Reference no: EM13789056
List the journal entries required in the following situations. Include the debit, credit, account name, amount, accounting period (month), and whether each account is an asset, liability, equity, revenue, or expense.
1. During the June close, you receive an invoice for Machinery used in the plant to manufacture goods totalling $200,000 dated 6/26. The invoice is not entered in the ERP system and not included in your accounts payable balance. What entry is required in June, and July? The invoice will be entered into the ERP system in July.
2. During the September close, you receive an invoice for legal fees totaling $8,000 dated 9/28. The invoice is not entered in the ERP system and not included in your accounts payable balance. What entry is required in September, and October? The invoice will be entered into the ERP system in October.
3. 2014 Real estate taxes (Calendar year 2014 January through December) for the manufacturing plant are paid in March 2015, and are $24,000 annually. What journal entry is required each month in 2014? What entry is required in March 2015 when the taxes are paid?
4. In August 2014 you receive an invoice for general insurance. The time period covered for the insurance coverage is September 2014 through August 2015 (12 months total). What entry is required in August 2014? What monthly entry is required in September 2014 through August 2015?
5. A winding machine is carried on the books at a net book value of $50,000 (the original cost of the machine is $100,000, and there is currently $50,000 in accumulated depreciation). The machine is sold for $75,000 cash. What entry is required to record the sale of the machine?
6. Parent Company A owns both Company B and Company C. Company B sells $3,000 of inventory for a price of $10,000 to Company C in December. However, Company C does not pay until January. What are the entries in December and January for Parent Company A, Company B, and Company C?
|
Budgets to make appropriate administrative decisions
: Prepare a report for the mayor and city council on your proposed expenditure plan assessing the key course objectives including fund accounting and financial controls, control and management of public expenditures, government financial reporting r..
|
|
What are core assumptions of the biopsychological approach
: What are the core assumptions of the biopsychological approach
|
|
Typical functions of the production cycle do not include
: The typical functions of the production cycle do not include
|
|
How do these shows or events present each component
: How do these shows or events present each component? Are the images positive or negative concerning criminal justice professionals? Why? What stages of the criminal justice process are depicted in these programs? Why do you think the focus is on thes..
|
|
Include the debit-credit-account name-amount
: List the journal entries required in the following situations. Include the debit, credit, account name, amount, accounting period (month), and whether each account is an asset, liability, equity, revenue, or expense. During the June close, you receiv..
|
|
Name the type of measuring instrument
: Develop and name the type of measuring instrument you would use to tap the following:
|
|
Write an essay about analysis of your stylistic challenges
: Write an essay about Analysis of Your Stylistic Challenges.
|
|
Does the court system have adequate protections
: Does the court system have adequate protections in place minimizing the risk that innocent people could be convicted and then punished even though they are innocent? What additional protections would you recommend
|
|
The environmental impact caused by the extraction process
: Briefly explain where the major reserves of this nonrenewable resource are located and how it is extracted.
|