Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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Phone Consulting services of $1,800 were performed on the last day of the month for a new customer Graham Engineering, Inc. but not invoiced to the customer or recorded into the accounting records until a few days into the next month. Create a new asset account like you did earlier in the chapter.
Depreciation Expense of $1,200 ($850 and $350 for Buildings and Machinery & Equipment respectively) needed to be recorded for the month. Before recording this journal entry, edit the “Depreciation” expense account so that the new name is “Depreciation Expense.” Also change the account title for the Machinery & Equipment accumulated depreciation account from “Depreciation” to “Accumulated Depreciation” like you did earlier in the chapter. This also needs to be done for the Buildings accumulation depreciation account.
Can I please get help and a how to explaination for this practice?
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP.
Acquired $68,000 cash by issuing common stock.
Paid $8,700 for the materials used to make its products, all of which were started and completed during the year.
Paid salaries of $4,500 to selling and administrative employees.
Paid wages of $10,000 to production workers.
Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life.
Paid $16,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a five-year useful life.
Sold inventory to customers for…
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31:
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- Birmingham Company has been in business for five years. Last year, it experienced rapid growth and hired a new accountant to oversee the physical assets and record acquisitions and depreciation. This year, the controller discovered that the accounting records were not in order when the new accountant took over, and a $3,000 depreciation entry was omitted resulting in depreciation expense being understated last year. How does the company make this type of correction and where is it reported?arrow_forwardOn January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000.arrow_forwardSinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. Acquired $68,000 cash by issuing common stock. Paid $8,700 for the materials used to make its products, all of which were started and completed during the year. Paid salaries of $4,500 to selling and administrative employees. Paid wages of $10,000 to production workers. Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life. Paid $16,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a five-year useful life. Sold inventory to customers for $35,000 that had cost $14,000 to make. Required How these events…arrow_forward
- Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. Acquired $68,000 cash by issuing common stock. Paid $8,700 for the materials used to make its products, all of which were started and completed during the year. Paid salaries of $4,500 to selling and administrative employees. Paid wages of $10,000 to production workers. Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life. Paid $16,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a five-year useful life. Sold inventory to customers for $35,000 that had cost $14,000 to make. Required Indicate how…arrow_forwardDuring December of the fiscal year 2021, the following accounting events took place:1. Rents of the company's warehouses worth €3,000 are prepaid in the month of December.2. Revenues from the provision of services amounting to €4,000 are collected through the face. Subsequently, during the census on 31.12.2021, the following were found:1. There is a cash deficit of €2,000 and the cause has not been identified.2. Calculate the depreciation of a machine for the year 2021, which has an acquisition cost of €30,000 (there is no residual value), it has already been depreciated by €12,000 in the previous years, while the depreciation rate is 10% (fixed depreciation method) Wanted:a) the carrying out of the calendar entries during the month of December 2021 b) and the adjustment entries on 31.12.2021 for the above events.arrow_forwardFor the past several years, Emily Page has operated a part-time consulting business from her Home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, Which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting Entered into the following transactions during June: June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received. Paid three months’ rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $2,400. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700. Purchased additional office equipment on account from Office Depot Co., $3,500. Received cash from clients on account, $3,000. Paid cash for a newspaper advertisement, $200. Paid Office Depot Co. for part of the debt…arrow_forward
- For the past several years, Emily Page has operated a part-time consulting business from her Home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, Which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting Entered into the following transactions during June: June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received. Paid three months’ rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $2,400. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700. Purchased additional office equipment on account from Office Depot Co., $3,500. Received cash from clients on account, $3,000. Paid cash for a newspaper advertisement, $200. Paid Office Depot Co. for part of the debt…arrow_forwardFor the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June: June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received. Paid three months’ rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $2,400. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700. Purchased additional office equipment on account from Office Depot Co., $3,500. Received cash from clients on account, $3,000. Paid cash for a newspaper advertisement, $200. Paid Office Depot Co. for part of the debt…arrow_forwardFor the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June:June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.1. Paid three months’ rent on a lease rental contract, $6,000.2. Paid the premiums on property and casualty insurance policies, $2,400.3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.4. Purchased additional office equipment on account from Office Depot Co., $3,500.5. Received cash from clients on account, $3,000.6. Paid cash for a newspaper advertisement, $200.7. Paid Office Depot Co. for part of the…arrow_forward
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