Prepare journal entries to record the transactions.
Q: What kinds of transactions can be recorded in a general journal?
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Q: Write the journal entry for each transaction.
A: JOURNAL ENTRY RULE : ITEM INCREASE DECREASE ASSET DEBIT CREDIT LIABILITY CREDIT DEBIT…
Q: Required: Prepare the journal entries, T accounts and trial balance for this business.
A:
Q: Prepare the Journal Entries to the individual T-Account
A: Journal entries recording is the first step of accounting cycle. Under this, atleast one account is…
Q: Prepare journal entries for the following transactions from Barrels Warehouse.
A: Credit sales occur when the payment against the sales is not received completely or partially at the…
Q: You are reguired to prepare the journal entries to record all the transactione
A: Share capital refers to the capital which is raised by the issue of shares. it is an amount that is…
Q: Prepare Journal entries for all the transactions?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Post to the ledger accounts.
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Journalize any required entries from the records for Kirk's hardware
A: Any transaction that is present in the bank statement but not in the cash book, and any error that…
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: write a note on/define general journal, Ledger and trial balance. with explanation?
A: General journal, Ledger and trial balance all are the part of accounting system. Accounting is a…
Q: Please prepare journal entries and T accounts.
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Q: Explain an example how to record the transaction in journal.
A: While recording a journal entry, the accounting system uses double entry system. Double entry system…
Q: Make a general ledger for each account title from the general journal below.
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: prepare journal entries
A: Journal Entry The basic process accounting is to enter the required transaction which are incurred…
Q: Explain the Rules for Journalising Transactions
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: Make a journal entry for each transaction
A: Journal entry records identified financial transactions in debit and credit side for different…
Q: Journalize the transactions.
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: en posting transactions to the general ledger, use the transaction
A: After posting each journal entry in respective ledgers, we will get closing balance of all the…
Q: Prepare journal entries to record the above transaction , showing all necessary computations.
A: Payroll expenses: Payroll expenses can be defined as the expenses made in respect of compensation…
Q: 1. Prepare journal entries to record the transactions
A: Date Particulars Debit Credit 1 Jan Land Common stock Paid in capital 2,500,000…
Q: You are required to prepare the journal entries to record the above transactions.
A: Preference Shares are the shares which carry preferential rights over the Equity shareholders in…
Q: What are the journal entry, t-account, and trial balance of the following;
A: Journal entries are the entries to record the transactions in the books and every transaction have…
Q: Prepare a journal entry to record the purchase.
A: The cost of land purchased would be split between intangible assets of surface rights and mineral…
Q: Prepare Jornal Entry and Ledger account. Attached Question and format of ledger
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Q: What is the purpose of publishing J.F numbers that are managed to enter in the journal when accounts…
A: Introduction: The process of transferring documented events from the general journal to the ledger…
Q: Prepare Journal Entries to record transaction A-F
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Journals and Ledgers
A: A journal is a book in which all financial transactions are recorded for a particular period.…
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: Instructions: Record the transaction in the general journal by selecting the correct accounts that…
A: In the given case, Design thinking Pty ltd receives cash on august for the service that was rendered…
Q: On the printed "Worksheet" page, journalize the transactions the information from the "Transactions"…
A: Date Account Name Debit Credit Jan .15 Salaries Expense $1500 FICA Tax Expense ( 7.7%) $116…
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: journal entry of the transaction
A: Journal entry is the primary entry to record a transaction.
Q: What is the process of recording a transaction in the journal called? Group of answer choices…
A: Journal entries are considered the basic method for recording financial transactions in the books of…
Q: Identify the appropriate journal to be used in each item below. Choose from the books of accounts…
A: A Special journal is used to record a specific type of transaction which occurs frequently in a…
Q: Prepare all the journal entries .
A: 1)Cash account Dr ::$30,000... Bank account Dr :::$20,000 To Capital Account ::$50,000..…
Q: What is journal proper? State what are the entries used to record it?
