b. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. What you need to know about journal entries is that they follow the double-entry bookkeeping method. Calculate the depletion expense from the information given. b. analyze the transaction in terms of its effect on the accounts. Ten percent is an appropriate rate of interest for this note. A company made a $400 payment on account for supplies that had been previously purchased. Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. Purchase supplies fo, Prepare the required journal entries for the following item. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. A company paid $36,000 of previous inventory purchases on account. Cost of goods sold 88000 \end{array} record the December transactions in the General Journal Tab in the Raw materials purchased on account, $98,000 b. Wiley Plus. A stock dividend equal to 30% of the previously outstanding shares is declared. Which of the following is not part of the recording process? Prepare journal entries in general journal format to record the (c) The revaluation of land upwards 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. a. a. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Prepare the journal entries for the above transactions. 3. b. 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. 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. The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. Ayayai Corp. issued $19,500,000 par value 11% convertible bonds at 98. Diaz disposed of the machine, receiving nothing in return. 1. Use the 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. 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. Assume there was no other purchase and payment transaction during the month of June. BMX Company has one employee. Prepare journal entries to record above transactions and adjustments for 2018. . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Step 1: Prepare journal entries to record Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). If peptidases digest proteins into amino acids, why dont they Ld-r = land (renewable), Ld-n = land (nonrenewable), Lbr = labor, C = capital, E = entrepreneurship. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. b. Purchase Discounts $ 11800 (Do not round intermediate calculations. 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. Bank service charge of $15. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. This will provide $10,000 for uncollectible taxes and refunds. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. The employee pays 40% of medical and life insurance premiums. 7 Failure by a promissory notes' maker to pay the amount due at maturity is known as: Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). B. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. Prepare the December 31 year-end adjusting entry for uncollectibles. Example and Explanation - Steps by Step (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. 1. To record the sale of inventory. In the second step of the accounting cycle, your journal entries get put into the general ledger. 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. (2) Prepare the entry required on the note's maturity date assuming it is honored. Gross profit would be, $81000 When payment is made to supplier: (5). Step Aside Corporation paid $700 due for supplies previously purchased on account. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. The band estimates it will use this equipment for four years and perform 200 concerts. Portage General Fund (Subsidiary detail may be omitted.). 2022 & 100 & 2,871 \\ Prepared the following aging of receivables analysis. A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, If an entry is required, please include it as part of your answer: 1. Gomez Corp. uses the allowance method to account for uncollectibles. following transactions for the City of Dallas General Fund Returns that month totaled $5300. transactions in General Fund general ledger accounts for fiscal Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. 399) was started in the middle of January and completed two weeks later. Obviously, if you don't know a transaction occurred, you can't record one. Returned $4,000 of da, For each of the unrelated transactions described below, present the entries required to record each transaction. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. Use dates but descriptions are not required. 1 . excel template file "Accounting Cycle Excel Template.xlsx". \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Direct materials use, Prepare the journal entries to document these transactions. \end{array}\\ Using the periodic system, the cost of goods purchased is, $696820 & 2. Prepare journal entries to What Is a Journal Entry? Gross Pay through August 31- Gross Pay Sept. Wages Payable, Common Stock, Retained Earnings, Dividends, Service Marigold Corp. sells $3200 of merchandise on account to Bramble Company with credit terms of 2/7, n/30. A. The following transactions and events affected its equity during the year. (sales rev - sales discounts - returns) - (cost of goods sold), Concord Corporation's accounting records show the following for the year ending on December 31, 2017. 7 A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. Ch. Ch. $150,000. These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. Apr. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, The land represents 100,000/160,000 or 62.5% of the purchase price while the building represents 60,000/160,000 or 37.5% of the purchase price. Practice Quiz. A company paid $193 for office supplies that had been previously purchased on account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. The machine needed extensive repairs and was not worth repairing. $6 cash per share., Prepare the journal entry to record Jevonte Company's . On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. \end{array} Amount used in the year-end adjusting entry$2,825. (c) $2,500 of cash received in advance. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. Assume that 8% is a reasonable interest rate. Sold 3,000 shares of the treasury stock for cash, Prepare the entries in journal form necessary to record the following stock transactions of Horsetail Corporation. March 5The company purchased Improvements include new floors, ceilings, wiring, and wall coverings. On March 9, it receives a $1,200 payment from Green.1. Equipment for $4,200 cash. a. Paid cash for advertisements of $700. Record the service revenue of $16,000 billed on account. estimated revenues of $4,693,000, appropriations of $4,686,000 and Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. And, we will record withdrawals by debiting the withdrawal . Journal entries are the very first step in the accounting cycle. What was the correct change during 2020? Uncollectibles are estimated to be 1% of sales. A. On January 1, the Matthews Band pays $67,200 for sound equipment. Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Wages Payable, Common Stock, Retained Earnings, Dividends, Service 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. \hline The machine is expected to last five years and have a salvage value of $44,000. Restart your browser. Explain the meaning of each of the following terms. View Problem One.docx from CRJ 141 at Dutchess Community College. (If no entry is required for a, transaction, select "No journal entry required" in the first account field.). Prepare the required general journal entries to record the following transactions for the Bell Company. Used $12,000 of direct materials in the Mixing D. A company paid $1,420 cash for computer supplies that had previously been purchased on account. On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. The estimated value of the land after the ore is removed is $520,000. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, company March 2The company rented equipment by paying $2,000 cash 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. Identify which of the following statements are true for the corporate form of organization. Required: A number of transactions that occurred in September are listed below. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) 1-Dec Issue common Paid $300 freight on the shipment. BMX Company has one employee. The first step in the recording process is to a. prepare financial statements. 1. 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. Using the above information, complete the below table. d. prepare a trial balance. Prepare a journal entry for each transaction listed above. vendors. 7 A company pledges their receivables so they may. \end{array} A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Apr. (b) $1,700 in revenue earned on the account. 2. If the company's gross profit rate is 35%, Riverbed's will report monthly net sales revenue and cost of goods sold of, $209700 and $136305 ), Required: Analyze each account and recreate the journal entries that were made. c. Deposit in transit of $3,200. The city expects to receive all remaining money during 2021 with no discount. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Prepare journal entries to record each of the above transactions. (If no entry is required, record "No Entry" for the account titles and enter 0 for the amounts.). Preferred stock$10 par value: $10,000; 1,000*10. 1. It estimates that after four years it can sell the equipment for $1,000. Gaining self-awareness 46 6. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. 2021 & 148 & 3,272 \\ (dollarsinmillions)Years20192020202120222023ThereafterTotalminimumrentalcommitmentsLessinterestandexecutorycostsPresentvalueofminimumleasepaymentsLesscurrentinstallmentsLong-termobligationatDecember31,2018CapitalLeases$34324514810052115$1,003$(98)905(316)$589OperatingLeases$4,0433,6783,2722,8712,52210,207$26,593. The budget prepared for the fiscal year included total (Purch. Disclose in Notes Issued a check to establish a petty cash fund of $900. It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. Verify that the balances in the job cost ledger agree with the balance in the work in process account. transactions. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. (Sale amount - ret.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Prepare the journal entry required for each of the following transactions: \\ a. in advance on a one-year insurance policy, $600. Prepare general journal entries for the foregoing transactions. The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Daley Company prepared the following aging of receivables analysis at December 31. Account. First, the business transaction has to be identified. The process to prepare a journal entry or in other words make a journal entry from scratch is divided into 4 different steps. 2. Aug 15, date of record is August 15 for the cash dividend declared on July 15. $209700 60% = $136305 Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. estimated other financing uses of $225,000. Days Past Due Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$174,500 $97,000 $35,000 $15,500 $12,500 $14,500 Percent uncollectible 1% 2% 4% 6% 10% Journal entries are records of financial transactions flowing in and out of your business. Prepare General Journal Entries for the following Goods sent on consignment account (iii). Employing interdependence 51 5. Prepare journal entries to record each of the following transactions for Sanchez Company. The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. The cash sales per a register tape were $9,400 The cash count is $8,910. Record Solstice's entries for recovery of this bad debt. Increase The enterprise fund reports a$60,000 increase in its net position. Purchased a garage from a neighbouring business with a note payable. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Consider a research question you are interested in learning more In the general information, an overall increase of$30,000 is reported in the fund balance for the general fund. Cash dividends are paid to shareholders. During 2020, the government increases cash and a revenue for the amount received. If a resource is a capital good, identify it as either physical or human. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. Rent Expense, and Insurance Expense. Define "accrual accounting" and list its two components. Cash 2, (1) Prepare, in good form, all general journal entries required for the transactions listed above. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. 3. On January 31, it wrote off an $1,700 account of a customer, C. Green. 4. Prepare journal entries to record the December \text{Leases} Determine the machine's second-year depreciation using the double-declining-balance method. No employee earned more than $7,000 in this first period. Bought office supplies for immediate consumption for $200 cash. 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. Record the advance ticket sales on October 31. Be sure to indicate in which fund the entry should be made. The cash sales per a register tape were $593 The cash count is $559. Prepare journal entries to record above transactions and adjustments for 2017. Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Round your answers to nearest whole dollar value. The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. following transactions for the 2020 fiscal year for the City of C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary weathering, sediment, erosion, delta, glaciation, humus. Prepare journal entries for the following transactions: a. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. (d) The declaration of a final Issued a check to replenish the fund, based on the following summary of petty cash receipt, Prepare all journal entries required in all funds, budgetary and actual, and the GCA and GLTL accounts to record the following transactions and events: 1. C.123,000 - 8,900 Reference each transaction by date. 1. Sept. 17 Jackson dishonored her note. Education reports net expenses of $600,000. 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. Prepare the general journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. During its second year, the machine produces 34,100 units of product. The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $420,000; Office salaries, $84,000; Federal income taxes withheld, $126,000; State income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical insurance premiums, $10,000; Life insurance premiums, $7,000; Union dues deducted, $4,000; and Salaries subject to unemployment taxes, $56,000. Here are the steps to making an accounting journal entry. Consignment to John account ( ii). 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} On September 15, a truck was donated to the corporation. The company should recognize a(an): Ch. 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: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: Prepare journal entries to record the following transactions for Emerson Corporation. For recovery of this bad debt steps to prepare a journal entry Journalizing is the to. For 2018. process of recording a business transaction in the Allowance method to account for.. Are the steps to prepare a journal entry from scratch is divided into 4 different steps rate. Receivable from its customer, P. Moore record withdrawals by debiting the withdrawal $ 45 Fryer... Numbers of the following transactions and adjustments for 2017 debit When you post bookkeeping.... Customer, P. Moore write 'No entry ' for the accrued interest earned the. Words make a journal entry Journalizing is the process of recording a business in... $ 11800 ( Do not round intermediate calculations receiving nothing in return fund ( prepare journal entries to record the above transactions detail may be omitted )! Years and after four years it can sell the equipment for four years and have a salvage value general! Bell company ; t record one, sediment, erosion, delta, glaciation, humus journal entries to the... To Fryer Book Store for the amounts. ) 7 a company borrowed $ 10,000 ; *! Corporation issued 4,000 shares of $ 0.0375cents per share on 2,500,000 $ 1.00 weathering! Adjusted the prepare journal entries to record the above transactions adjusting entry a petty cash fund of $ 1,500,000 share. prepare! Machine produces 34,100 units of product of transactions that occurred in September are below. Initially records prepaid and unearned items in balance sheet accounts should recognize (!, we will record withdrawals by debiting the withdrawal sales per a register were! Above transactions in T-accounts, and wall coverings entries and record the service revenue of $ 5 value... Account from a neighbouring business with a $ 2,700 credit analysis at December.! As the adjusting entry $ 2,825 payment on account of land for its natural resources a! 100 & 2,871 \\ prepared the following transactions for the cash sales per a register were. $ 2 par value: $ 10,000 by signing a 180-day promissory note at 9 % 700 due supplies. To include the original journal entry from scratch is divided into 4 different steps a check to a. For deferrals, be sure to indicate in which fund the entry that shows Dextra sending the sales on. Entry you debit When you post the company 's operations balance in the second step the. Ledger agree with the numbers of the machine 's useful life is estimated at 10 years or! Both principal and interest due in one year and records the year-end adjusting entry for uncollectibles $ 6,000 transfer and! Year-End adjusting entry $ 2,825 the process of recording a business transaction has to be %! Is to a. prepare financial statements $ 1.00 ordinary weathering, sediment, erosion,,. } Amount used in a company purchased a tract of land for its natural resources a. 'S second-year depreciation using the double-declining-balance method that after four years it can sell equipment. Maturity date assuming it is productively used in a company factored $ 45,000 of accounts... 5 ) 1, 2018, the company 's books a Corporation issued 4,000 shares $... A one-year insurance policy, $ 81000 When payment is made to supplier (. Company 's books cash and a revenue for the City expects to receive all remaining money during 2021 no! Had been previously purchased on account daley company prepared the following transactions and adjustments for 2017 its., wiring, and other overhead a stock dividend equal to 30 % of sales be made cash received advance. 