Accounting

Governmental University Journal Entries

Governmental University Journal Entries

Selected transactions of Shelbyville State University are listed below. The university reports as a special purpose government engaged in only business-type activities. All amounts are in thousands of dollars.

Transactions:

1.   T

derro   42   1 Reply

bolbol

Government College Journal Entries

Government College Journal Entries

Below are selected transactions for the Lake County Community College (LCCC). LCCC reports as a special government engaged only in business-type activities. All amounts are in thousands of dollars.

Transactions:

1.   Tuition and f

derro   69   1 Reply

bolbol

Accounting for Restricted Gifts

Accounting for Restricted Gifts

Listed below are two transactions for an alcohol rehabilitation treatment program. All amounts are in thousands of dollars.

Transactions:

1.   Received pledges of $300 and cash gifts of $100 during the year to be used only for alc

derro   71   1 Reply

bolbol

Government Hospital Journal Entries

Government Hospital Journal Entries

Listed below are selected transactions from the City of Watertown Hospital. All amounts are in thousands of dollars.

Transactions:

1.   The hospital provided patient services during the year that had standard charges of $12,500. C

derro   75   1 Reply

bolbol

Statement of Activity for a Nongovernmental, Not-for-Profit Organization

Statement of Activity for a Nongovernmental, Not-for-Profit Organization

Selected information from the accounts of the Weinstein Musical Society, a nongovernment, not-for-profit organization for the year ended December 31, 20X5 is presented below. (All amounts are in thousands of dollars and all accounts have a normal bal

derro   76   1 Reply

bolbol

Additional Journal Entries for a Nongovernmental, Not-for-Profit Organization

Additional Journal Entries for a Nongovernmental, Not-for-Profit Organization

Transactions: The following selected transactions occurred for a nongovernment, not-for-profit organization. All amounts are in thousands of dollars.

1.   Received a contribution of stock to establish an endowment fund. The income from the e

derro   54   1 Reply

bolbol

Government Hospital Financial Reporting

Government Hospital Financial Reporting

The following selected information is taken from the accounting records of the Jackson County Hospital for fiscal year 20X0. All accounts have a normal balance and are listed in alphabetical order. Also, all amounts are in thousands of dollars.

derro   71   1 Reply

bolbol

Pension Trust Fund Entries

Pension Trust Fund Entries

Record the following transactions and information for a government's Pension Trust Fund (all amounts are in thousands of dollars).

Transactions (all amounts are in thousands of dollars):

1.   Employer contributions became due

derro   57   1 Reply

bio_man

Referring to Table 11-6, the entry to record the payroll for Peter would include a:

Referring to Table 11-6, the entry to record the payroll for Peter would include a:

Referring to Table 11-6, the entry to record the payroll for Peter would include a:
A) debit to Salary Payable to Employees for $802.50.
B) credit to Employee Income Tax Payable for $120.38.
C) credit to Canada Pension Plan Payable for

gOOvER   85   2 Replies

gOOvER

The Brown Roof Company has three employees: an hourly employee, a salaried employee, and an employee ...

The Brown Roof Company has three employees: an hourly employee, a salaried employee, and an employee ...

The Brown Roof Company has three employees: an hourly employee, a salaried employee, and an employee who works for a flat fee plus commissions. Payroll information for the most recent week is as follows:

Juan is paid $14 per hour with time

gOOvER   146   2 Replies

gOOvER

All of the following are forms of employee compensation except:

All of the following are forms of employee compensation except:

All of the following are forms of employee compensation except:
A) salary.
B) subcontractor fee.
C) wages.
D) commissions.

gOOvER   71   2 Replies

gOOvER

Net pay is equal to:

Net pay is equal to:

Net pay is equal to:
A) gross pay minus all deductions.
B) all deductions plus all withholdings.
C) take-home pay plus all deductions.
D) straight time plus overtime, if any.

gOOvER   103   2 Replies

gOOvER

Canada Pension Plan (CPP) contributions, employment insurance (EI), and personal income taxes are ...

Canada Pension Plan (CPP) contributions, employment insurance (EI), and personal income taxes are ...

Canada Pension Plan (CPP) contributions, employment insurance (EI), and personal income taxes are statutory(legally required) payroll deductions.
 T or F?

gOOvER   85   2 Replies

gOOvER

Define a contingent liability. Discuss the CICA Handbook's guidelines on reporting contingencies. ...

Define a contingent liability. Discuss the CICA Handbook's guidelines on reporting contingencies. ...

Define a contingent liability. Discuss the CICA Handbook's guidelines on reporting contingencies. Give an example of a contingent liability and indicate how it should be reported.

gOOvER   62   2 Replies

gOOvER

Western Yard Equipment offers warranties on all their lawn mowers. They estimate warranty expense at ...

