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Business
Accounting
December 1: Pane puchases a piece of machinery with cash that will assist in making "T - Panes" cost of machinery $890, 000 installation fees $4, 250 transportation costs $1030 December 10: Pane collects a portion of their accounts receivable amount collected $43, 758,000 December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. sale price $10,000 Equipment Historical Cost $55,000 Accumulated Depreciation for this equipment $38,000 December 31: Pane paid the IRS their 2023 income tax. Income Tax Paid $2,000,000 The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has not been recorded on Pane's books. Number of Employees 200 Employee payment (daily) $175 Days worked in the current year 250 On December 31, Pane was notified that their one of their customers filed bankruptcy and would not be able to pay off their $3,000 account receivable. On December 31, Pane paid cash dividends of $8,000 to its shareholders. prepare journal entries for each of these transactions please

December 1: Pane puchases a piece of machinery with cash that will assist in making "T - Panes" cost of machinery $890, 000 installation fees $4, 250 transportation costs $1030 December 10: Pane collects a portion of their accounts receivable amount collected $43, 758,000 December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. sale price $10,000 Equipment Historical Cost $55,000 Accumulated Depreciation for this equipment $38,000 December 31: Pane paid the IRS their 2023 income tax. Income Tax Paid $2,000,000 The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has not been recorded on Pane's books. Number of Employees 200 Employee payment (daily) $175 Days worked in the current year 250 On December 31, Pane was notified that their one of their customers filed bankruptcy and would not be able to pay off their $3,000 account receivable. On December 31, Pane paid cash dividends of $8,000 to its shareholders. prepare journal entries for each of these transactions please

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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December 1: Pane puchases a piece of machinery with cash that will assist in making "T - Panes" cost of machinery $890, 000 installation fees $4, 250 transportation costs $1030 December 10: Pane collects a portion of their accounts receivable amount collected $43, 758,000 December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. sale price $10,000 Equipment Historical Cost $55,000 Accumulated Depreciation for this equipment $38,000 December 31: Pane paid the IRS their 2023 income tax. Income Tax Paid $2,000,000 The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has not been recorded on Pane's books. Number of Employees 200 Employee payment (daily) $175 Days worked in the current year 250 On December 31, Pane was notified that their one of their customers filed bankruptcy and would not be able to pay off their $3,000 account receivable. On December 31, Pane paid cash dividends of $8,000 to its shareholders. prepare journal entries for each of these transactions please
Transcribed Image Text:December 1: Pane puchases a piece of machinery with cash that will assist in making "T - Panes" cost of machinery $890, 000 installation fees $4, 250 transportation costs $1030 December 10: Pane collects a portion of their accounts receivable amount collected $43, 758,000 December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. sale price $10,000 Equipment Historical Cost $55,000 Accumulated Depreciation for this equipment $38,000 December 31: Pane paid the IRS their 2023 income tax. Income Tax Paid $2,000,000 The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has not been recorded on Pane's books. Number of Employees 200 Employee payment (daily) $175 Days worked in the current year 250 On December 31, Pane was notified that their one of their customers filed bankruptcy and would not be able to pay off their $3,000 account receivable. On December 31, Pane paid cash dividends of $8,000 to its shareholders. prepare journal entries for each of these transactions please
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