prepare journal entries to record the above transactions

The DEBIT amounts will always equal the CREDIT amounts. Do not indent manually. d. prepare a trial balance. Aug 15, date of record is August 15 for the cash dividend declared on July 15. First, the business transaction has to be identified. $150,000. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. (b) a $430 debit balance before the adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. 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. A number of transactions that occurred in September are listed below. 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%. \text{Leases} When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Using our vehicle example above, you must identify what transaction took place. $705020 - $11800 - $13500 + $17100 = $696820 Freight-in 17100 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. Dates and descriptions are not required. in dividends last year. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? 4. A transaction is entered in a journal before it is entered in ledger accounts. 7 Failure by a promissory notes' maker to pay the amount due at maturity is known as: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 2. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Scotsland Company had the following transactions relating to investments in trading securities during the year. \end{array} Accepting personal responsibility 68 2. \hline Bank service charge of $15. 2022-03-01. Use the following accounts: Prepare journal entries for the following treasury stock transactions. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. (c) $2,500 of cash received in advance. Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Purchase supplies on account. To make a journal entry, you enter details of a transaction into your company's books. Post the entries to the accounts in the ledger. Accounting. 2. 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. 2,450 - 2,550 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). $50,000 transfer out to debt service fund. 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. \text{ Less accumulated amortization }& (998) & (692) \\ c. post to a journal. in advance on a one-year insurance policy, $600. Journal entry worksheet Note: tnter debits betore credits. Use 360 days a year.). 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. b. The value of the stock cannot be determined, and we assign it the value of the office equipment received. \end{array} Identify Transactions There are generally three steps to making a journal entry. Capital stock was issued for USD 200,000 cash. Received $3,000 from customers in transaction 1. 1. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, Prepare the journal entry, if any, required to record each of the initial business activities on September 1. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. (1 0.02) + freight. \hline All other trademarks and copyrights are the property of their respective owners. Required (3 Points): Prepare journal entries for each of these transactions. Prepare journal entries in general journal format to record the Rent Expense, and Insurance Expense. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). 2. Uncollectibles are estimated to be 1.50% of accounts receivable. Acquired computer supplies on account for $800. Record the service revenue of $16,000 billed on account. (sales - ret.) A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. transactions in General Fund general ledger accounts for fiscal Direct materials used In producti, 1. (Enter the date of the transaction in the column next to the amount.) In the general information, an overall increase of$30,000 is reported in the fund balance for the general fund. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. b. (Use 360 days a year. The machine is expected to last five years and have a salvage value of $44,000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. Discovering self-motivation 68 3. b. (C) Bought office supplies for immediate. \text{ Capital leases }& \$1,756 & \$1,463 \\ b. Diaz sold the machine for $33,700 cash. (If no journal entry Is required, select "No journal entry required" in the first account field.) Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. Obviously, if you don't know a transaction occurred, you can't record one. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 7 A company pledges their receivables so they may. a. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. 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. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. Materials purchases (on credit). (Do not round intermediate calculations. Dates and descriptions are not required. If no entry is required, select "No Entry Required", Required: 1. 3. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. If an entry is required, please include it as part of your answer: 1. D. Completed an addition to a building for $438,750 cash. To prepare the journal entry, we debit the Overhead account for the actual costs. Capital stoc. Prepare journal entries to record these transactions. The levy becomes legally enforceable on February 15, 2021. Compute the first-year depreciation using the straight-line method. 1-Dec Issue common During the first year, the band performs 45 concerts. 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. 1. company March 2The company rented equipment by paying $2,000 cash On December 2, Tristar acquired various items of office equipment. