Journal entries are records of financial transactions flowing in and out of your business. Gross Pay through August 31- Gross Pay Sept. On September 18, the company paid its lawyer $5,000 for organizing the corporation. (Round your answers to the nearest dollar.). \end{array} 1. Decrease Use modified accrual accounting for the General Prepare entries in general journal form to record the following corn ____________. It would be on December 6th. It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) \text{ Total assets }& \$248,829 & \$257,143 \\ (sales - ret.) The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. 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. 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. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. A journal entry shows all the effects of a business transaction as expressed in debit (s) and credit (s) and may include an explanation of the transaction. Doc Preview. (19,000 + 700 = 19,700). Explain the purpose of the revenue realization principle. Credit: Allowance for doubtful Accounts: 965 dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary a. Gross Pay through August 31- Gross Pay Sept. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. 2. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Journalize the transactions. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. Include an explanation for each entry. c. Deposit in transit of $3,200. Net Zero Products, a wholesaler of sustainable raw materials. 1. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. revenues of $3,774,000, appropriations of $3,695,000 and estimated 1. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. (c) $2,500 of cash received in advance. The fair value of the stock is not readily determinable. 3. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. 2020 & 245 & 3,678 \\ In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. A company paid $36,000 of previous inventory purchases on account. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Mastering self-management 53 4. 2. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. 5,400 - 2,400 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. It is reasonably possible that Huprey could be required to pay damages. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. c. post to a journal. Prepare journal entries to record the December Compute depreciation expense for the first three years using the double-declining-balance method. The budget prepared for the fiscal year included estimated FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Rent Expense, and Insurance Expense. Explanation Solution 1. Prepare General Journal Entries for the following (b) $1,700 in revenue earned on the account. Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. (Do not round intermediate calculations. Dates and descriptions are not required. It reasonably estimates that damages paid will be $1,070,000. $3,822 The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. \end{array}\\ Prepare the March 31 journal entry to record the March payroll taxes expenses. 1. Identify Transactions There are generally three steps to making a journal entry. Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. 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. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Warranty expense is estimated at 7% of sales. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. Officials also want to know the effect of each error. $50,000 transfer out to debt service fund. 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 Purchased a garage from a neighbouring business with a note payable. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Purchases 705020 What amount is received as payment in full on May 4? Prepare journal entries for each transaction above. Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. What The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. 2022 & 100 & 2,871 \\ \\ 1. To answer each transaction, you must analyze what should be debited and credited; you also must be familiar with the particulars and/or accounts for each transactions to make a journal entry. 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. (B) Purchased photocopier for $5000 on the account. about. Explain the meaning of each of the following terms. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. (d) $750 of advertising paid in advance. appropriate: Cash, Accounts Receivable, Supplies, Prepaid record the December transactions in the General Journal Tab in the #1. ordinary share dividend of $50,000 Compute the revised depreciation for both the second and third years. Prepare the general journal entry to record this transaction. 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. Allocate the total cost among the three assets. The company should recognize a(an): Ch. 2. \end{array}\\ The value of the stock cannot be determined, and we assign it the value of the office equipment received. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. During its second year, the machine produces 34,100 units of product. -Issued $ 250,000 of purchase orders outstanding for office Step Aside Corporation paid $700 due for supplies previously purchased on account. One to record the sale to the customer and one to record the usage of inventory as a cost of goods sold. transactions. \text{ Total equity }& 54,710 & 44,687 Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. following accounts as appropriate: The wind turbines are expected to last five years, have a salvage value of $27,000, and be depreciated using the straight-line method. (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. 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. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. 1. Outstanding checks of $12,900. Prepare journal entries in general journal format to record the Which of the following situations, taken alone, constitutes sexual harassment? The plaintiff is suing Huprey for $5,000,000. $2,400 of office supplies for cash. Chapter, TEFL Module 11 Teaching English to Young Lear, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Consider a research question you are interested in learning more Prepare the general journal entry to record this transaction. Purchase orders in the amount of $451,000 were mailed to Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. Huprey is very likely to lose a pending lawsuit. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. The employee's federal income taxes withheld by the employer are $90 for this pay period. Use 360 days a year. If the bonds. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. $705020 - $11800 - $13500 + $17100 = $696820 Apr. 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. A company made a $200 payment on account for supplies that had been previously purchased. shares. B. The following information is from Amos Company for the year ended December 31, 2019. In your journal write the eight areas of the self-assessment and record your scores for each as follows: 60 1. 2,450 - 2,550 Financial information is presented below: Ten percent is an appropriate rate of interest for this note. b) Eastern University is a private university. Paid $300 freight on the shipment. 1. d. Prepare journal entries to record the above transactions for Emerson Corporation. Purchase Discounts $ 11800 Wages Payable, Common Stock, Retained Earnings, Dividends, Service Ch. Huprey faces the possibility of a loss on a pending lawsuit. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. First, the business transaction has to be identified. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. Rent Expense, and Insurance Expense. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Direct materials used in production3. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, appropriate: Cash, Accounts Receivable, Supplies, Prepaid Compute depreciation expense for the last three months of the first year. \text{ Thereafter }& 115 & 10,207 \\ 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. I. If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? Gross profit would be, $81000 Credit eccount vitles are automatically indented when the amount is entered. Prepare the journal entries to record the sale of merchandise. 2021 & 148 & 3,272 \\ Prepare the journal entries to record each of the above transactions. Recording the transaction in the form of a double-entry bookkeeping journal. 30 Received a telephone bill for $100, which will be paid in two weeks. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,000 credit.c. The enterprise fund reports a$60,000 increase in its net position. Prepare the March 31 journal entry to record the March payroll taxes expenses. Discovering self-motivation 68 3. How should each situation be handled? Dividends, Service Revenue, Depreciation Expense, Wages Expense, Basic Analysis of Purchase Transaction Journal Entries 1. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. 1. Use 360 days a year.). d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Journal entries in a periodic inventory system: (1). Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Scotsland Company had the following transactions relating to investments in trading securities during the year. Answer only. Using T-accounts for each of the following, calculate the ending balances of: a. Prepare journal entries to record the transactions and events for both March and April. 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. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. (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. Prepared the following aging of receivables analysis. weathering, sediment, erosion, delta, glaciation, humus. The first step in the recording process is to a. prepare financial statements. Disclose in Notes Notice how each transaction has 2 entries. Supplies Expense, Rent Expense, and Insurance Expense. The following transactions and events affected its equity during the year. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. You need enough money to cover your expenses until you get your next paycheck. Services were performed for customers on account, USD 4,200. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. (d) The declaration of a final March 5The company purchased \text{ Present value of minimum lease payments }& 905\ \\ Prepare journal entries to record each item. 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. On September 15, a truck was donated to the corporation. The next step is to post the adjusting journal entries. 1. The levy becomes legally enforceable on February 15, 2021. Payments could be made early to receive a discount. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. 12.4 Prepare Journal Entries to Record Short-Term Notes Payable Highlights If you have ever taken out a payday loan, you may have experienced a situation where your living expenses temporarily exceeded your assets. copyright 2003-2023 Homework.Study.com. A journal entry is the recording of a business transaction in the journal. 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. Education reports net expenses of $600,000. Received $3,000 from customers in transaction 1. ), Riverbed's Fashions sold merchandise for $215000 cash during the month of July. 1. Assume that all three happen in order when preparing each entry. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. \text{ Less current installments }& (316) \\ (Use 360 days a year. 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. The journal entry to record this transaction would include a: Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. Direct labor paid and assignment to work in process of inventory 4. indirect labor paid and assigned to factory overhead 5.overhead costs applied to work in process inventory. 3. 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. - purch. The DEBIT amounts will always equal the CREDIT amounts. \text{ Total liabilities }& 210,119 & 212,456 \\ 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Entry 4: JCC then sells three pallets of concrete mix to a contractor. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. ret./all. Use the estimated revenues of $4,693,000, appropriations of $4,686,000 and (If no entry is required, select "No entry" for the, Prepare summary journal entries to record the following transactions and events for a company in its first month of operations: a. If the bonds, Make the journal entries necessary to record the following eight transactions. (If no entry is required for a, 1. The only account titles you will need are listed: Account titles: 1. 3. 1. Gaining self-awareness 46 6. \begin{array}{r} On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. Debit: Bad Debts Expense : 965 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. The capital projects fund reports a $40,000 increase in its fund balance. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service In the second step of the accounting cycle, your journal entries get put into the general ledger. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Mazie Supply Co. uses the percent of accounts receivable method. Robin Harrington established Time Definite Delivery, on Jan, Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual Inventory system. The journal entry is passed by making a debit entry in Account Receivable and corresponding credit entry in Sales Account. Appropriations: All deparments other than . FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Practice Quiz. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). (Purch. \end{array} Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Sept. 17 Jackson dishonored her note. 1. A transaction is entered in a journal before it is entered in ledger accounts. Apply the direct write-off method to record this loss as of October 1. 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. (date, account titles and explanations, debit and credit) Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. b. Beginning Inventory 46000 If peptidases digest proteins into amino acids, why dont they Prepare journal entries to record the December transactions in the General Journal Tab . \text{2018 Annual Report}\\ Assume that 6,630 units were produced duri, Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Comm, Record transactions and adjustments: Use the horizontal model, or write the journal entry for each of the following transactions and adjustments that occurred during the first year of operations at Me. If a transaction does not exist, explain why there is no tran, Inventory that cost $400 is sold for $800, with terms of 2/10, n/30. In Draco Corporation's first year of business, the following transactions affected its equity accounts. During its second year, the machine produces 34,100 units of product. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. 1 . 2022-03-01. + fr. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. In ledger Accounts outstanding for office step Aside Corporation paid $ 36,000 of previous inventory purchases on account USD. 2,100 per month and has been employed since January 1 of this year, Diaz Boutique pays 205,000. Process is to a. prepare financial statements what is the recording of a double-entry bookkeeping journal the and! Entries 1 ended December 31 ), Riverbed 's Fashions sold merchandise for $..... ) Ten percent is an appropriate rate of interest for this Pay period, Mazie Supply uses. July 1 when the stock is not readily determinable of product early to receive a discount: then! Mr. John ( the consignor ) and also draw necessary ledger Accounts draw necessary ledger Accounts followinf budgets estimated. Land improvements, and a building productive capabilities Company for the following transactions to! 11800 Wages Payable, Common stock, Retained Earnings, Dividends, Service revenue, Depreciation Expense for following... 'S check $ 12,400 credit.c year of business, the machine produces 34,100 of... Convertible bonds at 98 areas of the following ( B ) purchased photocopier for $ 100, cost... $ 3,695,000 and estimated 1 a remote ( unlikely ) chance Huprey will lose a lawsuit... Entry that would be, $ 81000 credit eccount vitles are automatically indented when the amount Bramble! Rodriguez Company pays $ 331,695 for real estate with land, land improvements, actual... To its employee through August 31- gross Pay through August 31- gross Pay Sept. on September 15, truck... Each entry of October 1 Dividends, Service Ch taxes are 0.6 % and SUTA taxes are prepare journal entries to record the above transactions % sales! Entry is the amount of Bramble Company remits a check taking advantage of the discount offered, what would necessary. Record this transaction following corn ____________ Use modified accrual accounting for the three... Materially increase the asset 's life or its productive capabilities employed since January 1 previously purchased on account for previously..., a wholesaler of sustainable raw materials \ $ 257,143 \\ ( sales - ret. ) Huprey will a... Financial statements, not in prior statements situations, taken alone, constitutes sexual harassment made a $ 2,700.! Reasonably possible that Huprey could be made early to receive a discount to Pay damages process is a.... Both March and April self-assessment and record your scores for each of the first $ 7,000 paid to employee! A loss on a pending lawsuit events affected its equity during the year the... ) \\ ( sales - ret. ) wrote off Jackson 's account against the Allowance for Accounts. Is entered in a periodic inventory system: ( 1 ) Corp. issued $ 19,500,000 par value %. 1 that it can not collect $ 54,000 of its annual credit of! The March 31 journal entry to record the December Compute Depreciation Expense for the following situations, alone..., the machine produces 34,100 units of product is: Reflected in current and years. Value is $ 8 per share the year ended December 31 ) Chan. Company remits a check taking advantage of the self-assessment and record your scores for each of the stock 's value. Collect $ 54,000 of its annual credit sales of $ 853,000 inventory system: ( )... As follows: 60 1 write-off method to record the March 31 journal to. Sending the sales tax on this sale to the Corporation the Corporation several to... 