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Need statement sheet and cashflow statment with T-charts done. Please. JAMUKHA CORPORATION General journal for the year ended December 31, 2017 Event Account Title Debit
Need statement sheet and cashflow statment with T-charts done. Please.
JAMUKHA CORPORATION | |||
General journal for the year ended December 31, 2017 | |||
Event | Account Title | Debit | Credit |
1 | Inventory | 176000 | |
Accounts Payable | 176000 | ||
(Purchase of inventory during the year) | |||
2 | Accounts Receivable | 353760 | |
Sales | 335000 | ||
Sales Tax Payable | 18760 | ||
(Sales made during the year) | |||
Cost of goods sold | 194500 | ||
Inventory | 194500 | ||
(Cost of the goods sold during the year) | |||
3 | Cash | 26000 | |
Unearned Revenue | 26000 | ||
(Cash received for supplies to be made next year) | |||
4 | Cash * | 81600 | |
Bonds Payable | 80000 | ||
Premium on bonds payable | 1600 | ||
(Issue of 4% bonds at an effective interet rate of 3.79%) | |||
5 | Cash | 245000 | |
Accounts Receivable | 245000 | ||
(Collections made on account) | |||
6 | General Expenses | 41250 | |
Cash | 41250 | ||
(Payment of general expenses) | |||
7 | Accounts Payable | 220750 | |
Cash | 220750 | ||
(Payment on account) | |||
8 | Sales Tax Payable | 18760 | |
Cash | 18760 | ||
(Payment of sales Tax collected) | |||
9 | Cash | 9000 | |
Accumulated Depreciation | 50000 | ||
Loss on sale of depreciation | 6000 | ||
Equipment | 65000 | ||
(Sale of equipment ) | |||
10 | Cash | 194000 | |
Preferred Stock | 160000 | ||
APIC - Preferred Stock | 34000 | ||
(Issue of 1,600 shares of $100 par preferred stock) | |||
11 | Equipment | 180000 | |
Cash | 180000 | ||
(Purchase of equipment) | |||
12 | Treasury Srtock | 21000 | |
Cash | 21000 | ||
(Purchase of 500 shares of own stock at $42 per share) | |||
13 | Salaries Expense | 60000 | |
Payroll Tax Expense | 7140 | ||
FICA payable | 9180 | ||
FIT Payable | 6000 | ||
SIT Payable | 3000 | ||
FUTA Payable | 600 | ||
SUTA payable | 1950 | ||
Salaries Payable | 46410 | ||
(Salaries and payroll expenses for the year) | |||
14 | Salaries Payable | 46410 | |
FICA payable | 9180 | ||
FIT Payable | 6000 | ||
SIT Payable | 3000 | ||
FUTA Payable | 600 | ||
SUTA payable | 1950 | ||
Cash | 67140 | ||
(Payment of payroll related amounts) | |||
JAMUKHA CORPORATION | |||
Adjusting journal entries for the year ended December 31, 2017 | |||
Event | Account Title | Debit | Credit |
15 | Depreciation Expense * | 45000 | |
Accumulated Depreciation - Equipment | 45000 | ||
(Depreciation Expense for the year) | |||
16 | Interest Expense | 1546 | |
Premium on bonds payable ** | 54 | ||
Interest Payable | 1600 | ||
(Interest on the bonds payable accounted) | |||
17 | General Expense | 3600 | |
Prepaid Insurance | 3600 | ||
(Expired insurance @4300 per month recorded for the year 2017) | |||
18 | Bad Debt Expense | 6488 | |
Allowance for doubtful accounts | 6488 | ||
(Bad debt provided) | |||
19 | No entry required | ||
Depreciation on equipment | |||
Old equipment | |||
Balance | 165000 | ||
Estimated Life - years | 5 | ||
Straight line depreciation (A) | 33000 | ||
New purchase | 180000 | ||
Estimated life - years | 15 | ||
Straight line depreciation rate (1/15) | 6.67% | ||
Double declining balance rate ( 2 X 6.67%) | 13.33% | ||
Depreciation for the year (for half year) (180,000 x 13.33% / 2) (B) | 12000 | ||
Total Depreciation (A+B) * | 45000 | ||
Face value of the bonds | 80000 | ||
Book value of the bonds payable | 81600 | ||
Effective interest rate per annum | 3.79% | ||
Semi annual interest at this rate (81,817 x 3.79% / 2) | 1546 | ||
Coupon rate of interest per annum | 4% | ||
Actual interest payment (80,000 x 4% / 2) | 1600 | ||
Amortization of bond premium (1600 - 1546) ** | 54 | ||
Accounts Receivable | 136760 | ||
Estimated doubtful value | 5% | ||
Allowance for doubtful accounts required (5% of 136,760) | 6838 | ||
Balance available in the allowance account | 350 | ||
Amount to be provided now *** | 6488 |
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