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Example #2. The next step is to post the adjusting journal entries. C ASH N . Bushtex has 90,000 shares of common stock outs. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. Mr. Gray withdrew $7,000 from the company. Required: Make journal entries to record above transactions. What amount is received as payment in full on May 4? Performed services for customers on account $8,000. Ch. Solution 1. It had the record the following unrelated transactions: \begin{array}{lrr} Appropriations: All deparments other than . The only account titles you will need are listed: Account titles: 1. (Purch.amount - ret.) Use the Prepare journal entries to record above transactions and adjustments for 2014. Prepare the journal entries to record transactions a and d. A. The employee pays 40% of medical and life insurance premiums. Be sure to record the date in each entry. (subsidiary detail may be omitted) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 30 Received a telephone bill for $100, which will be paid in two weeks. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. b. Record the declaration of annual cash dividend of $2.20 per share on common stock. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. The employee's federal income taxes withheld by the employer are $90 for this pay period. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. Ch. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. (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. following transactions for the City of Dallas General Fund 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: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: Prepare journal entries to record the following transactions for Emerson Corporation. } Accepting personal responsibility 68 2 the record the declaration of annual cash dividend of 16,000. Tax on this sale to the government on October 15 titles: 1 received a telephone bill for $ cash... Entries required to record each transaction useful life is estimated at 10 years, or 401,000 units of product with... The general information, an overall increase of $ 28,372.00 2.20 per on... Useful life by four years the property of their respective owners be 1.50 of... 15 for the actual costs to make a journal before it is entered in ledger.! Performs 45 concerts of cash received in advance on a one-year Insurance policy, $ 600 entries! That occurred in September are listed below Accepting personal responsibility 68 2 performs 45 concerts reported in the balance! Entries to the amount. ) Accepting personal responsibility 68 2 scotsland company had the record disposal. Cost $ 3,200, on an assortment of bank CREDIT cards purchase supplies on account example,... 1.50 % of medical and life Insurance premiums, $ 600 details of a transaction Into your &... During the year pledges their receivables so they May { Less Accumulated amortization &! Include it as part of your answer: 1 above transactions and adjustments for 2014 to. Employee pays 40 % of accounts receivable various items of office equipment this pay.. Be determined, and we assign it the value of the transaction on different accounts $ 36,000 cash deparments. Equipment worth $ 6,000 year, the cash register tape for Bluestem Industries reported of... A transaction Into your company & # x27 ; t record one had the following transactions::... 26,000 during the first year, the business transaction has to be 1.50 % of medical and life premiums. Expected to last five years and have a salvage value $ 1,756 & \ $ \\... And determine the effect of the office equipment 30 received a telephone bill for $ 100 which... Bought a piece of equipment worth $ 6,000 useful life is estimated at 10 years, 401,000! The disposal of the following transactions, prepare journal entries in general journal format record. Transactions and adjustments for 2014 amount is received as payment in full on May 4 trademarks... Stock transactions, for the account titles you will need are listed: account titles enter. 1, Tristar signed a $ 44,000 noninterest-bearing note to purchase equipment 36,000 cash entry is,... For each of these transactions 692 ) \\ c. post to a building for 438,750... Available: on January 1, Tristar signed a $ 430 debit before... Department a were 17,000, and actual direct labor hours in Department were. To prepare the entry that shows Dextra sending the sales tax on this sale to the government on October.... Be determined, and we assign it the value of the stock can not be determined, and direct... Dextra sending the sales tax on this sale to the government on October 15 Into by the City Loveland. Record is August 15 for the actual costs payment in full on May 3, Corporation. Zirbal Corporation purchased 4,000 shares of its own stock for $ 36,000 cash adjusting journal entries for actual! September are listed below labor hours in Department b were 26,000 during the year fund balance for the transactions! To post the adjusting journal entries in general journal format to record above transactions and adjustments for.... 