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Financial Accounting Essay

774 words - 4 pages

Journal Entry Assignment (5% of Final Mark for course)
Principles of Financial Accounting 0470-151
Prof. Yvette St Pierre
Due date: June 11, 2015

Required:
Windsor-Essex Tool is a manufacturing company. It is organized as an Ontario corporation.

Journal entries for the month of December 2013 for each of the following transactions and events are to be prepared in proper form including explanation. In addition, any adjusting journal entries required at the end of December 2013 should also be prepared. If a journal entry is not required for certain items noted below you are to provide an explanation as to why you did not make an entry. You should cross-reference each of your journal ...view middle of the document...

Please type your journal entries on the attached journal entry form to complete this assignment. Students must submit a hard copy of your journal entries to Stephanie Miller by noon, February 6, 2015 latest. Attach a cover sheet including your name and student ID number.

Accounting Information

The following transactions occurred December 1, 2013

a) At November 30 the company owned land and a building. The land cost
24,000 and now has a value of 32,000. The building’s cost of 88,800 is near its current value if sold. The building has an estimated useful life of 40 years with no residual value. It is currently 10 years old.

b) Purchased a used piece of equipment for 18,000 cash. If purchased new the equipment would have cost 26,000. The estimated useful life of the used equipment is 5 years and the value at the end of 5 years is expected to be 1,800.

c) The company rents excess space in its building to a tenant, Cabana Bearing. Windsor-Essex Tool received three months advance rent from Cabana Bearing in the amount of 1,500.

d) Ordered manufacturing supplies inventory of 2,000. At November 30 an inventory of 8,000 of supplies was on hand and recorded on the books.

e) Invested in a 3 month note from the bank in the...

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