General Journal2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank.Page: 1DATE1 20-- Dec. 31 Patent Amortization (Expense)2CashX3Patents4 Dec. 31Copyright Amortization (Expense)CashСЛ67 Dec. 318ACCOUNT TITLE6XCopyrightsFranchise Amortization (Expense)CashFranchiseXDOC. POST.NO. REF.DEBIT1,0002,2505,000CREDIT11,000 ✓ 2342,250 ✔ 5675,000 ✔ 89 Calculations1. Using the straight-line method, calculate the amortization of the patent, copyright, and Franchise.a. Patent1,000 ✓b. Copyright2,250c. Franchise5,00010,000 X

AMORTIZATION EXPENSE Intangible assets such as goodwill, trademarks and patents are written off…

General Journal 2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank. Page: 1 DATE 1 20- Dec. 31 Patent Amortization (Expense) Cash x 2 3 Patents 4 Dec. 31 Copyright Amortization (Expense) Cash 5 6 7 Dec. 31 8 9 ACCOUNT TITLE x Copyrights Franchise Amortization (Expense) Cash Franchise X DOC. POST. NO. REF. DEBIT 1,000 2,250 5,000 CREDIT 1 1,000 ✓ 2 3 4 2,250 ✔ 5 6 7 5,000 ✔ 8 9

General Journal 2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank. Page: 1 DATE 1 20- Dec. 31 Patent Amortization (Expense) Cash x 2 3 Patents 4 Dec. 31 Copyright Amortization (Expense) Cash 5 6 7 Dec. 31 8 9 ACCOUNT TITLE x Copyrights Franchise Amortization (Expense) Cash Franchise X DOC. POST. NO. REF. DEBIT 1,000 2,250 5,000 CREDIT 1 1,000 ✓ 2 3 4 2,250 ✔ 5 6 7 5,000 ✔ 8 9

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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The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods During the year, the following transactions were completed: $ 10,100 $ 4,100 $ 8,700 a. Raw materials purchased on account, $169,000. b. Raw materials used in production, $142,000 (materials costing $122,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 178,000 $ 262,200 e. Utility costs incurred in the factory, $12,000. f. Advertising costs incurred, $14,000. $ 25,000 $ 47,000 d. Rent for the year was $19,000 ($13,600 of this amount…
Leave no cells plank - De certain to enter "U" wherever requirea.) Year Beginning Balance Total Payment Interest Payment Principal Payment 1 $ 72,000.00 $ 18,032.86 $ 5,760.00 $ 12,272.86 $ 2 59,727.14 18,032.86 4,778.17 13,254.69 3 46,472.44 18,032.86 3,717.80 14,315.07 4 32,157.37 18,032.86 2,572.59 15,460.27 5 16,697.10 18,032.86 1,335.77 16,697.10 A b. Interest paid in third year c. Interest paid over the life of loan ✔ Ending Bala 59,7 46,4; 32,15 16,69 b. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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On November 1, 2022, the account balances of Blue Spruce Corp. were as follows. No. Debits No. Credits 101 Cash $2,880 154 Accumulated Depreciation-Equipment $2,400 112 Accounts Receivable 5,100 201 Accounts Payable 3,120 126 Supplies 2,160 209 Unearned Service Revenue 1,440 153 Equipment 14,400 212 Salaries and Wages Payable 840 311 Common Stock 12,000 320 Retained Earnings 4,740 $24,540 $24,540 During November, the following summary transactions were completed. Nov. 8 Paid $2,040 for salaries due employees, of which $840 is for October salarles. 10 Received $4.096 cash from customers on account. 12 Received $3,720 cash for services performed in November. 15 Purchased equipment on account $2,400. 17 Purchased supplies on account $840. 20 Paid creditors on account $3,240. 22 Paid November rent $480. 25 Paid salaries $2,040. 27 Performed services on account and billed customers $2,280 for these services. 29 Recelved $720 from customers for future service.
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Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances: Capital account balance in the general ledger: Ending capital balance on the statement of owner's equity: Ashley knows that these amounts should agree and asks for your assistance in reviewing her work. Your review of the general ledger of Interiors Designs reveals a beginning capital balance of $100,000. You also review the general journal for the accounting period and find the closing entries shown below. Date 20X1 Dec. 31 31 GENERAL JOURNAL Description Closing Entries Fees income Accumulated depreciation Account payable Income summary Income summary Salaries expense Supplies expense Depreciation expense Wade Wilson, Drawing Debit 196,000 17,000 66,000 184,800 Page 15 Credit 279,000 $194,200 111, 200 156,000 10,000 4,800 14,000 Required: 2. Prepare a general journal entry to correct the errors made. 3.…
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
Question: Journalize the required returns! Include excel formula in your answer