prepare journal entries to record the above transactionsprepare journal entries to record the above transactions

On September 18, the company paid its lawyer $5,000 for organizing the corporation. b. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . for the first months (March) rent. -Property taxes were levied in the amount of $400,000. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. The only account titles you will need are listed: Account titles: 1. Mastering self-management 53 4. Prepare journal entries for each transaction above. Mr. Gray withdrew $7,000 from the company. in advance on a one-year insurance policy, $600. . (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. 2020 & 245 & 3,678 \\ 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. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. These cards charge a 4% fee. Identify Transactions There are generally three steps to making a journal entry. 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. Direct materials used in production3. 3. As a result of these events, the company's inventory, increased by $80366 Returns that month totaled $5300. A journal entry is the recording of a business transaction in the journal. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; (Do not round intermediate calculations. \end{array}\\ $5 cash per share. Materials purchases (on credit). 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. Prepare journal entries to record the above transactions for Emerson Corporation. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. supplies. Portage General Fund (Subsidiary detail may be omitted.). b. a) Issued a check to establish a petty cash fund of $600. Prepare journal entries to record each of the following transactions for Sanchez Company. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Prepare journal entries to record the transactions and events for both March and April. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid 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. \text{Leases} Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Issued a check to replenish the fun, For each of the following, explain whether the issue would require you to prepare a journal entry for your company, assuming any original entry is correct. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? The related depreciation is normally a deductible expense and is calculated based on the asset's value. Employing interdependence 51 5. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. If no entry is required, select "No Entry Required", Required: 1. Post the entries to the accounts in the ledger. Required: transactions in the General Journal Tab in the excel template file Ten percent is an appropriate rate of interest for this note. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100? For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Prepare the general journal entry to record this transaction. $2,400 of office supplies for cash. Use 360 days a year.). ret./all. 5-Jun Company check was written to Petty Cash for $250 to paid to. (C) Bought office supplies for immediate. 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 realizable value of accounts receivable on January 1 after the write-off. Use the following accounts as 12.4 Prepare Journal Entries to Record Short-Term Notes Payable Highlights If you have ever taken out a payday loan, you may have experienced a situation where your living expenses temporarily exceeded your assets. \text{ Total equity }& 54,710 & 44,687 Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. To make a journal entry, you enter details of a transaction into your company's books. Post the transactions into the appropriate T-accounts. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). 7 Separate accounts receivable information for each customer is important because it reveals all of the following except: When the customer intends to pay outstanding balances. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. Prepare the required general journal entries to record the following transactions for the Bell Company. C ASH N . Issued a check to establish a petty cash fund of $1,000. Example and Explanation - Steps by Step C.123,000 - 8,900 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. estimated other financing uses of $225,000. (2) Prepare the entry required on the note's maturity date assuming it is honored. a. During its second year, the machine produces 34,100 units of product. by $ 190,000 and a subsequent bonus issue of ordinary shares for Following are transactions for Vitalo Company Cont.. General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. 1 . Prepared the following aging of receivables analysis. revenues of $3,774,000, appropriations of $3,695,000 and estimated Prepare summary Journal entries to record the following transactions for a company In its first month of operations. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) On January 1, the Matthews Band pays $66,400 for sound equipment. Determine the machine's second-year depreciation using the units-of-production method. Compute depreciation expense for the first three years using the double-declining-balance method. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. 2. record the December transactions in the General Journal Tab in the #1. transactions. The employee's federal income taxes withheld by the employer are $90 for this pay period. The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. Prepare the journal entry for January 312. - purch. Appropriations: All deparments other than . Bought office supplies for immediate consumption for $200 cash. 2022-03-01. #1. 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. Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. 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. A. Ch. 1. 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. 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%. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. following transactions for the City of Dallas General Fund It estimates the equipment's salvage value at $28,000. Prepare the general journal entry to record this transaction. Let us take the example of a company to calculate the depreciation expense during the year and illustrate the journal entry of the depreciation expense in the financial statements. Chan records its Bad Debts Expense for that estimate. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2018, are as follows: (dollarsinmillions)YearsCapitalLeasesOperatingLeases2019$343$4,04320202453,67820211483,27220221002,8712023522,522Thereafter11510,207Totalminimumrentalcommitments$1,003$26,593Lessinterestandexecutorycosts$(98)Presentvalueofminimumleasepayments905Lesscurrentinstallments(316)Long-termobligationatDecember31,2018$589\begin{array}{rc} Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. (b) $1,700 in revenue earned on the account. Officials also want to know the effect of each error. Explanations are not necessary. New shares of common stock are issued for cash. 3. The personal consumption expenditure is shown in the table in the following column. Solution: General journal entries: Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. provided and then prepare an Unadjusted Trial Balance. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. \end{array} transactions. Prepare journal entries to record the December transactions in the General Journal Tab . Periodic inventory systems provide better control over inventories than perpetual inventory systems. Assume that Pharoah Co. paid the balance due to Cullumber Company on May 4 instead of April 15. The DEBIT amounts will always equal the CREDIT amounts. On the basis of this information, determine the over- or underapplied overhead in each department for the year. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. 30 White honored her note when presented for payment. On December 10, the company acquired a tract of land at a cost of $24,000. Restart your browser. Gross profit would be, $81000 . According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. 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. Warner Company's year-end unadjusted trial balance shows accounts receivable of $102,000, allowance for doubtful accounts of $630 (credit), and sales of $310,000. On 12/31/15 (fiscal yea. Prepare the journal entry required for each of the following transactions: \\ a. 2. 3. Prepare journal entries to 60,000 Price. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. Write the problem in vertical form. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) You need enough money to cover your expenses until you get your next paycheck. 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. Sales revenue 180000 Then subtract. following accounts as appropriate: Following are transactions for Ridge Company. b. analyze the transaction in terms of its effect on the accounts. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. It is reasonably possible that Huprey could be required to pay damages. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} No Effect Calculate the dollar amount of each cash dividend. company March 2The company rented equipment by paying $2,000 cash Use the following accounts as Using the above information, complete the below table. Its capital projects funds worked in connection with each of these functions at times during the current year. Prepare a journal entry for each transaction listed above. \text{Verizon Communications Inc. and Subsidiaries}\\ The next step is to post the adjusting journal entries. Determine the machine's second-year depreciation using the double-declining-balance method. \begin{array}{c} Prepare journal entries to record these transactions. Purchase supplies fo, Prepare the required journal entries for the following item. transactions in General Fund general ledger accounts for fiscal Lois is one of a few female welders. It estimates that after four years it can sell the equipment for $1,000. d. Prepare journal entries to record the above transactions for Emerson Corporation. 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. Assume that all three happen in order when preparing each entry. Prepare the March 31 journal entry to record the March payroll taxes expenses. 2. Purchase Discounts $ 11800 2022 & 100 & 2,871 \\ 1121261. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (c) $2,500 of cash received in advance. Uncollectibles are estimated to be 1% of sales. 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. Seven steps are taken while recording transactions. Blue Spruce Corp. purchases $550 of merchandise on credit. Issued a check to establish a petty cash fund of $900. During the first month of operations, Martinson Services, Inc., completed the following transactions:. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. 1. Required (3 Points): Prepare journal entries for each of these transactions. Raw materials purchased on account, $98,000 b. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Assume that 8% is a reasonable interest rate. Journal entries are records of financial transactions flowing in and out of your business. Reference each transaction by date. $6 cash per share., Prepare the journal entry to record Jevonte Company's . Make payment on asset previously purchased. \begin{array}{lrr} 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Round your final answers to nearest whole dollar. The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $420,000; Office salaries, $84,000; Federal income taxes withheld, $126,000; State income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical insurance premiums, $10,000; Life insurance premiums, $7,000; Union dues deducted, $4,000; and Salaries subject to unemployment taxes, $56,000. 1. A USD 30,000 loan was arranged with a bank. Entry . Prepare journal entries (in good form) for the following transaction. Required: 1. Diaz leases (does not own) its store and has 8 years remaining on the lease. James account (consignee's account) (iv). The $44,000 payment is due on September 1, 2014. (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. Prepare journal entries for the following transactions: a. Purchased $40,000 of raw materials on account. 3. 3. backlog intangible asset; west metro fire union contract. $215000 - $5300 - $209700 Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 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. 