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SAMPLE JOURNAL ENTRY HOMEWORK HELP

These notes cover the fundamental aspects of analyzing, recording, and managing various transactions, offering a comprehensive overview of accounting principles and practices.

December 31st.

The final pay period of the year will not be paid to employees until January 4th, 2023. The company will occur the wages for the final pay period only because the pay period is complete, there will not be a reversing entry. For the accrual, as a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected in the employees earning record forms for each employee. When paid the remainder of the employer liability will be played with the final filing of the year.

The company pays for Christmas Eve and the day of Christmas 2022, employees will be paid for both Thursday and Friday as holiday pay. The Standard Time for the pay period was 96 hours, but employees worked extra hours on Saturday, 12 to 26. Remember, holidays and vacations are not included as hours worked for calculation of overtime. Complete the employee gross pay tab. complete the register correctly.

SOLVED ANSWER WITH EXPLANATION

Employee Gross Pay

Last Name	Hourly Rate or Period Wage (Round to 5 decimal)	Pay Period Hours 12/16-12/31	Regular	Overtime	Holiday	Commission
Chinson	$2,000.00	88 hours (exempt - 8 hours Holiday)	$1,630.77	$0.00	$369.23	$1,015.00
Wayland	$3,541.67	88 hours (exempt - 8 hours Holiday)	$2,887.82	$0.00	$653.85
Peppinico	$2,437.50	88 hours (exempt - 8 hours Holiday)	$1,987.50	$0.00	$450.00
Cooper	$29.81	90 hours (8 Holiday)	$2,682.69	$0.00	$476.92

Payroll Register for December 31

Employee	Date	Pay Period	Regular	Overtime	Holiday	Commission	Gross Pay
Chinson	12/31/2023	12/16-12/31	$1,630.77	$0.00	$369.23	$1,015.00	$3,015.00
Wayland	12/31/2023	12/16-12/31	$2,887.82	$0.00	$653.85		$3,541.67
Peppinico	12/31/2023	12/16-12/31	$1,987.50	$0.00	$450.00		$2,437.50
Cooper	12/31/2023	12/16-12/31	$2,682.69	$0.00	$476.92		$3,159.61

General Journal Entries for the December 31 Payroll

Date | Account | Debit | Credit

------- | -------- | -------- | --------

12/31/2023 | Salaries Expense | 9,153.78 |

| Wages Payable | 9,153.78

12/31/2023 | Wages Payable | 9,153.78 |

| Cash | 9,153.78

General Ledger

Account	Balance
Cash	0
Wages Payable	0
Salaries Expense	9,153.78

Notes

Hourly rates are rounded to 5 decimal places.
All other answers are rounded to 2 decimals.
The pay period for exempt employees is calculated by dividing their yearly salary by the number of semimonthly pay periods in a year, which is then split between the number of hours considered regular time and holiday time.
Holidays and vacations are not included as hours worked for calculation of overtime.
The company pays holiday pay for December 26, 2022.

Free Assignment Help on Journal Entry with Assignmenthippo Study Notes: Analysing and Recording Transactions

Analyzing Transactions

Understanding Transactions: Detailed examination of business transactions.
Impact on Accounts: How transactions affect different accounts in double-entry bookkeeping.

T Accounts

Visualizing Transactions: Graphical representation of individual accounts to track debits and credits.

Double‐Entry Bookkeeping

Foundation of Accounting: System where each transaction affects at least two accounts.

Journal Entries

Primary Record: Chronological recording of transactions showcasing their dual impact.

The General Ledger

Collection of Accounts: Comprehensive record of all accounts used by a business.

The Recording Process Illustrated

Step-by-Step Recording: Visual representation of the transaction recording process.

The Trial Balance

Summarizing Accounts: Verifying the equality of debits and credits.

Adjustments and Financial Statements

Adjusting Entries: Modifications made at the end of an accounting period.
Financial Statements: Summarizing a company's financial position.

Accruals and Prepayments

Accrued Revenues and Expenses: Recognizing income and expenses before actual receipt or payment.
Unearned Revenues and Prepaid Expenses: Deferring revenue or expenses until realization or consumption.

Depreciation

Asset Depreciation: Allocating the cost of an asset over its useful life.

Completing the Accounting Cycle

The Work Sheet: Organizational tool summarizing adjustments.
Closing Entries: Process of resetting temporary accounts to zero.
Post-Closing Trial Balance: Ensuring accuracy after closing entries.

Specialized Transactions for Merchandising Companies

Recording Sales: Documenting revenue from sales transactions.
Inventory Systems: Methods for tracking merchandise.

Subsidiary Ledgers and Special Journals

Subsidiary Ledgers: Detailed breakdown of specific accounts.
Special Journals: Recording common repetitive transactions.

Cash Controls

Petty Cash Fund: Small cash fund for minor expenses.
Bank Reconciliation: Matching company records with bank statements.

Receivables

Accounts Receivable: Money owed by customers.
Estimating Bad Debts: Using allowance methods to account for potential losses.

Notes Receivable

Recording and Discounting: Documenting and selling promissory notes.

Inventory Management

Cost and Valuation: Determining inventory levels and valuation methods.
Inventory Systems: Perpetual vs. Periodic systems.

Operating Assets

Asset Management: Understanding and evaluating the use of operating assets in business operations.

What is a Journal?

A journal is the most primary step of recording a transaction and looking at the dual effect of a transaction on two accounts. In other words “A journal is the primary book of accounts in which transactions are first recorded in a chorological order that is as they are entered into.” It is only through journal that it becomes even possible to review the effect on any transaction on the business.

