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    whitem555's Avatar
    whitem555 Posts: 7, Reputation: 1
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    #1

    Nov 25, 2007, 04:42 PM
    Journalizing transactions
    How will I journalize this transactions


    Paid lancaster advertising agency $645.22 for preparing advertisements in local newspapers
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    when_will_I_learn Posts: 5, Reputation: 1
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    #2

    Nov 25, 2007, 04:53 PM
    Quote Originally Posted by whitem555
    how will i journalize this transactions


    Paid lancaster advertising agency $645.22 for preparing advertisements in local newspapers
    Dr. Advertising Expense
    Cr. Cash

    Dr.= Debit
    Cr.=Credit
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    whitem555 Posts: 7, Reputation: 1
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    #3

    Nov 25, 2007, 05:34 PM
    How do u journalize this transactions?

    Paid palomar properties $3,660.00 for jan. rent. Of this amount, 30% is for office facilities and 70% is for factory facilities
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
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    #4

    Nov 25, 2007, 06:01 PM
    Quote Originally Posted by whitem555
    how do u journalize this transactions?

    Paid palomar properties $3,660.00 for jan. rent. Of this amount, 30% is for office facilities and 70% is for factory facilities

    Dr.Rent expense- office space... 1,098
    Dr. Rent Expense- factory space... 2,562
    Cr. Cash... 3,660

    That is assuming that the 3,600 is not a prepaid amount for a certaint amount of time.
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    whitem555 Posts: 7, Reputation: 1
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    #5

    Nov 25, 2007, 06:51 PM
    How would I journalize


    Receiced a check from lowland corporation for the amount due within the discount period 9340.00
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    whitem555 Posts: 7, Reputation: 1
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    #6

    Nov 25, 2007, 06:59 PM
    How would I journalize?


    Paid state national bank 27,412.00 for December payroll taxes payable as follows:
    Employee's income tax payable, 16,800.00: FICA Tax Payable, 10,612.00
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
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    #7

    Nov 26, 2007, 01:23 AM
    Quote Originally Posted by whitem555
    how would i journalize


    receiced a check from lowland corporation for the amount due within the discount period 9340.00
    I wish you had included the amount or % of the discount given. I am guessing the discount is for a sale
    Then:
    Dr. Cash... xxxxx
    Dr. Sales discount... xxxxx
    Cr. Accounts receivable... $9,340

    And if the discount is not from a sale
    Dr. Cash... xxxx
    Dr. Discount Expense... xxxx
    Cr. Accounts receivable... 9,340
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    student 101 Posts: 53, Reputation: 1
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    #8

    Nov 26, 2007, 01:27 AM
    You want to hire an accountant please hire qcmar or she will give answers for free
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
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    #9

    Nov 26, 2007, 01:28 AM
    Quote Originally Posted by whitem555
    how would i journalize?


    Paid state national bank 27,412.00 for december payroll taxes payable as follows:
    employee's income tax payable, 16,800.00: FICA Tax Payable, 10,612.00
    Dr.Employee's income tax payable... 16,800
    Dr.FICA Tax payable... 10,612
    Cr. Cash... 27,412
    student 101's Avatar
    student 101 Posts: 53, Reputation: 1
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    #10

    Nov 26, 2007, 01:42 AM
    Comment on qcmar24's post
    Is a relly good question
    whitem555's Avatar
    whitem555 Posts: 7, Reputation: 1
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    #11

    Nov 26, 2007, 06:36 AM
    Comment on student 101's post
    Because I think it was sarcastic
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    whitem555 Posts: 7, Reputation: 1
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    #12

    Nov 26, 2007, 06:38 AM
    Comment on qcmar24's post
    Thank you qcmar for you help I'm new a this
    whitem555's Avatar
    whitem555 Posts: 7, Reputation: 1
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    #13

    Nov 26, 2007, 11:31 AM
    How do I journalize this

    Applied 3,521 of direct materials(Direct Materials Requisition No. 238) and 8220.00 of direct labor (time ticket no. 129) to job no. 351, which will complete the job. The FICA rate is 7.65% of gross pay, and the employees' income tax rate is 18% of gorss pay. When preparing the entry for applying direct labor, debit work in progress fro the gross pay and credit employees' income tax payable and FICA tax payable for the appropriate amounts and salaries payable for net pay. Remember that employees' are paid on the last day of the month. Applied factory overhead is base upon 120% of direct labor cost transferred the completed job to the Finished Goods account.
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