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Journal Entries

Missing closing entry (dealing with retained earnings and dividends)

Please help with the following problem. Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You provide the missing closing entry.

Journal entries - Available for Sale securities

Smith co. investment in common stock of Maine Ware are below. Smith Company closes its books on 12-31 of each year. I need help with the journal entries for the following events: 8/21 Smith Company buys 1,000 shares of Maine Ware common stock for $45 per share as an investment(classified as Securities available for sale).

Purchase method for consolidation entries

Pacific has the following account balances as of Feb 1. Inventory....................................$600,000 Land..........................................500,000 Buildings (net) (valued at $1,000,000)........900,000 Common Stock ($10 par value)..................(800,000) Retained earnings 1/1.........................(1,

Prepare Trial Balance and Post Journal Entries

Please provide guidance in completing the following: In November 2006, after incorporating, Cookie Creations Inc., the owner "Natalie" begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Complete steps a-c

Eliminations Entries: Broadway Corporation

Please guide me I am getting myself confused. On December 31, 20x3, Broadway Corporation reported common stock outstanding of $200,000, additional paid-in-capital of $300,000, and retained earnings of $100,000. On January 1, 20x4, Johe Company acquired control of Broadway in a Business Combination. a. Give the eliminating en

Prepare an entry using percentage of receivables method

Jaya Co. uses the percentage of receivables bases to record bad debts expenses and concludes that 2% of accounts receivables will become undcollectible. Accounts receivable are $500,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500. I must prepare the adjusting journal entry to

Common Stock Reacquired and Sold from Treasury

Record the following transactions of a company in a general journal form: (a) Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share. (b) Sold 2,000 shares of the stock reacquired under part (a) at $43 cash per share. (c) Sold 3,000 shares of the s

Building purchase and magazine subscription - Journal entry

1) A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000 2) a publisher sells $2,000 in magazine subscription that will be filled over the next 12 months. Please prepare the journal entries.

Government and Nonprofit Accounting: Journal Entries

Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognition. For each, tell why you made an entry or why you did not. 1. A local not-for-p

Prepare the Journal Entries for Pepsi Co. Condemnation Award

On April 1, 2007 Pepsi received an condemnation award of $430,000 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $60,000 and $280,000, respectively when they were acquired. At April 1, 2007 the accumulated depreciation relati

Allman Company: journal entries for various transactions

Please help with journal entries 1. On April 5, purchased merchandise from Allman Company for $20,000 terms 2/10, net/30, FOB shipping point. Date Account Titles and Explanation Debit Credit 2. On April 6, paid freight costs of $900 on merchandise purchased from Allman.

Short Term Notes Payable

Warner Co. entered into the following transactions involving short-term liabilities in 2007 and 2008. 2007 Apr. 22 Purchased $5,000 of merchandise on credit from Fox Products, terms are 1/10, n/30. Warner uses the perpetual inventory system. May 23 Replaced the April 22 account payable to Fox Products with a 60-day,

Journal Entries for the bad debt amounts using two methods

Please help explain how to understand this problem. On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance). Prepare the adjusting j

Eaton Co: journal entry for depreciation; presentation

At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000. After the adjusting entries have been posted to the "T" accounts, how will the equipment

Cleaver Video Stores

On January 2, 2008, Cleaver Video Stores decided to step up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency in a locked petty cash drawer. Edward Haskell was designated as the custodian for the fund. During January the following receipts were given to Ha

Journal Entries Starkwood Building Company

23. Gray County Bank agrees to lend the Starkwood Building Company $100,000 on January 1. Starkwood Building Company signs a $100,000, 9%, 9-month note. The entry made by Starkwood Building Company on January 1 to record the proceeds and issuance of the note is: _________. a)Interest Expense 9,000 Cash 91,000

Petty Cash Journal Entry

A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $27; transportation-in on inventory purchased, $32; and postage, $22. On September 15, the petty cash fund was increased to $

Chambers Brokerage Services Inc. was formed on May 1, 2006.

Please help me to solve the attached problems. 1- Chambers Brokerage Services Inc. was formed on May 1, 2006. The following transactions took place during the first month. Transactions on May 1: 1. Stockholders invested $120,000 cash in the company in exchange for stock. 2. Hired two employees to work in the warehouse. Th

Journal Entries

Prepare the journal entry to record each of the following independent transaction. (Use the number of the transaction in lieu of a date for identification purposes.) 1. Services provided on account of $1,530 2. Purchase of supplies on account for $1,365 3. Service provided for cash $750 4. Purchase of equipment for c

Basic Accounting Cycle: Journal Entries and Adjusting Entries

Mulder Corporation's balance sheet at December 31, 2006 is presented below. Mulder Corporation Balance sheet December 31, 2006 Cash $13,100 Accounts payable $8,750 Accounts receivable 19,780 Common Stock 20,000 Allowance for doubtful accounts (1000) Retained earnings 12,530 Merch

Kroger Income statement, Hilton ratio analysis, depreciation, journal entries

1A The following information, based on the 2007 Annual Report to Shareholders of Kroger Foods (all in $ millions), Accounts payable 1,897 Accounts receivables (net) 3,131 Accrued liabilities and taxes 4,105 Cash and cash equivalents 162 Cost of sales 17,531 Current payables to parent and affiliates 1,652 Current

Common & preferred stock, EPS, investment, income tax, pension

Please assist with the attached questions and explain the steps for better comprehension. 1. On February 1, 2003, Mario Andretti Corporation issued 2,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2003, journal entry. 2. Minnesota Fats Corporation has outstanding 10,000 share

Corporate Loss Carry-forward: entries for 2003 and 2004 for Landon Corp

In 2003, its first year of operations, Landon Corp. has a $700,000 net operating loss when the tax rate is 30%. In 2004, Landon has $300,000 taxable income and the tax rate remains 30%. Assume the management of Landon Corp. thinks that it is more likely than not that the loss carryforward will not be realized in the ne

Payroll Entries: Oates Company

Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income T

Journal entry

1. What accounts does a company debit and credit in a prepaid expense adjusting entry? 2. What accounts are debited and credited in an unearned revenue adjusting entry.

Entries for the note payable

There are three parts to this question. I want to ensure that I have worked this problem correctly. On March 1, Henson Company borrows $90,000 from Lyon State Bank by signing a 6-month, 10%, interest bearing note. A) Prepare the entry on March 1 when the note was issued. B) Prepare any adjusting entries necessary on June

Entries for lower-of-cost-or-cost-of-market-direct-and-allowance

Mary Stuart Company determined its ending inventory at cost and at lower of cost or market at December 31, 2007 and December 31, 2008 as shown below: Cost Lower-of-cost-or-market 12/31/2006 $650,000 $650,000 12/31/2007 $780,000 $722,000 12/31/2008 $900,000 $830,000 Instructions: (A) Prepare the journal en