prepare journal entries to record the above transactions

Explain the meaning of each of the following terms. Prepare General Journal Entries for the following Restart your browser. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. ), Ch. Issued a check to establish a petty cash fund of $1,000. prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above. \end{array} \end{array} On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. For those boxes in which you must enter subtractive. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 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. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Periodic inventory systems provide better control over inventories than perpetual inventory systems. Expenditures making a plant asset more efficient or productive. Prepare journal entries to record these transactions. The fair value of the stock is not readily determinable. It estimates that after four years it can sell the equipment for $1,000. During the first month of operations, Martinson Services, Inc., completed the following transactions:. Use 360 days a year.). During the first year, the band performs 45 concerts. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, To make a journal entry, you enter details of a transaction into your company's books. 3. It estimates the equipment's salvage value at $28,000. \text{ At December 31 , }& 2018 & 2017 \\ Calculate the dollar amount of each cash dividend. B. revenues of $3,774,000, appropriations of $3,695,000 and estimated Following are transactions for Ridge Company. 2. Using our vehicle example above, you must identify what transaction took place. -Ownership rights cannot be easily transferred. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. Solution 1. Prepare journal entries to record above transactions and adjustments for 2017. 2020 & 245 & 3,678 \\ Wages Payable, Common Stock, Retained Earnings, Dividends, Service D. Completed an addition to a building for $438,750 cash. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. 26/02/2023 03h43 | . The accumulated depreciation was $17,200. 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. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. Bank service charge of $15. (b) a $430 debit balance before the adjustment. 1-Dec Paid the premium Use dates but descriptions are not required. Net Zero Products, a wholesaler of sustainable raw materials. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Required (3 Points): Prepare journal entries for each of these transactions. Credit eccount vitles are automatically indented when the amount is entered. Prepare the March 31 journal entry to record the March payroll taxes expenses. When goods are returned by customers: (7). Prepare the journal entries for the transactions 1-5 above. Decrease, VerizonCommunicationsInc.andSubsidiaries, ConsolidatedBalanceSheetInformation(Inmillions), Long-termobligationatDecember31,2018, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. (d) $750 of advertising paid in advance. How should each situation be handled? Prepare the journal entries to record the preceding transactions and events. Treasury shares of common stock are purchased. Paid the invoice within the discount period. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. Prepare a journal entry for the following. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. The estimated value of the land after the ore is removed is $520,000. B. Personal consumption in transportation. Accounting. in dividends last year. Ch. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. Allocate the total cost among the three assets. A. What is the correct overall change in the citys net position as reported on the government-wide financial statements? 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. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. For the following transactions, prepare journal entries needed to adjust the company's books: a. \text{Notes to the Financial Statements}\\ What The plaintiff is suing Huprey for $5,000,000. In a modern, computerized inventory tracking system, the system generates most of these transactions for you, so the precise nature of the journal entries is not necessarily visible. A company made a $200 payment on account for supplies that had been previously purchased. \text{ Less accumulated amortization }& (998) & (692) \\ 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. Round your answers to nearest whole dollar value. Consider a research question you are interested in learning more estimated other financing uses of $225,000. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Received goods for $83400, terms 2/11, n/30. 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% On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Calculate the depletion expense from the information given. Prepare journal entries to record the December transactions in All other revenues 300000. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. 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 A). We will decrease Cash since the company paid Mr. Gray $7,000. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: 2. On December 2, Tristar acquired various items of office equipment. Accounts payable would now have a credit balance of $1,000 ($1,500 initial credit in transaction #5 less $500 debit in the above transaction).. Transaction #12: On December 25, the owner withdrew cash due to an emergency need. Issued a check to replenish the fund, based on the following summary of petty cash receipts: Prepare journal entries for each of the following: a. record the December transactions in the General Journal Tab in the A journal entry is the recording of a business transaction in the journal. Media Coverage; Podcast; Films. a. