I need help with journal entries for the month of december only. please help !
ACCY1 Accounting Fundamentals Group Project ACCY1 Accounting Fundamentals Group Project 2019 TRANSACTION AND EVENT LIST HINT: 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 company's accounting records ? NOTE All interest rates included in the transaction fist are stated at an 10. Purchased a parcel of land on March 1, 2010 for $850,000 by paying 1425,000 in cash and signing a short-term note payable with the seller for $225,000. You must repay the $225,000 in exactly one year on March 1, 2020. You agree to pay the sofer 45 percent Interest (annual rate) on a quarterly basis Wune 1, September 1, December 1, 2012, and March 1, 2020) (Adjusting Entry Required 11. On March 19 you purchased $33.480 of office supplies from Super Office Supplies with January 1. On January 19, the company issued 280.000 additional shares (par of 5.25) to raise capital for the New Year. Assume no change in price from Dec 31, 2018 12. On March 20" you received a payment of 125,000 for 200 hours of service to be performed in the future. 2 Purchaud a truck for $140.000 cash on the 1" of January. The truck will be depreciated over an 8 year period. You decide to use the 200% declining balance depreciation method because it is determined that the truck will be more productive when is newer. The truck has an estimated salvage value of $8.000 Adjusting Entry Required 13. April 21" your customers bought 15,000 units of your product for $125 per un to decide what your company sells). The cost of this product is determined by the method of inventory valuation used by your company Customers paid you 55% in cash and the remainder was on account On January 1, 5 year, 5130,000 long-term note payable was taken from a local bank in cash On January 5, you receive payment from interesteamed and accrued in 2011 14. On April 27 you purchased 9,250 units at a cost of $67 per unit You pay and purchased the remainder on account 5. On January 22 you purchased 8.500 additional units of inventory at a cost of 83.00 per unit. You paid 45% in cash and purchased the remainder on account. 15. On April 29" you pay $550,000 cash toward your accounts payable 6. On January 25 you pay $112.000 cash toward your accounts payable May 16. On May 1"you pay a dividends owed to your owners 7. Purchased new office equipment for $230,000 with cash from California Fumiture on January 1, 2016. The new fumiture will be depreciated over a ten year period on a straight Ine basis. The cabinet has an estimated salvage value of $15.000 Adjusting Entry Required February 17. Leased additional warehouse space from Leasing Solutions for two years on ne 1" due expiration of the previous rental contract. 302.000 cash was paid for the new contract on this date which covers the rental fee for two years. There is no va t in the previous contract. Adjusting Entry Required & Paid cash for $100.000 worth of radio advertising on February 1". This gives advertising until January 31" 2020 Austing Entry Required including your 18. Wage expenses from January 1 - June 30 $530,000 Pay this in beginning balance in wages payable 9. February 13 you collect365.000 of account payments from customers 19. On June 10, 595,000 of prepardurance was used March ACCY1 Accounting Fundamentale Group Project ACCY! Accounting Fundamental Group Project 20. On June 20 a customer that previously bought your product on account has filed b y you 2.500 You expect to collect $0 30. On October you purchased 11 250 units at the decreased price of 31 per unit. The purchase was made on court 31. On October 10 you and your u 1 32.000 cash for invertory purchased on account 21. Your company issued 1.000, 3 bonds face value of each bond is $1.000) 101 1250 on July 14, 2010The bonds duen 2004 wh est payable each January tand . The theme of the bond 3.4%. Utheive rest method to both the expense and the ratio of the bond discount when eachine payment is made Adung Entry Required CEO company's owock. They tort of t o h ese r the purchasing of the 175.000 shares a poney on November for $442.000 cash 33. Purchased a three year bunding in Austing Ey Required ly purchased for $1.250 000 sold for 22. On August, a piece of land that was on 51.550,000 cash customer you 140.000 bro w 4 On November of 2020 a ry s 23. August 1 your ow n bouge 9.000 your product $116.00 punt The cost of produc e d by the method of entry walutowed by you company Compoun d the count 35 November to your customer bought cost of this product is dried by them company do d of your preded $110 per . The of w ory w e d by your o mu 24. Received on August 25.5156.000 cash payment from a customer paying on her 36. An employment contractined with a w o man 3150.000 per year. He will not begin working for the company . You have offered him March 2020, Thebe 25. Purchased t amortid over 10 yard Adjusting Entry Required o on 165.000 ne basis 37 Wages came from through December 3 000 Wages wed between Des 18 and Dec 31 mounting 100 was not paid that an in 2.5122.000 Sem At the end of yow 142000 payable only .2018. The rang amount was the m h e con for the longo 000 d e tres due for 2018 pe e 27 On September 1, a p e quent was sold for 50.000 cash The equipment 30 On December 31, the man 2019 transaction has a form d ing a s you purchased on September 23 of 134.000 i n the for y 1, 2018 26. P hased and ed 3.00 worth of the very one .. on December en purchased before becomective February 2020 ACCY1 Accounting Fundamentals Group Project 43. On December 31", you pay in cash recurring interest on the long-term note acquired prior to the year 2017. HINT: See prior year financial statements. 44. On December 31", your company earned interest on the average 2019 cash balance which will be paid January 5 2020. The average interest rate for the year was 40%. Note: Compute the average cash using only the beginning and ending balance 45. By December 31", 85 of the prepaid service hours from March 20, 2019 were completed. 46. A count of office supplies indicated that $27.000 of office supplies had been used by December 31 47. 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 MacBook 2. Journal Entry List Record entries from the transaction and event list provided below in proper journal entry format. NOTE: You are recording entries for the fiscal year 2019 (Jan 1 - Dec 31) and make adjusting entries at year-end. This list must be chronologically organized. Make sure that I can easily identify the journal entry or adjusting journal entry with the related transaction/event. Show your work if the entry requires you to make a calculation (i.e. depreciation, interest expense, etc.)
