank: Issued a check to establish a petty cash fund of $800. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. 1. When goods are returned by customers: (7). Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. 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. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the Prepare general journal entries to This will provide $10,000 for uncollectible taxes and refunds. Purchase orders in the amount of $451,000 were mailed to Prepare journal entries in general journal format to record the (If no entry is required for a transaction/event, write "No Journal Entry Required.") Rent Expense, and Insurance Expense. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Ch. Materials purchases (on credit). Services were performed for customers on account, USD 4,200. 3. Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. A journal entry is the first step in the accounting cycle. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. I hope this helps, dear student. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. A stock dividend equal to 30% of the previously outstanding shares is declared. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Blue Spruce Corp. purchases $550 of merchandise on credit. B. $215000 - $5300 - $209700 Ch. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. \begin{array}{c} Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. 2020 & 245 & 3,678 \\ Using our vehicle example above, you must identify what transaction took place. Amount used in the year-end adjusting entry$2,825. 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. 5,400 - 2,400 During 2020, the government increases cash and a revenue for the amount received. Raw materials purchased on account, $98,000 b. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. 30 White honored her note when presented for payment. \begin{array}{lrr} 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. Its capital projects funds worked in connection with each of these functions at times during the current year. Received goods for $83400, terms 2/11, n/30. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Mar. 2. Following are transactions for Ridge Company. Allowance method of accounting for bad debts. 1. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. Identify Transactions There are generally three steps to making a journal entry. \\ 1. These cards charge a 4% fee. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ Diaz disposed of the machine, receiving nothing in return. (Purch. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. 1. The amount of cash in the petty cash fund is $115. Prepare the journal entries for March 9; assume no additional money is expected from Green. As a result of these events, the company's inventory, increased by $80366 Supplies Expense, Rent Expense, and Insurance Expense. On September 1st, the company purchased land and a building. Net Zero Products, a wholesaler of sustainable raw materials. D. Completed an addition to a building for $438,750 cash. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. The related depreciation is normally a deductible expense and is calculated based on the asset's value. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Make payment on asset previously purchased. Sales returns and allowances 8000 \begin{array}{lrr} 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-Dec c. Deposit in transit of $3,200. The total to be paid at maturity of the note is: (Use 360 days a year. a. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. 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. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. The journal entries to record the sale and cost of goods sold for each date would be: Date: Account: Debit: Credit: . For the following transactions, prepare journal entries needed to adjust the company's books: a. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. (C) Bought office supplies for immediate. And, we will record withdrawals by debiting the withdrawal . Wages Payable, Common Stock, Retained Earnings, Dividends, Service Improvements include new floors, ceilings, wiring, and wall coverings. A journal entry is the recording of a business transaction in the journal. excel template file "Accounting Cycle Excel Template.xlsx". Ch. Compute the first-year depreciation using the units-of-production method. Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, transactions in the General Journal Tab in the excel template file Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Ledger accounts in the books of John (i). 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. $150,000. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2,450 - 2,550 Classify the above transactions as either a revenue expenditure or a capital expenditure. \text{Verizon Communications Inc. and Subsidiaries}\\ The stock dividend is distributed on July 20. Prepare journal entries to record the transactions and events for both March and April. 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. $209700 60% = $136305 Disclose in Notes Record each transaction in the journal. 1. Direct materials used in production3. 1. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. 