Journal entries are the very first step in the accounting cycle. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. \text{Consolidated Balance Sheet Information (In millions)} Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. (a) Prepare journal entries to record the transactions described above. + fr. C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. \text{ Total assets }& \$248,829 & \$257,143 \\ These transactions represent all treasury stock transactions entered into by the comp, Prepare the journal entry required for each of the following transactions: \\ a. Prepare the March 31 journal entry to record the March payroll taxes expenses. (19,000 + 700 = 19,700). Wiley Plus. Prepare the journal entries to record the transactions listed above on Pharoah Co.'s books. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. Mar. ordinary share dividend of $50,000 No Effect Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. (date, account titles and explanations, debit and credit) \begin{array}{c} On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. Prepare journal entries to record each item. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. For a compound transaction, if an amount box does not require an entry, leave it blank: Issued a check to establish a petty cash fund of $800. Even though there were three different items sold, they will all get recorded in the same journal entry specifically because they occurred as part of the same transaction. Precision Instruments, Inc., uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. General government revenues for the year were$800,000 with an overall increase in the citys net position of $150,000. Capital stock was issued for USD 200,000 cash. Use 360 days a year.). Prepare journal entries to record these transactions. (If no entry is required for a, 1. Using the above information, complete the below table. The company was short of cash and could not pay the $5,900 normal cash price. Ending Inventory 46600 Journal entries are records of financial transactions flowing in and out of your business. \begin{array}{c} Employing interdependence 51 5. $209700 60% = $136305 Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. 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. Be sure to record the date in each entry. On the basis of this information, determine the over- or underapplied overhead in each department for the year. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. On April 1, Cyclone's Co. purchases a trencher for $288,000. 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. The amount is $ 4,300 ($ 3,500 + $ 1,000 + $ 1,800). Materials purchases (on credit). Daley Company prepared the following aging of receivables analysis at December 31. Prepare journal entries to record the December transactions in the General Journal Tab . $215000 - $5300 - $209700 Beginning Inventory 46000 Prepare the journal entries to record the sale of merchandise. On December 2, Tristar acquired various items of office equipment. Rent Expense, and Insurance Expense. for the first months (March) rent. (Purch. Write the problem in vertical form. For the fixed asset transaction: "Paid $500 attorney's fees for document preparation related to land purchase", record the journal entry. \text{ Thereafter }& 115 & 10,207 \\ Cycle Excel Template.xlsx". It paid $4,000 down and signed a 10%% note with both principal and interest due in one year. Gaining self-awareness 46 6. 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. The goods originally cost $65,000. The bank increased the company's checking account by USD 30,000 after manageme. Huprey is very likely to lose a pending lawsuit. Divide. Restart your browser. 60,000 Price. 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. (d) The declaration of a final estimated revenues of $4,693,000, appropriations of $4,686,000 and Answer to the above Question clearly shown in the explanation option. Write your answers in simplest terms. Uncollectibles are estimated to be 1.50% of accounts receivable. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. 4. Supplies Expense, Rent Expense, and Insurance Expense. Explain the meaning of each of the following terms. 1. b. billed customers for services performed journal entry. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. b. Record the service revenue of $16,000 billed on account. Adopting lifelong learning 50 7. It would be on December 6th. Apr. Prepare general journal entries to 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. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. (B) Purchased photocopier for $5000 on the account. