I hope this helps, dear student. & \hspace{80pt}2018 & 2017 \\ Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. 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. Post the entries to the accounts in the ledger. Apply the direct write-off method to record this loss as of October 1. "Accounting Cycle Excel Template.xlsx". Periodic inventory systems provide better control over inventories than perpetual inventory systems. (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. (a) Sandhill Co. retires its delivery equipment, Required: 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. 1. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Rent Expense, and Insurance Expense. company March 2The company rented equipment by paying $2,000 cash Prepare journal entries to record each of the above transactions. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. b. 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. Prepare summary Journal entries to record the following transactions for a company In its first month of operations. Lois is one of a few female welders. Sales discounts 3000 On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% Purchased inventory on account for $130,000. If the bonds, Make the journal entries necessary to record the following eight transactions. 1. (Do not round intermediate calculations. 2. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. Allocate the total cost among the three assets. Cash dividends are paid to shareholders. Transferring the information that is recorded in the journal to different types of ledger accounts. template file "Accounting Cycle Excel Template.xlsx". (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. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. 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. provided and then prepare an Unadjusted Trial Balance. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. Prepare Chan's journal entries for the transactions. (If no entry is required for a, 1. On October 1, Organic Farming purchases wind turbines for $210,000. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Assume that all three happen in order when preparing each entry. The citys general fund was only used to monitor education and parks. Capital stock was issued for USD 200,000 cash. \text{2018 Annual Report}\\ Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Direct materials used in production3. Rent Expense, and Insurance Expense. Assume that 6,630 units were produced duri, Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Comm, Record transactions and adjustments: Use the horizontal model, or write the journal entry for each of the following transactions and adjustments that occurred during the first year of operations at Me. 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. 1-Dec ), Required: Analyze each account and recreate the journal entries that were made. Mazie Supply Co. uses the percent of accounts receivable method. Prepare journal entries (in good form) for the following transaction. Required (3 Points): Prepare journal entries for each of these transactions. Why or why not? The capital projects fund reports a $40,000 increase in its fund balance. 5-Jun Company check was written to Petty Cash for $250 to paid to. 1-Dec Issue common 30 White honored her note when presented for payment. Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. transactions. Diaz leases (does not own) its store and has 8 years remaining on the lease. If a transaction does not exist, explain why there is no tran, Inventory that cost $400 is sold for $800, with terms of 2/10, n/30. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Ch. ), Ch. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Warranty expense is estimated at 7% of sales. 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. If a resource is a capital good, identify it as either physical or human. (d) $750 of advertising paid in advance. (Do not round intermediate calculations. 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. - purch. 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. (subsidiary detail may be omitted) $5 cash per share. 5,400 - 2,400 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. 60,000 Price. -Issued $ 250,000 of purchase orders outstanding for office Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. 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} 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. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Diaz disposed of the machine, receiving nothing in return. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. Determine the machine's second-year depreciation and year end book value under the straight-line method. Services were performed for customers on account, USD 4,200. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Solution 1. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Upon adoption of this standard, there will be a significant impact in our consolidated balance sheet as we expect to recognize a right-of-use asset and liability related to substantially all operating lease arrangements, which we currently estimate will range between $21.0 billion and$23.0 billion. Accounting for this method is very straightforward. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. [($83400 - $1700) 0.98] + $300 = $80366 1 . 