Before booking an entry, remember to evaluate the substance of each transaction event Do accounting standards require the event or transaction to be booked into your companys accounting records NOTE All interest rates included in the transaction list are stated at an annual rate December Wages earned from July 1st through December 31st was $480,000 Wages earned between Dec 15th and Dec 31st amounting to $27,500 was not paid this until Jan 7th At the end of the year, $42,000 cash was paid to the local bank for the long term note payable taken out on January 1, 2019 $38,000 of this was applied to the loan principal The remaining amount was the accumulated interest due for 2019 On December 31st, the marketable (trading) securities you purchased on September 23, 2019 transaction now has a fair market value of $134,000 On December 31st, $480,000 depreciation expense for the year was calculated for equipment purchased before January 1, 2019 On December 31st, you declare dividends of $ 32 per share to be paid at a later date On December 31st, the utility bill was paid for the year The amount was $66,000 and you paid in cash 7 ACCY1 Accounting Fundamentals Group Project On December 31st, you pay in cash recurring interest on the long term note acquired prior to the year 2017 HINT See prior year financial statements On December 31st, your company earned interest on the average 2019 cash balance which will be paid January 5th, 2020 The average interest rate for the year was 4 0 Note Compute the average cash using only the beginning and ending balance By December 31st, 85 of the prepaid service hours from March 20, 2019 were completed A count of office supplies indicated that $27,000 of office supplies had been used by December 31st Since the inception of your company, you have been able to collect 84 of your ending accounts receivable balance from customers that bought your product on account Based on this information, adjust your allowance for bad debt account NOTE Use your 2019 ending accounts receivable balance to make this calculation

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Before booking an entry, remember to evaluate the substance of each transaction/event. Do accounting standards require the event or transaction to be booked into your

Before booking an entry, remember to evaluate the substance of each transaction/event. Do accounting standards require the event or transaction to be booked into your companys accounting records? NOTE: All interest rates included in the transaction list are stated at an annual rate.

December

Wages earned from July 1st through December 31st was $480,000. Wages earned between Dec. 15th and Dec 31st amounting to $27,500 was not paid this until Jan 7th.
At the end of the year, $42,000 cash was paid to the local bank for the long-term note payable taken out on January 1, 2019. $38,000 of this was applied to the loan principal. The remaining amount was the accumulated interest due for 2019.
On December 31st, the marketable (trading) securities you purchased on September 23, 2019 transaction now has a fair market value of $134,000.
On December 31st, $480,000 depreciation expense for the year was calculated for equipment purchased before January 1, 2019.
On December 31st, you declare dividends of $.32 per share to be paid at a later date.
On December 31st, the utility bill was paid for the year. The amount was $66,000 and you paid in cash.

ACCY1 Accounting Fundamentals Group Project

On December 31st, you pay in cash recurring interest on the long-term note acquired prior to the year 2017. HINT: See prior year financial statements.
On December 31st, your company earned interest on the average 2019 cash balance which will be paid January 5th, 2020. The average interest rate for the year was 4.0%. Note: Compute the average cash using only the beginning and ending balance.
By December 31st, 85 of the prepaid service hours from March 20, 2019 were completed.
A count of office supplies indicated that $27,000 of office supplies had been used by December 31st.
Since the inception of your company, you have been able to collect 84% of your ending accounts receivable balance from customers that bought your product on account. Based on this information, adjust your allowance for bad debt account. NOTE: Use your 2019 ending accounts receivable balance to make this calculation.