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The Accounting Cycle

Southside City Debt Service Fund: journal entries for transactions

In 1999, the voters of Southside City authorized the construction of a new swimming pool for a total cost of no more that $5 million. The voters also approved the issuance of $5 million of 5% general obligation serial bonds to be repaid by a special property tax. Interest on these bonds is payable annually on June 30. On June

Prepare journal entries to record transactions: asset purchases, depreciation

Mar 1 Purchased a truck for $30,000, w/a 5 year useful life and a $5,000 salvage value. Also paid 6% sales tax, $350 for the annual truck license, $500 to paint the truck w/ company colors and name, and $1500 for spare parts. All payments in cash May 10 Purchased garage from neighboring business w/a 7.4%, 4 year, $75,000 no

Journal Entries with explanations; post T-accounts

3-1 Impact of a Transaction. The company borrowed $85,000 in cash from Eastern Bank. Dr Cash $85,000 Cr Bank loan $85,000 3-2 Impact of a Transaction. The company used $45,000 in cash to purchase land on the west side of Hatu Lake. Dr Land $45k Cr Cash $45k 3-11 Journal Entries Refer to PE 3-1. Make the journal

Prepare Journal Entries using the allowance method of uncollectible accounts

Prepare entries to record the following transactions using the allowance method for uncollectible accounts. a. The firm assumes that approximately 1% of total sales on account will prove uncollectible. Sales for Year 1 are $1,000,000. All sales are on account. b. On July 7, Year 2, it is determined that an account of $2,000

Prepare a pension worksheet and journal entries

Can you help me get started with this assignment? The accountant for ABC co. has developed the following information for the company's defined -pension plan for 2008: Beginning PBO $3,750,000 Beginning FMV of assets $2,750,000 Pension Liability $1,000,000 AOCI - unrecognized PSC

Steps in the accounting cycle and items on the balance sheet

What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period? What are some of the items that appear on a company's balance sheet? Provide and

Literature Review: select, analyze and discuss a peer-reviewed journal article

Locate a peer-reviewed journal article in an area of business, social science, psychology, or medicine that is of interest to you. Your selected article should be a research article with sufficient content for a report. The objective of the critique is to describe how the study followed, or failed to follow, the criteria for

Roller Corp's Purchase of Steam Company

Roller Corporation purchased 20 percent ownership of Steam Company on January 1, 20X5, for $70,000. On that date, the book value of Steam's reported net assets was $200,000. The excess over book value paid is attributable to depreciable assets with a remaining useful life of 10 years. Net income and dividend payments of Steam

TRM Corp: Defined Benefit Pension Plan Journal Entries in Year 8

TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000. Actual return on plan assets = $35,000. Expected return on plan assets = $40,000. Net amortization of unrecognized losses = $15,000. If the company contrib

Term Modification without Gain: Debtor's Journal Entries

(Term Modification without Gain-Debtor's Entries) On December 31, 2007, the Firstar Bank enters into a debt restructuring agreement with Nicole Bradtke Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,000,000 note receivable by the following modifications: Reducing t

Bank reconciliation statement & Journal entries

The Agricultural Genetics Company's Cash account is in general ledger reported a balance of $9,448 on May 31, 2008. The company's bank statement from Western Bank reported a balance of $11,689 on the same date. A comparison of the details in the bank statement to the details in the Cash account revealed the following facts:

Bank Reconliation

Brown Company's bank statement for September 30 showed a cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of September 30. a. A customer's check for $100 marked NSF was returned to Brown Company by the bank. In addition, th

Variances: journal entries

Aquafloat Corporation manufactures raft for us in swimming pools. The standard cost for material and labor is $89.20 per raft. This includes 8 kilograms of direct material at a standard cost of $5.00 per kilogram, and 6 hours of direct labor at $8.20 per hour. The following data pertain to November. * Work-in-process inven

Accounting Cycles

1. A friend comes to you with the following plight: "I'm confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative and it is increased with a debit. I don't get it." How can you straighten out your friend? 2. Which of the following steps in the accounting cycle requi

24 MC Information Systems, accounting cycle, COSO, internal control, ISO 17799

1. Identify which of the following accounting functions has been automated by most companies' information processing subsystems: A) Posting to ledgers B) Recording journal entries C) Preparing trial balances D) all of the above 2. An example of an assurance service for a company engaged in electronic commerce is: A) ET

YellowCard Company: Prepare journal entries for Payroll and Payroll Tax

The payroll of YellowCard Company for September 2006 is as follows. Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. The amount paid to employees in excess of $7,000 was $400,000/ Omcp,e taxes om tje a,pimt pf $8

The Accounting Cycle

Select a company you are familiar with. Explain each step of the accounting cycle. Describe at least one transaction that would occur at the company you selected in each of these steps.

Recording Nonquantitative Journal Entries: Abercrombie & Fitch Co.

See problem attached. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write none after the transaction. The first transaction is given as an example.

Recording Transactions in a Journal and T-Accounts

Required: 1. Prepare journal entries to record transactions a-e. 2. Create T-accounts for each of the accounts on the balance sheet and enter the balances at the end of September as beginning balances for the October 1-December 31 quarter. 3. Enter the effects of the transactions in T-accounts (including referencing) and dete

Journal entries and transactions

Please see the attachments. The fiscal year for this business is July 1 through June 30, a period of twelve months. 1. In the general journal attached, record the following adjusting entries: a.50% of the prepaid rent expired b.$120 per month of the prepaid insurance expired c.Auto supplies inventory shows $19,20

The Louisville City Bus System Enterprise Fund

Enterprise funds face unique problems in accounting for restricted assets. Prepare appropriate journal entries for the following transactions that the Louisville City bus system has engaged in: 1. It issued $10,000,000 in 8 percent revenue bonds. It used the proceeds to acquire new buses. The bonds were issued at par. 2.

Journal Entries and Overhead Allocation

Please see the attached file. #8 Clara Inc. produce custom-mad floor tiles. During April 2006, the following information was obtained relating to operations and production; 1. Direct material purchased on account $174,000 2. Direct material issued to jobs, $163,800 3. Direct labor hours incurred, 3,400. All direct fac

Calculating Adjustments

For each of the following situations, determine the necessary adjustments. 1. A firm purchased a two-year insurance policy for $6,000 on July 1, 2007. T $6,000 was debited to the prepaid insurance account. What adjustment should be made to record expired insurance on the firm's July 31, 2007,worksheet? 2. On December 1, 2007