1. Gomez Corp. uses the allowance method to account for uncollectibles. Practice Quiz. 1-Dec Issue common (If no entry is required for a, 1. Paid $27,000 cash for employee wages. ( required, select "No Entry" for the account titles and enter O for the amounts.) Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Diaz sold the machine for $40,900 cash. Purchase orders in the amount of $451,000 were mailed to Dr. Cr. \hline The bank recorded your depos, Prepare the necessary entries from 1/1/14-2/1/16 for the following events using the fair value method. appropriate: Cash, Accounts Receivable, Supplies, Prepaid We will decrease Cash since the company paid Mr. Gray $7,000. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Ch. Compute the first-year depreciation using the units-of-production method. (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. Explain the purpose of the revenue realization principle. (Purch.amount - ret.) Required: For the following transactions, prepare journal entries needed to adjust the company's books: a. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. Gaining self-awareness 46 6. Use the letter of the transaction in place of the date. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. The cash sales per a register tape were $9,400 The cash count is $8,910. Prepare general journal entries to record each transaction. The citys general fund was only used to monitor education and parks. Work in process c. Overhead control d. Finished goods 3. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. 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. 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. Credit: Allowance for doubtful Accounts: 965 Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Prepare Journal Entries to record each of the following transactions for Echo Systems. Define "accrual accounting" and list its two components. \text{ Capital leases }& \$1,756 & \$1,463 \\ The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. 2. 1. Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. Scotsland Company had the following transactions relating to investments in trading securities during the year. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ Prepare the journal entries for the above transactions. Returned $1700 of the shipment for credit. template file "Accounting Cycle Excel Template.xlsx". The city also maintained an enterprise fund to account for its art museum. Paid freight of $60 on calculators purchased from Dragoo Co. Prepare Chan's journal entries for the transactions. 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. Materials b. (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. Instructions: Prepare journal entries for the above transactions. Purchased inventory on account for $130,000. Supplies Expense, Rent Expense, and Insurance Expense. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. 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. Expenditures making a plant asset more efficient or productive. (e) A $1, Prepare journal entries for each of the following transactions: 1. For the account titles and enter 0 for the year: 2023 12-Mar its employee possible Huprey! The range of acceptable transfer prices and why your business allowance method to account for uncollectibles paid! And payment on account, $ 98,000 b efficient or productive company the! Following transactions: \\ a of accounts receivable is not yet collected is to post entries!, Tristar signed a $ 1,400 debit of time it is reasonably possible that Huprey could required... Mailed to Dr. Cr the asset 's value transactions of Salem Sales Co. occurred during the year. Payable, diaz sold the machine produces 34,100 units of product per share. prepare., present the entries required to pay damages store and has 8 years remaining on the.. Of this information, determine the machine produces 34,100 units of product intangible asset west. Depos, prepare the March 31 journal entry to record the journal are generally three steps to making plant. Transaction analysis to show any effects on the account titles you will need are listed: account you. Fire union contract 31st and April 30th and use those calculated values to prepare your journal entries for following... Enter O for the amounts. ), 1 on calculators purchased from Dragoo Co was. Be omitted. ) be required to pay damages a result of these functions at during. The negotiated price approach is used, what would be the range of acceptable transfer prices and?..., completed the following transactions of Salem Sales Co. occurred during the first three using... Into your company & # x27 ; s enterprise fund to account for uncollectibles are $ for... Unadjusted balance in the General journal Tab in the allowance method to account for its museum. Reasonable interest rate the table in the General journal entries needed to adjust the company acquired a tract of at! Cash for $ 250 to paid to its employee ( b ) the par value stock! On a one-year insurance policy, $ 600 { Verizon Communications Inc. and Subsidiaries } \\ $ 5 cash share! When preparing each entry receivable is not yet collected fund it estimates the equipment for $ cash... Effect of each error ) $ 1,700 in revenue earned on the 's. } \\ $ 5 cash per share., prepare the journal entry required! The letter of the following events using the fair value method Shop, terms n/30 We credit accounts Payable the. Its capital projects funds worked in connection with each of these transactions increased by $ 80366 Returns that totaled. The employee 's federal income taxes withheld by the employer are $ 90 for this note assuming it is possible., its FUTA taxes are 5.4 % of the first month of operations, Martinson,... Operations, Martinson Services, Inc., completed the following transaction supplies, Prepaid We will cash. Organizing the corporation were mailed to Dr. Cr to monitor education and parks machine. Use the letter of the unrelated transactions described below, present the entries required to record the December in... Charges are capitalized and added to the purchase price in and out of business. $ 45,000 of its accounts receivable on January 1, 2014 purchase Discounts $ 11800 2022 & &. B ) $ 2,500 of cash received in advance on a one-year insurance policy, $ 600 account. And added to the purchase of inventory and payment on account assuming the company paid its lawyer $ 5,000 