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3-Jan Issued a check to establish a petty cash fund of $4,500 Replenished the petty cash fund, based on the following summary of petty ash receipts: office supplies $1,680; 26-Feb miscellaneous selling expense, $570; miscellaneous administrative expense, $880 14-Apr Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory 13-May Paid the invoices of April 14 17-May Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. 2-Jun Received a 6--day, 8% note for $180,000 on the Ryanair account Received amount owed on June 2 note, plus interest the maturity date. Record the transaction in the general journal. 1-Aug Use a 360-day year to simplify the interest calculation Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The 24-Aug allowance method is used in accounting for uncollectible receivables) 15-Sep Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discouted it a 9%. (Record the transaction in the 15-Sep general journal. Usa a 360 day year to simplify the interest calculation. Sold office equipment in exchange for $135,000 cash plus receipt of $100,000. 90-day, 9% note. The equipment had a cost 17-Oct of $320,000 and accumulated depreciation of $64,000 as of October 17 salaries $135,00; Offie Salaries $77, 250. Deduction: Income ta withheld $39,266; Social security tax withheld $12,735; 30-Nov Medicare tax withheld $3,184; Credit Salaries Payable Journalized the employer's payroll taxes on the payroll. Social Security tax $12,735; Medicare tax $3,184. Unemployment 30-Nov taxes: State unemployment; 5.4% on $5,000 of wages; Federal Unemployment: 0.8% on $5,000 of wages 14-Dec Paid the September 15 note at maturity. 31-Dec The pension cost for the year was $190,400, of which $139.700 was paid to the pension plan trustee

3-Jan Issued a check to establish a petty cash fund of $4,500 Replenished the petty cash fund, based on the following summary of petty ash receipts: office supplies $1,680; 26-Feb miscellaneous selling expense, $570; miscellaneous administrative expense, $880 14-Apr Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory 13-May Paid the invoices of April 14 17-May Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. 2-Jun Received a 6--day, 8% note for $180,000 on the Ryanair account Received amount owed on June 2 note, plus interest the maturity date. Record the transaction in the general journal. 1-Aug Use a 360-day year to simplify the interest calculation Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The 24-Aug allowance method is used in accounting for uncollectible receivables) 15-Sep Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discouted it a 9%. (Record the transaction in the 15-Sep general journal. Usa a 360 day year to simplify the interest calculation. Sold office equipment in exchange for $135,000 cash plus receipt of $100,000. 90-day, 9% note. The equipment had a cost 17-Oct of $320,000 and accumulated depreciation of $64,000 as of October 17 salaries $135,00; Offie Salaries $77, 250. Deduction: Income ta withheld $39,266; Social security tax withheld $12,735; 30-Nov Medicare tax withheld $3,184; Credit Salaries Payable Journalized the employer's payroll taxes on the payroll. Social Security tax $12,735; Medicare tax $3,184. Unemployment 30-Nov taxes: State unemployment; 5.4% on $5,000 of wages; Federal Unemployment: 0.8% on $5,000 of wages 14-Dec Paid the September 15 note at maturity. 31-Dec The pension cost for the year was $190,400, of which $139.700 was paid to the pension plan trustee

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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3-Jan Issued a check to establish a petty cash fund of $4,500 Replenished the petty cash fund, based on the following summary of petty ash receipts: office supplies $1,680; 26-Feb miscellaneous selling expense, $570; miscellaneous administrative expense, $880 14-Apr Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory 13-May Paid the invoices of April 14 17-May Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. 2-Jun Received a 6--day, 8% note for $180,000 on the Ryanair account Received amount owed on June 2 note, plus interest at the maturity date. Record the transaction in the general journal. 1-Aug Use a 360-day year to simplify the interest calculation Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The 24-Aug allowance method is used in accounting for uncollectible receivables) 15-Sep Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discouted it a 9%. (Record the transaction in the 15-Sep general journal. Usa a 360 day year to simplify the interest calculation. Sold office equipment in exchange for $135,000 cash plus receipt of $100,000. 90-day, 9% note. The equipment had a cost 17-Oct of $320,000 and accumulated depreciation of $64,000 as of October 17 salaries $135,00; Offie Salaries $77, 250. Deduction: Income ta withheld $39,266; Social security tax withheld $12,735; 30-Nov Medicare tax withheld $3,184; Credit Salaries Payable Journalized the employer's payroll taxes on the payroll. Social Security tax $12,735; Medicare tax $3,184. Unemployment 30-Nov taxes: State unemployment; 5.4% on $5,000 of wages; Federal Unemployment: 0.8% on $5,000 of wages 14-Dec Paid September 15 note at maturity. 31-Dec The pension cost for the year was $190,400, of which $139.700 was paid to the pension plan trustee
