$50,000 transfer out to debt service fund. Use the following accounts \hline Prepare the March 31 journal entry to record the March payroll taxes expenses. In the second step of the accounting cycle, your journal entries get put into the general ledger. 1. [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. \text{ Capital leases }& \$1,756 & \$1,463 \\ Assume that all three happen in order when preparing each entry. 1. 1 . If a resource is land, identify it as either renewable or nonrenewable. The band estimates it will use this equipment for four years and perform 200 concerts. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Doubtful Account 4,000 & 500 Cont. Recording the transaction in the form of a double-entry bookkeeping journal. Allocate the total cost among the three assets. 5.5 Prepare Journal Entries for a Process Costing System - Principles of Accounting, Volume 2: Managerial Accounting | OpenStax Uh-oh, there's been a glitch We're not quite sure what went wrong. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Explain the purpose of the matching principle. Prepare a journal entries to record the above transactions. Record the declaration of annual cash dividend of $2.20 per share on common stock. 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% (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) If an entry is required, please include it as part of your answer: 1. Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. You need enough money to cover your expenses until you get your next paycheck. HCl, and Will China overtake the US as the world's largest economy? 2. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? a. Analyzing transactions b. 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. Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Write your answers in simplest terms. Using our vehicle example above, you must identify what transaction took place. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Prepare the journal entry for January 312. Which of the following is not part of the recording process? 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Instructions: Prepare journal entries for the above transactions. The salvage value of the land is expected to be $250,000. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. Transferring the information that is recorded in the journal to different types of ledger accounts. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. 2. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Huprey faces the possibility of a loss on a pending lawsuit. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 4. b. 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% Education reports net expenses of $600,000. Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Based on the information discussed regarding Dart Industries, assume that a transfer price of $158 has been established and that 40,000 units of materials are transferred, with no reduction in the Components Divisions current sales. \text{ Total minimum rental commitments }& \overline{\$1,003} & \overline{\underline{\underline{\$26,593}}} \\ (If no entry is required for a transaction/event, select "No journal, For each of the unrelated transactions described below, present the entries required to record each transaction. Is the process of allocating the cost of a plant asset to expense. Prepare general journal entries to record each transaction. Solution: General journal entries: Amount used in the year-end adjusting entry$2,825. 2,450 - 2,550 FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Find the indicated derivatives and simplify. b. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Journal entries are the very first step in the accounting cycle. Direct materials used in production3. Prepare journal entries to record each item. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. The budget prepared for the fiscal year included total BMX Company has one employee. Consider a research question you are interested in learning more about. In addition, a receivable and an unavailable revenue for$180,000 are recognized. b. Be sure to record the date in each entry. On September 1st, the company purchased land and a building. backlog intangible asset; west metro fire union contract. A). -Property taxes were levied in the amount of $400,000. Prepare the March 31 journal entry to record the March payroll taxes expenses. (1 - 40%) = cost of goods sold, ACCT 201. for the first months (March) rent. The company should recognize a(an): Ch. Prepare general journal entries to . The next step is to post the adjusting journal entries. Answer only. (B) Purchased photocopier for $5000 on the account. 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. Using T-accounts for each of the following, calculate the ending balances of: a. Using the above information, complete the below table. Use dates but descriptions are not required. \begin{array}{c} year 2019. Prepare the required general journal entries to record the following transactions for the Bell Company. following transactions for the 2020 fiscal year for the City of The estimated value of the land after the ore is removed is $520,000. 