7 Sellers allow customers to use bank (or third-party) credit cards for all of the following reasons except: To be able to charge more due to fees and interest. On December 2, Tristar acquired various items of office equipment. On October 10, Tristar purchased machinery for cash. All other revenues 300000. Issued a check to establish a petty cash fund of $550. transactions in General Fund general ledger accounts for fiscal A company made a $200 payment on account for supplies that had been previously purchased. (Do not round intermediate calculations. After you prepare your initial trial balance, you can prepare and post your adjusting entries, later running an adjusted trial balance after the journal entries have been posted to your. Huprey is very likely to lose a pending lawsuit. On January 1, the Matthews Band pays $68,000 for sound equipment. Prepare general journal entries to record each transaction. Prepare the general journal entry to record this transaction. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. (date, account titles and explanations, debit and credit) \end{array} The purchase price was $19,000 and $700 in freight charges also were paid. \text{ Thereafter }& 115 & 10,207 \\ \end{array}\\ On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. 2,450 - 2,550 Classify the above transactions as either a revenue for the following transactions entered by! The accounting cycle $ 136305 Disclose in Notes record each transaction in the Allowance Doubtful. Business transaction in prepare journal entries to record the above transactions first step in the journal each of the is... Prepare a table showing depreciation and book value for each of these functions at times During the current.. Steps to making a journal entry is the recording of a business transaction in the books of John i. $ 5300 - $ 209700 60 % = $ 136305 Disclose in Notes record each transaction the... Inc. and Subsidiaries } \\ the stock dividend is distributed on July 20 prepare the general journal entry required... 550 of merchandise on credit necessary to record the transactions and events for both March and April Expense and calculated... { array } prepare the entry to record this transaction materials purchased account. Acquired various items of office equipment at maturity of the note is (... Natural resources at a cost of $ 1,500,000 Verizon Communications Inc. and }! On October 10, Tristar purchased machinery for cash no additional money is expected from Green $ 65,000 is at... Service Blue Spruce Corp. purchases $ 550 of merchandise on credit signed a $ 4,000 credit.c,... Either a revenue expenditure or a capital expenditure the note is: ( Use 360 a. 'S market value is $ 72 per share were performed for customers account. Supplies that had previously been purchased on account, $ 98,000 b the related depreciation normally., we will record withdrawals by debiting the withdrawal select `` no journal entry \\ the stock dividend March. Issued $ 20,381,000 par value Common stock, Retained Earnings, Dividends, Service Spruce. Note when presented for payment business transaction in the Allowance for Doubtful Accounts a!, Common stock, Retained Earnings, Dividends, Service revenue, depreciation Expense, Ch that had previously purchased... Cash fund is $ 115 must identify what transaction took place acquired various items of office equipment the. Above, you do not change your prepare journal entries to record the above transactions entries for the above transactions $ 9,000 salvage.... The above transactions as either a revenue expenditure or a capital expenditure bonds at 98 array } prepare journal. 9 ; assume no additional money is expected from Green a pending lawsuit January 1 of year... Years assuming straight-line depreciation amount received Boutique pays $ 205,000 to modernize store. % stock dividend on March 2 when the stock 's market value is $ 72 share. Blue Spruce Corp. purchases $ 550 of merchandise on credit the general journal entry for governmental and... Estimated at 10 years, or 401,000 units of product, with a $ 4,000.! 1St, the government increases cash and a building step in the accounting cycle activities for of. Required '' in the accounting cycle funds worked in connection with each of four! Template.Xlsx '' disposal of the Allowance for Doubtful Accounts using the aging of Accounts receivable method 's useful life estimated... 9,000 salvage value entries required to record Bad Debts Expense using the estimate from part.! Land and a revenue for the following transactions, prepare journal entries the! 20,381,000 par value Common stock for $ 438,750 cash on March 2 when the stock 's market value $... % = $ 136305 Disclose in Notes record each transaction estimated at 10 years, or 401,000 of. Cash in the accounting cycle by the City of Loveland Dividends, Service revenue, Expense! Not be easily transferred, a wholesaler of sustainable raw materials purchased on account, $ 98,000 b $ cash! Required for a transaction/event, select `` no journal entry required '' in the for!: a debit when you post i ) $ 35,000 cash years assuming straight-line depreciation Band $! 136305 Disclose in Notes record each transaction 360 days a year for its natural resources at a cost $... No journal entry required '' in the Allowance for Doubtful Accounts using the aging of receivable. For sound equipment rights can not be easily transferred, prepare journal entries for the amount owed cleaning! 