Make a journal entry for each transaction (Asset)$ 505) Purchase States Ave for $1406) Pay $10 to another player for birthday (Hint: Debit Miscellaneous Expense)7) Purchase Illinois Ave for $2408) Receive $50 from another player. (Hint: Use miscellaneous revenue)9) Receive $100 from Community Chest10) Receive Rent Revenue of $6 from another player11) Pass Go, Receive $200 Salary12) Chance: Life Insurance Matures, Receive $10013) Receive Rent from opponent of $1014) Land on utility company, pay expense of $6015) Purchase St. James Place for $18016) Receive $14 for Rent from opponent17) Purchase B&O Railroad for $20018) Purchase Ventnor Ave for $26019) Pay Rent to another player of $3520) Pass Go, Collect $200 Salary

Journal entry records identified financial transactions in debit and credit side for different…

Answered: Make a journal entry for each…

Business

Accounting

Make a journal entry for each transaction

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 1P: Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross...

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Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities
In 2015, Maine Corporation bought a $5,000,000 life insurance policy on its president, of which Maine Corporation is the beneficiary. Information regarding the policy for the year ended December 31,2020 follows: Cash surrender value, 1/1/2020 : $435,000 Cash surrender value, 12/31/2020 : $540,000 Annual advance premium paid 1/1/2020 : $200,000 During 2020, dividends of $30,000 were applied to increase the cash surrender value of the policy. How much should be the life insurance expense for 2020?
HANGANG Park has life insurance policies on its officers’ lives. Annual premiums amount to P50,000. At the end of 2020, cash surrender value of the policies totaled P182,000. Dividends received by HANGANG from the insurance company amounted to P5,000 in 2020. The insurance expense recognized by HANGANG Park in 2020 was P35,000.What was the amount of cash surrender value of these policies on January 1, 2020? a. P172,000 b. P162,000 c. P142,000 d. P102,000
Jacob has the following items of income in 2021: He has a salary of $100,000 He sells land for $12,000. The original purchase price is $4,000 He receives interest from a City of London Bond of $7,000 What is Jacob’s Gross Income? Group of answer choices $100,000. $107,000. $112,000. $115,000.
Saladin lists the ff possible items of gross income: Compensation Income – 200K Winnings from gambling – 100K Increase in value of investments – 50K Appreciation in the value of the land owned – 300K Debt of Saladin cancelled by creditors in consideration for services he rendered to them – 150K Debt of Saladin cancelled by his creditor out of affection – 250K Loan received from a bank – 400K How much is the total gross income of Saladin?
PLEASE HELP WITH THE ACCOUNTS FOLLOWED BY THE RED "X" (SEE IMAGE) Prepare journal entries to record the following transactions. 1. Donor A gave the nonprofit a cash gift of $50,000 in June 2019, telling the nonprofit the gift could not be used until 2020. (Identify the affected net asset classification(s) in the journal entries made both in June 2019 and at the start of 2020.) 2. Attorney Howard Gorman volunteered his services to Taconic Singers, a nonprofit. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances. Gorman normally gets $200 an hour for legal services, and Taconic normally pays $8 an hour when it hires ushers. 3. Donor B sent a letter to a nonprofit, saying she would donate $20,000 in cash to the nonprofit, to be used for any purpose the nonprofit’s trustees desired, provided the nonprofit raised an equal amount of cash from other donors. 4. Regarding the previous transaction, the nonprofit…
On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $535,000 by Elmira on December 31, 2026. The effective interest rate is 5%. Note: Use appropriate factor(s) from the tables provided. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: How much sales revenue would Wright recognize on January 1, 2024, for this transaction? Prepare journal entries to record the sale of merchandise on January 1, 2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31, 2026.
A buyer is purchasing a home for $200,000. The closing date is on June 15, 2023 and the buyer is responsible for all costs on the closing date. The buyer provided $5,000 as a deposit that is being held in escrow and is obtaining a loan for $180,000. The seller has a mortgage on the property with an outstanding balance of $92,000. Total settlement charges for the buyer is $7,200 and for the seller is $12,000. The county taxes for 2022 are due on November 1 and have not been paid. The total county tax amount due for the year is $4,380. The home inspection report indicated the A/C unit will need repaired and the seller has agreed to provide a $1,000 credit to the buyer, which the lender has approved.
V5Dennis buys land by paying $50,000 in cash and assuming a loan for $45,000. He incurs legal fees and commissions of $5,000. He pays a special $3,000 street improvement assessment. Dennis receives $6,000 from the county for a portion of his property that was needed to widen the street. His property tax liability for this year is $750 and his interest on the loan is $1,850. What is the adjusted basis of Dennis’s land? Show your work.
Lance is entering an invoice for a new item of equipment in the accounts. The invoice shows the following costs: Water treatment equipment $39,800 Delivery $1,100 Maintenance charge $3,980 Sales tax $7,854 Invoice total $52,734 Lance is registered for sales tax. What is the total value of capital expenditure on the invoice?
An individual has an RSP that they are drawing money out of during 2020. TheRRSP has earned dividends of $10,000. The individual withdraws $32,000 from theRRSP. To obtain that much cash, the RSP sells investments worth $32,000 thathave a cost basis of $20,000. What is the individual's 2020 taxable income as aresult of the RRSP? A) 42000 B) 16000 C)19800 D)32000
15. For 2022, how much can Siena take as an educator expense deduction for the lab supplies she purchased for her students? a. $0 b. $250 c. $300 d. $600