Journal entry worksheet Prepare any journal entry needed to.pdf

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Journal entry worksheet Prepare any journal entry needed to adjust the investment to fair value. Note: Enter debits before credits. Journal entry worksheet Record the sale of the investment by Tanner-UNF. Note: Enter debits before credits. Exercise 12-5 (Static) Trading securities [LO12-1, 12-3] Tanner-UNF Corporation acquired as an investment $240 million of 6% bonds, dated July 1 , on July 1,2024 . Company management is holding the bonds in its trading portfolio. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 million for the bonds. The company will receive interest semiannually on June 30 and December 31 . As a result of changing market conditions, the fair value of the bonds at December 31,2024 , was $210 million. Required: 1. \& 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. 3. Prepare any additional journal entry necessary for Tanner-UNF to report its investment in the December 31, 2024, balance sheet. 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2,2025 , for $190 million. Prepare the journal entries required on the date of sale. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5). Show less A Journal entry worksheet 2 Record Tanner- UNF's investment in the bonds on July 1, 2024. Note: Enter debits before credits..

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On April 1, 2024, Washtenaw Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Washtenaw's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Washtenaw agrees to lend $550,000 to its supplier using a 12 -month, 10% note. Required: Record the following transactions for Washtenaw Corporation: 1. The loan of $550,000 and acceptance of the note receivable on April 1, 2024. 2. The adjusting entry for accrued interest on December 31,2024. 3. Cash collection of the note and interest on April 1, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the loan of $550,000 and acceptance of the note receivable on April 1 , 2024. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for accrued interest on December 31, 2024. Note: Enter debits before credits. Journal entry worksheet Record the cash collection of the note and interest on April 1, 2025. Note: Enter debits before credits..

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djust the separate financial statements of Sun Company to reflect the proposed acquisition. Adjust the given Sun's pro forma 2024 financial statements to reflect the proposed acquisition (i.e., adjust Parent's forecasted financial statements - Statement of Operations, Statement of Retained Earnings and Balance Sheet) for bond issuance, stock purchase, income from subsidiary, etc.). Support your statements with appropriate work papers and journal entries. 2. Prepare pro forma consolidation worksheet. Prepare a pro forma consolidation worksheet for Sun Company and it's proposed subsidiary Moon Company as of December 31, 2024. Use the adjusted pro forma 2024 financial statements of Sun Company prepared in #1 and the projected 2024 financial statements of Moon company in table 1. Show all consolidation adjusting entries including non controlling interest (NCI) entries..

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Question #3 FlipCorp.hasthefollowinginformationregardingitsallowanceforuncollectibleaccounts. BalanceDecember31, 2014 $28,000 Write-offsduring2015 (27,000) Recoveriesduring2015 7,000 RequiredallowanceatDecember31, 2015 31,000 Prepare t he journal entries for the write-offs and recoveries for 2015, and for the provision for Uncollectible accounts expense at December 31,2015. Do not provide any journal explanations. If no entry is necessary, write "no entry." (please be sure to fill the date, account name and debit/credit) General Journal: Write-offs: Date Account Debit Credit Question#2 On January 1, 2014, Floppy enters into an agreement with State Finance Corporation to sell a group of receivables without recourse. The total face value of the receivables is $150,000. State Finance Corp. will charge 15%interest on the weighted-average time to maturity of the receivables of 95 days plus a 2%fee. Do not provide any journal explanations. If no entry is necessary, write "no entry." Date Account Debit Credit Question #3 Floopy uses the periodic inventory method for inventories. Prepare the journal entries for each of the following transactions. Do not provide any journal explanations. If no entry is necessary, write "no entry." Floopy uses the net method for recording inventory transactions. >> On January 5, year 2, purchased $17,000 of garden tillers on account fromFlip, terms 2/10, n/30, FOB destination. Freight charges were $200. >> On January 10, year 2, returned garden tillers worth $2,000 to Flip due to defects. >> On January 24, year 2, paid for tillers purchased fromFlip. >> On January 28, year 2, purchased $30,000 of lawn mowers fromFlam, terms 3/10, n/30, FOB shipping point. The freight charges were $820. >> On February 6, year 2, paid for the lawn mowers purchased on January 28, year 2, fromFlam. AllowanceforUncollectibleAccountsandProvisionforUncollectibleAccounts Date Account Debit Credit Question#4 On January 2, 2014, Floppy Co. issued 6% bonds with a face value of $440,000 when the market interest rate was 8% for $380,208. The bonds are due in ten years, and interest is payable every June 30 and December 31. Floppy does not elect the fair value option for reporting its financial liabilities. Do not provide any journal explanations. If no entry is necessary, write "no entry." Round all numbers to the nearest dollar. Required: a. Prepare the journal entries for the bond issue on January 2, 2014. b. Prepare the journal entry for the interest payment on June 30, 2014. c. Prepare any required end of 2014 adjusting entry. General Journal: Date Account Debit Credit Question#5 January 1, 2014, Frick Co. issued 3,000 of its 9%, $1,000 face value bonds at 101 1/2. In connection with the sale of these bonds, Frick paid the following expenses: Promotion costs $ 20,000 Engraving and pri ...