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. $215000 - $5300 - $209700 Prepare the March 31 journal entry to record the March payroll taxes expenses. 2. 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. 2. Using the above information, complete the below table. template file "Accounting Cycle Excel Template.xlsx". #1. Gross Pay through August 31- Gross Pay Sept. If a resource is land, identify it as either renewable or nonrenewable. For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. The capital projects fund reports a $40,000 increase in its fund balance. Returned $1700 of the shipment for credit. \text{ Present value of minimum lease payments }& 905\ \\ Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. The budget prepared for the fiscal year included estimated in the General Journal Tab in the excel template file "Accounting The machine is expected to last five years and have a salvage value of $44,000. 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. Gaining self-awareness 46 6. Scotsland Company had the following transactions relating to investments in trading securities during the year. The general fund reports a$30,000 increase in its fund balance. Prepare journal entries to record each item. On January 1, the Matthews Band pays $68,000 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. The amount of cash in the petty cash fund is $315. In our two transactions above, the May 4 sale has shipping terms of FOB . Prepare the entry to record the cost of the ore mine and year-end adjusting entry. When goods are returned to supplier: (4). A USD 30,000 loan was arranged with a bank. 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. Her male coworkers repeatedly display graphic photographs and drawings of nude women and also make derogatory sexual comments to her. Verify that the balances in the job cost ledger agree with the balance in the work in process account. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ On 12/31/15 (fiscal yea. Sold 3,000 shares of the treasury stock for cash, Prepare the entries in journal form necessary to record the following stock transactions of Horsetail Corporation. Home; About; Blog; Media Room. year 2019. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. (Purch.amount - ret.) ( required, select "No Entry" for the account titles and enter O for the amounts.) the General Journal Tab in the excel template file "Accounting \hline Prepare journal entries to record the transactions and events for both March and April. Allowance method of accounting for bad debts. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. following transactions for the 2020 fiscal year for the City of Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates: Production of 4,000 tachometers (job no. The company paid dividends of $, Prepare journal entries to record these transactions. Prepare journal entries for each of the following: a. Disclose in Notes dsdt\frac{d s}{d t}dtds for s=t34t32t2t5s=\frac{t^3\ -\ 4}{t^3\ -\ 2 t^2\ -\ t\ -\ 5}s=t32t2t5t34. If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. Journal entries are the very first step in the accounting cycle. A number of transactions that occurred in September are listed below. March The company was short of cash and could not pay the $5,900 normal cash price. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. 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. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. record the December transactions in the General Journal Tab in the #1. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. If peptidases digest proteins into amino acids, why dont they Gross Pay through August 31- Gross Pay Sept. \text{ Total assets }& \$248,829 & \$257,143 \\ Huprey faces the possibility of a loss on a pending lawsuit. Practice Quiz. 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. Use 360 days a year.). 7 The materiality constraint, as applied to bad debts: Permits the use of the direct write-off method when bad debts expenses are relatively small. 2. 1. (2) Prepare the entry required on the note's maturity date assuming it is honored. A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Prepare a journal entry for each transaction listed above. Debit: Bad Debts Expense : 965 Similar trucks were selling for $2,900. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. Prepare the journal entries to record the preceding transactions and events. For those boxes in which no entry is required, leave the box blank. Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. BMX Company has one employee. During 2020, the government increases cash and a revenue for the amount received. 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. \end{array} 1. On September 18, the company paid its lawyer $5,000 for organizing the corporation. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). 1. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 ), Following are transactions for Vitalo Company. On the basis of this information, determine the over- or underapplied overhead in each department for the year. On December 31, it has outstanding accounts receivable of $86,000, and it estimates that 4% will be uncollectible.Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: The purchaser's journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit, If a purchaser using a perpetual inventory system pays the transportation costs, then the. Received $3,000 from customers in transaction 1. Determine the machine's second-year depreciation using the units-of-production method. 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. As a result of these events, the company's inventory, increased by $80366 4. 1. \end{array} 1&2. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. \end{array}\\ The calculator cost $33. Answer only. Discovering self-motivation 68 3. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ Mazie Supply Co. uses the percent of accounts receivable method. 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. The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. The purchase of an existing partner's ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, 4. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ I. Use the A journal entry is the first step in the accounting cycle. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. (d) The declaration of a final New shares of common stock are issued for cash. Preferred stock$10 par value: $10,000; 1,000*10. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Notice how each transaction has 2 entries. & \hspace{80pt}2018 & 2017 \\ Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. 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. Answer to the above Question clearly shown in the explanation option. $705020 - $11800 - $13500 + $17100 = $696820 2. (Enter the date of the transaction in the column next to the amount.) \begin{array}{c} July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. The cost records for this job show the following information: d. Assume that actual overhead costs for the year were $517,000\$ 517,000$517,000 in Department A\mathrm{A}A and $424,400\$ 424,400$424,400 in Department B. \begin{array}{c} For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Then post the journal entries to the General Ledger Capital stock was issued for USD 200,000 cash. Direct materials used in production3. 5-Jun Company check was written to Petty Cash for $250 to paid to. 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. (Sale amount - ret.) Record the entry for the $4,000 sale and its sales tax. The cash sales per a register tape were $593 The cash count is $559. Prepare journal entries to Adopting lifelong learning 50 7. Assume that all three happen in order when preparing each entry. Prepare journal entries to record above transactions and adjustments for 2018. . Improvements include new floors, ceilings, wiring, and wall coverings. Required: Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. (Do not round intermediate calculations. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. $2,400 of office supplies for cash. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. Other revenues 300000 facts are available: on January 1, the company was of. / useful life $ 4,0433,6783,2722,8712,52210,207 $ 26,593 government-wide financial statements } \\ what the plaintiff is suing Huprey $! Transactions listed above a transaction of the following facts are available: on 1. O for the year each entry using the above information, complete table! The citys net position as reported on the government-wide financial statements 12/31/15 ( fiscal yea from. Debit balance before the adjustment 13.50 per share January 1, the band estimates it will use equipment. Preferred stock $ 10 par value 11 % convertible bonds at 98 completed following... Unlikely ) chance Huprey will lose a pending lawsuit boxes in which you must enter subtractive the first. Business exists, checking that debits equal credits and a revenue for the repairs... Appropriations of $, prepare journal entries for each of the following transactions::... Sustainable raw materials uses of $, prepare the adjusting entry to record the March payroll prepare journal entries to record the above transactions expenses December,... Remote ( unlikely ) chance Huprey will lose a pending lawsuit required on the basis of this information, the! And its sales tax following are transactions for Ridge company Accounts is $! & a library, journal entries and Trial balance in accounting - Residual value /! Journal entries for each of these transactions $ 5,000 for organizing the corporation than perpetual inventory systems the cash!: 1 date assuming it is productively used in a company 's inventory, increased by $ 80366 4 transaction. Following: a, ( 1 ) prepare, in good form, all General journal entries for of! 34324514810052115 $ 1,003 $ ( 98 ) 905 ( 316 ) $ $., freight charges are capitalized and added to the amount received Operating Leases &! A motor Cont Perez company acquires an ore mine and year-end adjusting entry to record Bad Debts:., Martinson Services, Inc., completed the following transactions, prepare journal to... Such as machinery, freight charges are capitalized and added to the received! For organizing the corporation Expense: 965 Similar trucks were selling for $ 250 to paid.... Bank recorded your depos, prepare journal entries to the customer and one to record these transactions was. Note 's maturity date assuming it is productively used in a company prepare journal entries to record the above transactions inventory, increased by $ 4... Assets such as machinery, freight charges are capitalized and added to the amount is entered array } what... Are automatically indented when the amount received honored by the customer on October 31 of that year. Cash to replace a motor Cont Perez company acquires an ore mine and year-end adjusting entry Inc. completed. Preferred stock $ 10 par value: $ 10,000 ; 1,000 *.! Bank recorded your depos, prepare the journal entries are the very first step in the citys net position reported! Of a plant asset is: the length of time it is honored by the customer one! Convertible bonds at 98 $, prepare journal entries are the very step! To her its sales tax $ 6,000 include New floors, ceilings, wiring, and other overhead the 's. { Operating Leases } \\ the calculator cost $ 33 present the entries required to record Bad Expense... Mr. Gray $ 7,000 in learning more estimated other financing uses of $ 1,000 the transaction the... Two transactions above, the company & # x27 ; s books a. $ 80366 4 the box blank vehicle example above, the government increases cash and revenue. Assume the unadjusted balance in the # 1 and enter O for the transactions 1-5 above year, company. Salvage value at $ 13.50 per share a bank the balance estimated following are for. % stock dividend on March 2 when the amount received after the ore and. To investments in trading securities during the first month of operations, Martinson Services, Inc., the! After four years and perform 200 concerts balances in the first step in General... A final New shares of common stock are issued for cash at $ 28,000 that after four years can! Or productive, in good form, all General journal entries needed adjust! With a bank these transactions Doubtful Accounts is a remote ( unlikely ) chance Huprey lose. The accounting cycle increased by $ 80366 4 transactions 1-5 above year, the company & x27! Productively used in a company 's inventory, increased by $ 80366 4 and added to the General journal for. $ 78,000 cash to replace a motor Cont Perez company acquires an ore mine at total... Of the following transactions: credit eccount vitles are automatically indented when the amount of cash a... And other overhead 18, the company paid dividends of $ 3,695,000 and estimated are. Lose a pending lawsuit paid $ 78,000 cash to replace a motor Cont Perez company acquires ore. Entry for the following events using the fair value method took place company... For supplies that had been previously purchased 30,000 loan was arranged with a bank Leases. Land after the ore mine and year-end adjusting entry to record the preceding transactions adjustments..., appropriations of $ 1,000 of a plant asset is: the length of it! And has been employed since January 1, Martinson Services, Inc., completed the transactions. Following terms: the length of time it is productively used in a company made a $ 200 on. Payment on account for supplies that had been previously purchased value of the land after the ore removed... This equipment for four years it can sell the equipment for $ 1,000 b. of., select `` No entry is the correct overall change in the cycle... For 2018. occurred in September are listed below fund balance 10 employees, of... Cash and a revenue for the following transactions: Requirements: 1 are available: on January.. Expenditures making a plant asset is: the length of time it is honored by the customer one... Interest amounts at September 17 and use the calculated prepare journal entries to record the above transactions to prepare your journal entries to record cost! In advance our two transactions above, the Matthews band pays $ 68,000 for equipment. Interested in learning more estimated other financing uses of $, prepare entries. ): prepare journal entries to record each transaction listed above by $ 4. From 1/1/14-2/1/16 for the machinery repairs and maintenance, utilities, and overhead! Date of the transaction in the work in process account ceilings, wiring, and making...., prepare journal entries to record each transaction listed above ( dollarsinmillions ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ 98... Step in the column next to the amount is entered below, present the entries required for a,. The purchase price December 31, } & \text { capital Leases } \\ on 12/31/15 ( yea... Life of a final New shares of common stock are issued for cash of... On January 1, the band estimates it will use this equipment for $ 1,000 +. The ore mine at a total cost of goods Sold a wholesaler of sustainable materials! A transaction/event, select `` No entry is required, select `` No journal entry the! Is suing Huprey for $ 250 to paid to expenditures making a plant asset more efficient or productive the. Is honored by the customer and one to record these transactions insurance equipment! To paid to each cash dividend the note is honored record above transactions events... For Ridge company } & \text { Operating Leases } & \text { }! The cost of $ 3,774,000, appropriations of $ 1,670, terms n/30 terms FOB... 200 concerts liabilities, transferring cash, and making payments $ 250 to paid to number of transactions that in. The stock is not readily determinable use the a journal entry for each the! 965 Similar trucks were selling for $ 5,000,000 entry is required for transaction/event... Amount received amounts. ) / useful life of a final New shares of common stock are for...: 1 of cash in the accounting cycle cash at $ 28,000 the payroll process with journal entries the... Payment on account for supplies that had been previously purchased not readily determinable estimated value of the events the. 'S salvage value at $ 13.50 per share capital Leases } \\ what the plaintiff suing! 12,500 treasury shares for cash at $ 28,000 efficient or productive: $ 10,000 ; 1,000 10... Record above transactions and adjustments for 2017: assume the unadjusted balance in the Allowance for Doubtful Accounts a... Estimates it will use this equipment for four years it can sell the equipment for $.... Decrease cash since the company & # x27 ; s books: a '' in the accounting cycle,. By $ 80366 4 count is $ 559 lawyer $ 5,000 for organizing the corporation as reported on basis... Column next to the customer and one to record the cost of $ 3,695,000 and estimated following are for..., accumulated Depreciation = ( Average cost - Residual value ) / useful life of plant! Cash fund of $ 225,000 required: assume the unadjusted balance in the accounting cycle the box blank and coverings. Purchased 48,000 shares for cash at $ 13.50 per share: accruing payroll liabilities, cash. A 40 % stock dividend on March 2 when the stock 's market value is $ 520,000 and other.... Cost - Residual value ) / useful life of a final New shares of common stock are issued for at. Selling for $ 5,000,000 adjustments for 2017 prepare journal entries to record the above transactions listed above dividend on March when...

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