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    Journal Entries

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    Journal Entries for Payroll Taxes

    Can you help me get started with this project? Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholdings for each employee also includ

    Accounting for governmental and non profit entities

    On July 15, 2005, the city of Houghton issued tax-supported term bonds having a face value of $10,000,000 and maturing in 20 years. The bonds are dated July 15, 2005, and pay interest of 6 percent semiannually on January 15 and July 15 of each year. The bonds were sold at a price of 102 and were intended to finance constructio

    Journalize the transactions for Vickers Company.

    Please help with the following problem. The following transactions were made by Vickers Company. Assume all investments are short-term and are readily marketable. June 2 Purchased 300 shares of Boswell Corporation common stock for $30 per share. July 1 Purchased 200 Kane Corporation bonds for $210,000. 30 Received a ca

    Adjusting Journal Entries - Trading Securities

    E17-7 (Trading Securities Entries) On December 21, 2006, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2006 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock

    Journal entry to record common stock dividend

    Eagle Industries reported the following stockholder's equity: Paid in Capital: Preferred stock, $50 par value, 30,000 shares authorized, 7,500 shares issued, redemption value, $53.50 $375,000 Paid in capital in excess of par value-preferred 18,750 Common stock, $1

    Tall Industries - Correcting Entries and Retained Earnings

    The Controller at Tall Industries was preparing the financial statements for the year ended December 31, 2006, when he discovered an error. Apparently, the income tax expense for 2005 was understated by $40,000. He was not sure how to handle this situation and has come to you for help. He has also gathered the following informat

    Ledger of Houston's Company

    The ledger of Houston's Company at the end of the current year shows an A/R balance of $150,000, Sales $1,000,000 and Sales Returns and Allowances of $25,000. Part A - Houston's customer Bryant, Inc has gone bankrupt. Their only invoice for $5,250 has to be written off using the direct write off method. Prepare the journal en

    Entries not actually posted to the books of the investor

    7. In a situation where the investor exercises significant influence over the investee, which of the following entries is not actually posted to the books of the investor? A) Debit to the Investment account, and a Credit to the Equity in Investee Income account. B) Debit to Cash (for dividends received from the investee), an

    Financial Statements

    1) Indicate the section (operating activities, investing activities, financing activities, or none) in which each of the following would be reported on the statement of cash flows prepared by the indirect method: (a) Gain on sale of fixed assets (b) Operating income (c) Retirement of long-term debt (d) Sale of capital stoc

    Eng Sing Furnishing Pte. Ltd. - Journal Entries

    Eng Sing Furnishing Pte. Ltd. is an interior renovation contractor. The owner employs temp account assistant to keep the company records for the year. You have been engaged to finalize the year-end income for income tax for the year ended 31 Dec 2006. The prevailing income tax rate is 20%. Prepare journal entries for the t

    Prepare Journal Entries & Expenditure

    BE10-7- Dark Wizard Company obtained land by issuing 2,000 shares of its $10 par value common stock. The land was recently appraised at $85,000. The common stock is actively traded at $41. per share. Prepare the journal entry to record the acquisition of the land. E10-11 (Entries for equipment acquisition) Jane Gedde

    Internal Control and Bank Reconciliations

    1. For each of the following items, indicate whether its amount (i) affects the bank or book side of a bank reconciliation and (ii) represents an addition or a subtraction in a bank reconciliation: a. Outstanding checks b. Debit memos c. NSF checks d. Unrecorded deposits e. Interest on cash balance f. Credit memos

    Journal Entries/T-Accounts/Shareholder's Equity/Stock Value

    A - Journalize the transactions and the closing entry for net income. B - Enter the beginning balances in the accounts and post the journal entries to the stockholder's equity accounts. (Use J1 as the posting reference.) (I assume this to be T-accounts?) C - Prepare a stockholder's equity section at December 31, 2006

    Journalize and post transactions, prepare stockholders equity - Jajoo Corp.

    The stockholders equity accounts of Jajoo corp on Jan.1,2006 were as follows. Preferred Stock (10%,$100 par noncumulative, 5,000 shares authorized)=$300,000 Common Stock ($5 stated value, 300,000 shares authorized)=$1,000,000 Paid in capital in excess of par value preferred stock=$20,000 Paid in capital in excess of stated v

    Journalize: Entries for a Specific Company

    Presented below are selected transactions at Thomas Company for 2005. Jan. 1: Retired a piece of machinery that was purchased on January 1, 1995. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. June 30: Sold a computer that was purchased on January 1, 2002.The computer cost $3

    Journal entries debt and credits

    The ledger accounts given below, with an identification number for each, are used by Wood Company. Instructions: Indicate the appropriate entries for the month of June by placing the appropriate identification number(s) in the debit and credit columns provided. Item 0 is given as an example. Write "none" if no entry is appropria

    Journal entry - Equity method

    Can you help me with this assignment? Waters, Inc., acquires 10 percent of Denton Corporation on January 1, 2004, for $210,000 although the book value of Denton on that date was $1,700,000. Denton held land that was undervalued on its accounting records by $100,000. During 2004, Denton earned a net income of $240,000 while p

    Journalize Transactions for Mexico Supply Co.

    Mexico Supply Co. has the following transactions related to notes receivable during the last 2 months of 2005. Nov. 1 Loaned $18,000 cash to Norma Hanson on a 1-year, 10% note. Dec. 11 Sold goods to John Countryman, Inc., receiving a $6,750, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Bob

    Recording transactions in tabular form, general entries

    Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of June by organizing your answer in tabular form, using the column headings shown. use I for increase, D for decrease, and NE for no effect. income statement

    P13-2 (Liability Entries and Adjustments)

    P13-2 (Liability Entries and Adjustments) Listed below are selected transactions of Kobe Bryant Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Phil Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on J

    Preparing journal entries

    Please help with the following problem. A corporation had stockholders' equity on January 1 as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; Contributed Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $3,000,000. Prepare journal entries to record the fol

    Prepare the journal entry to establish the petty cash fund.

    Inoke Gallery had the following petty cash transactions in February of the current year: Feb. 2 Wrote a $300 check, cashed it, and gave the proceeds and the petty cashbox to Bo Brown, the petty cashier. 5 Purchased bond paper for the copier for $10.13 that is immediately used. 9 Paid $22.50 COD shipping charges on m

    CORRECTING ENTRIES

    Correcting Entries. A partial trial balance on December 31, 2008. Dr. Cr. Supplies on hand $2,700 Accrued salaries and wages $1,500 Interest receivable on investments 5,100 Prepaid insurance 90,000 Unearned rent 0 Accrued interest payable 15,000 Additional adj

    Journalize Hutton Company Transactions

    Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March: Mar. 2, Sold merchandise costing $300 to B. Fager for $450 cash, invoice no 5703. 5, Purchased $2,300 of merchandise on credit from