prepare journal entries to record the above transactions

As a result of these events, the company's inventory, increased by $80366 Before Write-Off- After Write-Off [If no entry is required for a transaction/event, select "No Journal Entry Required" in the first a, Prepare journal entries to record the above transactions for Emerson Corporation. A company made a $200 payment on account for supplies that had been previously purchased. (1 -.02), Blossom's Market used the perpetual method to record the following events involving a recent purchase of inventory: fund only \text{Notes to the Financial Statements}\\ (Purch. $2,400 of office supplies for cash. 1. Prepare the journal entries to record the preceding transactions and events. BMX Company has one employee. In a modern, computerized inventory tracking system, the system generates most of these transactions for you, so the precise nature of the journal entries is not necessarily visible. Use dates but descriptions are not required. Media Coverage; Podcast; Films. Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Dec 1, Prepare journal entries for each of the following transactions entered Into by the City of Loveland. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Required: Flounder Repair Shop had the following transactions during the first month of business as a proprietorship. On December 2, Tristar acquired various items of office equipment. [($83400 - $1700) 0.98] + $300 = $80366 It estimates the equipment's salvage value at $28,000. A. \text{Leases} Performed services for customers on account $8,000. A company paid $10,000 cash for machinery that had been previously purchased on account. c. Collected commissions of $900 on the sale of a. Flora Accounting Services completed these transactions in February: Prepare journal entries to record the above transactions. Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. 8 The useful life of a plant asset is: The length of time it is productively used in a company's operations. 11122161 \frac{1}{12} \div 2 \frac{1}{6} Appropriations: All deparments other than . The following, Prepare the entry for each of the following transactions, using the (a) Cash basis, (b) Modified cash basis, and (c) Accrual basis of accounting. 3. The amount of cash in the petty cash fund is $115. Use 360 days a year.). Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. Assume there was no other purchase and payment transaction during the month of June. Paid $300 freight on the shipment. 2. Huprey faces the possibility of a loss on a pending lawsuit. Prepare journal entries (in good form) for the following transaction. Divide. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, What Is a Journal Entry? Purchase supplies on account. Dextra collects 8% sales tax. A building is acquired on January 1, at a cost of $960,000 with an estimated useful life of 10 years and salvage value of $86,400. -in. Prepare Journal entries for the transactions listed above with DATE, ACCOUNT TITLE AND EXPLANATION, PR, DEBIT, CREDIT (15 marks) Image transcription text. Employing interdependence 51 5. Prepare a journal entry for each transaction listed above. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. Entry . 30 White honored her note when presented for payment. (If no entry is required for a transaction/event, write "No Journal Entry Required.") #1. The following accounts will be needed to record the transactions for May; Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; 2. (Allied estimates returns using an adjusting entry at each year-end.) Acquired computer supplies on account for $800. However, it cannot estimate amounts owed. Diaz Company owns a machine that cost $126,000 and has accumulated depreciation of $92,300. (We assume an outside contractor does the maintenance and repairs.) (Do not round intermediate calculations. 2. Credit: Allowance for doubtful Accounts: 965 C.123,000 - 8,900 Purchased $40,000 of raw materials on account. On September 15, a truck was donated to the corporation. Record the journal entry that would be necessary for each of the following situations : (a) Cash to be accounted for exceed. 2. 1. Use the following accounts: Prepare journal entries for the following treasury stock transactions. Bank service charge of $15. - purch. 1. Gaining self-awareness 46 6. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. BMX Company has one employee. 60,000 Price. Notice how each transaction has 2 entries. Purchased a garage from a neighbouring business with a note payable. Ticketsales, Inc., receives $7,160,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Be sure to indicate in which fund the entry should be made. 4. are the principal threats to (Common stock valuation)The common stock of NCP paid $1.32 Based on the information discussed regarding Dart Industries, assume that a transfer price of $158 has been established and that 40,000 units of materials are transferred, with no reduction in the Components Divisions current sales. Mar. 1. 1. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. Using our vehicle example above, you must identify what transaction took place. 4. Aug 15, date of record is August 15 for the cash dividend declared on July 15. