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JOURNAL Score: 201/336 ACCOUNTING EQUATION DESCRIPTION POST. REF CREDIT ASSETS LIABILITIES DATE Dec. 31 DEBIT 18,000.00 EQUITY 1 1 Bad Debt Expense 2 Allowance for Doubtful Accounts 18,000.00 5 Cost of Goods Sold 3,300.00 4 Adjusting Entries 5 6 + Inventory Insurance Expense Prepaid Insurance 22,820.00 7 7 3,920.00 9 10 36,000.00 11 44,000.00 Prepaid Insurance Office Supplies Expense Office Supplies Depreciation Expense-Buildings Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Accumulated Depreciation Buildings Accumulated Depreciation Office Equipment Accumulated Depreciation Store Equipment Amortization Expense-Patents 12 5,000.00 1 13 14 15 16 6,000.00 1 Jurnal Shaded cells have feedback. 6 Amortization Expense-Patents 6,000.00 Patents 30,000.00 1 2 50,000.00 + 10,500.00 Depletion Expense Accumulated Depletion Vacation Pay Expense Vacation Pay Payable Product Warranty Expense Product Warranty Payable Interest Receivable Interest Revenue 1,875.00 t Journal Shaded cells have feedback 19 50,000.00 1 20 10,500.00 Accumulated Depletion Vacation Pay Expense Vacation Pay Payable Product Warranty Expense Product Warranty Payable Interest Receivable 25 I 24 1,875.00 25 Interest Revenue 26 27 28 Instructions Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2045, were as follows: Jan. 3 Feb. 26 Apr. 14 May 13 17 Issued a check to establish a petty cash fund of $4,500. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Purchased $31,300 of merchandise on account, terms 1/10,n/30. The perpetual inventory system is used to account for inventory. Paid the invoice of April 14 after the discount period had passed. Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Received a 60-day, 8% note for $180,000 on the Ryanair account. Received amount owed on June 2 note, plus interest at the maturity date. Assume a 360-day year. Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. (Record as two entries.) Jun. 2 Aug 1 24 Sep. 15 Record the following on journal page 22. structions Sep. 15 Oct. 17 Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Assume a 360-day year. Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Journalized the monthly payroll for November, based on the following data: Nov. 30 Salaries: Deductions: Sales salaries $135,000 Income tax withheld $39,266 Office salaries 77,250 Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment Tax rates: State unemployment 5.4% Federal unemployment 0.8% Amount subject to unemployment taxes: Instructions State unemployment 5.4% Federal unemployment 0.8% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 30 Dec. 14 Journalized the employer's payroll taxes on the payroll. Journalized the payment of the September 15 note at maturity. The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. 31 Required: 1. Journalize the selected transactions, starting on page 21 of the journal." 2. Based on the following data, prepare a barik reconciliation for December of the current year. Refer to the Labels and Amount Descriptions list for exact wording of text entries. Enter all amounts as positive numbers. Balance according to the bank statement at December 31, $283,000. Balance according to the ledger at December 31, $245,410. . Checks outstanding at December 31, $68,540. ructions Deposit in transit, not recorded by bank, $29,500. Bank debit memo for service charges, $750. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. 3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company on page 23 of the jour the Miscellaneous Administrative Expense account to record bank service charges. Round your answers to the nearest dollar. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year on page 23 of the journal: Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). The physical inventory on December 31 indicated an inventory shrinkage of $3,300. Prepaid insurance expired during the year, $22,820. Office supplies used during the year, $3,920. Depreciation is computed as follows: Residual Asset Acquisition Date Useful Life in Years Cost Value $900,000 $0 Buildings Office Equip January 2 50 246,000 26,000 Depreciation Method Used Double-declining-balance Straight-line Straight-line January 3 5 Store Equip 112,000 12,000 July 1 10 A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for 8 years. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. Vacation pay expense for December, $10,500, A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December Interest was accrued on the note receivable received on October 17. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar 5. Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year. Be sure to complete the heading of the balance sheet. Enter assets in the order in which they appear in the post-closing trial balance. Refer to information given in the problem and the Labels and Amount Descriptions list for exact wording of text entries. There is no need to include "(current portion) or a due date with any account titles. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your answers to the nearest dollar The merchandise inventory is stated at cost by the LIFO method The product warranty payable is a current liability Vacation pay payable: Current liability: $7.140 Long-term ability: 3.360 The una naninirahiti Calculator mprehensive Problem 3 Instructions Chart of Accounts Labels and Amount Descriptions ! Jou structions numbers use a minus sign. Round your answers to the nearest dollar . The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability: $7,140 Long-term liability: 3,360 . . The unfunded pension liability is a long-term liability. Notes payable: Current liability: $70,000 Long-term liability: 630,000 Cengage (CNOW) for ACCIA SPRING 2020 Book Calculator Comprehensive Problem 3 Instructions Chart of Accounts Labels and Amount Descriptions Journal Instructions ACCOUNT TITLE DEBIT CREDIT 1 Petty Cash 4,500.00 243,960.00 2 Cash 3 Notes Receivable 100,000.00 470,000.00 16,000.00 320,000.00 4 Accounts Receivable 5 Allowance for Doubtful Accounts 6 Inventory 7 Interest Receivable 8 Prepaid Insurance Office Supplies 1,875.00 45,640.00 13,400.00 10 Land 654,925.00 900,000.00 36,000.00 11 Buildings 12 Accumulated Depreciation Buildings 15 Office Equipment 14 Accumulated Depreciation Office Equipment 15 Store Equipment 246,000.00 44,000.00 112,000.00 16. Accumulated Dereciation Store Fouinment 5.000.00 nstructions 5,000.00 16 Accumulated Depreciation Store Equipment 546,000.00 17 Mineral Rights 30,000.00 18 Accumulated Depletion 19 Patents 42,000.00 20 Social Security Tax Payable 25,470.00 21 Medicare Tax Payable 4,710.00 22 Employees Income Tax Payable 40,000.00 270.00 23 State Unemployment Tax Payable 24 Federal Unemployment Tax Payable 25 Salaries Payable 40.00 157,000.00 131,600.00 28,000.00 26 Accounts Payable 27 Interest Payable 28 Product Warranty Payable 29 Vacation Pay Payable 30 Unfunded Pension Liability 76,000.00 10,500.00 50,700.00 31 Notes Payable 700,000.00 ehensive Problem 3 tructions Chart of Accounts Labels and Amount Descriptions Journal ctions Medicare Tax Payable 4,710.00 mployees Income Tax Payable 40,000.00 270.00 40.00 157,000.00 131,600.00 28,000.00 tate Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Payable Accounts Payable Interest Payable Product Warranty Payable Vacation Pay Payable Unfunded Pension Liability Notes Payable Common Stock 76,000.00 10,500.00 50,700.00 700,000.00 500,000.00 Retained Earnings 1,845,010.00 Totals 3,700,300.00 3,700,300.00 My Work JOURNAL Score: 201/336 ACCOUNTING EQUATION DESCRIPTION POST. REF CREDIT ASSETS LIABILITIES DATE Dec. 31 DEBIT 18,000.00 EQUITY 1 1 Bad Debt Expense 2 Allowance for Doubtful Accounts 18,000.00 5 Cost of Goods Sold 3,300.00 4 Adjusting Entries 5 6 + Inventory Insurance Expense Prepaid Insurance 22,820.00 7 7 3,920.00 9 10 36,000.00 11 44,000.00 Prepaid Insurance Office Supplies Expense Office Supplies Depreciation Expense-Buildings Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Accumulated Depreciation Buildings Accumulated Depreciation Office Equipment Accumulated Depreciation Store Equipment Amortization Expense-Patents 12 5,000.00 1 13 14 15 16 6,000.00 1 Jurnal Shaded cells have feedback. 6 Amortization Expense-Patents 6,000.00 Patents 30,000.00 1 2 50,000.00 + 10,500.00 Depletion Expense Accumulated Depletion Vacation Pay Expense Vacation Pay Payable Product Warranty Expense Product Warranty Payable Interest Receivable Interest Revenue 1,875.00 t Journal Shaded cells have feedback 19 50,000.00 1 20 10,500.00 Accumulated Depletion Vacation Pay Expense Vacation Pay Payable Product Warranty Expense Product Warranty Payable Interest Receivable 25 I 24 1,875.00 25 Interest Revenue 26 27 28 Instructions Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2045, were as follows: Jan. 3 Feb. 26 Apr. 14 May 13 17 Issued a check to establish a petty cash fund of $4,500. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Purchased $31,300 of merchandise on account, terms 1/10,n/30. The perpetual inventory system is used to account for inventory. Paid the invoice of April 14 after the discount period had passed. Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Received a 60-day, 8% note for $180,000 on the Ryanair account. Received amount owed on June 2 note, plus interest at the maturity date. Assume a 360-day year. Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. (Record as two entries.) Jun. 2 Aug 1 24 Sep. 15 Record the following on journal page 22. structions Sep. 15 Oct. 17 Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Assume a 360-day year. Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Journalized the monthly payroll for November, based on the following data: Nov. 30 Salaries: Deductions: Sales salaries $135,000 Income tax withheld $39,266 Office salaries 77,250 Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment Tax rates: State unemployment 5.4% Federal unemployment 0.8% Amount subject to unemployment taxes: Instructions State unemployment 5.4% Federal unemployment 0.8% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 30 Dec. 14 Journalized the employer's payroll taxes on the payroll. Journalized the payment of the September 15 note at maturity. The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. 