ACC 291 Week 3 Individual Study Guide Accounting Problems -

Topics: Mortgage, Tax, Income tax Pages: 15 (2380 words) Published: July 31, 2014
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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 note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.  

• Complete the installment payments schedule for the first 2 years. • Prepare the entries for (1) the loan and (2) the first two installment payments. • Show how the total mortgage liability should be reported on the balance sheet at December 31, 2011.

ACC 291 Week 3 Individual Study Guide Accounting Problems -
www.paperscholar.com
DIRECT LINK TO THIS STUDY GUIDE:
http://www.paperscholar.com/acc-291-week-3-individual-assignment-accounting-problems-7/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
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.
 
 ...
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