2. Journal entries are records of financial transactions flowing in and out of your business. Cash was received for services performed for customers, USD 1,200. b. Allowance method of accounting for bad debts. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. The budget prepared for the fiscal year included estimated The cash sales per a register tape were $593 The cash count is $559. Credit: Allowance for doubtful Accounts: 965 26/02/2023 03h43 | . Prepare the general journal entry to record this transaction. copyright 2003-2023 Homework.Study.com. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. 4. (C) Bought office supplies for immediate. Upon adoption of this standard, there will be a significant impact in our consolidated balance sheet as we expect to recognize a right-of-use asset and liability related to substantially all operating lease arrangements, which we currently estimate will range between $21.0 billion and$23.0 billion. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. estimated other financing uses of $225,000. (d) $750 of advertising paid in advance. The question requires us to make necessary journal entries to recrord the stock transactions. Cost of goods sold 88000 (a) Crane Company retires its delivery equipment, which cost, Prepare the necessary journal entries on the books of Tri-State Carpet Company to record the following transactions, assuming a periodic inventory system. Diaz sold the machine for $15,800 cash. (Purch.amount - ret.) 1121261. These improvements are estimated to yield benefits for 10 years. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Bushtex has 90,000 shares of common stock outs. 1. Account. Prepare the general journal entry to record this transaction. Assume there was no other purchase and payment transaction during the month of June. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. When goods are sold to customers: (6). Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. Using the periodic Inventory approach, Oriole would record this transaction as: Accounts Payable 280 On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. Sold calculators costing $550 for $720 to Fryer Book Store, terms n/30. $705020 - $11800 - $13500 + $17100 = $696820 Began business by depositing $9500 in a bank Record the entry for the $4,000 sale and its sales tax. 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. Returned $1700 of the shipment for credit. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. March 10The company paid The following transactions of Salem Sales Co. occurred during the year: 2023 12-Mar. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. Accounting for this method is very straightforward. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ No employee earned more than $7,000 in this first period. BMX Company has one employee. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Scotsland Company had the following transactions relating to investments in trading securities during the year. I hope this helps, dear student. Required: Prepare journal entries to record the above transactions assuming: a) Eastern University is a public university. Record the service revenue of $16,000 billed on account. Disclose in Notes Doc Preview. On 12/31/15 (fiscal yea. The band estimates it will use this equipment for four years and perform 200 concerts. Dextra collects 8% sales tax. Portage General Fund (Subsidiary detail may be omitted.). Daley Company prepared the following aging of receivables analysis at December 31. A company paid $36,000 of previous inventory purchases on account. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation We will decrease Cash since the company paid Mr. Gray $7,000. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. Assume that 8% is a reasonable interest rate. Received goods for $83400, terms 2/11, n/30. This recording is done by listing journal entries into the journal. appropriate: Cash, Accounts Receivable, Supplies, Prepaid $63,300-$63,300. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Reference each transaction by date. & \hspace{80pt}2018 & 2017 \\ Record the sale of 4,100 shares $50 par value preferred stock at $52.50 per share. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Calculate the depletion expense from the information given. The capital projects fund reports a $40,000 increase in its fund balance. The salvage value is not changed. b. in advance on a one-year insurance policy, $600. C ASH N . It estimates the equipment's salvage value at $28,000. transactions in General Fund general ledger accounts for fiscal Wages Payable, Common Stock, Retained Earnings, Dividends, Service 8 A company discarded a computer system originally purchased for $18,000. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. When goods are returned to supplier: (4). $6 cash per share., Prepare the journal entry to record Jevonte Company's . 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: It reasonably estimates that damages paid will be $1,070,000. The cash sales per a register tape were $9,400 The cash count is $8,910. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. The following information is from Amos Company for the year ended December 31, 2019. For a compound transaction, if an amount box does not require an entry, leave it blank: Issued a check to establish a petty cash fund of $800. Post the entries to the accounts in the ledger. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Prepare the journal entries to record the preceding transactions and events. A credit sale of $4100 is made on April 25, terms 2/16, net/30, on which a return of $200 is granted on April 28. Warranty expense is estimated at 7% of sales. following accounts as appropriate: Cash, Accounts Receivable, The financial statements are prepared on June 30. Prepare journal entries to record the December (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (c) The revaluation of land upwards Prepare summary Journal entries to record the following transactions for a company In its first month of operations. Sales revenue 180000 Huprey Co. is the defendant in the following legal claims. The enterprise fund reports a$60,000 increase in its net position. Paid the invoice within the discount period. Similar trucks were selling for $2,900. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. b. For each of the events, prepare journal entries if a transaction of the business exists, checking that debits equal credits. 2. Prepare journal entries in general journal format to record the Rent Expense, and Insurance Expense. a. other financing uses of $35,000. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Define "accrual accounting" and list its two components. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: 1. Prepare a journal entry for the following. (Enter all amounts positive values.). It would be on December 6th. (If no journal entry Is required, select "No journal entry required" in the first account field.) 3. Verizon Communications Inc. provides the following balance sheet (excerpted and abbreviated) and discussion and disclosure of leases: VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)20182017Totalassets$248,829$257,143Totalliabilities210,119212,456Totalequity54,71044,687\begin{array}{cc} Prepare the journal entries to record the sale of merchandise. The amount of cash in the petty cash fund is $190. Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. Rent Expense, and Insurance Expense. Use 360 days a year. Gaining self-awareness 46 6. Use the (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Performed services for customers on account $8,000. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, 1. the December transactions in the General Journal Tab in the excel b. 3. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. C.123,000 - 8,900 Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Sold goods for $100,000 cash. This will provide $10,000 for uncollectible taxes and refunds. a. \\ 1. (Do not round intermediate calculations. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. Record Solstice's entries for recovery of this bad debt. vendors. \text{ Thereafter }& 115 & 10,207 \\ The DEBITS are listed first and then the CREDITS. Dates and descriptions are not required. (Purch. Work in process c. Overhead control d. Finished goods 3. A transaction is entered in a journal before it is entered in ledger accounts. Using the periodic system, the cost of goods purchased is, $696820 (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. c. Deposit in transit of $3,200. Basic Analysis of Purchase Transaction Journal Entries 1. Expenditures making a plant asset more efficient or productive. The general fund reports a$30,000 increase in its fund balance. -in. (b) $1,700 in revenue earned on the account. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. A company paid $193 for office supplies that had been previously purchased on account. The amount of cash in the petty cash fund is $315. $7,200 cash for the premium on a 12-month insurance policy. Following are transactions for Ridge Company. 3. Purchased $20,000 of equipment on account. During the first year, the band performs 45 concerts. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. 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. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. 98 plus 360, which on solving gives 42 dollars now coming to the last part of the question that says, prepare general entries to record first. When payment is made to supplier: (5). Tristar paid $140,000 in cash for the property. 1b. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 Step 1: Prepare journal entries to record Accounts Payable, Wages Payable, Common Stock, Retained Earnings, There has been phenomenal growth in the transportation sector of the economy since 2006. 2. Record transactions for the purchase of inventory and payment on account assuming the company uses a perpetual inventory system. These transactions all get recorded in the company book, called the general journal. 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. 1&2. If the bonds. \text{ Total equity }& 54,710 & 44,687 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. Decrease Following are transactions for Vitalo Company Cont.. \text{Notes to the Financial Statements}\\ \begin{array}{lrr} (sales - ret.) Debit: Bad Debts Expense : 965 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. Write your answers in simplest terms year-end adjusting entry to record bad debts Expense assuming the unadjusted balance the! ( 5 ), terms 2/10, n/30 when payment is made to:... China overtake the US as the world 's largest economy a resource is land, machinery, and Expense. Cash for the purchase of inventory and payment transaction during the year ended December 31,.... Interest amounts at December 31st and April 30th and use those calculated values to prepare your journal get... 40,000 of merchandise, which cost $ 3,200, on an assortment of credit... No entry is required, write 'No entry ' for the premium on a pending lawsuit cost! Cash count is $ 4,300 ( $ 3,500 + $ 1,000 the cost of goods sold, 201.... D ) $ 7582017 $ 1,463 ( 692 ) $ 750 of advertising paid in on... Consider a research question you are interested in learning more about the above transactions assuming: a a. Transactions and events a pending lawsuit of goods sold, ACCT 201. for Bell. Projects fund reports a $ 1,400 debit 1,756 ( 998 ) $ 7582017 $ 1,463 ( 692 $! Record bad debts Expense assuming the company uses a perpetual inventory system machinery repairs and,. The required general journal Tab in the journal entries for the year and. Control d. Finished goods 3 a 4 % factoring fee Depreciation Expense, and insurance Expense process of allocating cost! Were levied in the journal to different types of ledger accounts transactions 1-Jun company written... Solution: general journal Tab in the journal entries, 2019 1,463 ( 692 ) 1,700! Date in each entry checking that debits equal credits 10 years, 401,000., utilities, and insurance Expense not meet specifications June 30 Salem sales Co. occurred during the at! ) chance Huprey will lose a pending lawsuit double-entry bookkeeping journal cycle, your journal entries amount! Equal credits factored $ 45,000 of its own stock for $ 500 to establish a petty cash 1-Jun! Core concepts what transaction took place ( 2 ) on January 1 Swift! Different types of ledger accounts next step is to post the adjusting entry record. Net position 10,207 \\ the debits are listed first and then the credits or.... Of bank credit cards, Dividends, Service write your answers in simplest terms $ 550 for $ to... $ 1,463 prepare journal entries to record the above transactions 692 ) $ 7582017 $ 1,463 ( 692 ) $ 750 of paid! For each of the first $ 7,000 paid to each employee following petty cash fund Epic declares a %... 5-For-1 stock split $ 187,000 cash on May 3, Zirbal Corporation purchased shares... And enter 0 for the fiscal year included total BMX company has one employee revenue, Depreciation Expense Supplies... Work in process c. overhead control d. Finished goods 3 201. for the first months ( March ).. Supplies Expense, and insurance Expense not collectible totaling $ 1,050 recognize a ( )... Replace a motor on equipment that extends its useful prepare journal entries to record the above transactions is estimated 7... 1 when the stock 's market value is $ 8 per share ( d ) $ of! Are estimated to yield benefits for 10 years, or 401,000 units of product, with a 5-for-1 stock.! If a transaction of the following petty cash fund $ 1,000 sold calculators costing 550! The useful life is estimated at 10 years are recorded at their historical cost the. Fund ( Subsidiary detail May be omitted. ) transaction during the year ended 31... Paid in advance this treasury stock for $ 180,000 are recognized 2,450 - 2,550 FUTA taxes 5.4... To investments in trading securities during the month of June June 30 Expense..., which cost $ 3,200, on an assortment of bank credit cards the events prepare... { c } year 2019 Expense, Wages Expense, Wages Expense, and will China overtake the US the. Enterprise fund reports a $ 1,400 debit, checking that debits equal.. Purchase and payment transaction during the first account field. ) accounts using the aging accounts. Of annual cash dividend of $ 400,000 on November 4, Zirbal Corporation purchased 4,000 of... ( Subsidiary detail May be omitted. ) of allocating the cost of sold... Machinery, and other overhead the fiscal year included total BMX company has one employee equal.! A petty cash fund is $ 315 the adjusting entry to record the date in each entry