correct journal entry?
Q: ournalize the transactions
A: Journal Entry The basic function of accounting is to enter the required transaction which are…
Q: How would we prepare a journal entry for an unrecorded and unpaid entry?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Prepare Journal entries for all the transactions?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: What is the definition of a journal entry?
A: Journal entry is an act of maintaining a record of transactions whether economic or non economic.
Q: BM KID O Sharehol Januar (In Philip
A: Journal entries refer to the concept of collecting information regarding all the transactions done…
Q: journal entries required
A: Journal entries are the starting step towards the accounting cycle. It is the initial recording of…
Q: how do you format a journal entry.
A: Journal entry is the primary recording of any transaction which is entered in the financial…
Q: Requirement: Prepare the journal entries.
A: Journal Entry The Purpose of providing the journal to enter the required transaction into debit and…
Q: Journalize the transactions
A: Journal entries forms the basic step for preparation any books of accounts. Dual accounting approach…
Q: Prepare journal entries to record the transactions.
A: Journal: It refers to an account which records all the financial transactions pertaining to a…
Q: What is a recurring journal entry? How it affects the whole entry system?
A: REcurring journal entries are the entries which get repeated in every accounting period for example…
Q: Journal entry?
A: Answer:
Q: JOURNALIZING TO T - ACCOUNT
A: Accounting is the process that is followed by a business in order to record all the transactions in…
Q: What is the journal entry of the following?
A: Answer: 1. Cash Dr P 5950 Office Supplies Cr P5950 2. Prepaid Insurance Dr…
Q: What is journal? Why is it prepared?
A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the further…
Q: When do we make adjusting journal entries?
A:
Q: What information is contained in a journal voucher?
A: Definition: Journal Voucher is a document based on which transactions are recorded. It serves as…
Q: What would the journal entry be?
A: A pension plan is usually an agreement between the employer and employee wherein, the employer…
Q: What is reversing journal entries?
A: The journal entries are prepared to record day to day transactions on the regular basis.
Q: Journal entries?
A: Introduction: Journal entries: Recording of a business transactions in a chronological order. First…
Q: What is a journal entry?
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: How do I journalize and find which number goes where?
A: Bonds Payable: Bonds payable are generated when a company issues bonds to generate cash. As a bond…
Q: journalizing?
A: Journalizing is the process followed by businesses in recording their transactions in an orderly…
Q: he journal entries to
A: The recording of transactions for issue and re-purchase of stocks can be done through journal…
Q: What is Journal?
A: Journal is a primary book of account in which transactions are first recorded in a chronological…
Q: What are reverse journal entries? Are these required by GAAP?
A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…
Q: How do I journalize?
A: Bonds payable are the type of long term bonds issued by the corporations. These are generated when…
Q: Is it okay to put Balance column in journal entries? Why?
A: Journal entries: These are the first record of the transactions which take place in the entity which…
Q: e journal entry to record this transaction
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: prepare journal enteries
A: Income tax is defined as the payment obligation of the taxpayer earning income for each year. It is…
Q: a) Prepare the journal entries
A: The first question has been answered for you. Please resubmit the question specifically mentioning…
Q: Identified steps for proving and ruling a journal page. Be specific. Explain
A: Answer:- Journal meaning:- A journal is a detailed record that documents all of a company's…
Q: Could you answer the question through this journal I'm confused on where to input the information
A: Cash Receipt Journal Cash Receipt Journal which are deal with the cash received transaction which…
Q: Differentiate closing entries, reversing entries, opening entries and correcting entry.
A: Closing entry: A closing entry is a journal entry that is passed at the end of an accounting period…
Q: How do you create a journal entry accurately ?
A: Recording journal entry is the first step in recording of financial trnsaction in the books of…
Q: Explain the difference between an original journal entry and an adjusting journal entry?
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: What is Journal? Explain
A: Journal is a book in which all transactions are passed including cash , sales , purchase , expenses…
Q: how to fill in general journal
A: The general journal is maintained essentially on the concept of double entry system of accounting,…
Q: How do you journalize entries on FOB shipping and FOB destination?
A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…
Q: Are debits or credits typically listed first in general journal entries? Are the debits or the…
A: Under the double entry book keeping system, every financial transaction is recorded in at-least two…
Q: how do you do adjusting entries?
A: Adjusting entries: An adjusting entry is prepared when the trial balance is not up-to-date, and…
Q: can someone help me to journalize the opening entry ?
A: Step 1 Journal is the part of book keeping.
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- Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset, Dinnell records depreciation expense for one-half year. During 2020, Asset A was sold for 7,000. Required: Prepare the journal entries to record depreciation on each asset for 2017 through 2020 and the sale of Asset A. Round all answers to the nearest dollar.On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
- Petes Petroleum, Inc., an SEC registrant with a calendar year-end, is in the business of constructing and operating offs] lore oil platforms. Petes Petroleum is required legally to dismantle and remove the platforms at the end of their useful lives, which is estimated to be 10 years. On January 1, 2019, Pete constructed and began operating an offshore oil platform off the coast of Brazil. The total capitalized cost to construct the platform was 3,700,000. In addition, while the future cost of dismantling the oil platform is difficult to estimate, Pete believes there is a 40% chance that the future cost will be 1,425,000, a 40% chance it will be 1,650,000, and a 20% chance that it will cost 2,125,000. The appropriate discount rate is 12%, and Pete uses the straight-line method of depreciation. Required: 1. Prepare the journal entries that Pete should record in 2019 related to the oil platform. 2. Prepare an amortization schedule for the asset retirement obligation. 3. Next Level Prepare a table showing the effect of accounting for the asset retirement obligation on assets, liabilities, shareholders equity, and net income relative to accounting for the associated costs at the end of the assets service life when the expenditure is made.During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the following three situations: 1. Machine A was purchased for 50,000 on January 1, 2014. Straight-line depreciation has been recorded for 5 years, and the Accumulated Depreciation account has a balance of 25,000. The estimated residual value remains at 5,000, but the service life is now estimated to be 1 year longer than estimated originally. 2. Machine B was purchased for 40,000 on January 1, 2017. It had an estimated residual value of 5,000 and an estimated service life of 10 years. it has been depreciated under the double-declining-balance method for 2 years. Now, at the beginning of the third year, Ryel has decided to change to the straight-line method. 3. Machine C was purchased for 20,000 on January 1, 2018, Double-declining-balance depreciation has been recorded for 1 year. The estimated residual value of the machine is 2,000 and the estimated service life is 5 years. The computation of the depreciation erroneously included the estimated residual value. Required: Prepare any necessary correcting journal entries for each situation. Also prepare the journal entry necessary for each situation to record depreciation expense for 2019.Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for 72,000. The patent has a remaining legal life of 9 years. Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the straight-line method over the life of the asset.