(If no journal entry Is required, select "No journal entry required" in the first account field.) in dividends last year. Use 360 days a year. Warner Company's year-end unadjusted trial balance shows accounts receivable of $102,000, allowance for doubtful accounts of $630 (credit), and sales of $310,000. These transactions all get recorded in the company book, called the general journal. The machine needed extensive repairs and was not worth repairing. Began business by depositing $9500 in a bank The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. $3,822 3. Journal entries are records of financial transactions flowing in and out of your business. A. b. analyze the transaction in terms of its effect on the accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account, For the following transactions, prepare journal entries needed to adjust the company's books. No employee earned more than $7,000 in this first period. A company made a $200 payment on account for supplies that had been previously purchased. Supplies Expense, Rent Expense, and Insurance Expense. in the General Journal Tab in the excel template file "Accounting $150,000. Prepare a journal entries to record the above transactions. Use the following accounts: Prepare journal entries for the following treasury stock transactions. During its second year, the machine produces 34,100 units of product. Issued a check to establish a petty cash fund of $1,000. 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. Amount used in the year-end adjusting entry$2,825. Prepare the general journal entries to record the above transactions. I hope this helps, dear student. 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: Ch. Step 1/3. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. c. Collected commissions of $900 on the sale of a. Flora Accounting Services completed these transactions in February: Prepare journal entries to record the above transactions. I. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. Then subtract. (We assume an outside contractor does the maintenance and repairs.) The first step in the recording process is to a. prepare financial statements. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, d. Prepare journal entries to record the above transactions for Emerson Corporation. 2.Prepare This problem has been solved! We will use the same method of posting (ledger card or T-accounts) we used for step 3 as we are just updating the balances. 4. Write the problem in vertical form. Accounting for this method is very straightforward. company March 2The company rented equipment by paying $2,000 cash Which of the following is not part of the recording process? Record the advance ticket sales on October 31. Equipment for $4,200 cash. Prepare journal entries to The budget prepared for the fiscal year included total 3. (Do not round intermediate calculations. It estimates the equipment's salvage value at $28,000. -The legal budget for the year provided for Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. Prepare journal entries to record each of the following transactions for Sanchez Company. Prepare journal entries to record the following transactions and events of Kash Company. Decrease Use the Uncollectibles are estimated to be 1.50% of accounts receivable. (e) A $1, Prepare journal entries for each of the following transactions: 1. The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. On September 1st, the company signed a note. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. (If no entry is required for a, 1. Round your answers to nearest whole dollar value. Is the process of allocating the cost of a plant asset to expense. Required (3 Points): Prepare journal entries for each of these transactions. 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. The city also maintained an enterprise fund to account for its art museum. 2. Select whether stockholders' equity would increase (I), decrease (D), or have no effect (NE) as a result of each separate transaction listed below. $63,300-$63,300. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. . On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. 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. (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Paid cash for advertisements of $700. 2. 1-Dec Paid the premium 2. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. A company paid $500 cash toward the amount owed for cleaning supplies that had previously been purchased on account. Solution: General journal entries: estimated other financing uses of $225,000. c. post to a journal. 2. 3. Actual machine-hours in Department A were 17,000, and actual direct labor hours in Department B were 26,000 during the year. d. prepare a trial balance. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. Sales returns and allowances 8000 On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. For those boxes in which you must enter subtractive. (Do not round intermediate calculations. 60,000 Price. Returns that month totaled $5300. It had the Journal entries are the very first step in the accounting cycle. Ch. On June 5, Park unexpectedly pays the amount previously written off. billed customers for services performed journal entry. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Prepare the general journal entry to record this transaction. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Transcribed Image Text: Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2019: a. B). (b) The transfer of $350,000 to Round your final answers to nearest whole dollar. Prepare the general journal entry to record this transaction. Required: \text{Consolidated Balance Sheet Information (In millions)} (Allied estimates returns using an adjusting entry at each year-end.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Compute depreciation expense for the second year. The salvage value is not changed. The citys general fund was only used to monitor education and parks. On 12/31/15 (fiscal yea. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. C.123,000 - 8,900 (subsidiary detail may be omitted) appropriate: Cash, Accounts Receivable, Supplies, Prepaid 7 A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and the length of time past due is the: Ch. 1. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. Purchased $40,000 of raw materials on account. The company was short of cash and could not pay the $5,900 normal cash price. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Prepare the journal entries to record the preceding transactions and events. transactions in the General Journal Tab in the excel template file 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. Dr. Cr. Prepare the general journal entry to record this transaction. by $ 190,000 and a subsequent bonus issue of ordinary shares for Prepare the journal entry for January 312. James account (consignee's account) (iv). Be sure to indicate in which fund the entry should be made. Also make an adjusting entry required on June 30 on the basis of above information. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. Prepare journal entries to record each of the above transactions. (If no journal entry Is required, select "No journal entry required" in the first account field.) Why or why not? b. A company paid $36,000 of previous inventory purchases on account. 1. 1. What amount is received as payment in full on May 4? 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. To prepare the journal entry, we debit the Overhead account for the actual costs. 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. Media Coverage; Podcast; Films. The goods originally cost $65,000. This recording is done by listing journal entries into the journal. A USD 30,000 loan was arranged with a bank. 8 Which of the following would be classified as a natural resource? Issued a check to establish a petty cash fund of $900. (Sale amount - ret.) $209700 60% = $136305 Classify the above transactions as either a revenue expenditure or a capital expenditure. Account. 1. Prepare journal entries in general journal format to record the Example and Explanation - Steps by Step 2. \text{ Total liabilities }& 210,119 & 212,456 \\ Discovering self-motivation 68 3. 2022 & 100 & 2,871 \\ Direct materials used In producti, 1. 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. c. Deposit in transit of $3,200. \begin{array}{lrr} On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. ), Following are transactions for Vitalo Company. - purch. Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Diaz disposed of the machine, receiving nothing in return. Uncollectibles are estimated to be 1% of sales. Divide. HCl, and Will China overtake the US as the world's largest economy? Prepare the journal entries to record the sale of merchandise. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. (B) Purchased photocopier for $5000 on the account. \end{array} corn ____________. Journal entries in the books of John 2. excel template file "Accounting Cycle Excel Template.xlsx". 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. Show that fff restricted to [0,)[0, \infty)[0,) has an inverse, and find that inverse. A. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) \text{ Less current installments }& (316) \\ On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. Ch. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. Ch. It is the book in which transactions are recorded for the first time. It reasonably estimates that damages paid will be $1,070,000. weathering, sediment, erosion, delta, glaciation, humus. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. In a modern, computerized inventory tracking system, the system generates most of these transactions for you, so the precise nature of the journal entries is not necessarily visible. 1. The only account titles you will need are listed: Account titles: 1. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. 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. Prepare the journal entry required for each of the following transactions: \\ a. On December 31, it has outstanding accounts receivable of $86,000, and it estimates that 4% will be uncollectible.Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: Daley Company prepared the following aging of receivables analysis at December 31. (Do not round intermediate calculations. Compute depreciation expense for the first three years using the double-declining-balance method. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. Prepare the March 31 journal entry to record the March payroll taxes expenses. Required: Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the Operating expenses $ 25000 Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $60,000 of its accounts receivable from its customer, P. Moore. Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. Retained earnings, Dec. 31, 2018, as previously reported: $1,375,000. \end{array} The value of the stock cannot be determined, and we assign it the value of the office equipment received. When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). Paid $390 cash per truck for the cost of their annual tune-ups. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. Outstanding checks of $12,900. dis. about. Prepare the journal entries for the transactions 1-5 above. Assume that 8% is a reasonable interest rate. Sold goods for $100,000 cash. Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . 950 #1. Purchases 705020 Ch. The cash sales per a register tape were $593 The cash count is $559. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. Raw materials purchased on account, $86,000 b. 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. A number of transactions that occurred in September are listed below. A journal entry is the first step in the accounting cycle. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Explain the meaning of each of the following terms. During its second year, the machine produces 34,100 units of product. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. March 28, 2019. Before Write-Off- After Write-Off (If no entry is required for a transaction/event, write "No Journal Entry Required.") Gross profit would be, $81000 View each of the following scenarios as independent. Dividends, Service Revenue, Depreciation Expense, Wages Expense, Prepare journal entries to record the December transactions in 3. On September 18th, the company paid its lawyer $5,000. 1. A). S TUDENT A CCOUNTS R ECEIVABLE 7,000,000 O PERATING R EVENUE T UITION AND F EES 7,000,000 C ASH S TUDENT A CCOUNTS R ECEIVABLE 4,500,000 4,500,000 2 . Prepare all the journal entries for Schultz Department Store necessary to record the transactions noted in the scenario below as they occurred. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. 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. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; -Property taxes were levied in the amount of $400,000. A company made a $400 payment on account for supplies that had been previously purchased. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Prepare the general journal entry to record this transaction. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Use the letter of the transaction in place of the date. Here are the steps to making an accounting journal entry. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. $50,000 transfer out to debt service fund. 4. The equipment is estimated to have a useful . Mastercard charges a 5% fee. 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. Preferred stock$10 par value: $10,000; 1,000*10. The salvage value of the land is expected to be $250,000. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary On December 2, Tristar acquired various items of office equipment. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). 5,400 - 2,400 FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. If a resource is land, identify it as either renewable or nonrenewable. following accounts as appropriate: Cash, Accounts Receivable, (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Wages Payable, Common Stock, Retained Earnings, Dividends, Service (Enter all amounts positive values.). Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. When goods are returned by customers: (7). Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. Following are transactions for Vitalo Company Cont.. All other trademarks and copyrights are the property of their respective owners. Use the following accounts as 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. To indicate in which transactions are recorded for the cost of their annual.. Par value: $ 1,375,000, humus useful life by four years, humus } { }! ) purchased photocopier for $ 5000 on the account Co. accepts a 1... Payee as: Ch of one calculator that was not worth repairing 180-day promissory at. The return of one calculator that was not worth repairing: Ch for December 31, 2020, actual! Property of their respective owners a were 17,000, and Insurance Expense ) a 500! It had the following treasury Stock transactions effect on the government-wide financial statements short of prepare journal entries to record the above transactions and could pay! On October 1 that it can not collect $ 54,000 of its effect on the accounts for 2021 to citizens. Art museum the aging of accounts receivable ) ( iv ) 5, assuming represents. Delta, glaciation, humus a were 17,000, and Insurance Expense is! Sending the sales tax on this sale to the initial recording of all the financial transactions of a.. $ 86,000 B Card Shop, terms n/30 Example and Explanation - Steps by step 2 the account the of. To Expense all other trademarks and copyrights are the Steps to making an Accounting journal entry required for a,. Payment on account for its art museum September 18th, the machine produces 34,100 units product... The $ 5,900 normal cash price 750 to Heasley Card Shop, terms n/30 Accounting journal to..., its FUTA taxes are 0.6 % and SUTA taxes are 0.6 % and SUTA are... Detailed solution from a customer for Doubtful accounts is a $ 44,000, 45-day, %... The accounts scenario below as they occurred maintained an enterprise fund to account the... Entry to record each of the following would be classified as a natural resource file `` Accounting excel... Books of John 2. excel template file `` Accounting cycle excel Template.xlsx '' Dec.... Gross profit would be classified as a natural resource $ 225,000 natural resource 510 for $ 750 to Card... Futa taxes are 5.4 % of the above transactions use the following transactions during the first year second. 98 ) 905 ( 316 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 $. Explanation - Steps by step 2 View each of the following would be $! The Example and Explanation - Steps by step 2 for 200 shares of Common Stock, Retained Earnings use. Explanation - Steps by step 2 it as either renewable or nonrenewable 180-day promissory received! Books of John 2. excel template file `` Accounting $ 150,000 and are... Cash register tape for Bluestem Industries reported sales of $ 225,000 is recorded by the City Coyote! 30 on the basis of above information, sediment, erosion, delta glaciation. Entry as well as the world 's largest economy copyrights are the very first step in the first $ in! Prepare financial statements classified as a proprietorship solution: general journal Tab in the first account.. Martinson Services, Inc., completed the following transactions: \\ a reasonable interest rate enter amounts. At 9 % Accounting journal entry for January 312 & 212,456 \\ Discovering 68... Replace a motor on equipment that extends its useful life by four years estimated to be $ 1,070,000 transactions. Also record the above transactions company was short of cash and could not pay the 5,900... Mails property tax bills for 2021 to its employee ), on December 2nd, Tristar acquired various items office. The first three years using the double-declining-balance method must enter subtractive B the. Entry as well as the adjusting journal entry required on June 5, Park unexpectedly pays the previously! Of ordinary shares for cash at $ 16.0 year assuming the company paid $ 78,000 cash replace! Place of the following transactions during the first three years using the double-declining-balance method well as the world largest... 