 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Can somebody please check my journal entries?
Can somebody please check to see if my journal entries are correct based on the transactions? Journalize the transactions and prepare the trial balance.
1.In July 1, McLyod sold for 3500 equipment which originally cost 5000. Accumulated depreciation on this equipment at January 1 2009 was 1800; 2009 depreciation prior to the sale of the equipment as 450. Cost of Equipment 5000 Less Acc Deprec. 2250 (1800+450) Book Value 2750 Proceeds from sale 3500 Gain on disposal 750 July 1 Depreciation Expense 1800 Accumulated Depreciation 1800 July 1 Cash 3500 Accumulated Depreciation 2250 Equipment 5000 Gain on Disposal 750 2. McLyod estimates that uncollectible accounts receivable at year end is 4000 Bad debts Expense 4000 Allowance for Doubtful Accounts 4000 3. Note receivable worth 10,000 is a one year, 8% note dated April 1, 2009. No interest has been recorded Interest Receivable 600 Interest Payable 600 4. The 3600 balance in insurance represents payment of a 6 month premium on Sept. 1 2009. Insurance Expense 2400 Prepaid Insurance 2400 5. The building that costs 150,000 is being depreciated using the straight line method over 30 years.The salvage value is 30,000. Depreciation expense 4000 Accumulated Depreciation-Building 4000 6. The equipment owned prior to this year that costs 60,000 is being depreciated using the straight line method over 5 years. The salvage value is 10% of cost. Depreciation expense 10800 Accumulated Depreciation-Equipment 10800 7. The equipment purchased in May 1 that costs 13800 is being depreciated using the straight line method over 5 years, with a salvage value of 1800. Depreciation Expense 300 Accumulated Depreciation-Equipment 300 8. Unpaid salaries at Dec. 31 2009 total 2200. Salaries Expense 2200 Salaries Payable 2200 9. The unearned rent of 6000 was received on Dec. 1 for 3 months rent. Unearned rent 6000 Rent Revenue 6000 10. Both the short term worth 11000 and long term worth 35000 notes payable are dated Jan. 1 and carry a 9% interest rate. All interest is payable in the next 12 months. Interest expense (short term) 990 Interest Payable 990 Interest expense (long term) 3150 Interest Payable 3150 |
||||
|
||||
|
Can somebody please check to see if my journal entries are correct based on the transactions? Journalize the transactions and prepare the trial balance.
1.In July 1, McLyod sold for 3500 equipment which originally cost 5000. Accumulated depreciation on this equipment at January 1 2009 was 1800; 2009 depreciation prior to the sale of the equipment as 450. Cost of Equipment 5000 Less Acc Deprec. 2250 (1800+450) Book Value 2750 Proceeds from sale 3500 Gain on disposal 750 Dr. Depreciation Expense 1800 Cr. Accumulated Depreciation 1800 Dr. Cash 3500 Dr. Accumulated Depreciation 2250 Cr.Equipment 5000 Cr. Gain on Disposal 750 2. McLyod estimates that uncollectible accounts receivable at year end is 4000 Dr. Bad debts Expense 4000 Cr. Allowance for Doubtful Accounts 4000 3. Note receivable worth 10,000 is a one year, 8% note dated April 1, 2009. No interest has been recorded Dr. Interest Receivable 600 Cr. Interest Payable 600 4. The 3600 balance in insurance represents payment of a 6 month premium on Sept. 1 2009. Dr. Insurance Expense 2400 Cr. Prepaid Insurance 2400 5. The building that costs 150,000 is being depreciated using the straight line method over 30 years.The salvage value is 30,000. Dr. Depreciation expense 4000 Cr. Accumulated Depreciation-Building 4000 6. The equipment owned prior to this year that costs 60,000 is being depreciated using the straight line method over 5 years. The salvage value is 10% of cost. Dr. Depreciation expense 10800 Cr. Accumulated Depreciation-Equipment 10800 7. The equipment purchased in May 1 that costs 13800 is being depreciated using the straight line method over 5 years, with a salvage value of 1800. Dr. Depreciation Expense 300 Cr. Accumulated Depreciation-Equipment 300 8. Unpaid salaries at Dec. 31 2009 total 2200. Dr. Salaries Expense 2200 Cr.Salaries Payable 2200 9. The unearned rent of 6000 was received on Dec. 1 for 3 months rent. Dr. Unearned rent 6000 Cr. Rent Revenue 6000 10. Both the short term worth 11000 and long term worth 35000 notes payable are dated Jan. 1 and carry a 9% interest rate. All interest is payable in the next 12 months. Dr. Interest expense (short term) 990 Cr. Interest Payable 990 Dr. Interest expense (long term) 3150 Dr. Interest Payable 3150 Sorry I forgot to include dr and cr... |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Nov. 15- Purchased $1,600 of merchandise on account from Martin Co, terms 1/30; paid $60 of associated freight charges in cash. My answer: Merchandise Inventory $1600 Accounts Payable $1600 Cash $60 Freight Expense $60...
I need to prepare all journal entries to correct the above closing entries Fees Earned Dr 15000 Accumulated, Amort Dr 5000 Interest Rev Dr 1000 Income Summary Cr 21000 Income summary Dr 19000 Salaries Exp Cr 12000 Prepaid Advertising Cr 5000
Rajaram quit his job and started woodcraft comopany ( Service Firm) The transactions of the business for September are as follows. Sep 1 Began Business by investing cash Rs 10000 in exchange of 1000 shares 4 Paid two month Rent in advance for a shop Rs 2000 5 Bought Equipment...
Can anyone help me with this? I'm confused on how to post these and how to prepare the Adjusted Trial Balance. Window Washing Company opened on July 1, 2010. During July the following transactions were completed. July 1 Issued 14,456 shares of common stock for $14,456 cash. July...
What is the adjusting entry at Dec 31, 2007 for this problem? Problem: Logan Corporation issued 800000 of 8% bonds on October 1, 200, due on October 1, 2011. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest.
View more questions Search
|
