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Journal Entries

Journal Entries and T accounts for DeCort Company

Record the adjusting entries at December 31, using T-accounts. DeCort Company had these adjusting entry situations at the end of December: 1. May 1-paid $960 for a two -year insurance policy. The policy was for the period May 1-April 30(for 2yrs). This is the first year of the policy-Transaction was recorded as insurance e

Journal entry and accrual basis accounting

Can you help me with this assignment? During 2010, Lakeview Co. completed the following two transactions. The annual accounting period ends Dec. 31. a. On Dec 31, 2010, calculated the payroll, which indicates gross earnings for wages ($82,000), payroll deductions for income tax ($8,000), payroll deductions for FICA( $6,000

Dividend Entries for Masefield Corporation

(Dividend Entries) The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2007. Current Assets $540,000 Investments $624,000 Common Stock (par value $10) $500,000 Paid in Capital in excess of par $150,000 Retained Earnings $840,000 Instructions Prepare the required jou

Journal Entry for a Bond that is Being Retired Early

Information: On January 1,2010 IN Inc., issued $200,000 in bonds at face value. The bonds have a stated rate of 6%. The bonds mature in 10 years and pay interest once per year on Dec. 31. Question: If the bonds were retired immediately after the first interest payment at a quoted price of 102, how would I prepare the journal

Westy Company - compute equivalent units in the assembly department and more...

Westy Company manufactures cribs. Each crib passes through the assembly department and the testing department. This problem focuses on the assembly department. The process-costing system at Westy Company has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materi

Pinehollow and Stonebriar Scenario - purchase entries and goodwill

Pinehollow and Stonebriar Scenario Pinehollow acquired all of the outstanding stock of Stonebriar by issuing 100,000 shares of its $1 par value stock. The shares have a fair value of $15 per share. Pinehollow also paid $25,000 in direct acquisition costs. Prior to the transaction, the companies have the following balance shee

Variance Analysis of the Clemson Company

Clemson company prepares its budgets on the basis of standard costs.A resposibility report is prepared monthly showing the differences between master budget and actual results. Variances are analysed and reported separately. There are no materials inventories. The following information relates to the current peri

Journal entries for selling or disposing of assets

Berman Company sold equipment on June 30, 2005 for $40,000. The equipment had cost $105,000 and had $60,000 of accumulated depreciation as of January 1, 2005. Depreciation for the first 6 months of 2005 was $6,000. Prepare the journal entry to record the sale of the equipment. Account Title Debit Credit

Inventory, notes, journal entries

1. Candlestick Corporation purchased raw material used for manufacturing candles from a supplier on June 1. The total amount of the purchase was $10,500 of which $3,000 was paid on the day of purchase. The remaining amount owed is due to the suppler within 15 days. Prepare the journal entry for Candlestick Corporation to record

Asset disposals

1. Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated Prepare the journal entry recording the scrapping of the truck. 2. Alik Amal is a bar in Panama City, Florida, in April 2008, rowdy spring bre

journal entry to record the change in accounting principle

Wertz Corporation decided at the beginning of 2010 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes. The company will continue to use completed-contract method for tax purposes. For years prior to 2010, pre-tax income under the two methods was as follows: percen

Preparing Correcting Entries for the Springer Company

Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts: 1. The declaration and payment of a $50,000 cash dividend was recorded as a debut to Interest Expense $50,000, and a credit to Cash $50,000. 2. A 10% stock dividend

Worcester Company Adjusting Entries

At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Debits Credits Accounts receivable $385,000 Allowance for doubtful accounts $

Sale of Equipment/Fixed Assets Journal entries

Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Beka Company's journal entries to record the sale of the equipment in these four ind

Bliny Corporation Prepare material and labor journal entries

Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Direct material: 1.20 meters at $5.30 per meter $6.36 Direct labor: .40 hours at $14.00 per hour $5.60 ________________________________________ During the most recent month, 8,300 units were produced. The c

Accounting - Financial Reporting

ACCT 731 P22 Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance. Directions: Respond to these questions on a separate Excel spreads

Requirements depreciation, Bonds with journal entries

Problem Two (Chapter 11): On January 1, 2011, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected to last eight years and have a residual value of $4,000. During its eight-year life, the equipment is expected to produce 250,000 units of product. In 2011 and 2012, 42,000 and 76,000 units respectively

Detailed analysis on the journalization of payroll transactions.

Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 1 and 1/2 times for hours over 40 in a work week. For the week ending March 31,2010, he worked 48 hour. Calculate the gross pay for the week using the overtime premium approach to calculate gross pay. Since rthe compa

Analyzing and Journalizing Payroll Transaction

On December 31, 2010 Karmansky Co. needed to record its accrued wages for year-end. December 31 is a Tuesday, and Karmansky Co. must account for two days of wages. The company operates on a five-day workweek, the prior week's gross pay(December 26 payday) was $32,650, and the net pay was $21,330. Journalize the adjusting entry

Job Cost Journal Entries and T-Account

20-11 Shown below are the job cost related accounts for the law firm of Barnes, King, and Morton and their manufacturing equivalents: Law Firm Accounts Manufacturing Firm Accounts Supplies Raw Materials Salaries Payable Factory Wages Payable Operating Overhead Manufacturing Overhead Work

Entries for Stock Dividends and Stock Splits: Lawrence Company

The stockholder's equity accounts of Lawrence Company have the following balance on December 31, 2010. Common stock, $10 par, 274,000 shares issued and outstanding $2,740,000, Paid-in capital in excess of par $1,200,000, Retained Earnings $5,600,000. Shares of Lawrence Company stock are currently selling on the Midwest Stock Ex

E17-12 (Journal Entries for Fair Value and Equity Methods)

E17-12 (Journal Entries for Fair Value and Equity Methods) Situation 1 Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2007. On June 30, Martinez declared and paid a $75,000 cash dividend. On December 31, Martinez reported net income of

Allocated vs. Actual Overhead Directly to Cost of Goods Sold

Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2005 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Ending balances in the following accounts are: Work in Process $100,000 Finished Goo

Business Accounting

Ex 14-19 Ingalls Company. sells $300,000 of 10% bonds on February 1, 2003. The bonds pay interest on August 1 and February 1. The due date of the bonds is August 1, 2006. The bonds yield 12%. The company has a year end of December 31. Show the journal entries required on the following dates: a. February 1, 2003 b. August 1

Preferred Stock Entries and Dividends

ABC Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2008. a. If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2005, what are the dividends in arrears that should be reported

Effect of an Adjusting Entry and Debit Entry

Please choose the right answer and explain in a few words why: 1. The effect of an adjustment is: a.To correct an entry that was not in balance. b.To increase the accuracy of the financial statements. c.To close the books. d. To record transactions not previously recorded. 2. A debit entry to an account will: