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I would appreciate it if I can be helped with the journal entries Instructions Project Year 2019 On this sheet, fill in the 4th column
I would appreciate it if I can be helped with the journal entries
Instructions Project Year 2019 On this sheet, fill in the 4th column with the appropriate Journal, Subjournal, Ledger, or Subledger where information should be recorded. Use the appropriate journal/subjourmal to record journal entries. Transfer this information to the appeopriate Date column of this sheet, Do not enter values in the blue columns. Values in those cells are calculated automatically. Transaction Description rans, No. Date- Tabs used to Recoed Information 1/1/2019 Company Borrows $600,000 at 8% for 4 years specifically for the construction of a building Company purchases 75 bags of fertilizer from Plant Life in cash 2/1/20134 2/2/2013 Company spends $120,000 towards the construction of the building Company purchases a machine listed at $100,000. Shipping costs for the machine are $2,500, setup costs are 9,000, and general maintenance costs are $4,000. Salvage value of the machine is $5.000. Company sells 5 weedeaters and 200 bags of mulch to Andres Mossiman on credit Company pays off its account in full with Garden Supply 3/1/2019 5/1/2019 6/20/2013 6/30/2019 Company spends $100,000 in costs towards the construction of the building Company returns a defective 100ft waterhose to Fastenal. Fastenal credits Company's account for the returned 7/22/2019 hose Company Spends $125,000 towards the construction of the building 10/1/2019 ADJUSTING ENTRIES 1/21/201 Company's outstanding debt (excluding the constsruction loan) is at 7. The Buildingg is still under construction at the end of the year. Company capitalizes interest to the related Work-in- Process account Beginning PPSE contains $635,000 in equipment purchased at the beginning of 2014 and $1,000,000 in land. The va/osequipment is expected to last until the end of 2018 and will have $10,000 salvage value, The machine purchased r mpnd aloctuntil AMach 3031dill hmon C.nonenhananuslunComaur thn Chinht1inn Mnthard 10 11 Info Desc. Sales General Adi Bal Purch Cash Inv PPE AF GL. Fins ADIUSTING ENTRES Company's outstanding debe (excluding the construction loan) is at 7%. The Bulding is sbill under construction at the end of the year, Company capitalizes interest to the related Work in-Process account Beginninstcontains $615,000 in equipment punchased at the beginning of 2004 and $1,0000,000 in land. The 10 a/oequipment is expected to last until the end of 2018 and wil have S10,000 salvage value. The machine purchased 11 isexpected to last unbil March 2021 and will have $5,000 salvage value. Company uses the Straight Line Method for depregution, we1w/wwCompany's employees eam $1,000 during December, Company pays its employees for hours eamed at the 12 beginning of the following month Company estimates that 2% of the Accounts Receivable on the books at the end of the year will not be cellectible Company's tax rate is 30% for the year 12/11/201 13 12/31/2018 14 CLOSING ENTRIES 12/31/2019 Peepare the dlosing entnes for the company Instructions Project Year 2019 On this sheet, fill in the 4th column with the appropriate Journal, Subjournal, Ledger, or Subledger where information should be recorded. Use the appropriate journal/subjourmal to record journal entries. Transfer this information to the appeopriate Date column of this sheet, Do not enter values in the blue columns. Values in those cells are calculated automatically. Transaction Description rans, No. Date- Tabs used to Recoed Information 1/1/2019 Company Borrows $600,000 at 8% for 4 years specifically for the construction of a building Company purchases 75 bags of fertilizer from Plant Life in cash 2/1/20134 2/2/2013 Company spends $120,000 towards the construction of the building Company purchases a machine listed at $100,000. Shipping costs for the machine are $2,500, setup costs are 9,000, and general maintenance costs are $4,000. Salvage value of the machine is $5.000. Company sells 5 weedeaters and 200 bags of mulch to Andres Mossiman on credit Company pays off its account in full with Garden Supply 3/1/2019 5/1/2019 6/20/2013 6/30/2019 Company spends $100,000 in costs towards the construction of the building Company returns a defective 100ft waterhose to Fastenal. Fastenal credits Company's account for the returned 7/22/2019 hose Company Spends $125,000 towards the construction of the building 10/1/2019 ADJUSTING ENTRIES 1/21/201 Company's outstanding debt (excluding the constsruction loan) is at 7. The Buildingg is still under construction at the end of the year. Company capitalizes interest to the related Work-in- Process account Beginning PPSE contains $635,000 in equipment purchased at the beginning of 2014 and $1,000,000 in land. The va/osequipment is expected to last until the end of 2018 and will have $10,000 salvage value, The machine purchased r mpnd aloctuntil AMach 3031dill hmon C.nonenhananuslunComaur thn Chinht1inn Mnthard 10 11 Info Desc. Sales General Adi Bal Purch Cash Inv PPE AF GL. Fins ADIUSTING ENTRES Company's outstanding debe (excluding the construction loan) is at 7%. The Bulding is sbill under construction at the end of the year, Company capitalizes interest to the related Work in-Process account Beginninstcontains $615,000 in equipment punchased at the beginning of 2004 and $1,0000,000 in land. The 10 a/oequipment is expected to last until the end of 2018 and wil have S10,000 salvage value. The machine purchased 11 isexpected to last unbil March 2021 and will have $5,000 salvage value. Company uses the Straight Line Method for depregution, we1w/wwCompany's employees eam $1,000 during December, Company pays its employees for hours eamed at the 12 beginning of the following month Company estimates that 2% of the Accounts Receivable on the books at the end of the year will not be cellectible Company's tax rate is 30% for the year 12/11/201 13 12/31/2018 14 CLOSING ENTRIES 12/31/2019 Peepare the dlosing entnes for the company
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