Western Yard Equipment offers warranties on all their lawn mowers. They estimate warranty expense at ...

Western Yard Equipment offers warranties on all their lawn mowers. They estimate warranty expense at 1.4% of sales. At the beginning of 2013, the estimated warranty payable account had a credit balance of $1,200.  During the year, Western Yard E

gOOvER   155   2 Replies

gOOvER

Accruing warranty expense is prescribed by the:

Accruing warranty expense is prescribed by the:

Accruing warranty expense is prescribed by the:
A) recognition criteria for revenues.
B) matching objective.
C) full-disclosure principle.
D) going-concern assumption.

gOOvER   74   2 Replies

gOOvER

A contingent liability is an actual liability that is estimated when things go wrong. T or F?

A contingent liability is an actual liability that is estimated when things go wrong. T or F?

A contingent liability is an actual liability that is estimated when things go wrong.
 T or F?

gOOvER   96   2 Replies

gOOvER

Corporations and individuals both pay income tax. T or F?

Corporations and individuals both pay income tax. T or F?

Corporations and individuals both pay income tax.
 T or F?

gOOvER   54   2 Replies

gOOvER

A contingent liability is a potential liability that depends on a future event arising out of a past ...

A contingent liability is a potential liability that depends on a future event arising out of a past ...

A contingent liability is a potential liability that depends on a future event arising out of a past transaction.
 T or F?

gOOvER   95   2 Replies

gOOvER

Refer to Table 11-8. Prepare the entry made by Samson Company on January 1 to record the proceeds ...

Refer to Table 11-8. Prepare the entry made by Samson Company on January 1 to record the proceeds ...

Refer to Table 11-8. Prepare the entry made by Samson Company on January 1 to record the proceeds and issue of the note.

gOOvER   55   2 Replies

gOOvER

Faulkner Company engaged in the following transactions regarding unearned rent during 2013:Feb. ...

Faulkner Company engaged in the following transactions regarding unearned rent during 2013:Feb. ...

Faulkner Company engaged in the following transactions regarding unearned rent during 2013:

Feb. 1   Collected $6,000 from a tenant who was paying for a two-year lease.
   (Lease A)
Mar. 1   Collected $3,600 from a tenant who was payi

gOOvER   36   2 Replies

gOOvER

Newtowne Furniture Gallery issued two notes payable during 2013. Pertinent data on these notes are ...

Newtowne Furniture Gallery issued two notes payable during 2013. Pertinent data on these notes are ...

Newtowne Furniture Gallery issued two notes payable during 2013. Pertinent data on these notes are shown below:

   Note   Amount   Rate   Term   Date Issued
   A    $10,000   10%   120 days   November 1
   B   $12,500   9%   60 days   December 1

In

gOOvER   71   2 Replies

gOOvER

Refer to Table 11-11. What is the correct journal entry on March 31, 2014?

Refer to Table 11-11. What is the correct journal entry on March 31, 2014?

Refer to Table 11-11. What is the correct journal entry on March 31, 2014?
A)
Notes payable   40,000   
Interest payable     2,400   
Interest expense   800   
          Cash      43,200

B)
Not

gOOvER   74   2 Replies

gOOvER

Refer to Table 11-11. What is the correct journal entry to record the purchase of inventory if ...

Refer to Table 11-11. What is the correct journal entry to record the purchase of inventory if ...

Refer to Table 11-11. What is the correct journal entry to record the purchase of inventory if Maudlin Sales uses a periodic inventory system?
A)
Inventory   40,000   
Notes payable      40,000

B)
Purchases   40,000   
Notes

gOOvER   74   2 Replies

gOOvER

Refer to Table 11-11. What is the correct journal entry to record the purchase of inventory if ...

Refer to Table 11-11. What is the correct journal entry to record the purchase of inventory if ...

Refer to Table 11-11. What is the correct journal entry to record the purchase of inventory if Maudlin Sales uses a periodic inventory system?
A)
Inventory   80,000   
          Notes payable      80,000

B)

gOOvER   69   2 Replies

gOOvER

Refer to Table 11-5. The adjusting entry on December 31, 2014, would include a:

Refer to Table 11-5. The adjusting entry on December 31, 2014, would include a:

Refer to Table 11-5. The adjusting entry on December 31, 2014, would include a:
A) debit to Sales Revenue for $12,500.
B) debit to Unearned Revenue for $12,500.
C) credit to Sales Revenue for $2,500.
D) debit to Unearned Revenue f

gOOvER   70   2 Replies

gOOvER

Short-term notes payable: (Multiple Choice)

Short-term notes payable: (Multiple Choice)

Short-term notes payable:
A) are an unusual form of financing.
B) are generally due within one year.
C) are classified on the balance sheet as non-current.
D) are shown on the balance sheet as a reduction to notes receivable.

gOOvER   66   2 Replies

gOOvER

A company gives a $50,000, 60-day note at the bank at 7%. How much will the company pay the bank at ...

