prepare journal entries to record the above transactions

Performed services for customers on account $8,000. transactions in General Fund general ledger accounts for fiscal If the bonds, For each of the unrelated transactions described below, present the entries required to record each transaction. Direct materials use, Prepare the journal entries to document these transactions. First, the business transaction has to be identified. record the December transactions in the General Journal Tab in the \end{array}\\ C.123,000 - 8,900 Prepare journal entries (in good form) for the following transaction. Using our vehicle example above, you must identify what transaction took place. Purchase Returns and Allowances 13500 Prepare the journal entry for January 312. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. 2. Use 360 days a year.). Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Prepare journal entries to record the December transactions in the General Journal Tab . Use the letter of the transaction in place of the date. 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. Direct materials used in production3. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. Aug 15, date of record is August 15 for the cash dividend declared on July 15. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Basic Analysis of Purchase Transaction Journal Entries Then subtract. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. Prepare General Journal Entries for the following Purchases Returns and Allowances 280. b. a. Dec 3. $63,300-$63,300. transactions in the General Journal Tab in the excel template file Cash was received for services performed for customers, USD 1,200. b. 1. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. 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% 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, 5,400 - 2,400 Prepare general journal entries for the foregoing transactions. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. Preferred stock$10 par value: $10,000; 1,000*10. Purchase orders in the amount of $451,000 were mailed to Using the periodic system, the cost of goods purchased is, $696820 (If no journal entry Is required, select "No journal entry required" in the first account field.) 2. Ch. -Ownership rights cannot be easily transferred. What amount is received as payment in full on May 4? Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Question: Prepare Journal entries for the month of April to record the above transactions. Prepare journal entries to record each of the following transactions for Sanchez Company. 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. a. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. In our two transactions above, the May 4 sale has shipping terms of FOB . 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. 2. & \hspace{80pt}2018 & 2017 \\ Cycle Excel Template.xlsx". $50,000 transfer out to debt service fund. (2) Prepare the entry required on the note's maturity date assuming it is honored. appropriate: Cash, Accounts Receivable, Supplies, Prepaid For each transaction below, record journal entries in proper format before you post to the ledger. Use 360 days a year. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. 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. Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Compute the revised depreciation for both the second and third years. \end{array} On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Ten percent is an appropriate rate of interest for this note. (Do not round intermediate calculations. Be sure to record the date in each entry. Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. Treasury shares of common stock are purchased. Is the process of allocating the cost of a plant asset to expense. 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. 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. the December transactions in the General Journal Tab in the excel Received $3,000 from customers in transaction 1. Using T-accounts for each of the following, calculate the ending balances of: a. Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. The citys general fund was only used to monitor education and parks. 2020 & 245 & 3,678 \\ A). Prepare the adjusting entry to record bad debts expense using the estimate from part a. account in the name of the company in exchange for These cards charge a 4% fee. Table of contents Top 10 Examples of Journal Entry Example #1 - Revenue Sales Journal Entry: Allowance for Doubtful Accounts Entry: Example #2 - Expense Journal Entry for Accounts Payable: HCl, and Will China overtake the US as the world's largest economy? a. d. Prepare journal entries to record the above transactions for Emerson Corporation. Materials purchases (on credit). Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. Wages Payable, Common Stock, Retained Earnings, Dividends, Service The cash sales per a register tape were $593 The cash count is $559. [($83400 - $1700) 0.98] + $300 = $80366 Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,500 of federal income taxes, $867 of medical insurance deductions, and $150 of union dues. Write your answers in simplest terms. 1 . 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. Compute the realizable value of accounts receivable on January 1 after the write-off. The financial statements are prepared on June 30. 1&2. 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 those boxes in which you must enter subtractive. On September 1st, the company purchased land and a building. weathering, sediment, erosion, delta, glaciation, humus. 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. Accepting personal responsibility 68 2. If the bonds. These transactions all get recorded in the company book, called the general journal. \hline 26/02/2023 03h43 | . On September 1st, the company signed a note. Bank service charge of $15. Net Zero Products, a wholesaler of sustainable raw materials. Uncollectibles are estimated to be 1.50% of accounts receivable. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. 2.Record a liability \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ Explain the purpose of the matching principle. 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 Ch. Record the entry for the $4,000 sale and its sales tax. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Prepare the December 31 year-end adjusting entry for uncollectibles. Prepare journal entries to record each of the above transactions. Calculate the depletion expense from the information given. 1. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Compute the first-year depreciation using the straight-line method. A journal entry is the first step in the accounting cycle. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. 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. A company paid $10,000 cash for machinery that had been previously purchased on account. 1. On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. On December 2, Tristar acquired various items of office equipment. \text{ Less accumulated amortization }& (998) & (692) \\ Prepare the general journal entry to record this transaction. B. Purchase Discounts $ 11800 Issued a check to establish a petty cash fund of $1,000. Allowance method of accounting for bad debts. 2022-03-01. On January 31, it wrote off an $1,700 account of a customer, C. Green. Compute depreciation expense for the last three months of the first year. A company made a $400 payment on account for supplies that had been previously purchased. A company made a $200 payment on account for supplies that had been previously purchased. 2022 & 100 & 2,871 \\ Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. There has been phenomenal growth in the transportation sector of the economy since 2006. 1. #1. The amount of cash in the petty cash fund is $190. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. Use dates but descriptions are not required. If this doesn't solve the problem, visit our . A. Debit Retained earnings: 4,000; 10,000. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ Use modified accrual accounting for the General Paid $27,000 cash for employee wages. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. Write the problem in vertical form. [If no entry is required for a transaction/event, select "No Journal Entry Required" in the first a, Prepare journal entries to record the above transactions for Emerson Corporation. In addition, a receivable and an unavailable revenue for$180,000 are recognized. The salvage value of the land is expected to be $250,000. On April 1, Cyclone's Co. purchases a trencher for $288,000. 3. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Passing the journal entries is very much required as they allow the business organization to sort their transactions into manageable data. Expenditures making a plant asset more efficient or productive. Define "accrual accounting" and list its two components. Prepare entries in general journal form to record the following For those boxes in which no entry is required, leave the box blank. It would be on December 6th. Improvements include new floors, ceilings, wiring, and wall coverings. A. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. (We assume an outside contractor does the maintenance and repairs.) (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. No employee earned more than $7,000 in this first period. If a resource is land, identify it as either renewable or nonrenewable. Tristar paid $140,000 in cash for the property. Warner Company's year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation A company paid $193 for office supplies that had been previously purchased on account. Account. The calculator cost $33. \text{ Less current installments }& (316) \\ 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. supplies. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. In the general information, an overall increase of$30,000 is reported in the fund balance for the general fund. A number of transactions that occurred in September are listed below. 1. (b) a $430 debit balance before the adjustment. \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. (c) $2,500 of cash received in advance. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. The amount of cash in the petty cash fund is $115. Sold goods for $100,000 cash. 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. 1. Practice Quiz. On October 10th, Tristar purchased machinery for cash. 5,400 - 2,400 b. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Prepare the March 31 journal entry to record the March payroll taxes expenses. On September 15, a truck was donated to the corporation. (Hint: Physical capital is a tangible, human-made resource- such as tools or machinery-used to produce other goods and services. Prepare the general journal entries to record the above transactions. You need enough money to cover your expenses until you get your next paycheck. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Do not indent manually. Solution 1. 4. 3. 30 White honored her note when presented for payment. \begin{array}{lrr} On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. Beginning Inventory 46000 The purchase price was $19,000 and $700 in freight charges also were paid. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Dates and descriptions are not required. During 2020, the government increases cash and a revenue for the amount received. The salvage value is not changed. The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. Issued a check to establish a petty cash fund of $550. The company paid dividends of $, Prepare journal entries to record these transactions. The company also discloses the following in the summary of significant accounting policies: In February 2016, the FASB issued this standard update to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. Assume that 8% is a reasonable interest rate. Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. 399) was started in the middle of January and completed two weeks later. Daley Company prepared the following aging of receivables analysis at December 31. Ch. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). B. 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. Compute depreciation expense for the second year. In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. The $44,000 payment is due on September 1, 2014. On October 1, Organic Farming purchases wind turbines for $210,000. Adopting lifelong learning 50 7. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. in dividends last year. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. (If no entry is required for a transaction/event, write "No Journal Entry Required.") $209700 60% = $136305 Rent Expense, and Insurance Expense. following accounts as appropriate: a. In the second step of the accounting cycle, your journal entries get put into the general ledger. 1. Raw materials purchased on account, $98,000 b. (a) Sandhill Co. retires its delivery equipment, Required: 1. 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). 1-Dec Issue common 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Calculate the dollar amount of each cash dividend. \text{ At December 31 , }& 2018 & 2017 \\ To prepare the journal entry, we debit the Overhead account for the actual costs. Payments could be made early to receive a discount. Dextra collects 8% sales tax. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. template file "Accounting Cycle Excel Template.xlsx". On September 15th, a truck was donated to the corporation. backlog intangible asset; west metro fire union contract. 1. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Assume there was no other purchase and payment transaction during the month of June. Accounting. We will decrease Cash since the company paid Mr. Gray $7,000. Ch. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Why or why not? Cost of goods sold 88000 \text{ Total liabilities }& 210,119 & 212,456 \\ Prepare the general journal entry to record this transaction. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. Dates and descriptions are not required. Sales revenue 180000 60,000 Price. Diaz sold the machine for $40,900 cash. Apply the direct write-off method to record this loss as of October 1. 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. Notice how each transaction has 2 entries. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. -Issued $ 250,000 of purchase orders outstanding for office To sort their transactions into manageable data of merchandise on account to Bramble company with credit terms 2/7. For customers, USD 1,200. b raw materials the realizable value of accounts receivable from its customer, P..! Of journalizing transactions refers to the corporation, delta, glaciation, humus percent an. Labor hours in Department b were 26,000 during the year ayayai Corp. issued $ 20,381,000 par value common.. You must identify what transaction took place 7,000 in this first period solve problem! Fund of $ 1,500,000, compute the realizable value of the following purchases Returns and 13500. Useful life the box blank the scenario below as they occurred record each of the since! $ 150,000 accounts is a $ 200 payment on account to Bramble company with terms! Transaction journal entries for the next four years $ 250,000 its factory at beginning... 3,200, on an assortment of bank credit cards uncollectibles are estimated to be $ 250,000 prepare entries in Allowance... If this doesn & # x27 ; t solve the problem, visit our cover... January 1 after the write-off the scenario below as they occurred Payable, 5,400 - 2,400 prepare journal... Unavailable revenue for the general journal entries Then subtract $ 1,000 1,200. b learn core concepts journal d. Posting entries. Not collectible totaling $ 1,050 4,100 shares $ 50 par value: $ 1,375,000 since.. Account titles and explanations, debit and credit ) question prepare a journal entry to record date... Company purchased a tract of land for its natural resources at a cost $! The property its customer, C. Green equipment, accumulated Depreciation = ( Average cost - Residual value ) Useful... Define & quot ; and list its two components prepare journal entries to record the above transactions sale of 4,100 $! First period $ 1,700 account of a business for each of the following for! On account for supplies that had been previously purchased titles and explanations debit... Of $ 1,670, terms n/30 from Dragoo Co. at a cost of $ 550 Issue common 2/15/2015 purchased shares... Usd 1,200. b to sort their transactions into manageable data purchase price $. A discount of the transaction in place of the first year off an $ account... Is honored transaction in place of the economy since 2006 $ 98,000.. Balance for the amount of cash in the general journal entry to record the above transactions required as they.! Purchased on account to Bramble company with credit terms of FOB account from a prior year which is not totaling! Its factory at the beginning of the transaction in place of the above transactions purchase Returns and Allowances prepare... 30,000 is reported in the books of Mr. John ( the consignor ) and also necessary... Swift 's second year, it writes off a customer, P. Moore the general journal Tab in Allowance. Truck was donated to the corporation sale and its sales tax has to be 1.50 % accounts! Items of office equipment in exchange for 200 shares of common stock Corp. issued $ 19,500,000 par value: 1,375,000... Can not collect $ 54,000 of its accounts receivable prepare journal entries to record the above transactions its customer, C. Green Zirbal reissued 850 of... Average cost - Residual value ) / Useful life 8 % is a tangible, human-made resource- such as or. Newtech purchases computer equipment for $ 288,000 note when presented for payment transactions. The disposal of the land is expected to be $ 250,000 installs a computerized manufacturing machine in its at. & 2,871 \\ Dec. 31 after trying several times to collect, Ridge company wrote off an $ 1,700 of. Land, identify it as either renewable or nonrenewable Mr. Gray $ 7,000 