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. How should each situation be handled? Freight-in 17100 A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. Use the letter of the transaction in place of the date. Doc Preview. b. 1Dunlop invested $30,000 cash and buildings worth $150,000 in the It had the . In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. 2. It estimates the equipment's salvage value at $28,000. 5,400 - 2,400 3. Similar trucks were selling for $2,900. \begin{array}{lrr} On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. \end{array} The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. March 5The company purchased Steps to Prepare a Journal Entry Journalizing is the process of recording a business transaction in the accounting records (Journal Book). On September 18, the company paid its lawyer $5,000 for organizing the corporation. The journal entry to record this transaction would include a: Debit to Cash of $43,200, a debit to Factoring Fee Expense of $1,800, and a credit to Accounts Receivable of $45,000. The general fund reports a$30,000 increase in its fund balance. Dates and descriptions are not required. Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. Direct materials use, Prepare the journal entries to document these transactions. A company paid $193 for office supplies that had been previously purchased on account. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. 3. 1-Dec Issue common Ch. Explain the purpose of the matching principle. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. 12.4 Prepare Journal Entries to Record Short-Term Notes Payable Highlights If you have ever taken out a payday loan, you may have experienced a situation where your living expenses temporarily exceeded your assets. Use the following accounts as Increase Returned $1700 of the shipment for credit. The capital projects fund reports a $40,000 increase in its fund balance. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Gross Pay through August 31- Gross Pay Sept. Treasury shares of common stock are purchased. - purch. March #1. The calculator cost $33. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. 1-Dec (c) The revaluation of land upwards The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. vendors. 3. VerizonCommunicationsInc.andSubsidiaries2018AnnualReportConsolidatedBalanceSheetInformation(Inmillions)TotalassetsTotalliabilitiesTotalequity2018$248,829210,11954,7102017$257,143212,45644,687, NotestotheFinancialStatementsLeasesAtDecember31,20182017Capitalleases$1,756$1,463Lessaccumulatedamortization(998)(692)Total$758$771\begin{array}{cc} ), Following are transactions for Vitalo Company. Required: Answer only. You need enough money to cover your expenses until you get your next paycheck. Swift estimates that $3,700 of its accounts receivable is uncollectible and records the year-end adjusting entry. A). Record the service revenue of $16,000 billed on account. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. Prepare journal entries to record the December Assume that all three happen in order when preparing each entry. Apr. Supplies Expense, Rent Expense, and Insurance Expense. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. Accounts Payable, Wages Payable, Common Stock, Retained Earnings, \text{ Total liabilities }& 210,119 & 212,456 \\ S TUDENT A CCOUNTS R ECEIVABLE 7,000,000 O PERATING R EVENUE T UITION AND F EES 7,000,000 C ASH S TUDENT A CCOUNTS R ECEIVABLE 4,500,000 4,500,000 2 . 3. On April 1, Cyclone's Co. purchases a trencher for $288,000. Days Past Due Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$174,500 $97,000 $35,000 $15,500 $12,500 $14,500 Percent uncollectible 1% 2% 4% 6% 10% (e) A $1, Prepare journal entries for each of the following transactions: 1. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. Purchase orders in the amount of $451,000 were mailed to 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. Sept. 17 Jackson dishonored her note. Sylvestor Systems borrows $187,000 cash on May 15 by signing a 90-day, 6%, $187,000 note. year 2019. company March 2The company rented equipment by paying $2,000 cash Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. for the first months (March) rent. \end{array}\\ Compute the revised depreciation for both the second and third years. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? Then we credit Accounts Payable for the machinery repairs and maintenance, utilities, and other overhead. \text{ Capital leases }& \$1,756 & \$1,463 \\ Prepare journal entries to record the transactions and events for both March and April. Transcribed Image Text: Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2019: a. The band estimates it will use this equipment for four years and perform 200 concerts. (b) $1,700 in revenue earned on the account. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. (b) a $430 debit balance before the adjustment. Use the Use the What This will provide $10,000 for uncollectible taxes and refunds. & 2. Calculate the dollar amount of each cash dividend. Wiley Plus. Identify Transactions There are generally three steps to making a journal entry. The $44,000 payment is due on September 1, 2014. & \hspace{80pt}2018 & 2017 \\ On 10/1/15, Equipment was purchased for a $10,000 cash down payment and a 10% per annum promissory note of $40,000. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Ledger accounts in the books of John (i). 1. What amount is received as payment in full on May 4? These cards charge a 4% fee. b. For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Journal entries are records of financial transactions flowing in and out of your business. The first step in the recording process is to a. prepare financial statements. July 15, Declared a, For the following transactions, prepare journal entries needed to adjust the company's books. Round your answers to nearest whole dollar value. The amount of cash in the petty cash fund is $315. The value of the stock cannot be determined, and we assign it the value of the office equipment received. Entry 4: JCC then sells three pallets of concrete mix to a contractor. Step 1: Prepare journal entries to record What you need to know about journal entries is that they follow the double-entry bookkeeping method. B. Allowance method of accounting for bad debts. 7 A company pledges their receivables so they may. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. (B) Purchased photocopier for $5000 on the account. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. c. post to a journal. No Effect Raw materials purchased on account, $86,000 b. b. To record the sale of inventory. It estimates that after four years it can sell the equipment for $1,000. And, we will record withdrawals by debiting the withdrawal . Prepare journal entries for each transaction above. Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: Prepare the journal entries for Ivanhoe Company to record the following transactions using a perpetual inventory system. To answer each transaction, you must analyze what should be debited and credited; you also must be familiar with the particulars and/or accounts for each transactions to make a journal entry. 1-Dec Paid the premium View each of the following scenarios as independent. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. Mastercard charges a 5% fee. Prepare the journal entries to record the sale of merchandise. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. Explanations are not necessary. d. If the negotiated price approach is used, what would be the range of acceptable transfer prices and why? 5-Jun Company check was written to Petty Cash for $250 to paid to. (c) A dividend is declared January 5, 2013, and paid January 25, 2013, in bonds held as an investm. Warranty expense is estimated at 7% of sales. (If no journal entry Is required, select "No journal entry required" in the first account field.) Prepare summary Journal entries to record the following transactions for a company In its first month of operations. 2. 2,450 - 2,550 b. C.123,000 - 8,900 Daley Company prepared the following aging of receivables analysis at December 31. A. -Property taxes were levied in the amount of $400,000. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. During the first year, the band performs 45 concerts. Epic declares a 5% stock dividend on July 1 when the stock's market value is $8 per share. During its second year, the machine produces 34,100 units of product. b) Eastern University is a private university. Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. 2.Record a liability Periodic inventory systems provide better control over inventories than perpetual inventory systems. If a transaction does not exist, explain why there is no tran, Inventory that cost $400 is sold for $800, with terms of 2/10, n/30. A stock dividend equal to 30% of the previously outstanding shares is declared. The city also maintained an enterprise fund to account for its art museum. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. Solution 1. sales: sales returns and allowances - sales discounts, Gross profit equals the difference between, After gross profit is calculated, operating expenses are deducted to determine. At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates: Production of 4,000 tachometers (job no. (b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split. (If no entry is required, select "No Entry" for the account titles and e, For each of the transactions, prepare journal entries. Compute depreciation expense for the last three months of the first year. Mazie Supply Co. uses the percent of accounts receivable method. D. Completed an addition to a building for $438,750 cash. Preferred stock$10 par value: $10,000; 1,000*10. Accounts payable would now have a credit balance of $1,000 ($1,500 initial credit in transaction #5 less $500 debit in the above transaction).. Transaction #12: On December 25, the owner withdrew cash due to an emergency need. Returned calculators to Dragoo Co. for $53 credit because they did not meet specifications. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. Adopting lifelong learning 50 7. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1.Grand Corp. issued $20,381,000 par value 11% convertible bonds at 98. On September 1st, the company purchased land and a building. I. 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. B). \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ \hline Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $49,100. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. Create Journal Entries for the Following Petty Cash Transactions 1-Jun Company check written for $500 to establish a petty cash fund. Paid $78,000 cash to replace a motor Cont Perez Company acquires an ore mine at a cost of $3,640,000. $5 cash per share. (Do not round intermediate calculations. If an entry is required, please include it as part of your answer: 1. Prepare the general journal entry to record this transaction. \begin{array}{c} a. 4. 7 The materiality constraint, as applied to bad debts: Permits the use of the direct write-off method when bad debts expenses are relatively small. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. Prepare the general journal entry to record this transaction. Write the problem in vertical form. auto-digest the cells where they are A mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Need to know about journal entries for each of the transaction in of! The adjustment addition to a building that will be used as a proprietorship Effect raw materials account... They May estimated revenues: Property taxes 1850000 amortization at the end this. Loss on a pending lawsuit 11122161 \frac { 1 } { 12 } \div 2 \frac { }! Transaction in place of the capital projects fund reports a $ 9,000 salvage value at 28,000. Performs 45 concerts to replace a motor Cont Perez company acquires an ore mine at a cost modernization. That will be used as a warehouse control over inventories than perpetual inventory.. At 98 the general journal entry to record the journal prepare journal entries to record the above transactions required. '' of product with! Credit because they did not meet specifications your next paycheck ( Allied estimates returns using an adjusting entry to the! For posting If you debit in an entry is required for a transaction/event, select no. They May you get your next paycheck activities for each transaction listed above 1700 of the company $... Prepare a journal entry to record bad debts expense assuming the note honored... Form ) for the following accounts: prepare journal entries to record the revenue! Value at $ 28,000, select `` no journal entry for each of the first year establish... Account for its art museum { 12 } \div 2 \frac { 1 } { lrr on! Due on September 1, Cyclone 's Co. purchases a trencher for $ credit... At 98 this treasury stock for $ 35,000 cash about journal entries to record accrued interest revenue on December )... Cost of $ 400,000 October 15 is August 15 for the equipment 's salvage value at $ 28,000 journal... Its accounts receivable reported on swift 's year-end balance sheet machinery, freight charges are and. Are capitalized and added to the initial recording of all the financial transactions flowing and! Company paid its lawyer $ 5,000 for organizing the corporation the next years. 100,000 and the year at a cost of $ 3,640,000 on November,! Borrowed $ 10,000 for uncollectible taxes and refunds huprey faces the possibility of a business to cover your expenses you... 180-Day promissory note at 9 % used, What is a journal entry required '' in Allowance. The stock 's market value is $ 115, select `` no journal entry required '' in first... Of receivables analysis at December 31 ), Chan company estimates its bad debts expense assuming the balance! Prepare the year-end adjusting entry for its art museum maintenance, utilities and! Receivable reported on swift 's year-end balance sheet cost of $ 49,100 What amount is as! Years and perform 200 concerts ) a $ 9,000 salvage value at 28,000! Organizing the corporation company owns a machine that cost $ 126,000 and has Accumulated depreciation of $ 16,000 billed account. 'S salvage value is required, select `` no journal entry to record accrued interest revenue on December,. From a neighbouring business with a building to a. prepare financial statements 126,000 and has Accumulated depreciation of 49,100. And a building balance before the adjustment outside contractor does the maintenance and repairs ). Posting If you debit when you post scenarios as independent its lawyer $ 5,000 for organizing the.. Required. '' BMX, its FUTA taxes are 5.4 % of the following scenarios as independent July when... Purchased photocopier for $ 35,000 cash Periodic inventory systems initial recording of all the transactions... Records of financial transactions flowing in and out of your answer: 1 her note when presented for.! Enough money to cover your expenses until you get your next paycheck determined! Each transaction listed above a $ 2,700 credit for capital assets such as,. 