Need journal entries
Q: Prepare a journal entri
A: Journal entries recording is the initial step in accounting process, under which atleast one account…
Q: make a journal entry.
A: Step 1 Journal is the part of book keeping.
Q: complete the following journal entries
A: Journal entries recording is the first step of accounting cycle process, in which atleast one…
Q: Describe journal entries for external transactions.
A: A external transaction is a transaction which is entered by two people or two entities to exchange…
Q: Journal entry
A: Journal entries are a process of recording and classifying business transactions into books of…
Q: Please Prepare Journal Entries
A: Journal entries recording is the first step of accounting process, in which atleast one account is…
Q: Prepare Journal Entry
A: Notes Receivables are those receivables which the company has which will be received by the company…
Q: Explain the recording process of special journals.
A: Companies use special journals to record repetitive transactions that affect the same set 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: journal entry
A: SOLUTION A JOURNAL IS THE COMPANIES OFFICIAL BOOK IN WHICH TRANSACTIONS ARE RECORDER ON…
Q: Analyze and review the following items and determine the appropriate journal entry.
A: Investment:- An investment is considered as the asset which is acquired with the motive to generate…
Q: e journal entries
A: Trade discount (List price * Rate of discount) = P108,000 * 15% P16,200 A Balance amount payable…
Q: Journalize the transactions
A: Journal entries forms the basic step for preparation any books of accounts. Dual accounting approach…
Q: Identify what special journal that is applicable for the following transactions:
A: Given: Payment received from Customer ₱10,000 Purchase made on Credit…
Q: : Provide the journal entries.
A: A journal entry is the act of keeping or making records of any transactions either economic or…
Q: structions: repare the entries in the Journal
A: Step 1 Journal is the Part of Book keeping.
Q: Journalize the following transaction. Thank you!
A: At the time of recording journal entries, rules of debit and credit are followed by debiting atleast…
Q: How to record General journal
A: General journal is the book of original entry in which the entities record the financial…
Q: Journal Entry
A: Journal entries recording is the initial step of accounting process. Under this, atleast one account…
Q: Create journal
A:
Q: prepare journal entries
A: Journal Entry The basic process accounting is to enter the required transaction which are incurred…
Q: Journalize the entries f
A: Definition : Merchandise: Merchandise is unique to every business that sells goods which are in…
Q: Journalize the transactions.
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: Journalize the entries to record
A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…
Q: Required: Journal entries
A: All business transactions are recorded in a journal book so that every transaction can be easily…
Q: Journal entries?
A: Introduction: Journal entries: Recording of a business transactions in a chronological order. First…
Q: appropriate journal to be used
A: Special journals are used to record items of specific transactions belonging to same category.
Q: How to make adjuting entries in journal form?
A: Adjustment entries are the type of journal entries which are prepared to rectify the transactions…
Q: What information from this invoice would be entered in the Source Document column of the journal?…
A: Source document is a document from which information of transaction is obtained for journal entry.…
Q: journal entrie for website expenses
A: To record a website expense the journal entry would include a debit to website expense and credit to…
Q: journal entries u
A: Prepaid Expense-:A Prepaid Expense is a variety of assets for the firm which is presented on the…
Q: Journalize the following transactions. Thank you!
A: At the time of recording journal entries, rules of debit and credit are followed by debiting atleast…
Q: Prepare journal entries
A: Jan 1 Cash Dr 3,000,000 To Capital 3,000,000 Jan 2 Purchase Dr 2,000,000 To Atlas…
Q: Prepare journal entries for the above transactions
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: journal entry
A: Journal entry is made to update the transactions in the books of accounts. It has two aspects -…
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: Provide the necessary journal entries using the area-of-interest method
A:
Q: a) Prepare the journal entries
A: The first question has been answered for you. Please resubmit the question specifically mentioning…
Q: Create journal entries for the following:
A: a. No entry is made on the grant date as no transaction is being entered into by an employee and…
Q: Prepare all the journal entries .
A: 1)Cash account Dr ::$30,000... Bank account Dr :::$20,000 To Capital Account ::$50,000..…
Q: Journalize
A:
Q: : Provide all the necessary journal entries.
A: On Jan 1,20x1: = Number of SAR × Fair value = 1000 × 20 = 20000 On Dec 31,20x1: = (Number of…
Q: Record Journal Entries
A: Journal entries are those entries which a company have to record on the book of original entries.…
Q: Prepare journal entries to record the following transactions.
