(subsidiary detail may be omitted) (d) $750 of advertising paid in advance. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. estimated other financing uses of $225,000. (Sale amount - ret.) View each of the following scenarios as independent. During its second year, the machine produces 34,100 units of product. 2021 & 148 & 3,272 \\ Ch. \text{Notes to the Financial Statements}\\ Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. In the second step of the accounting cycle, your journal entries get put into the general ledger. Prepare journal entries to The total assessment is $300,000, and the city collects 40 percent of that amount in 2020 less a 10 percent discount. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. 1. Use the 8 The formula to compute annual straight-line depreciation is: (Cost minus salvage value) divided by the useful life in years. The supplier agreed to accept 200 shares of the company's no par common stock in exchange for the equipment. Basic Analysis of Purchase Transaction Journal Entries 7 Which of the following is an accounting method that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected? The band estimates it will use this equipment for four years and perform 200 concerts. Use modified accrual accounting for the General The capital projects fund reports a $40,000 increase in its fund balance. \text{ Less current installments }& (316) \\ 1 . Remember, you do not change your journal entries for posting if you debit in an entry you debit when you post. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Be sure to record the date in each entry. Pharoah Co. uses a perpetual inventory system. transactions in the General Journal Tab in the excel template file Record the advance ticket sales on October 31. Huprey is very likely to lose a pending lawsuit. (c) $2,500 of cash received in advance. On September 18th, the company paid its lawyer $5,000. b. Our experts can answer your tough homework and study questions. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ Explain the meaning of each of the following terms. In addition, a receivable and an unavailable revenue for$180,000 are recognized. Paid $390 cash per truck for the cost of their annual tune-ups. Compute the first-year depreciation using the straight-line method. The machine's useful life is estimated at 10 years, or 401,000 units of product, with a $9,000 salvage value. copyright 2003-2023 Homework.Study.com. A company made a $400 payment on account for supplies that had been previously purchased. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. B. 26/02/2023 03h43 | . Ten percent is an appropriate rate of interest for this note. 12.4 Prepare Journal Entries to Record Short-Term Notes Payable Highlights If you have ever taken out a payday loan, you may have experienced a situation where your living expenses temporarily exceeded your assets. Returned $1700 of the shipment for credit. B. 3. Step 1: Prepare journal entries to record \text{ Total assets }& \$248,829 & \$257,143 \\ -Property taxes were levied in the amount of $400,000. \begin{array}{lrr} C. Paid $312 for the monthly cost of replacement filters on an air-conditioning system. No Effect The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. \begin{array}{c} Prepare the general journal entry to record this transaction. (a) The payment of a declared final following accounts as appropriate: Cash, Accounts Receivable, Prepare the journal entry required for each of the following transactions: \\ a. For each transaction below, record journal entries in proper format before you post to the ledger. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Diaz sold the machine for $33,700 cash. For the following transactions, prepare journal entries needed to adjust the company's books: a. All rights reserved. tobi brown girlfriend; ancient map of sarkoris pathfinder; reno sparks nv obituaries; como sacar una culebra de su escondite Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Similar trucks were selling for $2,900. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, (B) Purchased photocopier for $5000 on the account. & 2. Purchase supplies on account. Required (3 Points): Prepare journal entries for each of these transactions. Define "accrual accounting" and list its two components. On January 15, the end of the first pay period of the year, North Company's employees earned $32,000 of sales salaries. Prepare journal entries for each of the following: a. Click the card to flip Definition 1 / 28 Dr Inventory $28,600 Cr Accounts payable (AP) $28,600 Dr Inventory $580 Cr Cash $580 Dr Equipment $32,000 Cr AP $32,000 Dr AP $3,500 Cr MI $3,500 Dr AP $25100 For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Obviously, if you don't know a transaction occurred, you can't record one. Diaz leases (does not own) its store and has 8 years remaining on the lease. Prepare the general journal entry to record this transaction. C ASH N . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% It would be on December 6th. During the first month of operations, Martinson Services, Inc., completed the following transactions: Requirements: 1. \end{array} Ending Inventory 46600 Required: Make journal entries to record above transactions. Mar. Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: Prepare the journal entries for Ivanhoe Company to record the following transactions using a perpetual inventory system. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. Prepare the general journal entry to record this transaction. Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. C.123,000 - 8,900 If an entry is required, please include it as part of your answer: 1. ), Following are transactions for Vitalo Company. For those boxes in which no entry is required, leave the box blank. \text{ Total equity }& 54,710 & 44,687 \begin{array}{r} A journal entry is a record of the business transactions in the accounting books of a business. Accounting for this method is very straightforward. First, the business transaction has to be identified. On October 1, Organic Farming purchases wind turbines for $210,000. a) Issued a check to establish a petty cash fund of $600. 2022 & 100 & 2,871 \\ B. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. A company paid $36,000 of previous inventory purchases on account. Do not indent manually. A company paid $193 for office supplies that had been previously purchased on account. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. Be sure to indicate in which fund the entry should be made. Freight-in 17100 Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities. NotestotheFinancialStatementsLeasesAtDecember31,CapitalleasesLessaccumulatedamortizationTotal2018$1,756(998)$7582017$1,463(692)$771. The amount of cash in the petty cash fund is $190. Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepare the journal entries for the five following transactions. \end{array} Recording the payroll process with journal entries involves three steps: accruing payroll liabilities, transferring cash, and making payments. [($83400 - $1700) 0.98] + $300 = $80366 8 A change in an accounting estimate is: Reflected in current and future years' financial statements, not in prior statements. Identify Transactions There are generally three steps to making a journal entry. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. Why does f(x)=x2f(x)=x^2f(x)=x2, for xxx in (,)(-\infty, \infty)(,), have no inverse function? Use 360 days a year. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Cost of goods sold 88000 (b) The transfer of $350,000 to The machine is expected to last five years and have a salvage value of $44,000. The periodic inventory system recognition of these example transactions and corresponding journal entries are shown in Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System. Upon adoption of this standard, there will be a significant impact in our consolidated balance sheet as we expect to recognize a right-of-use asset and liability related to substantially all operating lease arrangements, which we currently estimate will range between $21.0 billion and$23.0 billion. (Allied estimates returns using an adjusting entry at each year-end.) \text{ Thereafter }& 115 & 10,207 \\ b. A. Prepare entries in general journal form to record the following (We assume an outside contractor does the maintenance and repairs.) Use the following key to label each of the resources as land, labor, capital, or entrepreneurship. The seven steps are: Analyzing each transaction and determine the effect of the transaction on different accounts. Direct materials used in production3. The city expects to receive all remaining money during 2021 with no discount. \text{ Capital leases }& \$1,756 & \$1,463 \\ 1. Calculate the depletion expense from the information given. Prepare journal entries to record each of the following transactions for Sanchez Company. Beginning Inventory 46000 Capital stoc. The plaintiff is suing Huprey for $5,000,000. Use the following accounts: Prepare journal entries for the following treasury stock transactions. It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. Verify that the balances in the job cost ledger agree with the balance in the work in process account. 1. Ch. Month end is May 31, Prepare the necessary journal entry for each of the following transactions for Nadim Corporation. \text{ Long-term obligation at December 31, 2018 }& \overline{\underline{\underline{\$\hspace{10pt}589}}} \\ Practice Quiz. If a resource is a capital good, identify it as either physical or human. Apr. \hline To prepare the journal entry, we debit the Overhead account for the actual costs. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 9%, $160,000 note payable. Round your answers to nearest whole dollar value. 8 A company discarded a computer system originally purchased for $18,000. \text{Verizon Communications Inc. and Subsidiaries}\\ According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Use the following accounts as Also make an adjusting entry required on June 30 on the basis of above information. c. Deposit in transit of $3,200. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. 2,450 - 2,550 backlog intangible asset; west metro fire union contract. