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- 3. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts. Supplies were purchased on account for $88,000; the perpetual inventory method is used. b. The cost of supplies used during the year ended June 30, 2011, was $130,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost. c. Salaries and wages paid to employees totaled а. $253,000, including related costs.Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $12,000 during the year for experimental purposes in connection with the development of a new product. 2. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $7,500. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $6,000 down and signed a noninterest- bearing note requiring the payment of $18,000 in nine months. The cash price for this equipment was $23,000. 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $28,000. 5. The Mayer Company, plaintiff, paid $12,000 in legal fees in November, in connection with a successful infringement suit on its patent. 6. The Johnson Company traded its old machine with an original cost of $7,400 and a book value of $3,000 plus cash of $8,000 for a new one that had a fair value of $10,000. The exchange has commercial substance. Required:…During the fiscal year ended September 30, 2017, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund: Employees were paid $390,000 Utility bills received from the Town of Berthoud’s Utility Fund during the year amounted to $33,500 Office expenses paid in cash during the year amounted to $10,500. Services supplies purchased on account during the year totaled $167,500 Parts and supplies used during the year totaled $152,300 (at cost) Charges to departments during the fiscal year were as follows: General Fund $408,700 Street Fund $379,300 Payments to the Utility Fund totaled $21,800. Annual depreciation totaled $40,000 for machinery and equipment. Prepare Journal Entries
- Precision Construction entered into the following transactions during a recent year.January 2 Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a$230,000 note due in five years.January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased onaccount.January 30 Wrote a check for the amount owed on account for the work completed onJanuary 3.February 1 Replaced the seat on the bulldozer and wrote a check for the full $800 cost.March 1 Paid $3,600 cash for the rights to use computer software for a two-year period.Required:1. Analyze the accounting equation effects and record journal entries for each of the transactions.2. For the tangible and intangible assets acquired in the preceding transactions, determine theamount of depreciation and amortization that Precision Construction should report for thequarter ended March 31. The equipment is depreciated using the double-declining-balancemethod with a useful life of five years and $40,000 residual…As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,310 cash. The shelves originally cost $8,440 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $740. quired: Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Assets Liabilities Stockholders' Equity +Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $18,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid $5,000 in legal fees to the plaintiff. In March, the Cleanway Laundromat bought equipment. Cleanway paid $12,000 down and signed a noninterest-bearing note requiring the payment of $21,000 in nine months. The cash price for this equipment was $29,000. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $34,000. The Mayer Company, plaintiff, paid $18,000 in legal fees in November, in connection with a successful infringement suit on its patent. The Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $11,800. The old equipment had an original cost of $10,400 and a book value of $4,800 at the time of the trade.…
- Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,720. June 11 Paid $1,255 for installation of a hydraulic lift. Nov. 30 Paid $55 to change the oil and air filter. Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's…Indicate for each transaction the account(s) and amount(s) that should be debited and credited. Factory superintendent's salary for 2015 was P240,000. During 2015, the superintendent spent the first six months supervising construction of the new building; the next three months supervising the installation of productive machinery in the new building, and the last three months supervising operations in the new building. Paid P36,000 interest on cash borrowed during construction. The Cash was used in payment for the new building. Cost of grading and paving parking space and walks behind new building, P95,000. Paid P9,000 insurance premium for "protection" during construction of the building.Vaughn Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2020. Purchase Cash paid for equipment, including sales tax of $5,700 $119,700 Freight and insurance cost while in transit 2,280 Cost of moving equipment into place at factory 3,534 Wage cost for technicians to test equipment 4,560 Insurance premium paid during first year of operation on this equipment 1,710 Special plumbing fixtures required for new equipment 9,120 Repair cost incurred in first year of operations related to this equipment 1,482 Construction Material and purchased parts (gross cost $228,000; failed to take 2% cash discount) $228,000 Imputed interest on funds used during construction (stock financing) 15,960 Labor costs 216,600 Allocated overhead costs (fixed-$22,800; variable-$34,200)…
- Bridgeport Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2020. Purchase Cash paid for equipment, including sales tax of $7,400 $155,400 Freight and insurance cost while in transit 2,960 Cost of moving equipment into place at factory 4,588 Wage cost for technicians to test equipment 5,920 Insurance premium paid during first year of operation on this equipment 2,220 Special plumbing fixtures required for new equipment 11,840 Repair cost incurred in first year of operations related to this equipment 1,924 Construction Material and purchased parts (gross cost $296,000; failed to take 2% cash discount) $296,000 Imputed interest on funds used during construction (stock financing) 20,720 Labor costs 281,200 Allocated overhead costs (fixed-$29,600; variable-$44,400)…Pina Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2020. Purchase $117,600 Cash paid for equipment, including sales tax of $5,600 2,240 Freight and insurance cost while in transit 3,472 Cost of moving equipment into place at factory 4,480 Wage cost for technicians to test equipment 1,680 Insurance premium paid during first year of operation on this equipment 8,960 Special plumbing fixtures required for new equipment 1,456 Repair cost incurred in first year of operations related to this equipment Construction Material and purchased parts (gross cost $224,000; failed to take 2% cash discount) $224,000 Imputed interest on funds used during construction (stock financing) 15.680 Labor costs 212,800 28 w MacBook Air 20. F2 F3 F5 F8 F9 F10 F1 2$ & * 4 5 7 9. E T Y U O P { F G H K CV B N M .. # 3The following are extracted from the records of DONATELLO CO. and its branch MICHELANGELO Co. on December 31, 2008, the third year of the corporation's existence: DONATELLO CO. MICHELANGELO CO. Allowance for Overvaluation $72,500 Sales $600,000 Expenses $200,000 Shipment from Home Office $444,000 The branch acquires all of its merchandise from the Home Office. The inventories of the Branch at billed prices are: January 1, 2008-$47,717.18 December 31, 2008-$84,000 Determine the branch profit-adjusted.