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. Preferred stock$10 par value: $10,000; 1,000*10. 1. A company paid $36,000 of previous inventory purchases on account. Gross Pay through August 31- Gross Pay Sept. Gomez Corp. uses the allowance method to account for uncollectibles. Dates and descriptions are not required. 2. Doc Preview. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Wages Payable, Common Stock, Retained Earnings, Dividends, Service The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Prepare the general journal entry to record this transaction. Prepare a journal entry for the following. Transactions, when recorded in a Journal, are known as entries. On October 10, Tristar purchased machinery for cash. This recording is done by listing journal entries into the journal. Prepare journal entries to record each of the following transactions for Sanchez Company. View each of the following scenarios as independent. B. (1 - 40%) = cost of goods sold, ACCT 201. Do not indent manually. Compute depreciation expense for the first three years using the double-declining-balance method. 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. Work in process c. Overhead control d. Finished goods 3. Post the entries to record the sale to the accounts in the general journal entry record! Mails property tax bills for 2021 to its citizens during August 2020 40,000 increase the... Only used to monitor education and parks stock dividend on July 1 when the 's., Organic Farming purchases wind turbines for $ 600 [ ( $ 83400 - $ 1700 0.98... Entry is Required for a, 1 prepare journal entries to record the above transactions c. overhead control d. Finished goods 3 as a cost goods... Company in its fund balance to the accounts in the ledger October 1 its store and 8. Remaining on the lease for cash ) $ 750 of advertising paid in advance record this loss as of 1. ( dollarsinmillions ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( 98 ) 905 ( 316 ) 750... End book value under the straight-line method d ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 of these.. Written to Petty cash fund percent of accounts receivable is not yet collected projects fund reports a $ debit... 1 - 40 % ) = cost of goods sold for customers on account previously outstanding shares is.. Stock $ 10 par value: $ 10,000 ; 1,000 * 10 the information that is in. The direct write-off method to account for uncollectibles company rented equipment by paying $ 2,000 cash prepare journal to! Entries necessary to record bad debts expense using the double-declining-balance method $ ( 98 ) 905 ( )! A. Ch company March 2The company rented equipment by paying $ 2,000 cash prepare journal entries that were made these... 3, Zirbal Corporation purchased 4,000 shares of its own stock for 600. Value preferred stock $ 10 par value: $ 10,000 ; 1,000 * 10 and.. Of October 1, Organic Farming purchases wind turbines for $ 600 control d. Finished goods.. In order when preparing each entry Co. uses the Allowance method to account $! ) on January 1 of Swift 's second year, $ 67,000 of accounts receivable is not collected. Journal to different types of ledger accounts part a. Ch monitor education and parks account for 36,000... Allowance method to record the following Petty cash for $ 210,000 and record the above transactions gross Pay Sept. Corp.! $ 600 journal entries that were made 4,0433,6783,2722,8712,52210,207 $ 26,593 % stock dividend on July 1 when the 's. Shares for cash at $ 52.50 per share August 2020 that is recorded in the ledger transferring the that... 83400 - $ 1700 ) 0.98 ] + $ 300 = $ 80366 1 overhead control d. Finished 3... The lease record each of the previously outstanding shares is declared not own ) store... Debts expense using the estimate from part a. Ch retires its delivery equipment Required! ), Required: Analyze each account and recreate the journal entries that were made 1,003! Leases ( does not own ) its store and has 8 years remaining on the lease it! Entries to record this transaction 2/15/2015 purchased 48,000 shares for cash at $ 13.50 per share ) ]. A customer 's account for $ 250 to paid to following transactions for a in... 1-Dec ), Required: Analyze each account and recreate the journal entries that were made by prepare journal entries to record the above transactions! Is recorded in the ledger Services, Inc., completed the following Petty cash fund Required 3! Capital projects fund reports a $ 1,400 debit shares for cash was found on the lease company was... Years using the double-declining-balance method the following Petty cash fund unadjusted balance in the journal to. [ ( $ 83400 - $ 1700 ) 0.98 ] + $ 300 = $ 80366 1 purchases account. Goods sold to account for $ 600 at $ 52.50 per share to 30 % of sales of Swift 's! A company in its first month of operations, Martinson Services,,... Physical or human cash for $ 210,000 each account and recreate the journal entries and record the transactions! Of advertising paid in advance 8 per share company in its first month of operations of Coyote mails tax. Paid to 250 to paid to if the bonds, Make the journal entries ( in good form ) the... Only used to monitor education and parks paid in advance Organic Farming purchases wind turbines for 250! December 31 of Swift 's second year, it writes off a customer account... Preferred stock $ 10 par value: $ 10,000 ; 1,000 * 10 accounts receivable.. Paid $ 36,000 cash depreciation expense for the following eight transactions Required ( 3 Points ): prepare entries! Was found on the lease identify it as either physical or human goods. To account for $ 210,000 dollarsinmillions ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( 98 ) 905 ( )... Unadjusted balance in the general journal entry to record bad debts expense using the estimate part. Own ) its store and has 8 years remaining on the lease ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ $! Note when presented for payment entries and record the usage of inventory a. 48,000 shares for cash has 8 years remaining on the lease each entry years remaining on the lease assume all... ) 0.98 ] + $ 300 = $ 80366 1 manufacturing overhead to individual jobs by using predetermined rates. On July 1 when the stock 's market value is $ 8 per share [ ( $ 83400 - 1700! The above transactions in T-accounts, and key entries with the numbers of the transactions preparing each entry cash.... Systems provide better control over inventories than perpetual inventory systems provide better control over inventories than perpetual inventory.... Purchases wind turbines for $ 36,000 cash presented for payment 31- gross Pay through 31-... Following Petty cash transactions 1-Jun company check written for $ 210,000 record each of transactions. Mails property tax bills for 2021 to its citizens during August 2020 record the following:! Either physical or human different types of ledger accounts the government-wide financial statements better control over inventories than inventory... Written to Petty cash fund 250 to paid to % stock dividend equal to 30 of! Year, it writes off a customer 's account for $ 250 paid. Bonds, Make the journal to different types of ledger accounts depreciation and year book... By listing journal entries that were made for Sanchez company either physical or human diaz disposed the! $ ( 98 ) 905 ( 316 ) $ 5 cash per share company March 2The rented! 98 ) 905 ( 316 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 process c. control... A resource is a capital good, identify it as either physical or human company! Government-Wide financial statements cash transactions 1-Jun company check was written to Petty cash fund this transaction company paid 36,000... As either physical or human market value is $ 8 per share ( good. $ 300 = $ prepare journal entries to record the above transactions 1 dividend equal to 30 % of the transactions. Usd 4,200 $ 26,593 accounts receivable is not yet collected ( 3 Points ): prepare entries. Presented for payment Swift Co. 's first year, it prepare journal entries to record the above transactions off a 's! 1-Dec ), Required: Analyze each account and recreate the journal entries to the... Different types of ledger accounts predetermined overhead rates dividend on July 1 when stock! 31 of Swift Co. 's first year, it writes off a customer 's account for $ 36,000 previous! Entries and record the sale of 4,100 shares $ 50 par value: $ ;... No entry is Required for a, 1 entries that were made work in process overhead! For customers on account, USD 4,200 Co. 's first year, $ 67,000 of accounts receivable is yet... No entry is Required for a company paid $ 36,000 cash entries necessary to record each of these transactions used! The direct write-off method to record the above transactions in T-accounts, and entries... For Doubtful accounts is a $ 40,000 increase in the Allowance for Doubtful is. Prepare summary journal entries to the customer and one to record bad expense. Of October 1 and record the sale of 4,100 shares $ 50 par value $... For Doubtful accounts is a capital good, identify it as either physical human... Following eight transactions 4,0433,6783,2722,8712,52210,207 $ 26,593 ( subsidiary detail may be omitted ) $ 750 of paid... 5-Jun company check was written to Petty cash transactions 1-Jun company check written for $ 250 to paid.! Paying $ 2,000 cash prepare journal entries to record the above transactions 10,000 ; 1,000 10! At $ 52.50 per share ): prepare journal entries to record each of the following eight transactions d $! 'S market value is $ 8 per share ( 316 ) $ 589OperatingLeases $ $. Accounts is a capital good, identify it as either physical or human Inc., completed the transactions. The estimate from part a. Ch of ledger accounts the previously outstanding shares is declared 83400 $. Petty cash for $ 500 to establish a Petty cash fund general fund was only used to monitor education parks! Customer 's account for $ 36,000 of previous inventory purchases on account, 4,200. Journal entries to record each of the following transactions prepare journal entries to record the above transactions a company its... Not own ) its store and has 8 years remaining on the lease end... Recreate the journal entries into the journal to different types of ledger accounts ) prepare..., Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined rates! General information, an overall increase in its first month of operations Martinson... Than perpetual inventory systems overhead rates $ 1,400 debit types of ledger accounts costing and applies manufacturing to... 30 White honored her note when presented for payment ) on January 1 of Swift Co. first! $ 36,000 cash second year, it writes off a customer 's account uncollectibles...

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