Some important terms in Journals:

Journal entry - entry recorded in journal.
Journalizing - process of recording a transaction in journal.
Posting - transfer of entry to a ledger account.
Ledger - it is a book containing ledger accounts.
Opening entry - it is the first entry passed in the journal book, accounting for closing balances of the last year.

Components of Journal

Date: date of transaction is entered into this column.
Particulars: in this column the journal entry is recorded showing the double effect of a business transaction, the accounts affected by the transaction. The debit of an account is often signified by the usage of the word “by..” and the credit of an account is signified by the usage of the word “ to..” .
Ledger Folio: in this column, the number of ledger papers is written to which the amount is posted in ledger.
Debit Account: the amount to be debited is entered into this column in front of the account being debited.
Credit Account: the amount to be credited is entered into this column in front of the account being credited.

Characteristics of a Journal

Contains day to day transactions.
Transactions recorded in a chronological order.
It is a book original entry as the transactions are first recorded here and then posted in the ledger.
It utilizes the double entry book keeping system to record transactions. It bifurcates transactions into debit and credit according to the functioning and nature of transaction.
Shows complete detail of a transaction in one entry.
Journalizing of entries in journal is called recording journal entry.

Simple and Compound Journal Entries

Simple journal entry: in this type only two accounts are affected by a transaction that is one is debited and one is credited with equal amount.
Compound journal entry: in this type of entry in which two or more accounts are debited and one or more accounts are credited or vice versa.

Now let’s understand how to record journal entries in a Journal or the process of Journalizing through an Illustration.

Illustration

From the following transactions, pass the necessary Journal entries in the books of Daniels & Co.

Date (2016)	Particulars	$
Jan 1	Commencement of business	80000
Feb 5	Purchase of goods	25000
Feb 20	Sold goods	30000
May 10	Purchased goods from Sandy	18000
May 25	Sold goods to Wilson	40000
June 15	Cash give to Sandy	18000
June 28	Cash received from Wilson	40000
Aug 2	Purchased goods for cash from Sandy	19000
Aug 29	Withdrew for personal use	1500
Oct 10	Purchased goods for Emma	17000
Nov 20	Cash paid to Emma Discount allowed by them	17000 300
Dec 31	Paid salaries	12000

Solution

JOURNAL

Date (2016)	Particulars	DR($)	CR($)
Jan 1	Cash a/c To Capital a/c (being cash bought in for capital)	80000	80000
Feb 5	Purchases a/c To cash a/c (being goods purchased for cash)	25000	25000
Feb 20	Cash a/c To Sales a/c (being sales of goods for cash)	30000	30000
May 10	Purchases a/c To Sandy a/c ( Being purchase of goods from Sandy )	18000	18000
May 25	Wilson a/c To Sales a/c (Being goods sold to Wilson )	40000	40000
June 15	Sandy a/c To Cash a/c (Being cash paid to Sandy)	18000	18000
June 28	Cash a/c To Wilson a/c (Being cash received from Wilson )	40000	40000
Aug 2	Purchase a/c To Cash a/c (Being purchase of goods for Cash)	19000	19000
Aug 29	Drawings a/c To Cash a/c (Being cash withdrawn for personal use)	1500	1500
Oct 10	Purchase a/c To Emma a/c (Being goods purchased from Emma )	17000	17000
Nov 20	Emma a/c To Cash a/c To Discount (Being Cash paid to the extent of $16800 to Emma and he allowed discount of $200)	18000	17700 300
Dec 31	Salaries a/c To Cash a/c (Being salaries paid)	12000	12000

Opening entry

As we arefamiliar with the practice of closing of books of accounts at the end of every accounting period and starting the new period with a set of new books of accounts. Closing balances of last year become the opening balance of the current year. Therefore, the first entry is the carrying over of last year’s balance into the new year through an opening entry. “While passing an opening entry, all asset accounts are debited and Liabilities accounts are credited.”

Advantages of a Journal

1. Reduces the Possibility of Error: The possibility of errors is reduced as the amounts to be debited and credited are written side by side and the two can be compared to see if they are equal. If they are recorded directly it may be have errors as wrong amounts may be written wrong.

2. Provides an explanation for transactions: the narration accompanying the journal entry helps to understand the entry better later.

3. Provides chronological record of all transactions: as we see that journal entries are posted in a chronological order hence journal enters records permanently as they happen according to time.

Journal is the most basic and important concept of accounting. It deals with recording which is the first and initial step towards accounting. It is a fundamental part of accounting and helps check mathematical errors and glitches. To solve the questions of trial Journal without the knowledge of treating a transaction and having no any guidance gets very hard to solve and a tedious task to complete your assignments. This is bound to cause mistake without cleared concepts of the treatment of different aspects of business transaction and how to convert raw data into final one. Writing assignment, solving questions of journal becomes a hard task if you don’t have time to understand the concepts as yet and have a lot of other tasks. assignmenthippo.com help you out with all kinds of assignments. We solve your accountancy questions, give you tutorials so that you can understand concepts, etc. we will provide you with in depth knowledge about any kind of topic be it related to any topic, field, stream, etc. myassignmenthelp has the best tutors for all subjects who are well qualified and knowledgeable and master or PhD in their respective fields. They have years of experience teaching students and are well versed with the art of writing the perfect assignments being themselves in the place of a teacher. so and submit us your assignments and we will complete them for you in the deadline set by you. we areavailable 24/7 at your service.

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