31 Required: 1. Journalize the selected transactions, starting on page 21 of the journal." 2. Based on the following data, prepare a barik reconciliation for December of the current year. Refer to the Labels and Amount Descriptions list for exact wording of text entries. Enter all amounts as positive numbers. Balance according to the bank statement at December 31, $283,000. Balance according to the ledger at December 31, $245,410. . Checks outstanding at December 31, $68,540. ructions Deposit in transit, not recorded by bank, $29,500. Bank debit memo for service charges, $750. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. 3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company on page 23 of the jour the Miscellaneous Administrative Expense account to record bank service charges. Round your answers to the nearest dollar. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year on page 23 of the journal: Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). The physical inventory on December 31 indicated an inventory shrinkage of $3,300. Prepaid insurance expired during the year, $22,820. Office supplies used during the year, $3,920. Depreciation is computed as follows: Residual Asset Acquisition Date Useful Life in Years Cost Value $900,000 $0 Buildings Office Equip January 2 50 246,000 26,000 Depreciation Method Used Double-declining-balance Straight-line Straight-line January 3 5 Store Equip 112,000 12,000 July 1 10 A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for 8 years. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. Vacation pay expense for December, $10,500, A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December Interest was accrued on the note receivable received on October 17. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar 5. Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year. Be sure to complete the heading of the balance sheet. Enter assets in the order in which they appear in the post-closing trial balance. Refer to information given in the problem and the Labels and Amount Descriptions list for exact wording of text entries. There is no need to include "(current portion) or a due date with any account titles. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your answers to the nearest dollar The merchandise inventory is stated at cost by the LIFO method The product warranty payable is a current liability Vacation pay payable: Current liability: $7.140 Long-term ability: 3.360 The una naninirahiti Calculator mprehensive Problem 3 Instructions Chart of Accounts Labels and Amount Descriptions ! Jou structions numbers use a minus sign. Round your answers to the nearest dollar . The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability: $7,140 Long-term liability: 3,360 . . The unfunded pension liability is a long-term liability. Notes payable: Current liability: $70,000 Long-term liability: 630,000 Cengage (CNOW) for ACCIA SPRING 2020 Book Calculator Comprehensive Problem 3 Instructions Chart of Accounts Labels and Amount Descriptions Journal Instructions ACCOUNT TITLE DEBIT CREDIT 1 Petty Cash 4,500.00 243,960.00 2 Cash 3 Notes Receivable 100,000.00 470,000.00 16,000.00 320,000.00 4 Accounts Receivable 5 Allowance for Doubtful Accounts 6 Inventory 7 Interest Receivable 8 Prepaid Insurance Office Supplies 1,875.00 45,640.00 13,400.00 10 Land 654,925.00 900,000.00 36,000.00 11 Buildings 12 Accumulated Depreciation Buildings 15 Office Equipment 14 Accumulated Depreciation Office Equipment 15 Store Equipment 246,000.00 44,000.00 112,000.00 16. Accumulated Dereciation Store Fouinment 5.000.00 nstructions 5,000.00 16 Accumulated Depreciation Store Equipment 546,000.00 17 Mineral Rights 30,000.00 18 Accumulated Depletion 19 Patents 42,000.00 20 Social Security Tax Payable 25,470.00 21 Medicare Tax Payable 4,710.00 22 Employees Income Tax Payable 40,000.00 270.00 23 State Unemployment Tax Payable 24 Federal Unemployment Tax Payable 25 Salaries Payable 40.00 157,000.00 131,600.00 28,000.00 26 Accounts Payable 27 Interest Payable 28 Product Warranty Payable 29 Vacation Pay Payable 30 Unfunded Pension Liability 76,000.00 10,500.00 50,700.00 31 Notes Payable 700,000.00 ehensive Problem 3 tructions Chart of Accounts Labels and Amount Descriptions Journal ctions Medicare Tax Payable 4,710.00 mployees Income Tax Payable 40,000.00 270.00 40.00 157,000.00 131,600.00 28,000.00 tate Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Payable Accounts Payable Interest Payable Product Warranty Payable Vacation Pay Payable Unfunded Pension Liability Notes Payable Common Stock 76,000.00 10,500.00 50,700.00 700,000.00 500,000.00 Retained Earnings 1,845,010.00 Totals 3,700,300.00 3,700,300.00 My Work