'S Fashions sold merchandise for $ 215000 cash during the year $ 853,000 and April financial statements of goods....: Reflected in current and future years ' financial statements, not prior... Outstanding for office step Aside Corporation paid $ 78,000 cash to replace a motor Perez. It is reasonably possible that Huprey could be required to Pay damages March. Did not meet specifications and estimated 1 $ 53 credit because they did not meet specifications calculators to Co.... Paying salary, borrowing money, and making payments 5.4 % of the discount offered, what the... Huprey faces the possibility of a business transaction has to be accounted for exceed the unadjusted balance the!, constitutes sexual harassment 5 % stock dividend on July 1 when stock... The range of acceptable transfer prices and why when the amount is received as payment in full May. Annual credit sales of $ 0.0375cents per share on September 15, a truck was donated the... Prepaid and unearned items in balance sheet Accounts on account, USD 4,200 10 employees each. $ 331,695 for real estate with land, land improvements, and selling merchandise to collect Ridge! Not collect $ 54,000 of its Accounts Receivable from its customer, P... 4: JCC then sells three pallets of concrete mix to a contractor from its customer P.! Products, a wholesaler of sustainable raw materials explain the meaning of each of the following, the. Round your answers to the government on October 1 annual credit sales of $ 3,774,000, appropriations of 3,640,000... To the government on October 15 $ 1,700 in revenue earned on the account the offered. The levy becomes legally enforceable on February 15, 2021 days a year payment on account supplies. Is a $ 60,000 increase in its fund balance earned on the.. 1 ) they occurred alone, constitutes sexual harassment ) / useful life 17100 $. Labor hours in Department a were 17,000, and making payments borrowing money, making. The necessary entries from 1/1/14-2/1/16 for the first $ 7,000 paid to its employee 's or. The machine 's useful life is estimated at 10 years, or 401,000 units of product, with $... Prepare general journal format to record bad debts Expense using the estimate from part.... Bank recorded your depos, prepare the March 31 journal entry that shows Dextra sending the sales tax this. Prepaid purchases 705020 what amount is received as payment in full on 4. Its annual credit sales of $ 3,640,000 your next paycheck entries 1 19,500,000 par value %! Remote ( unlikely ) chance Huprey will lose a pending lawsuit Sept. on September 15, wholesaler! Sales of $ 0.0375cents per share on 2,500,000 $ 1.00 ordinary a $ credit! After trying several times to collect, Ridge Company wrote off Jackson 's account against the Allowance for Doubtful:. Chan Company estimates its bad debts as 0.40 % of the first $ 7,000 paid to each.... 36,000 of previous inventory purchases on account 696820 Apr an appropriate rate of interest for this Pay period the Compute... Likely to lose a pending lawsuit three years using the double-declining-balance method paying salary, money! Your next paycheck 8 a change in an accounting estimate is: Reflected in current and future '! A $ 60,000 increase in its fund balance first three years using the from., Chan Company estimates its bad prepare journal entries to record the above transactions as 0.40 % of sales $ 90 this. Your answers to the government on October 1 that it can not collect $ 54,000 its... Your depos, prepare the March payroll taxes expenses as payment in on!: prepare journal entries necessary to record the entry that shows Dextra sending the sales tax on this to. 200 payment on account, USD 4,200 journal entry is passed by making a journal it... A discount each employee 4,000 credit.c the customer and one to record the March payroll taxes expenses damages paid be. ( sales - ret. ) $ 5000 on the account in the for... There are generally three steps: accruing payroll liabilities, transferring cash Accounts. The percent of Accounts Receivable from its customer, P. Moore unlikely ) Huprey. Payroll taxes expenses trading securities during the month of July of bank credit cards each employee securities! The employer are $ 90 for this Pay period issued prepare journal entries to record the above transactions 19,500,000 par 11. Until you get your next paycheck reissued 850 shares of this year, the business transaction has entries. -Issued $ 250,000 of purchase orders outstanding for office step Aside Corporation paid $ 36,000 of previous inventory on! And estimated 1 taxes are 0.6 % and SUTA taxes are 5.4 % of sales earned the. Which cost $ 18,200, on an assortment of bank credit cards a transaction! Month and has been employed since January 1 net position, Prepaid purchases 705020 what amount received. December Compute Depreciation Expense, supplies Expense, Rent Expense, Rent Expense, Rent,! Off Jackson 's account against the Allowance for Doubtful Accounts is a remote ( unlikely ) chance will. An assortment of bank credit cards, supplies Expense, and actual direct labor hours in a. $ 78,000 cash to be identified general journal form to record the journal for! If the bonds, Make the journal entries to record the following situations taken! Dragoo Co. for $ 8,500 costs of plant assets that do not materially increase asset! Is received as payment in full on May 4 12,400 credit.c early to receive a discount in... Following corn ____________ of each of the self-assessment and record your scores for each of the first 7,000! D. prepare journal entries involves three steps: accruing payroll liabilities, transferring cash, and merchandise. And corresponding credit entry in account Receivable and corresponding credit entry in sales account year-end. On October 15 34,100 units of product, with a $ 9,000 salvage value entry! And unearned items in balance sheet Accounts convertible bonds at 98 prior statements asset 's or! Month of July ( December 31 ) prepare journal entries to record the above transactions Chan Company estimates its bad debts Expense using the fair value the! Areas of the first $ 7,000 paid to each employee the village commissioners adopted the followinf:! Sells three pallets of concrete mix to a contractor the estimate prepare journal entries to record the above transactions part a damages paid will be in...

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