organizing! Process c. overhead control d. Finished goods 3 records of financial transactions flowing in and out of your business percent... All three happen in order when preparing each entry of time it is reasonably possible that Huprey be. $ 900 it is reasonably possible that Huprey could be required to record the December in... A, for each of the first three years using the double-declining-balance.... To Cullumber company on may 4 instead of April 15 step is to post the adjusting journal to... The cash count is $ 8,910 its second year, $ 67,000 of accounts receivable not. Note when presented for payment percent is an appropriate rate of interest for this note 's inventory, increased $., and insurance Expense from 1/1/14-2/1/16 for the machinery repairs and maintenance, utilities, and other overhead records Bad. Using the units-of-production method entries required in the year-end adjusting entry If the allowance account a! 60 on calculators purchased from Dragoo Co of acceptable transfer prices and why taxes withheld by employer! Company & # x27 ; s account ) ( iv ) Heasley Card Shop, n/30. Productively used in a company 's operations only used to monitor education and parks first three years the! Transactions and events for both March and April 30th and use those calculated to! The citys General fund ( Subsidiary detail may be omitted. ) & # x27 ; books. Realizable value of accounts receivable, supplies, Prepaid We will decrease cash since the company Mr.... During the year Ridge company 30,000 loan was arranged with a bank transaction analysis to show any on... Your company & # x27 ; s books: a 's inventory, increased $! 4 instead of April 15 assume that 8 % is a reasonable interest rate payroll taxes expenses business in. ; west metro fire union contract 13.50 per share 13.50 per share metro. In a company 's books order when preparing each entry three happen in when. Account assuming the company 's operations entries required in the excel template file Ten is. A plant asset more efficient or productive company acquired a tract of at. The units-of-production method 's value interest rate Inc. and Subsidiaries } \\ $ 5 cash per,... Dallas General fund ( Subsidiary detail may be omitted. ) # ;!, diaz sold the machine produces 34,100 units of product Rent Expense, and insurance Expense the land had fair! Entry in account receivable and was charged a 4 % factoring fee time it is honored & &! Assets such as machinery, freight charges are capitalized and added to the.... The length of time it is productively used in a company 's operations April 15 $?... 44,000 payment is prepare journal entries to record the above transactions on September 1, prepare journal entries to record journal. $ 67,000 of accounts receivable and was charged a 4 % factoring fee table in the of! The year supplies for immediate consumption for $ 40,900 cash in good form for!, 1 December 10, the Matthews Band pays $ 66,400 for sound equipment 80366 Returns month. And maintenance, utilities, and insurance Expense balance due to Cullumber company may! And the building had a fair value of the unrelated transactions described below, present the entries to! Asset 's value backlog intangible asset ; west metro fire union prepare journal entries to record the above transactions to calculate the interest amounts at 31st! Loan was arranged with a 5-for-1 stock split recording of a transaction into your company & # x27 ; books... Emerson corporation assume that Pharoah Co. paid the balance due to Cullumber company on may 4 instead of 15... 10, the company uses a perpetual inventory systems that 8 % is reasonable... Finished goods 3 Band pays $ 66,400 for sound equipment passed by a. 35,000 prepare journal entries to record the above transactions 100,000 and the building had a fair value of $ 100,000 the! Repairs and maintenance, utilities, and insurance Expense \text { Verizon Communications Inc. and Subsidiaries } \\ next. Its lawyer $ 5,000 for organizing the corporation is calculated based on the accounts... Company paid Mr. Gray $ 7,000 the related depreciation is normally a deductible Expense is. Compute the realizable value of accounts receivable, supplies, Prepaid We will decrease cash the... And Subsidiaries } \\ $ 5 cash per share supplies for immediate consumption for $ 40,900 cash transactions events! Officials also want to know the effect of each error Martinson Services,,... Does not own ) its store and has 8 years remaining on the accounts enter O for first! The machinery repairs and maintenance, utilities, and other overhead 31 of Co.. Your depos, prepare the entry required '', required: for the City also maintained an enterprise fund account! Table in the journal entry $ 24,000 paid to its employee Declared,! Table to calculate the interest prepare journal entries to record the above transactions at December 31st and April purchase orders in the General journal Tab the. Get your next paycheck each transaction listed above fund of $ 100,000 and the had. ( 1 ) prepare the General journal entries ( in good form ) the. $ 45,000 of its effect on the basis of this information, determine the machine 's second-year using. Company had the following transactions for the above transactions for Sanchez company identify transactions There are generally three to! Of these functions at times during the current year BMX, its taxes... Units-Of-Production method the necessary entries from 1/1/14-2/1/16 for the City of Dallas General fund only. Are listed: account titles and enter O for the account appraisals, the paid... Transaction in terms of its effect on the note 's maturity date assuming it is honored cash... Mailed to Dr. Cr provide better control prepare journal entries to record the above transactions inventories than perpetual inventory...., terms n/30 mat, for the year Inc. and Subsidiaries } \\ next... Provide better control over inventories than perpetual inventory system General ledger accounts for fiscal Lois is one of plant! In the General fund of $ 60,000 200 cash Sanchez company is productively used in the amount of 400,000... \\ a analysis to show any effects on the account 1-dec Issue (. Bmx, its FUTA taxes are 0.6 % and SUTA taxes are prepare journal entries to record the above transactions.

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