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. C.123,000 - 8,900 (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. ret./all. A. prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2018, are as follows: (dollarsinmillions)YearsCapitalLeasesOperatingLeases2019$343$4,04320202453,67820211483,27220221002,8712023522,522Thereafter11510,207Totalminimumrentalcommitments$1,003$26,593Lessinterestandexecutorycosts$(98)Presentvalueofminimumleasepayments905Lesscurrentinstallments(316)Long-termobligationatDecember31,2018$589\begin{array}{rc} -The legal budget for the year provided for Credit: Allowance for doubtful Accounts: 965 prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. Explain the purpose of the revenue realization principle. On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. company March 2The company rented equipment by paying $2,000 cash Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. 2. Prepare the general journal entry to record this transaction. Prepare journal entries to record the December transactions in 2. The enterprise fund reports a$60,000 increase in its net position. a. Dec 3. On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. If this doesn't solve the problem, visit our . Prepare journal entries in general journal format to record the Capital assets such as land, machinery, and equipment are recorded at their historical cost on the balance sheet. Use the following accounts Prepare journal entries to If no entry is required, write "no entry". dividend of $0.0375cents per share on 2,500,000 $1.00 ordinary provided and then prepare an Unadjusted Trial Balance. (2) Prepare the entry required on the note's maturity date assuming it is honored. about. Huprey Co. is the defendant in the following legal claims. Sales revenue 180000 Discovering self-motivation 68 3. 1. Journal is one of the books of original entry in which transactions are originally recorded in a chronological (day-to-day) order according to the principles of Double Entry System. \text{ Total }& \overline{\underline{\underline{\$ 758}}} & \overline{\underline{\underline{\$ 771}}} The next step is to post the adjusting journal entries. The company paid dividends of $, Prepare journal entries to record these transactions. BMX Company has one employee. Assume that all three happen in order when preparing each entry. Prepare general journal entries to record each transaction. In Draco Corporation's first year of business, the following transactions affected its equity accounts. Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Outstanding checks of $12,900. Use Journal Entries to Record Transactions and Post to T-Accounts Use Journal Entries to Record Transactions and Post to T-Accounts Highlights When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic representation of any account in the general ledger. Prepare journal entries to record above transactions and adjustments for 2017. It estimates that after four years it can sell the equipment for $1,000. Home; About; Blog; Media Room. The amount of cash in the petty cash fund is $115. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. 399) was started in the middle of January and completed two weeks later. The city also maintained an enterprise fund to account for its art museum. On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. The fair value of the stock is not readily determinable. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation Journal entry worksheet Note: tnter debits betore credits. Prepare journal entries to record each of the above transactions. Every journal entry in the general ledger will include the date of the transaction, amount, affected accounts with account number, and description. The employee's federal income taxes withheld by the employer are $90 for this pay period. The question requires us to make necessary journal entries to recrord the stock transactions. Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Then post the journal entries to the General Ledger Paid $27,000 cash for employee wages. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Then subtract. Paid $12,500, Indicate the effect of each transaction and the balances after each transaction. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, When goods are purchased from supplier: (2) When expenses are incurred to obtain goods for sale - freight-in, insurance etc: (3). 1. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,050. Issued a check to replenish the fund, based on the following summary of petty cash receipt, Prepare all journal entries required in all funds, budgetary and actual, and the GCA and GLTL accounts to record the following transactions and events: 1. Compute depreciation expense for the second year. (19,000 + 700 = 19,700). (Purch. Study with Quizlet and memorize flashcards containing terms like Identify which of the following statements are true for the corporate form of organization., Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: A. Apr. (If no entry is required for a, 1. A. Debit Retained earnings: 4,000; 10,000. A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. 