{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T03:44:03-04:00", "answer_date": "2024-06-28 03:44:03", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4233709", "url": "\/study-help\/questions\/solution-need-general-journal-filled-out-1-2-3-4-4233709", "question_creation_date_js": "2024-06-28T03:44:03-04:00", "question_creation_date": "Jun 28, 2024 03:44 AM", "meta_title": "[Solved] Solution need general journal filled out. | SolutionInn", "meta_description": "Answer of - Solution need general journal filled out. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 P | SolutionInn", "meta_keywords": "solution,general,journal,filled,1,2,3,4,5,6,7,8", "question_title_h1": "Solution need general journal filled out. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19", "question_title": "Solution need general journal filled out. 1 2 3 4 5 6", "question_title_for_js_snippet": "Solution need general journal filled out 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Points Feedback Check My Work Explanation CHART OF ACCOUNTS Mawn Company General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 170 Land and Buildings 171 Land 181 Building 185 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings REVENUE 411 Sales Revenue 883 Gain on Construction EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 894 Loss Due to Workers Injury 895 Loss Due to Modifications to Building 910 Income Tax Expense need general journal filled out Mawn Company bought land and built a warehouse during 2016 It improperly debited the following related costs to an account titled Land and Buildings Land purchase $22,000 Demolition of old building 3,000 Legal fees for land acquisition 1,500 Capitalized interest on loan for construction of building 2,900 Building construction 53,000 Assessment by city for sewer connectioncity is responsible for maintenance 1,200 Landscaping (expected to be permanent in nature) 3,500 Equipment purchased for excavation 18,800 Pro rata portion of fixed overhead incurred during construction of building 15,000 Insurance on building during construction 1,000 Profit on construction 12,000 Compensation for injury to construction worker (not covered by the insurance policy purchased by Mawn) 3,000 Modifications to building ordered by building inspectors (due to poor planning by Mawn) 7,500 Deliquent property taxes on land paid in 2016 (land was purchased during the year) 2,500 Required Prepare the correcting entries on December 31, to properly reclassify the preceding items ", "question_description": "

Solution <\/span><\/p>

need general journal filled out.<\/p> <\/tr><\/tbody>
1 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
2 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
3 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
4 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
5 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
6 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
7 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
8 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
9 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
10 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
11 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
12 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
13 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
14 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
15 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
16 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
17 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
18 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
19 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
20 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
21 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
22 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
23 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
24 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
25 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
26 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
27 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
28 <\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr> <\/tbody> <\/table>

Points: Feedback Check My Work Explanation<\/span><\/p>

CHART OF ACCOUNTS<\/p> <\/td><\/tr>

Mawn Company<\/td><\/tr>
General Ledger<\/td><\/tr>
ASSETS<\/td><\/tr><\/tbody>
111<\/td> Cash<\/td> <\/tr>
121<\/td> Accounts Receivable<\/td> <\/tr>
141<\/td> Inventory<\/td> <\/tr>
152<\/td> Prepaid Insurance<\/td> <\/tr>
170<\/td> Land and Buildings<\/td> <\/tr>
171<\/td> Land<\/td> <\/tr>
181<\/td> Building<\/td> <\/tr>
185<\/td> Equipment<\/td> <\/tr>
198<\/td> Accumulated Depreciation<\/td> <\/tr> <\/tbody> <\/table>
LIABILITIES<\/td><\/tr><\/tbody>
211<\/td> Accounts Payable<\/td> <\/tr>
231<\/td> Salaries Payable<\/td> <\/tr>
250<\/td> Unearned Revenue<\/td> <\/tr>
261<\/td> Income Taxes Payable<\/td> <\/tr> <\/tbody> <\/table>
EQUITY<\/td><\/tr><\/tbody>
311<\/td> Common Stock<\/td> <\/tr>
331<\/td> Retained Earnings<\/td> <\/tr> <\/tbody> <\/table> <\/td>
REVENUE<\/td><\/tr><\/tbody>
411<\/td> Sales Revenue<\/td> <\/tr>
883<\/td> Gain on Construction<\/td> <\/tr> <\/tbody> <\/table>
EXPENSES<\/td><\/tr><\/tbody>
500<\/td> Cost of Goods Sold<\/td> <\/tr>
511<\/td> Insurance Expense<\/td> <\/tr>
512<\/td> Utilities Expense<\/td> <\/tr>
521<\/td> Salaries Expense<\/td> <\/tr>
532<\/td> Bad Debt Expense<\/td> <\/tr>
540<\/td> Interest Expense<\/td> <\/tr>
541<\/td> Depreciation Expense<\/td> <\/tr>
559<\/td> Miscellaneous Expenses<\/td> <\/tr>
894<\/td> Loss Due to Workers Injury<\/td> <\/tr>
895<\/td> Loss Due to Modifications to Building<\/td> <\/tr>
910<\/td>