A: Journal proper was used to make original record of the transactions where there is no special…
Q: journal entry to record the transaction on
A: A transaction should be recognized in the correct period in which it has occurred.
Q: Explain the purpose of a journal and its relationship to the ledger.
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: Record the following transactions in the general journal.
A: RRR has started a merchandising business under the name of WEEN Trading. We are given transactions…
Q: Manually journalize the following:
A: Journal Entries : Date Particulars Debit (P) Credit (P) 1 Bank a/c 30,000 1612CN a/c…
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: Required: Prepare the journal entries to recoru the Busilness ComUIna of ABC Ltd. in the records
A: ABC Ltd takes over DEF Ltd on 01.10.20*5 DEF is liquidated on takeover. (No Non controlling interest…
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: Prepare the Following: Journal Entries and Ledger
A: Journal entries recording is the first step of accounting cycle process, under which atleast one…
Q: . The general journal entry to record the transaction is:
A: Journal entry is recorded at every business transaction and every transactions involves minimum two…
Q: Make a journal entries for the parent company
A: If the consideration paid is lower than the net assets value, then the difference will be treated as…
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- 1 Nutty Company made the following individuni cash purchases: Land and building Machinery and office equipment Delivery equipment 6,000,000 1,800,000 500,000 An appraisal disclosed the following fair value: Land 1,000,000 3,000,000 Building Machinery Office equipment Delivery equipment 800,000 400,000 350,000 2. Nutty Company nequired the assets of another entity with the following fair value: Land Building Machinery 1,000,000 5,000,000 2,000,000 The entity inaued 60,000 ahares with P100 par value in exchange. The share had a quoted price of P150 on the date of purchase of the property. 3. Received a parcel of land located in Davao City from a philanthropist as an inducement to locate a plant in the city. The land has a fair value of P1,500,000. 4. The entity paid cash for machinery, P900,000 subject to 2% cash discount, and freight on machinery, P35,000. 5. The entity acquired furniture and fixtures by issuing a P400,000 two-year noninterest-bearing note. In similar transactions, the…Loop Pole Co., acquired all the assets and current liabilities of North Pole Co.,. The North Pole Co., details as follows, Cash OMR 20,000, Building OMR 30,000, Equipment OMR 50,000, Creditors OMR 10,000 and Retained earnings OMR 30,000. Calculate goodwill or capital reserve. Select one: a. Capital Reserve OMR 90,000 b. Goodwill OMR 90,000 c. Goodwill OMR 70,000 d. Capital reserve OMR 70,0007. JBC purchased an ongoing business for P10,000,000 cash. The assets and liabilities of the acquired business measured at fair value are: Cash Accounts Receivable Inventory Land Plant and equipment Accounts Payable Bonds Payable 525,000 c. P 625,000 d. P 400,000 2,075,000 2,500,000 4,125,000 6,065,000 (895,000) What is the amount of gain on bargain purchase? a. P 500,000 b. P 550,000 (3,895,000)
- 9. RGW Industries purchased the net assets of SP Company for P1,300,000. A schedule of the net assets of SP Company, as recorded on SP Company's books at the time of the acquisition, is as follows: Assets Cash Receivable Inventory Land, buildings, and equipment (net) Total assets Liabilities Current liabilities Long-term debt P31,000 250,000 302,000 350,000 P933,000 Inventory Land, building and equipment Patent P90,000 185,000 P275,000 P658,000 Total liabilities Net assets (book value) The following schedule shows the differences between the recorded costs and market values of the assets of SP Company at the date of the acquisition: Cost P302,000 350,000 0 Purchased in-process research and development Existing workforce Totals P652,000 P275,000 Liabilities Determine the amount of goodwill to be recognized on the acquisition? a. P642,000 c. P74,000 b. P464,000 d. P164,000 0 0 Market P400,000 390,000 40,000 300,000 90,000 P1,220,000 P275,000The partners of the Liwa Engineering Company have decided to terminate the business. The balances of the company's accounts prior to the liquidation are given in the Table 1. Table 1 Book value in OMR Cash 28,500 Plant assets (net) 75,000 Machinery and equipment (net) 2,500 Inventories 1,300 Liabilities 47,300 Capital, Partner 1 36,000 Capital, Partner 2 24,000 Additional information: The partner 1 and the partner 2 share profits and losses in the ratio 7:3. In the process of liquidation, the non-cash assets are sold for OMR 125,000. Required: A. You are asked to prepare a schedule of cash payments (Table 2), showing how cash will be distributed between the partners as it becomes available. B. Based on the information above (Table 2 – Schedule of Cash Payments), journalize the transactions.Ireland Airways recently reported the following items at fair value in recent annual report (in millions). Account Amount Source of Input Cash and Cash equivalents $11,837 Identical Asset /Active Market Commercial Paper 135 Similar Asset/Active Market Other Available for Sale Securities 228 Identical Asset/Active Market Option contracts 109 Significant unobservable inputs Time Deposits 550 Identical Asset/Inactive Market Certificates of Deposit 125 Similar Asset/Inactive Market What is the total dollar amount of level 1 assets? What is the total dollar amount of level 2 assets? What is the total dollar amount of level 3 assets?