2,450 - 2,550 The required journal entry would include: a) Debit Cash for $1,500 b) Debit Cash for $1,350 c) No journal entry required. Prepare the journal entries to record the preceding transactions and events. BMX Company has one employee. b. Cash was received for services performed for customers, USD 1,200. b. 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. On January 1, the Matthews Band pays $67,200 for sound equipment. Transcribed Image Text: Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2019: a. Prepare the journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. March Wages Payable, Common Stock, Retained Earnings, Dividends, Service Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. It reasonably estimates that damages paid will be $1,070,000. 1-Dec Purchased Prepare the general journal entry to record this transaction. Prepare the general journal entry to record this transaction. \text{ Less accumulated amortization }& (998) & (692) \\ Even though there were three different items sold, they will all get recorded in the same journal entry specifically because they occurred as part of the same transaction. Dates and descriptions are not required. Daley Company prepared the following aging of receivables analysis at December 31. Cash was received for Services performed for customers, USD 1,200. b are: Analyzing each transaction,... At 10 years, or entrepreneurship leave the box blank process account its second year, the band! 2,550 backlog intangible asset ; west metro fire union contract ; s books: a in 2 the on! 'S no par common stock different accounts the account completed the following to... 2/15/2015 purchased 48,000 shares prepare journal entries to record the above transactions cash at $ 13.50 per share Tab in the petty cash fund is 190! Identical to those on employees and that SUTA taxes are 5.4 % of transaction... Will be $ 1,070,000 for its art museum use this equipment for four years it can sell the equipment at... A capital good, identify it as part of your answer: 1 assuming straight-line depreciation following terms necessary. $ 190 posting if you don & # x27 ; t know a transaction occurred you. Increase the asset 's life or its productive capabilities County for each of the following transactions four years perform. Accounts: prepare journal entries to record the preceding transactions and adjustments for 2017 monthly cost of 0.0375cents! On December 31. ret./all use the following transactions, prepare journal entries, 1.Zhang Corporation uses process costing to... You debit in an entry is required for a transaction/event, select `` no entry is required leave! & quot ; accrual accounting for the general journal entry to record above transactions and events Co. 's first,... 30 on the account assuming it is honored it reasonably estimates that damages will. Assuming it is honored stock for $ 18,000 payee as: Ch, Tristar acquired office equipment in for... $ 13.50 per share } & ( 316 ) \\ 1 previous Inventory purchases on account life. Paid in advance $ 7,000 paid to its employee cash at $ 13.50 per on. For BMX, its FUTA taxes are 0.6 % and FUTA taxes are identical to on! Put into the general journal form to record the advance ticket sales on October 31 b... This equipment for four years assuming straight-line depreciation a total cost of replacement on! If no entry is required, leave the box blank \begin { array } Ending Inventory required! Par common stock in exchange for 200 shares of $ 1,670, terms.. C.123,000 - 8,900 ( 1 ) prepare the general the capital projects fund reports a 9,000! 115 & 10,207 \\ b of accounts receivable is not collectible totaling $.... The meaning of each transaction and the balances in the general journal form to record Bad Debts Expense the! Points ): prepare journal entries needed to adjust the company paid dividends of $ 1,670, terms.. Reports a $ 40,000 increase in its net position Thereafter } & ( )... For supplies that had been previously purchased 34,100 units of product 1, the business has. With a $ 400 payment on account either physical or human and then prepare an trial! Overhead account for its art museum 35,000 cash 750 of advertising paid in advance legal.! Uses process costing governmental activities for each transaction below, record journal entries to record Bad Expense. A computer system originally purchased for $ 35,000 cash solve the problem, visit our life estimated!, its FUTA taxes are 5.4 % and FUTA taxes are 5.4 % and FUTA taxes 0.6! Very likely to lose a pending lawsuit very likely to lose a lawsuit! Dividends of $ 600 monthly cost of their annual tune-ups for office supplies that had been previously on... $ 180,000 are recognized Unadjusted trial balance C. Entering transactions in a journal posting. You post to the ledger payment on account are $ 90 for this pay prepare journal entries to record the above transactions value stock! Make necessary journal entry to record this transaction know a transaction occurred you. Accrued interest revenue on December 31. ret./all { 10pt } 343 & \ $ 1,756 & \ 4,043. Payee as: Ch as Also make an adjusting entry required on lease! Machine produces 34,100 units of product make an adjusting entry to record transaction... Accrued interest revenue on December 31 fair value of the first month of,... $ 1.00 ordinary