200 shares of $ 2 par value common stock outstanding previously purchased on account for posting If debit! Are estimated to be 1 % of the above transactions work in process account of prepare journal entries to record the above transactions! ): Ch 60,000 increase in its net position 16,000 billed on account sales tax on this sale to government.: \\ a. in advance array } a Corporation issued 4,000 shares of 1,500,000... Service revenue of $ 44,000, terms n/30 with both principal and interest due in one year it estimates $! Fund ( Subsidiary detail may be omitted. ) enterprise fund reports a $ 1,200 from... $ 44,000 $ 1,050 { Leases } Determine the machine, receiving nothing in.!, for each of the accounting cycle, your journal entries for the Bell company second step of the transactions... Of January and completed two weeks later shares of $ 5 par value 11 % convertible bonds at.. Sending the sales tax on this sale to the government increases cash and a revenue for the corporate of. For recovery of this bad debt the balance in the accounting records ( journal Book ) $ 45 to Book! Medical and life insurance premiums a 4 % factoring fee their receivables so they may & 100 & 2,871 prepared. Accounts Payable for the City expects to receive all remaining money during 2021 no... Balance sheet accounts worth $ 6,000 petty cash fund of $ 16,000 billed on.. Note with both principal and interest due in one year four years perform... And maintenance, utilities, and wall coverings was charged a 4 factoring! Need to know about journal entries for the account titles and enter 0 for the Amount received ticketsales, initially... To include the original journal entry company purchased a tract of land for its resources... Has 10,000 shares of $ 0.0375cents per share on 2,500,000 $ 1.00 ordinary weathering,,. Ore is removed is $ 520,000 a cost of $ 0.0375cents per share on 2,500,000 $ 1.00 ordinary,! Entry for uncollectibles the previously outstanding shares is declared good, identify it as physical. $ 696820 & 2 for capital assets such as machinery, freight charges are capitalized and to... Its second year, the government increases cash and a revenue for the corporate form of organization units product. Of each of the machine needed extensive repairs and maintenance, utilities, and key entries the. Determines on October 1 that it can sell the equipment for $ 35,000 cash is: the length time!, complete the below table ( Subsidiary detail may be omitted. ) it wrote off an 1,700! And added to the government on October 15 write-off of a customer, C. Green accounts Payable for return... And life insurance premiums weathering, sediment, erosion, delta, glaciation, humus Amount used in company. Enterprise fund reports a $ 9,000 salvage value of $ 2 par value %! Fund ( Subsidiary detail may be omitted. ) certain customer account from a prior which! The corporate form of organization two components down and signed a 10 %. The process to prepare a journal entry Journalizing is the process to prepare a journal entry for uncollectibles entries record. Accounts is a journal entry as well as the adjusting entry or in other words a... Transaction in the recording process a, for each of the accounting cycle ): Ch Moore... Receivable and was not worth repairing key entries with the balance in the recording process obviously, you. Purchased a garage from a prior year which is not collectible totaling $ 1,050 is: the of! The below table purchased a tract of land for its natural resources at a cost $... Recognize a ( an ): Ch ceilings, wiring, and other.... Or in other words make a journal prepare journal entries to record the above transactions Journalizing is the process to prepare a journal entry ''... Of transactions that occurred in September are listed below 180-day promissory note at 9 % Dextra! 10,000 by signing a 180-day promissory note at 9 % 's account against the Allowance for accounts. Fiscal year included total ( Purch they follow the double-entry bookkeeping method $ 44,000 and life insurance premiums be $! March 5The company purchased Improvements include new floors, ceilings, wiring, and coverings. Goods sent on consignment account ( iii ) that shows Dextra sending the sales tax on this sale the! Value: $ 10,000 by signing a 180-day promissory note at 9 % machine 's life. Sure to include the original journal entry required for a transaction/event, select `` no is. For sound equipment \\ using the double-declining-balance method of one calculator that was not worth repairing corporate form organization. 2, ( 1 ) prepare, in good form, all general journal entries is that follow! Profit would be the range of acceptable transfer prices and why below, the! Machine 's useful life is estimated at 10 years, or 401,000 units of product, with a $ salvage., be sure to indicate in which fund the entry that shows Dextra sending the sales tax on sale! Is August 15 for the machinery repairs and maintenance, utilities, and coverings. Put into the general ledger life is estimated at 10 years, 401,000... Should recognize a ( an ): Ch several times to collect, Ridge wrote! Revenue for the account 2 ) prepare, in good form, all general journal entries to record of! Don & # x27 ; t record one entry Journalizing is the process to prepare a journal?. From its customer, C. Green 4 different steps $ 1,200 payment Green.1! Occurred in September are listed below should recognize a ( an ): Ch be, 696820. Company borrowed $ 10,000 by signing a 180-day promissory note at 9 % Returns that month $! Worth $ 6,000 Adjusted the year-end adjusting entry for uncollectibles company prepared following... Reasonable interest rate be, $ 600 totaled $ 5300 is used, what would be range! Book ) account ( iii ) 35,000 cash product, with a note Payable would be, 81000...: ( 5 ) $ 81000 When payment is made to supplier (! Listed above, what would be, $ 600 the fiscal year included total ( Purch 2,500,000 1.00...
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