A: Concept introduction: Journal entry is the entry made in Journal books; it is also called books…
Q: Prepare the journals for all transactions
A: Journal entry is the entry which is recorded on the day book whose other name is also journal book…
Q: EQUIREMENT: JOURNAL ENTRIES
A: The accounting items that is reported as financial records includes assets, liabilities,…
Q: Create a General Journal.
A: When the transactions take place in an entity they are first recorded in the General Journal. From…
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- The following are independent events: a. A partnership is preparing to become a corporation and sell stock to the public. At this time, it decides to switch from accelerated to straight-line depreciation. b. A company has been debiting half its advertising costs to an intangible asset account and amortizing these costs over 3 years. c. A company has been using accelerated depreciation. It now estimates that the pattern of benefits to be received in the future will be equal each period, so it decides to change to the straight-line depreciation method. d. A company has been using straight-line depreciation for its property, plant, and equipment. It is now buying a new type of machine and elects to use accelerated depreciation on the new machine. e. A company switches from capitalizing certain expenditures to expensing them due to the issuance of an Accounting Standards Update that makes capitalization of these expenditures no longer generally accepted. Required: Identify the correct accounting treatment for the changes (if any) related to the preceding events.2. Psalm and Selah decided to form a partnership on June 30, 2030, Assets contributed by the partners are: Psalm Selah Book Value Fair Value Book Value Fair value Cash P375,000 P375,000 P875,000 P875,000 Merchandise inventory 95,000 125,000 Furniture and fixtures 350,000 312,500 872,500 937,500 Transportation equipment 3,262,500 2,812,500 The transportation equipment is subject to a mortgage loan of P1,125,000, which is to be assumed by the partnership. The partnership agreement provides that Psalm and Selah share profits and losses of 30% and 70% respectively. Assuming that the partners agreed to bring their respective capital in proportion to their profit and loss ratio, using Selah capital as base. How much additional cash is to be invested (withdrawn) by Psalm? A. P(687,500)B. P(987,500)C. P 875,000 D. P 687,500In the January 1, 2020 Kalaw and Borromeo formed partnership with each contributing the following: Kalaw Borromeo Cash 50,000 70,000 Equipments 50,000 75,000 Building 225,000 Furniture 10,000 Accounts payable 20,000 Loans Payable 100,000 All liabilities are to be assumed by the partnership. The partners agreed the equipments should be provided a 20% depreciation and the building has a market value of 200,000. The value of the furniture should be decreased by P2,000 There is an unrecorded liability in the books of Kalaw amounting to P2,000 and accrued interest on loans to Borromeo amounting to 5% of the loans. How much is the total capital of the partners before the agreed adjustments
- Coco and Martin agreed to form a partnership which shall be engaged in the buy and sell of RTW apparels. The following items are being invested to form CM Partnership: AGREED VALUATION COCO MARTIN Cash P100,000 P100,000 Merchandise Inventory 100,000 Land 200,000 Building 400,000 Equipment 200,000 Subtotals P400,000 P700,000 Mortgage on building assumed by the partnership (200,000) Totals P400,000 P500,000 Instruction: Prepare journal entries to record the formation of CM Partnership: A. Assuming that Coco and Martin agree that each partner is to receive a capital credit equal to the agreed valuation of the net assets each partner invested. B. Assuming that Coco and Martin agree that each partner is to receive an equal capital interest - goodwill approach. C. Assuming that Coco and Martin agree that each partner is to receive an equal capital interest - bonus approach.The partnership of X and Y was formed on June 1, 2021. At that date the following assets were contributed: Cash Merchandise inventory 250,000 4,500,000 Building Furniture and equipment P150,000 550,000 Building is subject to a mortgage loan of P1,500,000 which is to be assumed by the partnership. Partnership agreement provides that X and Y on profit and loss of 25% and 75 % respectively. How much is the total assets of the partnership of Y?Adax Designs Services is a partnership with Adam and Max as partners. The partnership has been operating successfully for a number of years now. The partners have a written partnership agreement. The following information was extracted from the accounting records of Adax. Design Services for the financial year ended 28 February 2021: Balances in the ledger as at 28 February 2021 R Land and buildings at costAccumulated depreciation: buildingsEquipment at carrying amountDebtorsCapital- AndileCapital- SiphoCurrent account- Andile Credit balance (1 March 2020)Current account –Sipho – Debit balance (1 March 2020Drawings – Andile: GeneralDrawings – Sipho: GeneralNet profit for the year ended 28 February 2021 835 000(65 000)270 000103 000400 000300 00040 00020 000130 000102 000800 000 The following must still be taken into account: 1. The partnership agreement makes provision for the following:• Interest on capital must be provided at 12% per year on the balances in the capital…
