What are the journal entry and
calculations for Step 2?
Calculation of depreciation expense for 1 month:
Depreciation for 1 year =
=
= $2400
Depreciation for 12 months =
=
= $200
The journal entry would be:
Depreciation A/c Dr. $200
To Asset A/c OR Provision for depreciation A/c $200
Calculation of interest for 1 month:
Interest for 1 month = Face value of note * Interest rate * 1/12
= 12000 * 8% * 1/12
= $80
The journal entry would be:
Interest A/c Dr. $80
To Debenture holders OR Interest Payable A/c $80
What are the journal entry and calculations for Step 2? STEP ONE: Enter transactions. Go to...
Journal entry worksheet Record the adjusting entry for amortization for 2018, $1. Note: Enter debits before credite Transaction General Journal Debit Credit Record entry Clear entry View general journal 4. Record the adjusting journal entries (k) through lol ( no entry is required for a transact Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet < 1 2 3 4 Record the adjusting entry for supplies counted on December 31,...
I need help with the journal entry. I wanted to know if my journal entry is correct. I am not too sure with my answer. EA1-R2 Record Journal Entries In this exercise, you will record journal entries in Excel. The four transactions you use, all of which took place during 2016, are as follows: • August 2: Purchased twelve months of insurance coverage in advance for $3,600 • August 9: Billed clients $6,000 for services rendered • August 21: Received...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
Journalize the following transactions. Include dates and a brief explanation for each journal entry. (Click the icon to view the transactions.) Journalize the following transactions for July. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) July 1: Issued common stock for $14,000 Journal Entry Accounts and Explanations Credit Date Debit Jul July 5: Performed services on account for $12,000 no July 1: Issued...
Requirement a. Journalize the transactions for
the year.
Requirement b. Post the journal entries to
t-accounts. Use the dates as posting references for the journal
entries to post each entry to the relevant accounts, then compute
the unadjusted balance of each account. Label the unadjusted
balances with Unadj.. Bal. (For accounts with a $0 ending
balance, select "Unadj. Bal." and enter "0" on the normal balance
side of the t-account.) Review the journal entries prepared in
Requirement a.
Requirement c....
journal entry worksheet financial accounting
Required information The following information applies to the questions displayed below.) of 9 Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit eBook Print Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes...
5. Record adjusting entries. (f no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for salaries. Note: Enter debits before credits. General Journal DebitCr Credit Record entry Clear entry View general journal 5. Record adjusting entries. (If no entry is required for a particular select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the...
What adjusting journal entry should the
company make at the end of each month if monthly financials are
prepared (annual depreciation is $1,260)? (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Question 4 Bakesale Enterprises purchased equipment on May 1, 2018 for $6,300. The company expects to use the equipment for 5 years. It has...
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry requir View transaction list Journal entry worksheet Record the entry...
- For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) On September 1, paid rent on the...