Acct 200 journal entries from lectures, exam 1

On July 1 2014 Seng co pays $12400 to Nance co for a 2 year contract. Both companies have fiscal years ending Dec 31. Journalize and post the entry on July 1 and the adjusting entry on Dec 31 for Nance co

6/1:Cash 12,400 Unearned ins rev 12400 12/31:Unearned rev 3100 Service rev 3100

Assume conrad dry cleaning cleans clothes on 6/30, but customers do not claim and pay for their clothes until 7/7. Journal entries for June and July would be:

6/30- dr. A/R, cr. Revenue 7/7- dr. Cash, cr. A/R

Salaries of $780 earned by employees have not been recorded

Salaries exp. 780 Salaries pay. 780

Sierra co last paid salaries on Oct 26, the next payment will not occur till Nov 9. The employees receive total salaries of $2000 for a 5 day work week. Thus accrued salaries due to employees for work they did on Oct 29 - Oct 31 are:

Salary exp. 1200 Salary pay. 1200

Pays the administrative assistant $2,550 in salary for October

Salary exp. 2550 Cash 2550

Paid employees $510 in cash.

Salary exp. 510 Cash 510

Additional wages due to employees of $4,000 ($4,000 more than the recorded $3,000 balance) needs to be recorded at year end. These wages will be paid to employees on January 9, 2016.

Wage exp. 2000 Wage pay. 2000

Paid employees $530 in cash

Wage exp. 530 Cash 530

Pays $620 on account for the office furniture purchased on October 3

A/P 620 Cash 620

Paid $700 due for supplies previously purchased on account

A/P 700 Cash 700

Paid $820 due for supplies previously purchased on account.

A/P 820 Cash 820

Sells a house and lot for E. C. Roads; commissions due from Roads, $12,790 (not paid by Roads at this time)

A/R 12790 Service rev. 12970

Services performed but unbilled totals $1700

A/R 1700 Service rev 1700

Performed services on account for $18000

A/R 18000 Revenue 18000

In Oct, Sierra co performed guide services for $200 that were not billed to clients before Oct 31.

A/R 200 Revenue 200

In Dec. the company provided services worth $3,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue.

A/R 3000 Service rev 3000

Performed advisory services on account for $6800

A/R 6800 Revenue 6800

Performed advisory services on account for $6,870

A/R 6870 Service rev 6870

Bills matt wilfer $700 for welding work done

A/R 700 Revenue 700

NSF check

A/R xx Cash xx

Bank charges exp.

Bank Charge exp. xx Cash xx

Received $16000 from customers for services performed

Cash 16000 Service rev. 16000

Stockholders invest $32,300 in exchange for common stock of the corporation

Cash 32300 C/S 32300

Borrowed $45000 by issuing bonds

Cash 45000 Bonds pay. 45000

Issues common stock to investors in exchange for $5000 cash

Cash 5000 C/S 5000

Sierra borrowed $5000 by signing a note

Cash 5000 N/P 5000

Book error

Cash xx A/P xx

Collection of electronic funds transfer

Cash xx A/R xx

Additional depreciation expense of $10,000 needs to be recorded for the year ended 2015.

Depreciation exp. Accumulated Depr.

The equipment depreciated $840 in 3 months

Depreciation exp. 840 A/D- equipment 840

Paid $500 cash dividend

Dividends 500 Cash 500

Buys equipment on account for $1100

Equipment 1100 A/P 1100

Sierra purchased equipment for $5000

Equipment 5000 Cash 5000

The prepaid insurance balance reflects a12-month insurance policy which started on Sept. 1, 2015, and no adjustments were made from Sept. 1 - Dec. 31, 2015. Write the adjusting journal entry for Dec. 31, 2015.

Insurance exp. Prepaid insurance

On Oct 4, Sierra co paid $600 for a one year fire insurance policy. Coverage began on Oct 1. Sierra recorded the payment by increasing prepaid insurance. The account shows a balance of $600 in the Oct 31 trial balance. Insurance of $50 expires each month.

Insurance exp. 50 Prepaid ins. 50

Interest on N/P of $300 is accrued

Interest exp 300 Interest pay 300

Sierra co signed a three month note payable in the amount of $5000 on Oct 1. The note requires Sierra to pay interest at an annual rate of 12%

Interest exp. 50 Interest pay. 50

On July 1 2014 Seng co pays $12,400 to Nance co. for a 2 year insurance contract. Both companies have fiscal years ending Dec 31. For Seng co. journalize and post the entry on July 1 and Dec 31

July 1: Prepaid ins. 12400 Cash 12400 Dec 31 :Insurance exp. 3100 Prepaid ins. 3100

Received bill for equipment repairs of $850.

Maintenance and repairs exp. 850 A/P 850

Paid $1,190 for 12 months of insurance policy. Coverage begins June 1.

Prepaid ins. 1190 Cash 1190

Paid $1200 for 12 month insurance policy

Prepaid ins. 1200 Cash 1200

Pays $740 on account for june rent

Rent exp. 740 Cash 740

Received bill for equipment repairs of $900

Repair exp. 900 Cash 900

Purchased supplies for $850 on account

Supplies 850 A/P 850

On Dec 31st the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand.

Supplies exp. 2500 Supplies 2500

Sierra co purchased supplies costing $2500 on Oct 5. Sierra recorded the purchase by increasing the asset supplies. The account shows a balance of $2500 in the Oct 31 trial balance. An inventory count at the close business on Oct 31 reveals that $1000 of supplies are still on hand.

Supply exp. 1500 Supply 1500

Foley ad co trail balance at Dec 31 shows supplies $8800. On Dec 31, there are $1100 of supplies on hand post the journal entry.

Supply exp. 7700 Supplies 7700

Sierra co recieved $1200 on Oct 2 from R. Knox for guide services for multiday trips expected to be completed by Dec 31. Unearned service revenue shows a balance of $1200 in the Oct 31 trial balance. From an evaluation of the service Sierra performed during Oct, the company determines it has earned $400 in Oct.

Unearned rev. 400 Service rev. 400

The company has completed $9,900 of the $16,900 in unearned revenue as of Dec. 31st.

Unearned rev. 7000 Service rev. 7000