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The Accounting Cycle

Journal Entries - Scholastic Brass Corporation

Scholastic Brass Corporation manufactures brass musical instruments for use by high school students. The company uses a normal costing system, in which manufacturing overhead is applied on the basis of direct-labor hours. The company's budget for the current year included the following predictions. Budgeted total manuf

Journal Entries to Record a Business Combination

On Jan 1, 2002, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance sheet data for TKK at the time of acquisition were as follows: B

Journal Entries for Thomas Company and Yosuke Corporation: Depreciation

Presented below are selected transactions at Thomas Company for 2006. Jan. 1 Retired a piece of machinery that was purchased on January 1, 1996. 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, 2003.The computer cost $35,0

Journal Entries with Revenues, Expenses, and Dividends

Make the journal entries necessary to record the following eight transactions. a. Purchased inventory on account for $130,000. b. Sold goods for $100,000 cash. The goods originally cost $65,000. c. Paid $27,000 cash for employee wages. d. Paid $12,500 cash for advertising. e. Sold goods for $25,000 cash and $60,000 on accou

Journal Entries - Daniel Company Accounts Receivable

See the attached file. The 31 December 2004 balance sheet of Daniel Company showed an Accounts Receivable balance of $440,000 and a credit balance in Allowance for Uncollectible Accounts of $88,000. During the financial year ended 31 December 2005, the following transactions occurred: sales of $2,338,000 which included cre

Prepare Equity Journal Entries

A: Prepare journal entries to record the following four separate issuances of stock: 1. Two thousand shares of no-par common stock are issued to the corporation's promoters in exchange for their efforts, estimated to be worth $30,000. The stock has no stated value. 2. Two thousand shares of no-par common stock are issue

Journal Entries: preparation, content, purpose and result

I'm trying to do extra exercises in order to be better prepared for my up coming course, which is Financial Analysis. I don't quite understand what exactly I'm supposed to do. Could you please help me and explain in simple terms on the steps I am suppose to do. For Practice 3-1 and 3-2, do the following for each transaction:

Analysis of Journal Entries

The following journal entries are from the books of Kara Elizabeth Company: a. Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 Mortgage Payable . . . . . . . . .

Notes Receivable: interest computations and journal entries

Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.

Journal Entries for July for Woodbury

During July 2006, Woodbury, Inc., completed the following transactions. Prepare the journal entry for each transaction. July 2 Received $400,000 for 8,000 shares of capital stock. 4 Purchased $80,000 of equipment, with 75% down and 25% on a note payable. 5 Paid utilities of $3,500 in cash. 9 Sold equip

Journal Entries for Depreciation

4. A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007. 1. Prepare the general journal entry to update depreciation to July 1, 2007. 2

Journal Entries for Insurance, Interest and Payment of Note

On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable. a. Prepare Gate's general journal entry to record the insurance of the note payable. b. Prepare Gates' general journal entry to record the accrued interest due at December 31, 2007. c. Prepare Gate's general journal entry to r

Journal entries to record each partner's investment

Sierra and Jenson formed a partnership. Sierra contributed $25,000 cash and accounts receivable worth $11,000. Jenson's investment included cash $5,000; inventory, $18,000; and supplies, $$1,000. Prepare the journal entries to record each partner's investment in the new partnership. Can you help me get started with this p

General Journal Entries for Beverly Crusher, CPA

Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $32,000 cash and equipment valued at $14,000 in the business. April 2 Hired a secretary-receptionist at a salary of $290/week payable monthly. Apr

Prepare journal entries for Harper Company

Prepare journal entries to record the following transactions entered into by Harper Company: 2003 June 1 Received a $15,000, 12%, 1-year note from Sue Eddy as full payment on her account. Nov. 1 Sold merchandise on account to Stone, Inc. for $20,000, terms 2/10, n/30. Nov. 5 Stone, Inc. returned merchandise worth $2,000

Journal entries to record payroll and the employer expense

Robin Bradley received a paycheck from her employer in the amount of $776.35. The paycheck stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax and $74.65 had been withheld for FICA. Assuming that Robin's employer had to matcher her share of FICA

Journal Entries

BE12-1 Doom Troopers Corporation purchases a patent from Judge Dredd Company on January 1, 2007, for $64,000. The patent has a remaining legal life of 16 years. Doom Troopers feels the patent will be useful for 10 years. Prepare Doom Troopers' journal entries to record the purchase of the patent and 2007 amortization. BE12-

Making journal entries for scenario below

Present entries (journalize the transactions) to record the following: a. Purchased 1000 shares of treasury stock at $13. The treasury stock is accounted for by the cost method b. Sold 500 shares of treasury stock at $15 c. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4000 shares of common stock for t


Issel Corporation had the following transactions pertaining to debt investments Jan 1 Purchased 60 8%, 1,000 Hollis Co. bonds for $60,000 cash plus brokerage fees of $900. Interest is payable semiannually on July 1 and January 1. July 1 Received semiannual interest on Hollis Co bonds. July 1 Sold 30 Hollis Co bonds for

Journal entries for the consolidation

12. Medium Lisa Co. paid cash for all of the voting common stock of Victoria Corp. Victoria will continue to exist as a separate corporation. Journal entries for the consolidation of Lisa and Victoria would be recorded in A) a worksheet. B) Lisa's general journal. C) Victoria's general journal. D) Victoria's secret con

Journal Entries for Consignment Sales at Green Lawn Chemical

Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. It was Green Lawn's policy to ship goods to these retailers in late winter on a consignment basis. Periodically, a Green Lawn field representative would count the Green Lawn products on han

Journal entries

Write journal entries for the following transactions that occurred at Woodside Company during the month of May and explain how each would be disclosed in Woodside's financial statements. 1. The company prepaid $14,340 rent for the period May 1-October 31 2. Sales discounts and allowances were $34,150 3. A loan for $3500

Journal entries for consignment sales

Can you help me with this question? Is this supposed to be two journals ( part b).? I am confused where to place what. Green Lawn Chemical Company sells lawn and garden chemicals through several hundred garden supply shores and department store garden shops. It was Green Lawn's policy to ship goods to these retailers in late

Disposal of Delivery Equipment of Perez Company

(a) Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received. (b) Assume the same information as (a), except that accumulated depreciation for Perez Company is $37,000, instead of $41,000.