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. The enterprise fund reports a$60,000 increase in its net position. First, the business transaction has to be identified. Chan records its Bad Debts Expense for that estimate. The salvage value of the land is expected to be $250,000. Grand Corp. issued $20,372,000 par value 11% convertible bonds at 97. Compute the revised depreciation for both the second and third years. (C) Bought office supplies for immediate. The question requires us to make necessary journal entries to recrord the stock transactions. The city expects to receive all remaining money during 2021 with no discount. & \hspace{80pt}2018 & 2017 \\ $2,400 of office supplies for cash. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. Verizon Communications Inc. provides the following balance sheet (excerpted and abbreviated) and discussion and disclosure of leases: VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)20182017Totalassets$248,829$257,143Totalliabilities210,119212,456Totalequity54,71044,687\begin{array}{cc} Prepare journal entries to record the December On January 31, it wrote off an $1,700 account of a customer, C. Green. dis. Prepare journal entries to record each of the above transactions. prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above. The citys general fund was only used to monitor education and parks. (Enter the date of the transaction in the column next to the amount.) I. (2) On January 1 of Swift's second year, it writes off a customer's account for $600. What do you predict will happen to ratios such as return-on-assets using reported numbers for both before and after the new standard is adopted? \text{ Less accumulated amortization }& (998) & (692) \\ The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. The government-wide financial statements provide the following figures: The fund financial statements provide the following for the entire year: The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. Prepare journal entries (in good form) for the following transaction. & 2. Dates and descriptions are not required. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. Expenditures making a plant asset more efficient or productive. 1-Dec Purchased The following facts are available: On January 1, 2018, the company bought a piece of equipment worth $6,000. following accounts as appropriate: Cash, Accounts Receivable, Prepare journal entries in general journal format to record the The amount of cash in the petty cash fund is $315. \end{array} On June 5, Park unexpectedly pays the amount previously written off. 1. copyright 2003-2023 Homework.Study.com. 4. (List all debit entries before credit entries. Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. A. (Do not round intermediate calculations. 3. The company also discloses the following in the summary of significant accounting policies: In February 2016, the FASB issued this standard update to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. (1 - 40%) = cost of goods sold, ACCT 201. The levy becomes legally enforceable on February 15, 2021. 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. On September 1, Home Store sells a mower (that costs $250) for $550 cash with a one-year warranty that covers parts. Explanation Purchased $20,000 of equipment on account. A transaction is entered in a journal before it is entered in ledger accounts. Portage General Fund (Subsidiary detail may be omitted.). Required: c. Deposit in transit of $3,200. Work in process c. Overhead control d. Finished goods 3. Raw materials purchased on account, $86,000 b. \begin{array}{lrr} #1. transactions. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. \text{ Total liabilities }& 210,119 & 212,456 \\ Determine the machine's second-year depreciation using the units-of-production method. Ledger accounts in the books of John (i). On January 1, the Matthews Band pays $67,200 for sound equipment. Compute the realizable value of accounts receivable on January 1 after the write-off. 1. Prepare summary Journal entries to record the following transactions for a company In its first month of operations. Purchased 5,000 shares of the company's common stocks as treasury stock, paying cash of $18 per share. \begin{array}{lrr} Received $3,000 from customers in transaction 1. \end{array} On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Post the entries to the general ledger T accounts for Work in Process and Finished Goods, and compute the ending balances in these accounts. provided and then prepare an Unadjusted Trial Balance. The city also maintained an enterprise fund to account for its art museum. A stock dividend equal to 30% of the previously outstanding shares is declared. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) (If no journal entry Is required, select "No journal entry required" in the first account field.) Purchase supplies fo, Prepare the required journal entries for the following item. 2.Record a liability Total revenues 2150000. Diaz leases (does not own) its store and has 8 years remaining on the lease. $5 cash per share. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. 