Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business. The journal entries for the transactions to be entered into the books of local government

Question

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Answer 1

Question

Chapter 19, Problem 19.15P

(a)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of local government

(a)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

2		Cash	100,000
		Revenue		100,000

3		Cash	55,000
		Investment		50,000
		Gain on sale of investment		5,000

4		Cash	1,000,000
		Issue of bond		1,000,000

		Construction expenses	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the amount released from the general fund for the purchase of equipment
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

(b)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of Voluntary Health and Welfare Organization

(b)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

		Cash	25,000
		Net assets realized- Asset acquisition		25,000

		Net asset realized- Asset acquisition	25,000
		Cash		25,000

2		Cash	55,000
		Investment- common stock		50,000
		Gain on sale of investment		5,000

3		Cash	1,000,000
		Bonds payable		1,000,000

		Buildings	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the asset acquisition
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

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Students have asked these similar questions

Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: Inventories: Beginning (units) Ending (units) Variable costing operating income Year 1 Year 2 Year 3 310 260 260 290 290 350 $ 1,091,400 $ 1,043,400 $ 1,007,400 The company's fixed manufacturing overhead per unit was constant at $670 for all three years. Required: 1. Determine each year's absorption costing operating income. Note: Enter any losses or deductions as a negative value. Reconciliation of Variable Costing and Absorption Costing Operating Incomes Year 1 Year 2 Year 3 Variable costing operating income Add (deduct) fixed manufacturing overhead cost deferred in (released from) inventory under absorption costing Absorption costing operating income

Calculate Dynamic's net income for the year ??

Provide correct option general accounting question

Answer 2

Question

Chapter 19, Problem 19.15P

(a)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of local government

(a)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

2		Cash	100,000
		Revenue		100,000

3		Cash	55,000
		Investment		50,000
		Gain on sale of investment		5,000

4		Cash	1,000,000
		Issue of bond		1,000,000

		Construction expenses	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the amount released from the general fund for the purchase of equipment
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

(b)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of Voluntary Health and Welfare Organization

(b)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

		Cash	25,000
		Net assets realized- Asset acquisition		25,000

		Net asset realized- Asset acquisition	25,000
		Cash		25,000

2		Cash	55,000
		Investment- common stock		50,000
		Gain on sale of investment		5,000

3		Cash	1,000,000
		Bonds payable		1,000,000

		Buildings	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the asset acquisition
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

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Answer 3

Question

Chapter 19, Problem 19.15P

(a)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of local government

(a)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

2		Cash	100,000
		Revenue		100,000

3		Cash	55,000
		Investment		50,000
		Gain on sale of investment		5,000

4		Cash	1,000,000
		Issue of bond		1,000,000

		Construction expenses	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the amount released from the general fund for the purchase of equipment
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

(b)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of Voluntary Health and Welfare Organization

(b)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

		Cash	25,000
		Net assets realized- Asset acquisition		25,000

		Net asset realized- Asset acquisition	25,000
		Cash		25,000

2		Cash	55,000
		Investment- common stock		50,000
		Gain on sale of investment		5,000

3		Cash	1,000,000
		Bonds payable		1,000,000

		Buildings	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the asset acquisition
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

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Answer 4

Question

Chapter 19, Problem 19.15P

(a)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of local government

(a)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

2		Cash	100,000
		Revenue		100,000

3		Cash	55,000
		Investment		50,000
		Gain on sale of investment		5,000

4		Cash	1,000,000
		Issue of bond		1,000,000

		Construction expenses	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the amount released from the general fund for the purchase of equipment
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

(b)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of Voluntary Health and Welfare Organization

(b)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

		Cash	25,000
		Net assets realized- Asset acquisition		25,000

		Net asset realized- Asset acquisition	25,000
		Cash		25,000

2		Cash	55,000
		Investment- common stock		50,000
		Gain on sale of investment		5,000

3		Cash	1,000,000
		Bonds payable		1,000,000

		Buildings	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the asset acquisition
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

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Answer 5

Chapter 19, Problem 19.15P

(a)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of local government

(a)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

2		Cash	100,000
		Revenue		100,000

3		Cash	55,000
		Investment		50,000
		Gain on sale of investment		5,000

4		Cash	1,000,000
		Issue of bond		1,000,000

		Construction expenses	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the amount released from the general fund for the purchase of equipment
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

(b)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of Voluntary Health and Welfare Organization

(b)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

		Cash	25,000
		Net assets realized- Asset acquisition		25,000

		Net asset realized- Asset acquisition	25,000
		Cash		25,000

2		Cash	55,000
		Investment- common stock		50,000
		Gain on sale of investment		5,000

3		Cash	1,000,000
		Bonds payable		1,000,000

		Buildings	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the asset acquisition
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

Answer 6

Chapter 19, Problem 19.15P

(a)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of local government

(a)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

2		Cash	100,000
		Revenue		100,000

3		Cash	55,000
		Investment		50,000
		Gain on sale of investment		5,000

4		Cash	1,000,000
		Issue of bond		1,000,000

		Construction expenses	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the amount released from the general fund for the purchase of equipment
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

Answer 7

Chapter 19, Problem 19.15P

(a)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of local government

Answer 8

(a)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

2		Cash	100,000
		Revenue		100,000

3		Cash	55,000
		Investment		50,000
		Gain on sale of investment		5,000

4		Cash	1,000,000
		Issue of bond		1,000,000

		Construction expenses	1,000,000
		Cash		1,000,000

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Recording the amount released from the general fund for the purchase of equipment
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

Answer 13

(b)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of Voluntary Health and Welfare Organization

(b)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

		Cash	25,000
		Net assets realized- Asset acquisition		25,000

		Net asset realized- Asset acquisition	25,000
		Cash		25,000

2		Cash	55,000
		Investment- common stock		50,000
		Gain on sale of investment		5,000

3		Cash	1,000,000
		Bonds payable		1,000,000

		Buildings	1,000,000
		Cash		1,000,000

Explanation of Solution

Recording the asset acquisition
Recording the donation received from donor
Recording the sale of investment
Recording the issue of bonds

Answer 14

(b)

To determine

Introduction: Journal entries is a systematic method of recording transactions as and when they occur. It is a summary of transactions divided into the debit and credit items that are recorded chronologically. It is an act of keeping and recoding all the transactions occurring in the business.

The journal entries for the transactions to be entered into the books of Voluntary Health and Welfare Organization

Answer 15

(b)

Expert Solution

Answer to Problem 19.15P

Journal Entries

S.no	Date	Particulars	Debit (in $)	Credit (in$)
1		Equipment purchase	25,000
		Cash		25,000

		Cash	25,000
		Net assets realized- Asset acquisition		25,000

		Net asset realized- Asset acquisition	25,000
		Cash		25,000

2		Cash	55,000
		Investment- common stock		50,000
		Gain on sale of investment		5,000

3		Cash	1,000,000
		Bonds payable		1,000,000

		Buildings	1,000,000
		Cash		1,000,000