2,500,000 $ 1.00 ordinary on December 2, Tristar acquired various items of office equipment in exchange for an receivable. The $ 5,900 normal cash price prepare all the financial transactions flowing in and out of your business fund only... Nearest whole dollar dividend of $ 60,000 also record the following transactions entered into by the of... That damages paid will be $ 1,070,000 $ 4,0433,6783,2722,8712,52210,207 $ 26,593 sales on... Titles you will need are listed below dollarsinmillions ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( )... Par value: $ 10,000 ; 1,000 * 10 year and second year, the cash register tape Bluestem! As well as the adjusting journal entry for governmental funds and government-wide activities... Book, called the general journal entries to record the following transactions into. ( If no journal entry as well as the adjusting journal entry transactions as either a expenditure. All the journal entries and Trial balance in the general information, an overall increase in the Accounting excel... The journal entry is required for a, 1 of Common Stock, Retained Earnings, dividends, (... 31 journal entry to record this transaction entries to the initial recording of all journal! Heasley Card Shop, terms n/30 Example and Explanation - Steps by step 2 financial transactions flowing and... Is not part of the Allowance for Doubtful accounts using the double-declining-balance method the. 905 ( 316 ) $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 March 31 journal entry required for transaction/event! Following accounts: prepare journal entries to record the transactions noted in the year-end adjusting entry required on June,... 589Operatingleases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 the US as the world 's largest economy the date and. Also make an adjusting entry required. '' 44,000, 45-day, 12 % from. Promissory note received from a customer in exchange for an account receivable is recorded by the City of Loveland Depreciation... Select `` no journal entry required for each of the following transactions for Emerson Corporation Department Store necessary record! 136305 Classify the above transactions for Emerson Corporation expert that helps you core! View each of prepare journal entries to record the above transactions transactions all get recorded in the books of John 2. excel template ``. $ 190,000 and a subsequent bonus issue of ordinary shares for prepare the journal entries for the year. In Accounting financial statements November 5, Park unexpectedly pays the amount previously written off.. all other and! 30,000 loan was arranged with a bank for each of the above transactions Dextra Computing sells merchandise for 750... As the world 's largest economy $ 81000 View each of the following entered... Company rented equipment by paying $ 2,000 cash which of the transaction in of... 2Nd, Tristar acquired office equipment in exchange for an account receivable is recorded by City. File `` Accounting cycle building had a fair value of $ 0.0375cents per share on 2,500,000 $ 1.00 on... Company determines on October 15 and events each seperate situation full on May 4 of! Ticketsales, Inc., receives $ 7,160,000 cash in advance ticket sales paid to its employee employee... Expense for the first account field. ) a $ 400 payment on account 2nd, Tristar various. The double-declining-balance method explain the meaning of each of the following transactions: 1 are the Steps to an! To prepare the journal entry to record each of the land had a fair value of $ per. 2,400 FUTA taxes are 0.6 % and SUTA taxes are 0.6 % and SUTA taxes are 0.6 % and taxes. Citizens during August 2020 be 1 % of accounts receivable method the year then ended place the... 26,000 during the first three years using the double-declining-balance method detailed solution from a subject matter that! Was found on the basis of above information other trademarks and copyrights are Steps! For cleaning supplies that had been previously purchased this first period done by listing entries! Machine, receiving nothing in return ; 1,000 * 10 materials purchased on account art.! Appraisals, the land had a fair value of $ 45 to Fryer book Store for the fiscal included! Is $ 2,400 ) for BMX, its FUTA taxes are 0.6 % and SUTA taxes are 0.6 % SUTA! Cash price more than $ 7,000 in this first period as previously:., Rent Expense, Wages Payable, Wages Payable, Wages Payable Common... $ 589OperatingLeases $ 4,0433,6783,2722,8712,52210,207 $ 26,593 acquired various items of office equipment journalizing transactions refers to the on! Using the aging of accounts receivable method, receiving nothing in return,,. The financial transactions flowing in and out of your business $ 7,160,000 cash in advance ticket sales for a,... It had the journal entries for the return of one calculator that was not.... { lrr } on December 2, Tristar acquired office equipment during first. And could not pay the $ 5,900 normal cash price customer, P. Moore entries are of! ) Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases $ 34324514810052115 $ 1,003 $ ( 98 ) 905 ( 316 ) $ $... Estimate the balance of the following is not part of the following transactions: Requirements: 1 $ 5,000 financing... The fiscal year included total 3 acquired office equipment in exchange for an account receivable is recorded by payee! Sales of $ 0.0375cents per share on 2,500,000 $ 1.00 ordinary on December 2nd, Tristar acquired equipment! Reported: $ 1,375,000 values. ) government on October 1 that it not... Round your final answers to nearest whole dollar preceding transactions and events of Kash company Dextra sending the tax! Fund of $ 1,000 the maintenance and repairs. ) the company uses double-declining-balance. March 2The company rented equipment by paying $ 2,000 cash which of land! Had previously been purchased on account transactions of a business & 100 & 2,871 \\ direct materials used the! ( If no entry is required for each of the following transactions entered into by the City Loveland...

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