- On February 14, AA and BB formed a partnership and contributed the following assets at historical costs: AA BB Cash P600,000 P200,000 Inventories ? ? Furniture and fixtures 40,000 Delivery equipment 80,000 Land 300,000 The land was subject to a mortgage which has an unpaid balance of P50,000. The mortgage will be assumed by the partnership. AA and BB agreed to share profits and losses in the ratio of 1:2, respectively. The partners agreed to contribute inventories (BB is to contribute inventories worth 2.5 times the peso value of the inventories to be contributed by AA) in order to have their capital credits in the same ratio as their profits and losses ratio. How much is the capital account of AA upon formation of the partnership?1. On January 1, 2017, Angel, Bea and Collen formed ABC & Co., a general professional partnership for theexercise of their common profession. Angel contributed a building with cost of P5M and accumulated LYCEUM OF SUBIC BAYSubic Bay Freeport Zone Advanced Financial Accounting Review Allan B. Santos CPA 2 | P a g edepreciation of P4M. Based on the city assessor’s records, the building has an assessed value of P2M. Thebuilding has an annotated mortgage payable amount to P500, 000 to be assumed by the partnership.On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/share and prevailing quotedprice of P300/share. On January 2, 2017m the building contributed by Angel was sold for 5.5M. If Colleenwants to have 20% capital interest in the newly formed partnership, how much cash shall be contributedby her?a. P875,000b. P1,125,000c. P2,125,000d. P2,000,000A. The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are as follows: Profit and loss agreement is 30:50:20. Cash P 150,000 Accounts receivable -net 200,000 Inventory 400,000 Plant Assets - net 700,000 Loan to South 50,000 Liabilities P 500,000 West, Loan 100,000 North, Capital 450,000 South, Capital 300,000 West, Capital 150,000 The partners decide to liquidate the partnership. They estimate that the non-cash assets other than the loan to South can be realized into P 1,000,000 over the two-month period ending December 31, 2020. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Required: a) Assuming that P…
- AA and BB are partners engaged in a manufacturing business. Transactions affecting the partners’ capital accounts in 2022 are as follows: AA BB Debit Credit Debit Credit Beg. Balance P250,000 P350,000 April 1 150,000 100,000 June 30 125,000 250,000 September 1 225,000 300,000 October 1 350,000 200,000 The income summary has a debit balance of P225,000. Agreement between AA and BB are as follows: Interest on average capital at 8%. Salaries of P125,000 and P175,000 are given to AA and BB, respectively. Bonus to BB at 25% of net income after deducting interest and salaries but before deducting bonus. Balance is to be divided equally. How much is the net increase (decrease) in BB’s capital account in 2022?The K & L Partnership was established since 2005. On January 1, 2015, the partners agree to admit partner (M). Capital account balances and profit and loss sharing ratios at January 1, 2015, before the admission of partner (M), are as follows: Partner (K) (30%) $63,000 Partner (L) (70%) $97,000 at the time of admission the following assets have a book value and fair value as: Book Value Fair value Inventory 100,000 120,000 Building 130,000 100,000 Partner (M) invested $120,000 cash to the partners for 40% of capital interest and the partners agree about assets revaluation. The journal entry to record the goodwill is a. Dr. Goodwill $35,000 / Cr. (M) capital $35,000. a. Dr. Goodwill $35,000 / Cr. (M) capital $35,000. b. Dr. Goodwill $30,000 /Cr. (K) capital $9,000, (L)…The K & L Partnership was established since 2005. On January 1, 2015, the partners agree to admit partner (M). Capital account balances and profit and loss sharing ratios at January 1, 2015, before the admission of partner (M), are as follows: Partner (K) (30%) $63,000 Partner (L) (70%) $97,000 at the time of admission the following assets have a book value and fair value as: Book Value Fair value Inventory 100,000 120,000 Building 130,000 100,000 Partner (M) invested $120,000 cash to the partners for 50% of capital interest and the partners agree about assets non-revaluation. The journal entry to record the admission of partner (M) is a. Dr. Cash $120,000/Cr. (K) capital $6,000, (L) capital $14,000, (M) capital $100,000. a. Dr. Cash $120,000/Cr. (K) capital $6,000, (L)…