Journal Entries

Post the required journal entries from the transactions that have been provided.

Expert Solution


Transaction	General Journal	Debit ($)	Credit ($)	Calculation
a.	Office Supplies Expense	$14,238		3350+13836-2948
	Office Supplies		$14,238

b.	Insurance Expense	$8,937
	Prepaid Insurance		$8,937

c.	Salaries Expense	$5,000
	Salaries Payable		$5,000

d.	Depr Exp - Building	$27,833
	Accu. Depr - Building		$27,833

e.	Rent Receivable	$2,800
	Rent Earned		$2,800

f.	Unearned Rent	$5,074
	Rent Earned		$5,074

6 - Jan	Salaries Payable	$5,000
	Salaries Expense	$7,500
	Cash		$12,500

15 - Jan	Cash	$5,600
	Rent Receivable		$2,800
	Rent Earned		$2,800

	Insurance Expense Workings:
	April 1, 2017	$1,479		11832/24 x 3
	April 1, 2018	$3,528		10584/36 x 12
	August 1, 2019	$3,930		9432/12 x 5
	Total	$8,937

Journal entries have been provided as required.

Soumik Mallick Choudhury answered 2 years ago

Journal entries:

Your examination of the Preferred Stock and Common Stock accounts reveals that the amounts shown correctly state the total par value of the issued capital stock. The Retained Earnings account contains the accumulated earnings of the company, with the exception of any items of retained earnings that were inappropriately debited or credited to the Capital Surplus account. Required: 1. Prepare whatever journal entries are necessary to eliminate the Capital Surplus account and to correct Hubbard’s shareholders’ equity accounts.

Journal entries

Journal entries (continuation of 17-35). Prepare a set of summarized journal entries for all April transactions affecting Work in Process—Assembly. Set up a T-account for Work in Process—Assembly and post your entries to it.

PART B – Journal Entries: Prepare journal entries for the month of March to record the...

PART B – Journal Entries: Prepare journal entries for the month of March to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry). Raw materials purchases (on credit). Assume the firm purchased $282,000 worth of raw materials in March. Direct materials used in production: Mixing Department: $250,000; Packaging Department: $16,500. Direct labor used in production (assume not paid in Cash, use the Factory Wages Payable account for the credit):...

I need Journal Entries for each of these, Adjusted Journal Entries for each of these, T-...

I need Journal Entries for each of these, Adjusted Journal Entries for each of these, T- Accounts for each of these entries, a Trial Balance for all these entries, an Income Statement for all of these entries and a Balance Sheet for each of these entries Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is Mason's first year of operations and they have hired you as their CPA to prepare...

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General...

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General Ledger provided and then prepare an Unadjusted Trial Balance. March 1Dunlop invested $30,000 cash and buildings worth $150,000 in the company March 2The company rented equipment by paying $2,000 cash for the first month’s (March) rent. March 5The company purchased $2,400 of office supplies for cash. March 10The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on March...

2. Required: a) Prepare journal entries for all dates. Journal entries for the Tempe bonds (a,...

2. Required: a) Prepare journal entries for all dates. Journal entries for the Tempe bonds (a, b, c) Journal Entries for the Flagstaff bonds (d, e, f). No explanations or supporting computations are required. Use straight-line amortization. Do NOT use separate accounts for discounts and premiums; instead, net them into the Investments account. When computing amortization, round the monthly amortization amounts to the nearest cent. However, journal entry amounts can be rounded to the nearest dollar. The following information relates...

Give dated journal entries for these.

The stockholders' equity section of Jay Company's balance sheet on 2009 December 31, shows 100,000 shares of authorized and issued USD 20 stated value common stock, of which 9,000 shares are held in the treasury. On this date, the board of directors declared a cash dividend of USD 2 per share payable on 2010 January 21, to stockholders of record on January 10. Give dated journal entries for these.

Prepare journal entries for the transactions

Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $10,400, terms 3/10, n/30. March 3 Dodson Company returned merchandise worth $200 to Molina. March 9 Molina collected the amount due from Dodson Company from the March 1 sale. March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used...

Journal entries for jobs work.

(1) Post relevant journal entries for Job 306, Job 307 and Job 308 for the month of April. (2) Calculate cost of goods sold for Job 306. (3) Calculate overapplied or underapplied overhead.

Record the journal entries for the company.

Question:(Cash Flow Hedge) Hart Golf Co. uses titanium to produce specialty drivers. Hart anticipates that it will need to purchase 200 ounces of titanium in November 2017 for clubs sold in advance of the spring and summer of 2018. However, if the price of titanium increases, this will increase the cost to produce the clubs, resulting in lower profit margins. To hedge the risk of increased titanium prices, on May 1, 2017, Hart entered into a titanium futures contract...

Question