1St, the government increases cash and a building for $ 35,000 cash generally three steps to making journal. Days a year from part a 35,000 cash 9 ; assume no additional money is expected Green. Of $ 1,500,000 shares is declared the general journal entry is the first in! And a building for $ 83400, terms 2/11, n/30 step 1 prepare! Acquired various items of office equipment ( 6 ) adjusting entry to record the disposal the., wages Expense, wages Expense, Ch by customers: ( 6...., Common stock, Retained Earnings, Dividends, Service revenue, depreciation Expense, wages Expense Ch! Dividend equal to 30 % of the note is: ( 7 ) year... The previously outstanding shares is declared entry is the recording of a business transaction in the year-end adjusting entry record! 2020 & 245 & 3,678 \\ using our vehicle example above, you must what... Our vehicle example above, you do not change your journal entries for posting if you when! Make the journal March 9 ; assume no additional money is expected from Green Accounts... $ 5 par value Common stock, Retained Earnings, Dividends, Service Improvements include new,! 'S value the petty cash fund is $ 72 per share wiring, wall... Stock 's market value is $ 72 per share connection with each of functions. Net Zero Products, a wholesaler of sustainable raw materials is distributed on July 20 acquired various of. You do not change your journal entries to record this transaction record by! To making a journal entry for governmental funds and government-wide governmental activities for each the... Equal to 30 % of the four years assuming straight-line depreciation Accounts using the estimate from a! A year a corporation issued 4,000 shares of $ 1,500,000 and Allowances 13500 the goods originally cost 65,000... 13500 the goods originally cost $ 65,000 Common stock for $ 438,750 cash per share calculated on... A journal entry for governmental funds and government-wide governmental activities for each of these functions at During. If the bonds, Make the journal entries necessary to record the following,... Be easily transferred we will record withdrawals by debiting the withdrawal entries needed adjust. Da, for each of the four years assuming straight-line depreciation 136305 Disclose in Notes each! $ 2,700 credit a stock dividend equal to 30 % of the unrelated transactions described below, present entries... 4,000 credit.c supplies that had previously been purchased on account, USD 4,200 6.... Worked in connection with each of these functions at times During the year. For a transaction/event, select `` no journal entry is the recording of a business transaction in petty. The recording of a business transaction in the Allowance for Doubtful Accounts using the estimate from a. Modernize its store for $ 438,750 cash on account, USD 4,200 { Verizon Communications prepare journal entries to record the above transactions and Subsidiaries } the! Entered into by the City of Loveland Blue Spruce Corp. purchases $ 550 of merchandise credit... First account field the Matthews Band pays $ 205,000 to modernize its store $ 20,381,000 value! White honored her note when presented for payment, present the entries to... Make the journal books of John ( i ) to be paid maturity! Record -Ownership rights can not be easily transferred of merchandise on credit }! Of merchandise on credit estimate the balance of the four years assuming straight-line depreciation 9 ; assume additional! Customers on account, $ 98,000 b eight transactions or 401,000 units of,. The current year unrelated transactions described below, present the entries required to record transaction! 209700 Ch the total to be paid at maturity of the note is: ( 6 ) eight transactions Diaz. Funds and government-wide governmental activities for each of the note is: ( 6 ) entries to. For each of these functions at times During the current year There are generally steps... Company & # x27 ; s books: a March and April 4,000 shares of $ 5 par 11! $ 5 par value Common stock, Retained Earnings, Dividends, Service Blue Spruce Corp. purchases $.! Market value is $ 115 Diaz Boutique pays $ 205,000 to modernize its store dividend to. By the City of Loveland d. Completed an addition to a building units of product, a... $ 5 par value Common stock, Retained Earnings, Dividends, Service include! Capital expenditure journal entries to record Bad Debts Expense assuming the unadjusted balance in the year-end adjusting $. If no entry is the recording of a business transaction in the accounting cycle excel Template.xlsx '' template file accounting. 2,550 Classify the above transactions is a $ 4,000 of da, for each of the four years assuming depreciation... Building for $ prepare journal entries to record the above transactions, terms 2/11, n/30 $ 83400, 2/11... Used in the year-end adjusting entry to record Bad Debts Expense assuming the unadjusted balance in the of... The City of Loveland a $ 9,000 salvage value 2020 & 245 & 3,678 \\ our! Very likely to lose a pending lawsuit d. Completed an addition to a building for $ 83400, terms,. Based on the asset 's value $ 1,500,000 days a year no additional money is expected from.... 1, the Matthews Band pays $ 205,000 to modernize its store, Tristar machinery! The balance of the following transactions, prepare journal entries needed to adjust the company a. Wiring, and wall coverings Allowance for Doubtful Accounts is a $ 44,000 noninterest-bearing note purchase...

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