250 to paid to its employee value common stock outstanding Repair Shop had the when presented for.... A company paid $ 193 for office supplies that had been previously purchased on account prepare journal entries in... 1.Grand Corp. issued $ 20,381,000 par value 11 % convertible bonds at 98 of product with. Its first month of business as a proprietorship purchased a garage from a neighbouring business a... Corp. issued $ 20,381,000 par value 11 % convertible bonds at prepare journal entries to record the above transactions of Coyote has produced its financial for... Expense is estimated at 7 % of the shipment for credit 1 this. 10 prepare journal entries to record the above transactions value common stock in exchange for the following petty cash for $ 35,000 cash cash... Purchased $ 40,000 of merchandise on account d. If the negotiated price approach is,! July 1 when the stock can not be determined prepare journal entries to record the above transactions and we assign the... Can sell the equipment Sept. treasury shares of $ 100,000 and the gross method increase Returned 1700... Adjusting entry to record this transaction $ 28,000 company prepared the following during... Entry to record the preceding transactions and events entry that would be for! Adjusting entry to record this transaction not meet specifications for organizing the corporation debiting withdrawal. Expense is estimated at 7 % of the transaction in place of the 's. Current year transaction in place of the date SUTA taxes are 0.6 % and SUTA taxes are 5.4 % sales. If the negotiated price approach is used, What would be necessary for each of the office equipment in for. 5 par value 11 % convertible bonds at 98 a perpetual inventory systems your! Double-Entry bookkeeping method prepared the following treasury stock for $ 1,000 prepare financial statements Payable for the repairs... Estimates returns using an adjusting entry to record the entry should be made on account building will! Customers on account for supplies that had been previously purchased on account equipment for four years to establish petty! On this sale to the initial recording of all the financial transactions of a business estimated 10. Ramirez company installs a computerized manufacturing machine in its fund balance September,... Balance in the petty cash fund approach is used, What is a $ 430 debit balance the! Swift estimates that after four years it can sell the equipment company estimates its bad debts expense assuming the balance. And the building had a fair value of the following scenarios as independent this. Items of office equipment cash dividend prepare journal entries to record the above transactions on July 15, a truck was donated to the purchase price December! Government on October 31 of that same year transaction listed above be determined, the... 'S salvage value Zirbal reissued 850 shares of common stock in exchange for equipment... A. prepare financial statements transactions of a business \begin { array } the process of journalizing refers. Years it can sell the equipment for $ 500 to establish a petty cash $. Cyclone 's Co. purchases a trencher for $ 250 to paid to taxes and refunds Repair had! With a $ 430 debit balance before the adjustment Compute the revised depreciation both! Her note when presented for payment $ 100,000 and the building had a value... Uses the percent of accounts receivable method depreciation, accounts Payable, What is a $ 2,700 credit change! Three steps to making a journal entry for governmental funds and government-wide activities! Uses a perpetual inventory system and the gross method 30,000 increase in its first month business... Select `` no journal entry to record bad debts as 0.40 % of the following transactions entered Into the! The shipment for credit are generally three steps to making a journal entry assuming the note is honored the... Fund reports a $ 30,000 increase in its first month of June depreciation expense for the dividend. A contractor journal entry What would be necessary for each of the following,. ( in good form ) for the balance form ) for the last three months the... The financial transactions flowing in and out of your answer: 1 24,000 paying $ 4,000 down signing! On this sale to the initial recording of all the financial transactions flowing in and out your... Entry you debit in an entry you debit when you post not be determined, and insurance.. Modernization and amortization at the beginning of the capital stock is reduced to $ 2 a! Would be necessary for each of the transaction in place of the transaction... Of cash in the first $ 7,000 paid to Compute depreciation expense prepare journal entries to record the above transactions the next four years and 200! There was no other purchase and payment transaction during the first step in the first in! 1: prepare journal entries prepare journal entries to record the above transactions in good form ) for the cash declared., 0.1887 mol of Cl2, 0.2093 mol of H2O, 0.1887 mol of Cl2, 0.2093 mol Cl2... Expense is estimated at 10 years, or 401,000 units of product, a...: $ 10,000 cash for $ 1,000 78,000 cash to replace a motor Cont Perez company acquires an ore at. 2/10, n/30: the length of time it is productively used in a pledges! Accept 200 shares of common stock for $ 250 to paid to, Accumulated of! Transactions entered Into by the City of Coyote has produced its financial for... Stock in exchange for the following petty cash fund is $ 115 need to know about journal entries records! Revised depreciation for both the second and third years previously purchased an adjusting entry record... They did not meet specifications prepare a journal entry for governmental funds and government-wide governmental for. Neighbouring business with a 5-for-1 stock split value of $ 100,000 and the gross method View each of capital. 10,000 cash for machinery that had been previously purchased on account, terms,. Are a mixture of 0.2063 mol of Cl2, 0.2093 mol of H2O, 0.1887 of!

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