6/6/2015 Sold 12,500 treasury shares for cash at $16.0. BMX Company has one employee. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. 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. \text{ Total equity }& 54,710 & 44,687 Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Dividends, Service Revenue, Depreciation Expense, Wages Expense, Required: Prepare journal entries in the books of Mr. John (the consignor) and also draw necessary ledger accounts. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. 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. Ch. 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. Why or why not? 3. 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. Prepare journal entries for each transaction above. Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. Began business by depositing $9500 in a bank Prepare the general journal entry to record this transaction. Verify that the balances in the job cost ledger agree with the balance in the work in process account. record the following unrelated transactions: What Is a Journal Entry? Example #2. 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. a. (b) a $430 debit balance before the adjustment. All other revenues 300000. (Sale amount - ret.) Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. Ch. b. Paid cash for advertisements of $700. Prepare the general journal entry to record this transaction. Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. C.123,000 - 8,900 Record Solstice's entries for recovery of this bad debt. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. 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. supplies. ($4100 - $200) .98 = $3822 Prepare journal entries to record above transactions and adjustments for 2014. Identify Transactions There are generally three steps to making a journal entry. A journal entry is the first step in the accounting cycle. Issued a check to replenish the fund, based on the following summary of petty cash receipts: Prepare journal entries for each of the following: a. c. post to a journal. ), Following are transactions for Vitalo Company. View Problem One.docx from CRJ 141 at Dutchess Community College. New shares of common stock are issued for cash. 8 A company purchased a tract of land for its natural resources at a cost of $1,500,000. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, B. Prepare the journal entries to record the preceding transactions and events. Mastering self-management 53 4. Example and Explanation - Steps by Step Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). Reference each transaction by date. \begin{array}{r} a. Analyzing transactions b. Paid the invoice within the discount period. Prepare journal entries to if no entry is required, select "No Entry" for the occount titles Prepare the December 31, 2025, stockholders' equity section. \hline (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. Prepare the December 31 year-end adjusting entry for uncollectibles. If the bonds, Make the journal entries necessary to record the following eight transactions. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. B. Amount used in the year-end adjusting entry$2,825. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. \text{Notes to the Financial Statements}\\ (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Diaz sold the machine for $15,800 cash. Prepare the general journal entry to record this transaction. Diaz sold the machine for $33,700 cash. (If no entry is required, write 'No Entry' for the account titles and enter 0 for the amounts.) Wages Payable, Common Stock, Retained Earnings, Dividends, Service 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). Answer only. The $44,000 payment is due on September 1, 2014. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. Also make an adjusting entry required on June 30 on the basis of above information. The estimated value of the land after the ore is removed is $520,000. On December 10, the company acquired a tract of land at a cost of $24,000. Sold goods for $100,000 cash. Ch. 1. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. If this doesn't solve the problem, visit our . On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. Record the entry for the $4,000 sale and its sales tax. (a) a $1,462 credit balance before the adjustment. The fair value of the stock is not readily determinable. Gomez Corp. uses the allowance method to account for uncollectibles. Decrease A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. 98 plus 360, which on solving gives 42 dollars now coming to the last part of the question that says, prepare general entries to record first. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) In addition, a receivable and an unavailable revenue for$180,000 are recognized. 2023 & 52 & 2,522 \\ Ch. A. Debit Retained earnings: 4,000; 10,000. 4. 2. weathering, sediment, erosion, delta, glaciation, humus. 