Transcribed Image Text:3-Jan Issued a check to establish a petty cash fund of $4,500 Replenished the petty cash fund, based on the following summary of petty ash receipts: office supplies $1,680; 26-Feb miscellaneous selling expense, $570; miscellaneous administrative expense, $880 14-Apr Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory 13-May Paid the invoices of April 14 17-May Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. 2-Jun Received a 6--day, 8% note for $180,000 on the Ryanair account Received amount owed on June 2 note, plus interest at the maturity date. Record the transaction in the general journal. 1-Aug Use a 360-day year to simplify the interest calculation Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The 24-Aug allowance method is used in accounting for uncollectible receivables) 15-Sep Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discouted it a 9%. (Record the transaction in the 15-Sep general journal. Usa a 360 day year to simplify the interest calculation. Sold office equipment in exchange for $135,000 cash plus receipt of $100,000. 90-day, 9% note. The equipment had a cost 17-Oct of $320,000 and accumulated depreciation of $64,000 as of October 17 salaries $135,00; Offie Salaries $77, 250. Deduction: Income ta withheld $39,266; Social security tax withheld $12,735; 30-Nov Medicare tax withheld $3,184; Credit Salaries Payable Journalized the employer's payroll taxes on the payroll. Social Security tax $12,735; Medicare tax $3,184. Unemployment 30-Nov taxes: State unemployment; 5.4% on $5,000 of wages; Federal Unemployment: 0.8% on $5,000 of wages 14-Dec Paid September 15 note at maturity. 31-Dec The pension cost for the year was $190,400, of which $139.700 was paid to the pension plan trustee
Classification Assets Assets Assets Assets Assets Assets Assets Assets Assets Assets Long Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long Term Assets Long Term Assets Long Term Assets Long-Term Assets Liabilities Liabilities Liabilities Liabilities Liabilities Liabilities Liabilitics Liabilities Liabilities Liabilities Liabilities Liabilities Long Term Liabilities Long Term Liabilities Equity Equity Equity Equity Equity Revenue Revenue Cost Cust Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Other Expenses Other Expenses Other Expenses Other Revenue Other Revenue Other Revenue Kornett Company Chart of Accounts 1/1/2021 Account Numbe Account Title 109 Petty Cash 110 Cash 119 Notes Receivable 120 Accounts Receivable 121 Allowance for Doubtful Accounts 130 Inventory 135 Interest Receivable 140 Prepaid Insurance 141 Office Supplies 151 Land 152 Buildings 153 Accumulated Depreciation-Buildings 154 Office Equipment 155 Accumulated Depreciation-Office Equipment 156 Stare Equipment 157 Accumulated Depreciation Store Equipment 158 Mineral Rights 159 Accumulated Depletion 160 Patents 210 Social Security Tax Payable 211 Medicare Tax Payable 212 Employees Federal Income Tax Payable 213 State Unemployment Tax Payable 214 Federal Unemployment Tax Payable 215 Salaries Payable 216 Accounts Payable 217 Interest Payable 218 Product Warranty Payable 219 Vacation Pay Payable 220 Notes Payable 251 Unfunded Pension Liability 310 Comman Stock 311 Retained Earnings 320 Dividends 330 Income Summary 410 Sales 510 Cost of Goods Sold 610 Sales Salaries Expense 611 Depreciation Expense-Buildings 612 Depreciation Expense-Office Equipment 613 Depreciation Expense-Store Equipment 614 Amortization Expense-Patents 615 Depletion Expense 616 Product Warranty Expense 618 Bad Debt Expense 619 Miscellaneous Selling Expense 710 Office Salaries Expense 711 Payroll Taxes Expense 712 Pension Expense 713 Insurance Expense 714 Office Supplies Expense 715 Vacation Pay Expense 716 Cash Short and Over 719 Miscellaneous Administrative Expense 910 Interest Expense 912 Loss on Sale of Office Equipment 810 Interest Revenue 811 Gain on Sale of Office Equipment
Transcribed Image Text:Classification Assets Assets Assets Assets Assets Assets Assets Assets Assets Assets Long Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long-Term Assets Long Term Assets Long Term Assets Long Term Assets Long-Term Assets Liabilities Liabilities Liabilities Liabilities Liabilities Liabilities Liabilitics Liabilities Liabilities Liabilities Liabilities Liabilities Long Term Liabilities Long Term Liabilities Equity Equity Equity Equity Equity Revenue Revenue Cost Cust Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Other Expenses Other Expenses Other Expenses Other Revenue Other Revenue Other Revenue Kornett Company Chart of Accounts 1/1/2021 Account Numbe Account Title 109 Petty Cash 110 Cash 119 Notes Receivable 120 Accounts Receivable 121 Allowance for Doubtful Accounts 130 Inventory 135 Interest Receivable 140 Prepaid Insurance 141 Office Supplies 151 Land 152 Buildings 153 Accumulated Depreciation-Buildings 154 Office Equipment 155 Accumulated Depreciation-Office Equipment 156 Stare Equipment 157 Accumulated Depreciation Store Equipment 158 Mineral Rights 159 Accumulated Depletion 160 Patents 210 Social Security Tax Payable 211 Medicare Tax Payable 212 Employees Federal Income Tax Payable 213 State Unemployment Tax Payable 214 Federal Unemployment Tax Payable 215 Salaries Payable 216 Accounts Payable 217 Interest Payable 218 Product Warranty Payable 219 Vacation Pay Payable 220 Notes Payable 251 Unfunded Pension Liability 310 Comman Stock 311 Retained Earnings 320 Dividends 330 Income Summary 410 Sales 510 Cost of Goods Sold 610 Sales Salaries Expense 611 Depreciation Expense-Buildings 612 Depreciation Expense-Office Equipment 613 Depreciation Expense-Store Equipment 614 Amortization Expense-Patents 615 Depletion Expense 616 Product Warranty Expense 618 Bad Debt Expense 619 Miscellaneous Selling Expense 710 Office Salaries Expense 711 Payroll Taxes Expense 712 Pension Expense 713 Insurance Expense 714 Office Supplies Expense 715 Vacation Pay Expense 716 Cash Short and Over 719 Miscellaneous Administrative Expense 910 Interest Expense 912 Loss on Sale of Office Equipment 810 Interest Revenue 811 Gain on Sale of Office Equipment
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