ACC 291 Week 3 Individual Study Guide Accounting Problems -
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TUTORIAL: Includes solutions to accounting problems. Individual Assignment: Accounting Problems QUESTION 1
Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73. • What was Walls’s net pay for the week?
• Journalize the entry for the recording of his pay in the general journal.
• Record the issuing of the check for Walls’s pay in the general journal.
QUESTION 2
On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1.
Prepare journal entries to record the following. • The issuance of the bonds.
• The payment of interest on July 1, assuming that interest was not accrued on June 30.
• The accrual of interest on December 31.
QUESTION 3
On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.
Prepare journal entries to record the following events. • The issuance of the bonds.
• The payment of interest on July 1, assuming that interest was not accrued on June 30.
• The accrual of interest on December 31.
QUESTION 4
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.
Prepare the journal entries to record the mortgage loan and the first two installment payments.
QUESTION 5
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the
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DESCRIPTION FOR THIS STUDY GUIDE:
TUTORIAL: Includes solutions to accounting problems. Individual Assignment: Accounting Problems QUESTION 1
Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73. • What was Walls’s net pay for the week?
• Journalize the entry for the recording of his pay in the general journal.
• Record the issuing of the check for Walls’s pay in the general journal.
QUESTION 2
On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1.
Prepare journal entries to record the following. • The issuance of the bonds.
• The payment of interest on July 1, assuming that interest was not accrued on June 30.
• The accrual of interest on December 31.
QUESTION 3
On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.
Prepare journal entries to record the following events. • The issuance of the bonds.
• The payment of interest on July 1, assuming that interest was not accrued on June 30.
• The accrual of interest on December 31.
QUESTION 4
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.
Prepare the journal entries to record the mortgage loan and the first two installment payments.
QUESTION 5
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the