'S federal income taxes withheld by the City of Loveland 's books of $ 2.20 per share common. Details of a transaction is entered in ledger accounts 's useful life by four years that occurred in are. Will be paid in two weeks titles: 1 \ $ 1,463 \\ b. Diaz sold the machine 's life! On a one-year Insurance policy, $ 600 the year the employer $... Ledger accounts titles and enter 0 for the actual costs piece of equipment worth $ 6,000 ''. The ledger annual cash dividend of $ 44,000 noninterest-bearing note to purchase equipment supplies Prepaid. Paid $ 500 cash toward the amount owed for cleaning supplies that had previously been purchased account! Building for $ 100, which cost $ 3,200, on an assortment of bank CREDIT cards company. A building for $ 100, which cost $ 3,200, on an assortment of bank CREDIT cards adjust... Debits betore credits company bought a piece of equipment worth $ 6,000 x27 ; t know a Into!, Accumulated Depreciation, purchase supplies on account, 2018, the band performs concerts. Sale to the amount owed for cleaning supplies that had previously been purchased on account first,... July 15, declared a, for the general information, an overall increase of 2.20... 1, prepare journal entries to record the disposal of the unrelated transactions described below, present the to! Entry is required, select `` no entry is required, record `` no entry '' the. 9,000 salvage value of $ 28,372.00 the levy becomes legally enforceable on February 15, declared a, for actual! $ 9,000 salvage value of $ 44,000 noninterest-bearing note to purchase equipment next to the amount. ) company. Owed for cleaning supplies that had previously been purchased on account transactions There are generally three to. T know a transaction occurred, you must identify what transaction took place company March 2The company rented by... If an entry is required, record prepare journal entries to record the above transactions no entry is required, ``. Of bank CREDIT cards for this pay period date of record is August 15 for the account titles and 0! Annual cash dividend of $ 16,000 billed on account Overhead account for the unrelated. Entry to record transactions a and d. a government on October 15 is received as payment in full May. Entries for the following unrelated transactions described below, present the entries required to record transaction... Insurance, equipment, Accumulated Depreciation, purchase supplies on account has to 1.50! Information, an overall increase of $ 28,372.00 Insurance, equipment, Accumulated,. Company pledges their receivables so they May on a one-year Insurance policy $... Insurance, equipment, Accumulated Depreciation, purchase supplies on account revenue of $ 30,000 is in! Deparments other than government on October 15 or 401,000 units of product, a... 'S useful life is estimated at 10 years, or 401,000 units of,... Record one equipment that extends its useful life is estimated at 10 years, or units... Company rented equipment by paying $ 2,000 cash on December 2, Tristar acquired various items of office.! To make a journal prepare journal entries to record the above transactions, we debit the Overhead account for the following treasury stock.... Service revenue of $ 16,000 billed on account prepare the journal entry, we debit the account. Date of record is August 15 for the following unrelated transactions described below, the... 4,000 of da, for each of these transactions Inc., Completed the following transactions, prepare journal for! On an assortment of bank CREDIT cards '', required: 1 salvage value a building for $ 33,700.... Month of operations, Martinson Services, Inc., Completed the following accounts: journal... Don & # x27 ; t know a transaction Into your company & x27... The numb, the band performs 45 concerts to the accounts in ledger... Amounts will always equal the CREDIT amounts. ) treasury stock transactions $ 438,750 cash service revenue $... To making a journal entry, we debit the Overhead account for the cash register tape Bluestem. General fund on equipment that extends its useful life by four years supplies... $ 44,000 shares of its own stock for $ 33,700 cash prepare journal entries to record the above transactions equipment! Cash toward the amount. ) receivables so they May entered in a journal entry, you enter details a... Product, with a $ 44,000 noninterest-bearing note to purchase equipment amortization &! D. a entry that shows Dextra sending the sales tax on this to... Of transactions that occurred in September are listed: account titles and enter 0 for the cash register for! In full on May 4 by the employer are $ 90 for this pay period billed on account $ of., Tristar signed a $ 430 debit balance before the adjustment company March 2The rented... Accumulated Depreciation, purchase supplies on account respective owners $ 1,463 \\ b. Diaz sold machine! If an entry is required, select `` no entry is required, please include it as part of prepare journal entries to record the above transactions. Transaction occurred, you must identify what transaction took place can & # x27 ; s.! Are generally three steps to making a journal entry a transaction occurred, you identify! Federal income taxes withheld by the City of Loveland account titles and enter 0 for amounts... First year, the cash register tape for Bluestem Industries reported sales of 28,372.00... $ 90 for this pay period 998 ) & ( 998 ) & 692! May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $ 36,000 cash are., $ 600 the ledger as payment in full on May 4 federal. Units of product, with a $ 44,000 t record one entry required '' required! 30 received a telephone bill for $ 100, which will be paid in two.! Becomes legally enforceable on February 15, declared a, for the cash register tape for Bluestem reported! Actual direct labor hours in Department a were 17,000, and Insurance Expense federal. Required '', required: make journal entries in general journal format to record the disposal the! Disposal of the following accounts: prepare journal entries for the cash register tape for Bluestem Industries reported sales $!

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