Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: . Jan. 30 Established the business when it acquired $46,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $33,000 cash. Apr. 10 Purchased $820 of supplies on account. July 1 Received $21,000 cash in advance for services to be provided over the next year. 20 Paid $615 of the accounts payable from April 10. Aug. 15 Billed a customer $9,800 for services provided during August. Sept.15 Completed a job and received $3,000 cash for services Oct. 1 Paid employee salaries of $37,500 cash. rendered. 15 Received $8,800 cash from accounts receivable. Nov. 16 Billed customers $34,000 for services rendered on account. Dec. 1 Paid a dividend of $800 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,250 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $120 was on hand at the end of the period.

Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year. A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1. B. On April 30, Woodworking recognizes subscription revenues earned. C. On October 31, Woodworking recognizes subscription revenues earned. D. On December 31, Woodworking recognizes subscription revenues earned.

Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.

A. A corporation is started with an investment of $53,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $850 are purchased on account. D. A part-time worker is hired. The employee will work 15- 20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days. Journalize for Harper and Co. each of these transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. А. В. С. D. Е. II II II I B.

A company has a fiscal year-end of December 31: (1) on October 1, $21,000 was paid for a one-year fire insurance policy; (2) on June 30 the company loaned its chief financial officer $19,000; principal and interest at 5% on the note are due in one year; and (3) equipment costing $69,000 was purchased at the beginning of the year for cash. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 2 3 Transaction 1 2 3 Prepaid insurance Insurance expense Interest revenue Interest receivable X Answer is not complete. General Journal Accumulated depreciation Depreciation expense X XX XX Debit 5,250 x 69,000 Credit 5,250 x 69,000

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1. A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $11,000; principal and interest at 5% on the note are due in one year; and (3) equipment costing $61,000 was purchased at the beginning of the year for cash.Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Equipment costing $61,000 was purchased at the beginning of the year for cash.

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