- On June 31, 2019, Majestic Co. acquired all of the common stock of Golden Compuny, which became a division of Majestic Co. Golden reported the following statenment of financial position at the time of the acquisition: Golden Company Statement of Financial Position Assets Equity and Liabilities Share capital-ordinary Retained eamings Accounts payable 3950.000 Plant assets (net) Inventory Receivables Cash Total assets $41,050,000 375,000 900,000 650.000 475.000 250.000 $2.325,000 Total equity and liabilities $2.125.000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchave price was $2,500,000, and this amount was paid in cash to the previous owners of Golden CompanyProblem 17-10 (AICPA Adapted) P7,000,000.. of the acquired net assets was P6,000,000. The excess of cost over carrying amount was attributed i. an identifiable intangible asset which was undervalued investee's statement of financial positión and which had . remaining useful life of ten years. on The investee reported net income of P1,800,000 for the current year and paid cash dividend of P600,000 on the ordinary shares. What is the carrying amount of the investment in associate at year-end? a. 6,780,000 b. 7,140,000 c. 7,000,000 d. 6,900,0004. YOU CAN DO IT Corporation has equipment with a carrying value of 450,000 on December 31, 2021. The following information was available on December 31, 2021: · Expected net cash flows (undiscounted)- P420,000 · Expected net cash flows discounted at 7%- P400,000 · Fair value, using the assets with other assets- P415,000 · Fair value, assuming the assets are sold stand-alone- P428,000 What is the impairment loss that the Company must report in its 2021 income statement for this equipment? CHOICES: P30,000 P35,000 P22,000 P50,000
- Situation 1: Minmin Company made the following individual cash purchases: Land and building Machinery and office equipment Delivery equipment An appraisal disclosed the following fair values: Land Building Machinery Office equipment Delivery equipment P 6,000,000 1,800,000 500,000 Land Building Machinery P 1,000,000 3,000,000 800,000 400,000 350,000 Situation 2: Afable Company acquired the assets of another entity with the following fair value: P 1,000,000 5,000,000 2,000,000 The entity issued 60,000 shares with P100 par value in exchange. The share had a quoted price of P150 on the date of purchase of the property.The Alhambra Company had these accounts at the time it was acquired by Kingdom Co.: P 108,000 1,371,000 Cash Accounts Receivable Inventories 360,000 PPE 1,948,200 Accounts Payable 1,052,400 Kingdom Co. paid P4,200,000 for net assets of Alhambra Company. It has determined the fair market values of investment and PPE were P399,000 and P2,700,000, respectively. An assumed contingent liability arising from past events with a fair value amounting to P30,000 and such amount is considered a reliable measurement. In the books of Kingdom Co., this transaction resulted in: • Current Assets increased by P704,400 • Goodwill recorded at P1,324,200 • Retained Earnings increased by P704,400 Goodwill recorded at P704,400Show the solution in good accounting form Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position?