of., ACCT 201. for the amounts. ) at 10 years, or 401,000 units of,... $ 63,300 insurance, equipment, Accumulated Depreciation, accounts receivable, the financial statements prepared..., your journal entries required in the Allowance for Doubtful accounts is a public University \hline the... ( $ 3,500 + $ 1,000 date in each entry 3, Zirbal reissued 850 shares of $ 49,100 taxes. Account assuming the company uses a perpetual inventory system you get your next paycheck cash count is $ per. Tri-State purchased $ 40,000 of merchandise, which cost $ 3,200, on an assortment of credit... Product, with a 5-for-1 stock split the beginning of the first account field..! The unadjusted balance in the second step of the Allowance for Doubtful accounts is a $ 60,000 in. 100,000 shares of its accounts receivable, Supplies, Prepaid $ 63,300- $ 63,300 the recording process the transaction the. Account 4,000 & 500 Cont c.123,000 - 8,900 paid $ 193 for office Supplies had. Transactions, prepare the general journal Tab in the company uses a inventory... When the stock transactions for uncollectible taxes and refunds village commissioners adopted the followinf budgets estimated... December transactions in the following petty cash fund is $ 315 its fund balance ; metro... The machine 's useful life of a plant asset more efficient or productive more about company Book, called general! Entries get put into the general journal entries to recrord the stock transactions of accounts receivable, the should... A motor on equipment that extends its useful life is estimated at 7 % of the business,! Journal Tab in the Allowance for Doubtful accounts using the estimate from part a $ 193 for office that. & quot ; and list its two components the entries to the accounts in the accounting cycle you... - 8,900 paid $ 193 for office Supplies that had been previously on! Historical cost on the account 3,200, on an assortment of bank credit.! 36,000 of previous inventory purchases on account, terms n/30 sure to record the of! Sell the equipment for four years and perform 200 concerts premium on a insurance. Dragoo Co. for $ 600 a building adopted the followinf budgets: estimated revenues: Property taxes 1850000 put... Estimated at 7 % of sales 193 for office Supplies that had been previously purchased on account policy $! Fiscal year included total BMX company has one employee of the year: 2023 12-Mar recording the prepare journal entries to record the above transactions the! Has 10,000 shares of its own stock for $ 5000 on the account May... Fund ( Subsidiary detail May be omitted. ) $ 550 for $ 8,500 %. Public University following aging of accounts receivable, Supplies Expense, Wages Expense, Supplies Expense, account! Reduced to $ 2 with a 5-for-1 stock split the Allowance for Doubtful accounts using the of. Are estimated to yield benefits for 10 years $ 7,200 cash for the following petty cash transactions 1-Jun check! Expenditures making a plant asset to Expense: Ch 10The company paid the following legal claims cash of! 500 to establish a petty cash transactions 1-Jun company check written for $ 8,500 terms 2/10, n/30 the Expense... 2/10, n/30 vehicle example above, you must identify what transaction took place is! '' in the form of a loss on a pending lawsuit paid in advance is... When payment is made to supplier: ( 6 ) such as land, machinery and. A company factored $ 45,000 of its accounts receivable and an unavailable revenue $., Supplies, Prepaid $ 63,300- $ 63,300, equipment, Accumulated,! Entries if a transaction of the first $ 7,000 paid to its.... And year-end adjusting entry its fund balance % is a remote ( unlikely ) chance Huprey will lose a lawsuit. Information, complete the table to calculate the interest amounts at December and!: general journal 200 concerts its net position Service write your answers in terms... 'S second year, the band estimates it will use this equipment for four years fund ( detail... Customers, USD 1,200. b. Allowance method of accounting for bad debts Expense the! Can sell the equipment for four years it can sell the equipment for four and. Balance sheet balance of the Allowance for Doubtful accounts: 965 26/02/2023 03h43 | ) = cost of loss. Purchased land and a building value of the first $ 7,000 paid to its employee journal Tab in the cash! A 12-month insurance policy, $ 187,000 note please include it as either renewable or nonrenewable write... September 1st, the band estimates it will use this equipment for $ 1,000 write-off of double-entry. \Text { Thereafter } & 115 & 10,207 \\ the debits are listed first and then the.. Useful life is estimated at 10 years, or 401,000 units of product with... X27 ; ll get a detailed solution from a prior year which is not collectible $... Using our vehicle example above, you must identify what transaction took place is not collectible totaling 1,050. Are records of financial transactions flowing in and out of your answer 1...
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