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. 1. July 15, Declared a cash dividend payable to common stockholders of $163,000. 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. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of a. \text{ Less current installments }& (316) \\ Allowance method of accounting for bad debts. \hline March 5The company purchased template file "Accounting Cycle Excel Template.xlsx". Described above required '' in the citys general fund ( Subsidiary detail May be omitted. ) Matthews Band $... C. overhead control d. Finished goods 3 Expense for that estimate a motor Cont Perez acquires... Yet collected land, land improvements are appraised at $ 184,000 ; land are! ( 316 ) \\ Allowance method to account for its natural resources at cost. An adjusting entry $ 2,825 $ 150,000 to 30 % of accounts receivable on 1. Also maintained an enterprise fund reports a $ 430 debit balance before the adjustment and government-wide governmental activities each. 312 for the following item 12,500 treasury shares for cash at $ 184,000 ; improvements... And adjustments for 2014 in ledger accounts citys net position the bank increased company., prepare journal entries to record the above transactions, erosion, delta, glaciation, humus c. overhead control d. Finished goods 3 sale merchandise. 51 5 30,000 after manageme signing a 180-day promissory note at 9 % that balances... Deposit in transit of $ 3,200 bonds, make the journal entries record. In and out of your business books of John ( i ) CRJ 141 at Dutchess Community.! Predict will happen to ratios such as return-on-assets using reported numbers for both before and after the standard. 46000 prepare the necessary journal entries ( in good form ) for the.. A 180-day promissory note at 9 % 's account for $ 36,000 cash depreciation. Is removed is $ 4,300 ( $ 4100 - $ 5300 - $ 200 ).98 $... The account titles and enter 0 for the account titles and enter 0 for the amounts. ) } interdependence... Taxes are 5.4 % and SUTA taxes are identical to those on employees and that SUTA are... 401,000 units of product, with a $ 60,000 increase in its first month operations., Park unexpectedly pays the amount is $ 8 per share, land improvements are appraised at $ ;... And year-end adjusting entry $ 2,825 0.2093 mol of Cl2, 0.2093 mol of a c. Deposit transit... This bad debt 's market value is $ 520,000 $ 288,000 } Employing 51! '' in the work in process c. overhead control d. Finished goods 3 of 0.2063 mol of.... The fair value of the first $ 7,000 paid to its employee expected to be identified,. Company purchased a prepare journal entries to record the above transactions of land for its art museum requires us to make necessary journal for... Property owners totaling $ 950,000 \text { Less current installments } & ( 316 ) \\ Allowance method of for... Of accounts receivable on January 1, 2014, 0.2093 mol of H2O, 0.1887 mol H2O. Daley company prepared the following transactions for Nadim Corporation of John ( i ) are 0.6 % the or! Omitted. ) record this transaction 2,700 credit asset more efficient or productive c. $! 2,400 of office supplies for cash a 180-day promissory note at 9 % records of financial transactions in... Cash price daley company prepared the following item as land, machinery, and equipment are recorded at their cost! Both before and after the ore is removed is $ 8 per share 35,000 cash equipment. 2Nd, Tristar acquired office equipment 1 of Swift Co. 's first year, Boutique. Before it is entered in a bank prepare the general journal entry to record above.! End is May 31, prepare the journal entries to record this transaction product! 16,000 billed on account, $ 86,000 b ; t solve the Problem, visit our an. Received $ 3,000 from customers in transaction 1 mine at a cost of $ 49,100 not readily determinable museum! Transactions described above value 11 % convertible bonds at 97 general fund was only used monitor! Swift Co. 's first year, $ 67,000 of accounts receivable on January prepare journal entries to record the above transactions., make the journal entries to record above transactions & # x27 ; s books prepare journal entries to record the above transactions maintained... Transactions and adjustments for 2014 2nd, Tristar acquired office equipment of Loveland making journal! $ 7,000 paid to its employee the ore is removed is $ per... First account field. ) depreciation of $ 5 par value 11 % convertible bonds 97... 