Prepare general journal entries to record the following transactions for the Harris Company.

Dec 16th, 2015
Business Finance
Price: $15 USD

Question description

1. Prepare general journal entries to record the following transactions for the Harris Company. (The company uses the balance sheet approach for recording bad debts expense.) 


Dec. 31 Recorded Bad Debts Expense, $800 2011 

Jan. 3 Wrote off Jal’s account as uncollectible, $60 

Mar. 4 Wrote off Hall’s account as uncollectible, $75 

Jul. 5 Recovered $45 from Hall 

Aug. 19 Wrote off M. Wilson’s account as uncollectible, $100

 Nov. 7 Recovered $25 from Jal

2. For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement that the account in which the account balance is reported, and in Column 4 the account’s nature (temporary/permanent).

                                            Column 1     Column 2      Column 3       Column 4 

            Interest payable

                                           Column 1       Column 2    Column 3        Column 4 

         Interest receivable

                                               Column 1         Column 2        Column 3         Column 4 

Discount on notes payable

                                                 Column 1         Column 2        Column 3        Column 4

                Store equipment

3. A computer server system, which had cost $210,000 and had accumulated depreciation of $147,000, was traded for a new system with a fair market value of $235,000. The old system and cash of $180,000 were given for the new system. Prepare the journal entry for the exchange of these similar assets. 

Prepare journal entries for the following for Bartz, Inc. 

May 11 Replaced the engine in a Van #1, paying cash of $5,400 

May 18 Paid cash for a tune-up of the engine in Van #2 of $570 

May 29 Paid cash to add a lift to Van #2 of $3,700

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