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Scenario 1 : 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share To Proposed Dividend $ 1/ share 2) 20th Jan Proposed dividend Account Dr $ 1/ share To Bank $ 1/ share Scenario 2: 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share To Proposed Dividend $ 5/ share 2) 20th Jan Proposed dividend Account Dr $ 5/ share To Bank $ 5/ share Notes: Dividend is the source of income of shareholders when they invest money in shares for gaining the dividend. On the other hand, when company declares the dividend for shareholder, it will be the deduction of its net profit. For transferring dividend out of net profit, we make the profit and loss appropriation account. Following are the journal entries of dividends 1. When dividend is proposed by company out of net profit. Profit and Loss Appropriation Account Debit Proposed Dividend Account Credit 2. When Proposed dividend is paid by Company Proposed Dividend Account Debit Bank Account Credit 3. When Dividend is Declared Out of Retained Earning Retained Earning Account Debit Dividend Account Credit 4. When Such Dividend is Paid Dividend Account Debit Bank Account Credit Examples : Let’s assume that the Reliance Corporation, on Dec. 20, 2011, declared a cash dividend of Rs. 2 per share on 4,00,000 shares payable April 1, 2012, to all stockholders of record March 15. The following journal entries are required: 1. Date of declaration, Dec. 20, 2011 Retained Earning Account Debit 8,00,000 Dividend Payable Account Credit 8,00,000 2. When dividend is paid on Date of payment, April 1, 2012 Dividend Payable Account Debit 8,00,000 Bank Account Credit 8,00,0000 Important : Sometime company may not have sufficient cash, at that time, company may give his fully paid up new equity shares or other investments. So, we will not credit the bank account but we will credit the equity share capital or investment. Solution Scenario 1 : 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share To Proposed Dividend $ 1/ share 2) 20th Jan Proposed dividend Account Dr $ 1/ share To Bank $ 1/ share Scenario 2: 1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share To Proposed Dividend $ 5/ share 2) 20th Jan Proposed dividend Account Dr $ 5/ share To Bank $ 5/ share Notes: Dividend is the source of income of shareholders when they invest money in shares for gaining the dividend. On the other hand, when company declares the dividend for shareholder, it will be the deduction of its net profit. For transferring dividend out of net profit, we make the profit and loss appropriation account. Following are the journal entries of dividends 1. When dividend is proposed by company out of net profit. Profit and Loss Appropriation Account Debit Proposed Dividend Account Credit 2. When Proposed dividend is paid by Company Proposed Dividend Account Debit Bank Account Credit 3. When Dividend is Declared Out of Retained Earning Retained Earning Account Debit Dividend Account Credi.

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