Income Tax Expense<\/p><\/td> <\/tr> <\/tbody> <\/table> <\/td> <\/tr> <\/tbody><\/table>

need general journal filled out.<\/p> Mawn Company bought land and built a warehouse during 2016. It improperly debited the following related costs to an account titled Land and Buildings:
Land purchase<\/td> $22,000<\/td> <\/tr>
Demolition of old building<\/td> 3,000<\/td> <\/tr>
Legal fees for land acquisition<\/td> 1,500<\/td> <\/tr>
Capitalized interest on loan for construction of building<\/td> 2,900<\/td> <\/tr>
Building construction<\/td> 53,000<\/td> <\/tr>
Assessment by city for sewer connectioncity is responsible for maintenance<\/td> 1,200<\/td> <\/tr>
Landscaping (expected to be permanent in nature)<\/td> 3,500<\/td> <\/tr>
Equipment purchased for excavation<\/td> 18,800<\/td> <\/tr>
Pro rata portion of fixed overhead incurred during construction of building<\/td> 15,000<\/td> <\/tr>
Insurance on building during construction<\/td> 1,000<\/td> <\/tr>
Profit on construction<\/td> 12,000<\/td> <\/tr>
Compensation for injury to construction worker (not covered by the insurance policy purchased by Mawn)<\/td> 3,000<\/td> <\/tr>
Modifications to building ordered by building inspectors (due to poor planning by Mawn)<\/td> 7,500<\/td> <\/tr>
Deliquent property taxes on land paid in 2016 (land was purchased during the year)<\/td> 2,500<\/td> <\/tr> <\/tbody><\/table>
Required:<\/td><\/tr><\/tbody>

Prepare the correcting entries on December 31, to properly reclassify the preceding items.<\/p><\/td><\/tr><\/tbody> <\/table>", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "1949991601", "uri": "\/textbooks\/how-new-risk-management-helps-leaders-master-uncertainty-1st-edition-978-1949991604-257326", "name": "How New Risk Management Helps Leaders Master Uncertainty", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:44:03", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-is-a-capital-gain-and-how-is-it-treated", "description": "What is a capital gain, and how is it treated for tax purposes?", "stars": 3 }, { "url": "\/study-help\/psychology\/3-speak-respectfully-use-the-students-name-1984336", "description": "3. Speak respectfully. Use the students name.", "stars": 3 }, { "url": "\/calculating-financial-ratios-based-on-the-balance-sheets-given-for", "description": "Calculating Financial Ratios Based on the balance sheets given for Just Dew It, calculate the following financial ratios for each year: a. Current ratio. b. Quick ratio c. Cash ratio. d. NWC to total...", "stars": 3 }, { "url": "\/study-help\/questions\/emisin-de-bonos-al-valor-nominal-el-1-de-enero-9841138", "description": "Emisin de Bonos al Valor Nominal El 1 de enero, el primer da del ao fiscal, Designer Fabric Inc. emite un bono a 10 aos por $200 000, al 6 %, que paga un inters semestral de $6 000 ($200 000 6 % ao),...", "stars": 3 }, { "url": "\/study-help\/questions\/miller-companys-contribution-format-income-statement-for-the-most-recent-8673033", "description": "Miller Company's contribution format income statement for the most recent month is shown below: Sales (48,800 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $...", "stars": 3 }, { "url": "\/study-help\/questions\/in-two-to-three-paragraphs-use-the-examples-in-this-1007220", "description": "In two to three paragraphs use the examples in this module (Col Howard, LtCol Gadson, Flight 93, Heather Penney) to answer the following questions: 1. Does your sense of duty cr-eate your values or...", "stars": 3 }, { "url": "\/study-help\/questions\/a-disadvantage-of-small-latin-squares-designs-is-that-they-1002605", "description": "A disadvantage of small Latin squares designs is that they provide relatively small degrees of freedom, so , if tends to be desirable to replicate them to increase the error degrees of freedom?", "stars": 3 }, { "url": "\/study-help\/questions\/3-what-is-the-time-of-completion-and-1002658", "description": "3 . ) What is the time of completion, and why must it be clearly stated in the contract agreement provisions?", "stars": 3 }, { "url": "\/study-help\/questions\/let-x-represent-the-number-of-tails-when-a-fair-1001266", "description": "Let x represent the number of tails when a fair coin is flipped 100 times. a) Compute the distribution of x and represent it using a bar plot. b) Calculate the mean (expected value) and the standard...", "stars": 3 }, { "url": "\/study-help\/questions\/what-is-the-primary-reason-we-have-developed-and-employ-1002848", "description": "What is the primary reason we have developed and employ an expansive body of knowledge of project management today?", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/carnes-has-the-following-account-balances-as-of-december-31-4233708", "next": "\/study-help\/questions\/using-the-1998-waste-management-fraud-scandal-how-were-the-4233710" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Solution need general journal filled out. 1 2 3 4 5 6", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/solution-need-general-journal-filled-out-1-2-3-4-4233709" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }1" } }