A company gives a $50,000, 60-day note at the bank at 7%. How much will the company pay the bank at ...

A company gives a $50,000, 60-day note at the bank at 7%. How much will the company pay the bank at maturity?
A) $50,287.67
B) $49,424.66
C) $49,712.33
D) $50,575.34

gOOvER   67   2 Replies

gOOvER

A company gives a $100,000, 120-day note at the bank at 9%. How much will the company pay the bank ...

A company gives a $100,000, 120-day note at the bank at 9%. How much will the company pay the bank ...

A company gives a $100,000, 120-day note at the bank at 9%. How much will the company pay the bank at maturity?
A) $102,958.90
B) $97,041.10
C) $98,520.55
D) $101,479.45

gOOvER   55   2 Replies

gOOvER

A company borrows $5,000 on November 1, 2013, giving a 10%, 180-day note payable. The adjusting ...

A company borrows $5,000 on November 1, 2013, giving a 10%, 180-day note payable. The adjusting ...

A company borrows $5,000 on November 1, 2013, giving a 10%, 180-day note payable. The adjusting entry on December 31, 2013, would include a:
A) credit to Interest Payable for $82.19.
B) credit to Interest Payable for $123.29.
C) debit

gOOvER   56   2 Replies

gOOvER

Camrey Company issued a five-year, interest-bearing note payable for $50,000 on January 1, 2013. ...

Camrey Company issued a five-year, interest-bearing note payable for $50,000 on January 1, 2013. ...

Camrey Company issued a five-year, interest-bearing note payable for $50,000 on January 1, 2013. Each January Camrey is required to pay $10,000 principal on the note. What is the amount that will be reported on the long-term portion of long-term note

gOOvER   111   2 Replies

gOOvER

Referring to Table 11-1, the entry on the maturity date would include a:

Referring to Table 11-1, the entry on the maturity date would include a:

Referring to Table 11-1, the entry on the maturity date would include a:
A) credit to Interest Payable for $98.63.
B) debit to Interest Expense for $98.63.
C) credit to Note Payable for $10,295.89.
D) credit to Cash for $10,000.

gOOvER   105   2 Replies

gOOvER

When a company issues a short-term note payable:

When a company issues a short-term note payable:

When a company issues a short-term note payable:
A) the note payable account is credited.
B) the note payable is debited.
C) the interest expense is credited.
D) the interest expense account is debited.

gOOvER   104   2 Replies

gOOvER

Long-term debt refers to obligations that have to be paid within a year of the balance sheet date. T ...

Long-term debt refers to obligations that have to be paid within a year of the balance sheet date. T ...

Long-term debt refers to obligations that have to be paid within a year of the balance sheet date.
 T or F?

gOOvER   50   2 Replies

gOOvER

In provinces with PST, businesses must pay the tax when they are the final consumer of the goods. T ...

In provinces with PST, businesses must pay the tax when they are the final consumer of the goods. T ...

In provinces with PST, businesses must pay the tax when they are the final consumer of the goods.
 T or F?

gOOvER   48   2 Replies

gOOvER

The methods of recording GST and HST are similar. T or F?

The methods of recording GST and HST are similar. T or F?

The methods of recording GST and HST are similar.
 T or F?

gOOvER   41   2 Replies

gOOvER

The rate of provincial sales taxes is the same in every province. T or F?

The rate of provincial sales taxes is the same in every province. T or F?

The rate of provincial sales taxes is the same in every province.
 T or F?

gOOvER   45   2 Replies

gOOvER

An unearned revenue arises when a company receives cash from its customers in advance of earning the ...

An unearned revenue arises when a company receives cash from its customers in advance of earning the ...

An unearned revenue arises when a company receives cash from its customers in advance of earning the revenue.
 T or F?

gOOvER   69   2 Replies

gOOvER

Interest payable is a contra liability account and is deducted from the note payable on the balance ...

Interest payable is a contra liability account and is deducted from the note payable on the balance ...

Interest payable is a contra liability account and is deducted from the note payable on the balance sheet.
 T or F?

gOOvER   111   2 Replies

gOOvER

Research and development costs are treated as expenses even when they benefit the business for more ...

Research and development costs are treated as expenses even when they benefit the business for more ...

Research and development costs are treated as expenses even when they benefit the business for more than one accounting period.
 T or F?

gOOvER   52   2 Replies

gOOvER