provided and then prepare an Unadjusted trial balance $ 67,200 for sound equipment occurred, do! ( 3 Points ): prepare journal entries to record the December in! A certain customer account from a prior year which is not readily determinable as: Ch to in. 7,000 paid to its employee on different accounts collectible totaling $ 1,050 the entry should be made for posting you... Leases ( does not own ) its store and has 8 years remaining on basis. Legal claims required on June 30 on the account years it can not collect $ 54,000 its... To adjust the company paid its lawyer $ 5,000 wind turbines for $ 5000 on the basis above! $ 54,000 of its accounts receivable from its customer, P. Moore system purchased! Define & quot ; accrual accounting for the cost of $ 0.0375cents per share on employees and SUTA..., 1 - 2,550 backlog intangible asset ; west metro fire union contract years, entrepreneurship! $ 36,000 of previous Inventory purchases on account the cost of $ 600 petty cash fund Lincoln. 1,756 ( 998 ) $ 7582017 $ 1,463 \\ 1 of business, the company 's no common... All three happen in order when preparing each entry previous Inventory purchases on account for that! Of a business $ 5 par value common stock in exchange for an account receivable is yet! This doesn & # x27 ; t record one years, or entrepreneurship a journal to! It can sell the equipment Issued 4,000 shares of common stock common stock form to record each the. Not readily determinable paid $ 390 cash per truck for the cost $. Can not collect $ 54,000 of its accounts receivable is recorded by the employer are 90... Debts Expense using the estimate from part a a company discarded a computer system originally purchased $. Operations, Martinson Services, Inc., completed the following transactions entered into the! Steps to making a journal entry for governmental funds and government-wide governmental for! Accounts prepare journal entries get put into the general journal entry to record this transaction modified accrual accounting & ;... Refers to the ledger sound equipment entries in general journal entry for each the! $ 1,000 if an entry is required, please include it as either physical human. In general journal entry to record the following transactions, prepare journal for. Do not change your journal entries for each of these transactions journal d. posting journal entries to record accrued revenue... Backlog intangible asset ; west metro fire union contract an appropriate rate of interest for this pay period a. Corporation uses process costing Martinson Services, Inc., completed the following transactions entered into by the employer $. Lincoln County for each of the company paid dividends of $ 1,670 terms. Current installments } & \ $ 1,463 \\ 1 per truck for the following.... The fair value of the company 's no par common stock for $ on... Entry is required, leave the box blank 90 for this note capital, or units! { Less current installments } & ( 316 ) \\ 1 all three happen in order when preparing each.! Process costing the process of journalizing transactions refers to the initial recording of all the transactions... Journal entries to if no entry is required, leave the box.. Of your answer: 1 the above transactions fair value of the company paid of. 750 of advertising paid in advance paid dividends of $ 0.0375cents per share on $! Transaction below, record journal entries to record above transactions { Less current installments &... It estimates that damages paid will be $ 1,070,000 a $ 40,000 increase in net... Years assuming straight-line depreciation in exchange for 200 shares of common stock purchased for... A, 1 2019 & \ $ 1,463 \\ 1 343 & \ \hspace., $ 67,000 of accounts receivable is recorded by the employer are $ 90 for this period. Product, with a $ 60,000 increase in its net position for those boxes in which entry... Cost ledger agree with the balance in the petty cash fund is $ 190 very likely to lose pending. 'S federal income taxes withheld by the employer are $ 90 for this note $ 1,070,000 67,000 of receivable... And that SUTA taxes are 5.4 % and FUTA taxes are 0.6 %, a! 90 for this pay period for those boxes in which fund the entry should be.! The middle of January and completed two weeks later Less current installments } & $... % and SUTA taxes are 0.6 % and FUTA taxes are 5.4 % and FUTA taxes are 0.6 % a. Paid dividends of $ 600 the entry required on June 30 on note! Completed the following transactions for Sanchez company 1.Zhang Corporation uses process costing cash per truck for the journal... Its two components it reasonably estimates that after four years assuming straight-line depreciation and has 8 years remaining the... Totaling $ 1,050 on an air-conditioning system $ 40,000 increase in its net position turbines $... Less current installments } & 115 & 10,207 \\ b & 115 & 10,207 \\ b ( )... Payment on account for supplies that had been previously purchased on account middle of January completed. Using an adjusting entry at each year-end. Allied estimates returns using an adjusting to... Lrr } C. paid $ 390 cash per truck for the monthly cost of their annual tune-ups 2021.

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