Journal Entries

Question 1

Journal Entry for accounting for contributions simple:

Answer 1

Debit:
Asset for fair value
Credit:
Contribution Revenue for same amount

Question 2

Journal entry for accounting for contributions complex

Answer 2

Debit:
Contribution Expense
Credit:
Land
Gain on Disposal of land

Question 3

Journal entry to record impairment

Answer 3

Debit:
Loss on Impairment
Credit:
Accumulated Depreciation

Question 4

Journal entry to record sales tax payable:

Answer 4

Debit:
Cash
Credit:
Sales Revenue
Sales Tax Payable

Question 5

Journal entry when sales taxes not recorded separately during sale:

Answer 5

Debit:
Sales Revenue
Credit:
Sales Taxes Payable

Question 6

Journal entry for vacation pay when earned/Accrued:

Answer 6

Debit:
Salaries and Wages Expense
Credit:
Salaries and Wages Payable

Question 7

Journal entry to record vacation pay when taken:

Answer 7

Debit:
Salaries and wages Payable
Salaries and Wages Expense (for increase in Pay amt.
Credit:
Cash

Question 8

Journal entry to record bonuses when earned:

Answer 8

Debit:
Wages and Salaries Expense
Credit:
Wages and Salaries payable

Question 9

Journal entry to record bonus when paid:

Answer 9

Debit:
Salaries and Wages payable for bonus
Credit:
Cash

Question 10

Journal entry to record a probable loss lawsuit contingency:

Answer 10

Debit:
Lawsuit Loss
Credit:
Lawsuit Liability

Question 11

Journal entry for expense warranty approach when sold:

Answer 11

Debit:
cash or AR
Credit:
Sales revenue

Question 12

Journal entry for warranty in the same year, as warranties are serviced:

Answer 12

Debit:
warranties expense
Credit:
Cash/Inventory/etc.

Question 13

Journal entry next year for warranties:

Answer 13

Debit:
warranty liability
Credit:
cash/inventory/etc.

Question 14

Journal entry for obligating event when it is incurred:

Answer 14

Debit:
Asset
Credit:
ARO

Question 15

Journal entry for using depreciation to allocate ARO Expense:

Answer 15

Debit:
Accumulated Depreciation on asset
Credit:
asset

Question 16

Journal entry for recording interest expense each period on ARO:

Answer 16

Debit:
Interest Expense
Credit:
ARO

Question 17

Journal entry to record actual cost of dismantling for ARO

Answer 17

Debit:
ARO
Credit:
Cash
Gain or loss on settlement ARO

Question 18

Journal entry for cost of issuing bonds and putting them on the books:

Answer 18

Debit:
Cash
Unamortized bond issue costs
Credit:
Premium on Bonds Payable
Bonds Payable

Question 19

Journal entry to amortize issue costs when interest payments made:

Answer 19

Debit:
Bond issue expense
Credit:
Unamortized bond issue costs

Question 20

Journal entry to record bond par value sale:

Answer 20

Debit:
cash
Credit:
Bonds payable

Question 21

Journal entry to record first interest payment for bond payment:

Answer 21

Debit:
Bond interest expense
Credit:
Cash

Question 22

Journal entry to record interest payment:

Answer 22

Debit:
Interest payable
Credit:
Cash

Question 23

Journal entry to record interest on bond:

Answer 23

Debit:
Cash
Discount on bond payable
Credit:
Bond payable

Question 24

Journal entry for 1st payment of interest on bond:

Answer 24

Debit:
Interest expense
Credit:
Discount on Bonds payable
Cash

Question 25

Jounral entry for accrual of interest on bond:

Answer 25

Debit: Interest Expense Credit: Discount on Bonds Payable Interest Payable

Question 26

Journal entry to pay interest on bond :

Answer 26

Debit: Interest payable Credit: Cash

Question 27

Journal entry to issue stock:

Answer 27

Debit: Cash Credit: Common stock Additional paid-in capital

Question 28

Journal entry to reacquire stock (simple):

Answer 28

Debit: Treasury stock Credit: Cash

Question 29

Journal entry to reacquire stock:

Answer 29

Debit: Treasury stock Additional paid in capital Credit: Cash

Question 30

Journal entry for Recording dividends at date of declaration:

Answer 30

Debit: Retained earnings (or cash dividend declared) Credit: Dividends payable

Question 31

Journal entry for date of payment at date of paying dividens:

Answer 31

Debit: Dividends payable Credit: Cash

Question 32

Journal entry for Bond converted into stock

Answer 32

Debit: Bond payable premium on bonds payable Credit: Common stock Paid-in capital in excess of par-common stock

Question 33

Journal entry for stock compensation:

Answer 33

Debit: Compensation expense Credit: Paid-in capital stock options

Question 34

journal entry for restricted stock entry on grant date:

Answer 34

Debit: Unearned compensation Credit: Common stock Additional Paid-in capital common stock

Question 35

Journal entry end of year for restricted stock entry:

Answer 35

Debit: Compensation expense Credit: Unearned compensation

Question 36

Journal entry for when employee leaves company a year later:

Answer 36

Debit: Common stock Additional paid in capital-common stock Credit: Compensation expense unearned compensation