Do Journal Entries

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Do Journal Entries from A through F

Do Journal Entries
(Intermediate I – Fall 2020 – Problem 2) 1 Prepare journal entries (including any. necessary adjusting entries on December 31 ) for each of the following transactions because your company forgot to record any of them. Indicate the appropriate dates for each of your joumal entries. Remember that your company was in a 21% tax bracket for 2019 and a 25% tax rate in 2020. You do not need to make an entry to record income taxes, but you must remember to change the amounts of income taxes on your financial statements. Show all journal entries to the nearest PENNY (which means EVERY iournal entry should have 2 decimals whether the correct amount is $100.0000 or $305.6287498). Please PRINT YOUR JOURNAL ENTRIES, including any related adjusting entries on December 31, 2020, for part “a.” below, followed by all entries for part “b.” below, etc. You do NOT have to put all of the entries in chronological order. On May 1, 2020, your company purchased some new office furniture (equipment) by exchanging an old computer (equipment) and PAID $500 in cash). This transaction has commercial substance. The computer cost $8,000 but had a book value of $6,000 and a market value of $6,400 on the date of the exchange. The furniture has a cash price of $6,600, an estimated life of 8 years, and an estimated salvage value of $500. Your company uses sum of the years’ digits method of depreciation. Record the purchase on May 1 and the depreciation on December 31. On July 1, 2020, your company spent $400 in cash for research on a new product for which the company hopes to acquire a new patent. On August 1 8, 2020, you purchased a trademark for $1,200 in cash for a new logo for your company. You also paid a lawyer $350 in cash to file all of the legal paperwork. You plan to renew the trademark as long as you are in business. On November 1, 2020, you purchased $1 ,000 of 8%, 5 year bonds of another company for 102. You plan to hold these bonds the entire five years. On December 31, these bonds had a market value of 103. You use straight line amortization. On December 31, 2020, you tested the intangible assets for impairment. You estimated the following: Total estimated Fair market value future cash flows (by an appraisal) Patent $5,400 $5,200 Franchise 120,000 1 Trademark 8,000 6,500 You already have the following investments on the books but you forgot to “mark to market.” Trading Securities 12/31/2019 12/31/2020 Book Value $2,090 $1,640 Market Value Available for Sale Securities Bonds 2,250 1,964 Book Value 4,000 4,000 Market Value Available for Sale Securities Stocks 4,000 3,900 Book Value 720 Market Value 790 Prepare Journal entries from “ A to F”

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