Journal entry worksheet Prepare the journal entries to record transactions (1) through (24). Then prepare the necessary adjusting entries (25) th correctly report net income for the period. Then record the closing entries (32) through (34) as of December 31, Year 10. Note: If no entry is required for a transaction, select "No journal entry required" in the first account field. Round final ans nearest whole dollars. Journal entry worksheet Journal entry worksheet Journal entry worksheet 567834 On January 1, Year 10, purchased land and a buliding for $150,000. The bullding was appraised at $125,000 and the land at $25,000. Pacilio paid $50,000 cash and financed the balance. The balance was financed with a 10 year instaliment note. The note had an interest rate of 7 percent and annual Note: Enter debits before credits: Journal entry worksheet 67834 Paid the balance of the payroll liabilities due for Year 9 (federal income tax, FICA taxes, and unemployment taxes). Note: Enter debits before credits: 1. Recognized the employer Social Security and Medicare payroll tax that has not been paid on $7,000 of salories expense. Chanoes in Stockholders Balance Equity Prepare the joumal entries to record transactions (1) through (24). Then prepare the necessary adfusting entries (25) through (31) to correctly report net income for the period. Then record the closing entries (32) through (34) as of December 31 , Year 10. Note: If no entry is required for a transaction, select "No journal entry required" in the first account field, Round final answers to the nearest whole dollars Record the closing entry for the expense accounts. 10 points scipped Note: Enter oebits before credits. Record entry Clear entry Vlew eeneral lournal 11. Replenished the petty cash fund on expense. 12. Collected the amount due from the credit card company. 13. Paid the sales tax collected on $85,000 of the alarm sales. 14. Collected $167,000 of accounts receivable during the year. 15. Paid installers and other employees a total of $82,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes withheld amounted to $9,600. The net amount of salaries was paid in cash. 16. Paid $1,250 in warranty repairs during the year, 17. On September 1, paid the note and interest owed to State Bank. 18. Paid $18,000 of advertising expense during the yeat. 19. Paid $5,600 of utilities expense for the year. 0. Paid the payroll liabilities, both the amounts withheld from the salaries plus the employer share of Social Security tax and Medicare tax, on $75,000 of the salaries plus $8,600 of the federal income tax that was withheld. (Disregard unemployment taxes in this entry.) 21. Paid the accounts payable. 2. Paid bond interest and arportized the discount. 13. Paid the annual installment on the amortized note. 14. Paid a dividend of $10,000 to the shareholders. Adjustments 5. There was $210 of supplies on hand at the end of the year. 6. Recognized the expired rent for the office building for the year. 37. Recognized the uncollectible accounts expense for the year using the allowance method. Pacilio now estimates that 1.5 percent of sales on account will not be collected. 8. Recognized depreciation expense on the equipment, van, and building. The equipment has a 5 -year life and a $2,000 salvage value. The van has a 4-year life and a $6,000 salvage value. The building has a 40 -year life and a $10,000 salvage value. The company uses double-declining-balance for the van and straight-fine for the equipment and the buliding. The equipment and van were purchased in Year 8 and a full year of depreciation was taken for both in Year 8. 9. The alarms systems sold in transaction 8 were covered with a ohe-year warranty. Pacilio estimated that the warranty cost would be 2 percent of aiarm sales. 0. The unemployment tax on the three employees has not been paid. Record the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 4.5 percent and gross wages for all employees exceeded $7,000. 31. Recognized the emplover Social Securitv and Medicare pavroll tax that has not been poid on $7.000 of salaries expense Journal entry worksheet Prepare the journal entries to record transactions (1) through (24). Then prepare the necessary adjusting entries (25) th correctly report net income for the period. Then record the closing entries (32) through (34) as of December 31, Year 10. Note: If no entry is required for a transaction, select "No journal entry required" in the first account field. Round final ans nearest whole dollars. Journal entry worksheet Journal entry worksheet Journal entry worksheet 567834 On January 1, Year 10, purchased land and a buliding for $150,000. The bullding was appraised at $125,000 and the land at $25,000. Pacilio paid $50,000 cash and financed the balance. The balance was financed with a 10 year instaliment note. The note had an interest rate of 7 percent and annual Note: Enter debits before credits: Journal entry worksheet 67834 Paid the balance of the payroll liabilities due for Year 9 (federal income tax, FICA taxes, and unemployment taxes). Note: Enter debits before credits: 1. Recognized the employer Social Security and Medicare payroll tax that has not been paid on $7,000 of salories expense. Chanoes in Stockholders Balance Equity Prepare the joumal entries to record transactions (1) through (24). Then prepare the necessary adfusting entries (25) through (31) to correctly report net income for the period. Then record the closing entries (32) through (34) as of December 31 , Year 10. Note: If no entry is required for a transaction, select "No journal entry required" in the first account field, Round final answers to the nearest whole dollars Record the closing entry for the expense accounts. 10 points scipped Note: Enter oebits before credits. Record entry Clear entry Vlew eeneral lournal 11. Replenished the petty cash fund on expense. 12. Collected the amount due from the credit card company. 13. Paid the sales tax collected on $85,000 of the alarm sales. 14. Collected $167,000 of accounts receivable during the year. 15. Paid installers and other employees a total of $82,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes withheld amounted to $9,600. The net amount of salaries was paid in cash. 16. Paid $1,250 in warranty repairs during the year, 17. On September 1, paid the note and interest owed to State Bank. 18. Paid $18,000 of advertising expense during the yeat. 19. Paid $5,600 of utilities expense for the year. 0. Paid the payroll liabilities, both the amounts withheld from the salaries plus the employer share of Social Security tax and Medicare tax, on $75,000 of the salaries plus $8,600 of the federal income tax that was withheld. (Disregard unemployment taxes in this entry.) 21. Paid the accounts payable. 2. Paid bond interest and arportized the discount. 13. Paid the annual installment on the amortized note. 14. Paid a dividend of $10,000 to the shareholders. Adjustments 5. There was $210 of supplies on hand at the end of the year. 6. Recognized the expired rent for the office building for the year. 37. Recognized the uncollectible accounts expense for the year using the allowance method. Pacilio now estimates that 1.5 percent of sales on account will not be collected. 8. Recognized depreciation expense on the equipment, van, and building. The equipment has a 5 -year life and a $2,000 salvage value. The van has a 4-year life and a $6,000 salvage value. The building has a 40 -year life and a $10,000 salvage value. The company uses double-declining-balance for the van and straight-fine for the equipment and the buliding. The equipment and van were purchased in Year 8 and a full year of depreciation was taken for both in Year 8. 9. The alarms systems sold in transaction 8 were covered with a ohe-year warranty. Pacilio estimated that the warranty cost would be 2 percent of aiarm sales. 0. The unemployment tax on the three employees has not been paid. Record the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 4.5 percent and gross wages for all employees exceeded $7,000. 31. Recognized the emplover Social Securitv and Medicare pavroll tax that has not been poid on $7.000 of salaries expense
