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Journal Entries

Bank Reconciliation in proper form with journal entries

On July 31, 2007, Hanlon Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts: 1. The bank service charge for July was $25. 2. The bank collected a note receivab

Financial Journal Entries and T-Accounts.

Below is the problem, I have also attached documents that shows what I have already done in trying to solve the problem. Any assistance in this would be greatly appreciated: 3-1. The Company borrowed $125,000 in cash from Far West Bank. a. List the accounts impacted by the transaction. b. For each account, indicate whet

Exchange of assets (journal entries): when to record gain

Assume that the following cases are independent and rely on the following data. Make entries on the books of both companies. Show all computations. Cowher Co. Hinson Co. Equipment (cost) $450,000 $825,000 Accumulated depreciation 145,000 450,000 Fair mar

Journal Entries - Kara Elizabeth Company

The following journal entries are from the books of Kara Elizabeth Company: a. Buildings 90,000 Cash 35,000 Mortgage Payable 55,000 b. Cash 25,000 Capital Stock 25,000 c. Cash 40,000 Loan Payable 40,000 d. Salary Expense 12,000 Cash 12,000 e. Inventory 12,500 Accounts Payable 1

Journal Entries - Burdette Construction Company

The following transactions are for the Burdette Construction Company: a. The firm bought equipment for $49,000 on credit. b. The firm purchased land for $500,000, $190,000 of which was paid in cash and a note payable signed for the balance. c. The firm paid $33,000 it owed to its suppliers. d. The firm arranged for a $1

Journal Entries Using the Effective Interest Method

Calculate the issue price of a $1,500,000 bond issue and prepare the journal entries for the issuance and first years' interest payments (use the effective interest method). Assume the bonds are paid semiannually (June 30 and December 31). (a) A 12 year, 8 percent bond issue, the market interest rate is 12 percent. (b) A 12 ye

4 simple journal accounting entry

1. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer). The company borrowed $20,000 on a 9% note on September 30, 2009. 2. Prepare the adjusting entry that would be made on December

Accounts Receivable - uncollected accounts

See attached file for full problem description. PART II — ACCOUNTS RECEIVABLE A. ACCOUNTS RECEIVABLE—UNCOLLECTIBLE ACCOUNTS Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Friendly Company at December 31, 2003 includes the following: Debits Cred

Explanation to Mgmt on 401K Expense Increase.

Apparently each year company A receives a 401K True up invoice base on last years adjustments. Adjustments such as employee percentage contribution change which will affect the percent the company matches. This was never caught in the accrual probably because of how the report is ran from the system. Type a memo explaining wh

Journal Entries for Various Transactions

(a) journalize and post the march transactions. use page j1 for the journal and the three column form of account. (b) trial balance $17,500 (b) prepare a trial balance at march 31 on a work sheet. (c) adjusted trial balance $18,950 (c) enter the following adjustments on the work sheet and complete the work sheet. (1)

Fiscal Year

Following are five unrelated transactions or events pertaining to Midwest Drug Treatment and Counseling Service Agency (a nongovernmental NPO) for its current fiscal year. Prepare journal entries to record each transaction or event. 1) A public-spirited citizen made an unrestricted cash gift of $300,000 to the agency. 2) The

Journal Entry & Stockholder's Section of Balance Sheet

The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding $2,500,000 Paid-in capital in excess of par 1,200,000 Total pai

Adjusting Entry: Kalt Company

Please help with the following problem. Kalt Company recorded journal entries for the payment of $50,000 of dividends, the $32,000 increase in accounts receivable for services rendered, and the purchase of equipment for $21,000. What net effect do these entries have on owners' equity? a. Decrease of $71,000. b. Decreas

Aging/Uncollectibles/Bad Debts

The attached represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year end. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Over 120 Accounts receivable $260,000 $100,000 $60,000 $50,000 $30,000 $20,000 % uncollectible 1% 5% 7.5% 10% 12% E

Journal Entries for Bad Expenses and Bad Debt

A company that uses the percent of sales to account for its bad debts had credit sales of $740,000 in 2007, including a $720 sale to Helen Sweet. On December 31, 2007, the company estimated its bad debts at 1.5% of its credit sales. On June 1, 2008, the company wrote off, as uncollectible, the $720 account of Helen Sweet. On Dec

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

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

Prepare journal entries for the transactions for Eng Sing Furnishing Pte. Ltd.

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