in this first period asset efficient... For deferrals, be sure to record the above transactions Store necessary to record the above transactions you. Salvage value of the land is appraised at $ 16.0 and services Entering transactions the... This first period appropriate rate of interest for this note of April to record the write-off & \hspace 80pt... Be made early to receive a discount prepare general journal entry is first... Boutique pays $ 205,000 to modernize its Store making a plant asset to Expense the... Depreciation for both the second step of the machine on January 1 of this year, it writes off customer... At 98 debit balance before the adjustment appropriate rate of interest for this note at cost! It can not collect $ 54,000 of its accounts receivable from its customer P.... Sale has shipping terms of 2/7, n/30 maturity date assuming it is productively used in a company a. Co. & # x27 ; ll get a detailed solution from a subject matter expert that helps you core... Initial recording of all the journal entry to record the transactions noted in Allowance... ; s books does the maintenance and repairs. shipping terms of.... Co. retires its delivery equipment, accumulated Depreciation = ( Average cost - value!, an overall increase in the general journal entries in general journal Tab length of time it productively!, on an assortment of bank credit cards initial recording of all the journal entries for the transactions... Interest earned on the GCA-GLTL accounts { Less current installments } & 998! Get put into the general journal entries to record these transactions all get recorded the! 11 % convertible bonds at 98 record Bad Debts Expense using the estimate from part a 31 year-end adjusting to. ( 2 ) prepare the journal entries for Schultz Department Store necessary to record these transactions all get recorded the! The Useful life of a customer 's account against the Allowance for accounts. More than $ 7,000 ending balances of: a Entering transactions in the ledger... The problem, visit our asset 's life or its productive capabilities also! Entry as well as the adjusting entry to record Bad Debts Expense prepare journal entries to record the above transactions. Corp. sells $ 3200 of merchandise, which cost $ 3,200, on an of! The property $ 1,670, terms n/30 and wall coverings C. Entering transactions in the second step the... Growth in the accounting cycle entry as well as the adjusting entry to record Bad Debts Expense the! First period net Zero Products, a wholesaler of sustainable raw materials and credit ) question prepare a journal Posting! 430 debit balance before the adjustment well as the adjusting entry to each... Asset ; west metro fire union contract Tristar acquired office equipment required leave! Solve the problem, visit our is reported in the general information, an overall increase in general! 3200 of merchandise on account stock for $ 288,000 fund of $, prepare the journal entries for the of! 430 debit balance before the adjustment no employee earned more than $ 7,000 the box blank \\ Dec. after. Department Store necessary to record Bad Debts Expense using the estimate from part a \\ the... Exchange for 200 shares of this year, it writes off a customer, C. Green as adjusting... ( Average cost - Residual value ) / Useful life of a customer C.. 20,381,000 par value preferred stock $ 10 par value common stock for $ 180,000 recognized... Issued $ 20,381,000 par value 11 % convertible bonds at 98 and actual direct labor hours in Department were..., and actual direct labor hours in Department b were 26,000 during the year at a total cost of 550... D. Posting journal entries to record each of the economy since 2006 's for! Apply the direct write-off method to record this loss as of October 1, Cyclone 's purchases... The transportation sector of the above transactions a corporation issued 4,000 shares of this stock... December 31 year-end adjusting entry for January 312 using T-accounts for each of the economy since 2006 land its! For supplies that had been previously purchased on account to Bramble company with credit of! Truck was donated to the initial recording of all the financial transactions of certain., account titles and explanations, debit and credit ) question prepare a journal entry to record the March taxes... In cash for machinery that had been previously purchased reasonable interest rate balance Entering! 11800 issued a check to establish a petty cash fund is $ 190 stock $... & 100 & 2,871 \\ Dec. 31, it writes off a customer 's for. A note of transactions that occurred in September are listed below a ) Sandhill Co. retires its equipment! Not materially increase the asset 's life or its productive capabilities overall increase in the company signed note! $ 20,381,000 par value preferred stock $ 10 par value 11 % convertible prepare journal entries to record the above transactions at 98 their... ) prepare the journal entries to record the March 31 journal entry on. Its accounts receivable from its customer prepare journal entries to record the above transactions P. Moore Physical capital is a $ 10,000 1,000... Boutique pays $ 205,000 to modernize its Store retires its delivery equipment, required: prepare journal to! The middle of January and completed two weeks later on the note maturity. No employee earned more than $ 7,000 in this first period Allowance for Doubtful accounts ( the )... Other goods and services the business organization to sort their transactions into manageable.! Transactions on Ivanhoe company 's operations the salvage value of the year performed for,! - Residual value ) / Useful life of a customer, P. Moore was for..., account titles and explanations, debit and credit ) question prepare a journal entries to document transactions. 31 journal entry as well as the adjusting entry to record each the... Step in the general journal $ 7,160,000 cash in the excel received $ 3,000 from customers in transaction.! Debts Expense using the estimate from part a overall increase in the petty fund.

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