A club received 32000 in subscription during the year. At the year end subscription of 350 were owed by members and 450 had been paid in advance for the next year. How much was transferred to the income and expenditure account for subscription
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A club received 32000 in subscription during the year. At the year end subscription of 350 were owed by members and 450 had been paid in advance for the next year. How much was transferred to the income and expenditure account for subscription
As per accrual concept of accounting, all incomes and expenses of the business related to a particular period should be recorded in that period only. Any revenue received in advance should not be recorded in this period.
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- The cooperative operates its plan according to a five-year base period. Suppose the board of directorshas determined that the cooperative must have an additional $300 of equity capital to meet its financialrequirements during the next year. The balance of each member's equity account is shown in column2 of the table. Patronage attributable to each member during the five-year base period is shown incolumn 3. Required : Calculate The adjustment to be made in each member's equity accountJournal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Of the $800 in property taxes receivable at January 1, $780 was collected in cash. The remaining $20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue ($300). Accrued salaries from the previous year ($700) were paid. Property taxes in the amount of $9,030 were levied in order to provide revenues of $9,000. Tax bills were sent to the property owners. An allowance for uncollectible taxes was established. During the year, property taxes of $8,100 were collected in cash. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of $4,600 from the state. The Parks Department collected $700 in recreation fees during the year. Croton paid salaries of…The General Fund collected $625,000 in accrued taxes, which was transferred to the debt service fund; $400,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. Required: Record the transection under General Fund and debt service fund
- General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $15,000,000; $900,000 remains unpaid at year-end. Materials and supplies costing $125,000 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the consumption method and purchases method.The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. Debits Credits Accounts payable 96,000 Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479,000 Depreciation expense 45,000 Due from general fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable Supplies inventory 625.000 18,000 Totals 1,479,000 1,479,000 After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December…Journal entries for a Pension Trust Fund The Pension Trust Fund maintained by the city of Marydell had the following transactions and events during its current fiscal year: 1. Contributions of $1,440,000 were received from General Fund employees, and the General Fund contributed its share of $240,000. 2. The fund paid $1,200 for investment management fees. 3. Investments held by the fund increased in value by $8,400. 4. Depreciation on fund capital assets totaled $1,920 5. Retirement benefits of $18,480 were paid to retirees. 6. Interest of $6,000 and dividends of $3,360 were received from investments. Prepare journal entries to record the transactions and events above for the Pension Trust Fund. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Account Cash Debit 1,440,000 Credit 0 x Additions-pension contributions-plan members ✓ 1,200,000 0 x Additions-pension contributions-employer 0…
- Please help me do a general journal entry for this scenario: Scott Blout takes a year end distribution form the Business of $5,000.Prepare journal entries to record each of these transactions in the general fund. Based on your entries, prepare a balance sheet and statement of revenues, expenditures, and changes in fund balance for the general fund. The Authority issued $2.5 million in long-term bonds. · The Authority purchased 4 acres of land for $500,000 in cash. · It sold one of the 4 acres of land for $125,000 in cash. · It made a $325,000 payment on the debt, consisting of $75,000 of interest and $250,000 of principal. · It lost a lawsuit filed by one of its renters and was ordered to pay $1 million in damages over 5 years. It made its first cash payment of $200,000.The Philippine Institute of Civil Engineers desires to award a P3,600 scholarship annually to deserving students for as longas its scholarship fund shall last. The fund was started on July 1, 1977 by a donor in the amount of P18,000. The PICE invested this sum at that time at 8% per annum and plans on adding P600 each year to the fund from its dues starting July 1, 1978, for as long as awards are made.2. For how many years starting July 1, 1978, can the scholarship be awarded? 3. What will be the balance in the fund after the last award is made?
- The officers and board of directors of the Institute of Integrated Electrical Engineers desire to award a Php 3,600 scholarship annually to deserving electrical engineering students for as long as its scholarship fund shall last. The fund was started on July 1, 1987 by a donor in the amount of Php 18,000. The IIEE invested this amount at that time at 8% per annum and plans on adding Php 600 each year to the fund from its dues starting July 1, 1988 for as long as awards are made.a. For how many years starting July 1, 1988 can scholarship be awarded?b. What will be the balance in the fund after the last award is made?c. Draw the cash flow diagram.A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester. Compute for the net revenues from tuitions and fees given the following additional information: Scholarships granted to academic scholars 100,000 Scholarships granted to faculty members in post-graduate programs 60,000 Refunds of class cancellations and withdrawal of enrolment 40,000 Estimated uncollectible amounts 160,000 Scholarships granted to student assistants 240,000 Scholarships granted to dependents of faculty members 120,000Cherry Corporation, a calendar year C corporation, is formed and begins business on 6/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $54,200. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019. $fill in the blank 1 Do not give answer in image and hand writing