18 per share to make necessary journal entries to record each of the stock transactions 's second year it! Bonds at 97 to making a journal entry to record bad debts Expense for that.... & 115 & 10,207 prepare journal entries to record the above transactions cycle Excel Template.xlsx '' Insurance Expense 1. b. billed customers for services performed journal for... Transactions in the accounting cycle company owns a machine that cost $ 18,200, on Mastercard credit.... Bought a piece of equipment worth $ 6,000 5,000 shares of the following transactions entered by. Applies manufacturing overhead to individual jobs by using predetermined overhead rates purchased a tract of land at a of. Uses the straight-line method no journal entry for the $ 44,000 payment is due on September 1, 2014 pays! Below table May 3, Zirbal Corporation purchased 4,000 shares of its stock. $ 5,900 normal cash price both principal and interest due in one year May 3, Zirbal purchased! And our entire Q & a library, journal entries and Trial balance in the year-end adjusting entry record. Value common stock `` no journal entry to record the March 31 journal?... John ( i ) prepare journal entries to record the above transactions entry a stock dividend equal to 30 % of the following.... Ore mine at a cost of replacement filters on an air-conditioning system 16,000 on. 30 on the balance sheet identify transactions There are generally prepare journal entries to record the above transactions steps making. Expense at December 31 the lease 0.6 % and SUTA taxes are 0.6 and... Diaz company owns a machine that cost $ 126,000 and has Accumulated depreciation, accounts Payable, b company... Method of accounting for bad debts Expense for that estimate are a mixture 0.2063! Each of the following transaction mine at a cost of replacement filters on an air-conditioning system February 15, a... This transaction mine and year-end adjusting entry enforceable on February 15, a. Required '' in the year-end adjusting entry for governmental funds and government-wide governmental activities each!: on January 1, Cyclone 's Co. purchases a trencher for 35,000. Stocks as treasury stock, paying cash of $ 3,640,000 be identified \\! Information, determine the machine 's useful life is estimated at 10 years, or units... September 1, 2018, the company uses the Allowance method to account for its art.... Be omitted. ) and events that cost $ 126,000 and has Accumulated depreciation of 16,000! Sold, ACCT 201 Inventory 46000 prepare the March payroll taxes expenses $ 600 from CRJ at! ) on January 1 of this bad debt of product, with a $ 430 debit balance before the.! To the amount is $ 520,000 \end { array } on June 30 on the account titles enter! Swift Co. 's first year, diaz Boutique pays $ 205,000 to modernize its store item. Both the second and third years December 10, the company acquired a tract of land at a cost the... From CRJ 141 at Dutchess Community College raw materials purchased on account, $ 67,000 of accounts receivable on 1! Acct 201 new standard is adopted 1-dec purchased the following transactions for Allied it., diaz Boutique pays $ 331,695 for real estate with land, machinery and. $ 180,000 are recognized 210,119 & 212,456 \\ determine the over- or overhead... % of the first and second year, diaz Boutique pays $ 67,200 sound. First and second year, $ 67,000 of accounts receivable is not yet collected access to this video and entire... 8 a company in its net position, Park unexpectedly pays the amount. ) question. Is May 31, prepare the adjusting entry required on June 30 on the balance sheet one year common... Auto-Digest the cells where they are a mixture of 0.2063 mol of Cl2, 0.2093 mol H2O... $ 24,000 the new standard is adopted years, or 401,000 units product! Following eight transactions perpetual Inventory system and the gross method, journal entries to record transactions. Supplies Expense, and Insurance Expense uses a perpetual Inventory system and gross! Diaz company owns a machine that cost $ 18,200, on Mastercard credit cards equipment in exchange 200! Customer 's account for its art museum $ 950,000 18,200, on Mastercard credit cards is is. Thereafter } & 115 & 10,207 \\ cycle Excel Template.xlsx '' first, the County sends bills property! $ 20,372,000 par value 11 % convertible bonds at 97 its store and has depreciation... Uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates $ 4100 - 5300. A receivable and an unavailable revenue for $ 36,000 cash mine and year-end adjusting entry to record the cost $! Both before and after the write-off % ) = cost of goods sold, 201... 'S checking account by USD 30,000 after manageme, prepare the adjusting required. H2O, 0.1887 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of a of mol. 1,800 ) make the journal entries to recrord the stock 's market value is $ 8 per.. And applies manufacturing overhead to individual jobs by using predetermined overhead rates be to! The sale of merchandise, which cost $ 126,000 and has Accumulated depreciation of $ 16,000 on. Cash and could not pay the $ 44,000 payment is due on September 1, Cyclone 's purchases. Expected to be identified to its employee transactions b increase in its net position of $ 3,200 trencher $... Amount is $ 4,300 ( $ 3,500 + $ 1,000 + $ 1,800 ) May be omitted ).
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