JOURNAL

Budgets and Employee Morale 

Budgets play a critical role in management activities such as planning, controlling and motivating employees. Used effectively, budgets can help a company achieve its goals and create a productive work environment. In contrast, budgets can also create a hostile work environment. Consider the relationship between budgets and employee morale and then reflect upon your own work experiences. Explain how budgeting was incorporated to achieve the company’s overall goals and objectives. Reflect on whether or not the budgets were effectively applied and whether your experience was positive or negative. Why do employees have so much emotion when it comes to budgets and budgeting decisions?

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Journalize, prepare adjusting entry, adjusted trial balance, income statement, statement of owners equity, balance sheet and complete the work sheet.

On June 30,2015, the end of fiscal year, the following information is available to Noel Hungria’s accountants for making adjusting entries:

a. Among the liabilities of the entity is a 2,400,000 mortgage payable. On June 30, the accrued interest on this mortgage amounted to P120,000.

b. Assume that on,  JULY 2, a Friday, the entity, which is on a five-day workweek and pays  employees weekly, paid its regular salaried employees P192,000.

c. On June 29, the entity completed negotiations and signed a contract to provide services to a new client at an annual rate of 36,000.

d. The Supplies account showed a beginning balance of P16,150 and purchases during the year of 37,660. The year-end inventory revealed supplies on hand of P 11,860.

e. The Prepaid Insurance account showed the following entries on June 30:

Beginning Balance        P15,300

January 1                         29,000

May 1                               33,660

The beginning balance represents the unexpired portion of a one-year policy purchased in April of the previous year. The January 1 entry represented a new one year policy, and the May 1 entry is the additional coverage of a three-year policy.

  f. The following table of contains the cost and annual depreciation for buildings and equipment , all of which were purchased before the current year: 

Account             Cost            Annual Depreciation

Buildings       P1, 850,000       P 73,000

Equipment       2,180,000          218,000

g. On June 1, the entity completed negotiations with another client and accepted an advance of P210,000 for services to be performed in the next year. The P 210,000 was credited to Unearned Service Revenues.

h. The entity calculated that as at June 30 it had earned P35,000 on a P75,000 contract that will be completed and billed in August.

This is my first time to ask help on my assignment. ITs because i dont have time to answer my assignment anymore. I am a working student. I work on computer shop at the same time im taking up accountancy. So i tried to join course hero hoping that someone will help me to pass  my COURSE.

Please, can anyone help me??

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journalize the following entries on the books of winston co. for august 1, september 1, November 30,(360day year)A.)winston co. purchased merchandise for $60,000 on account from bagley co. , terms n/30.B.) winston co. issued a 90-day, 5% note for $60,000 on account.C.) paid amount due

journalize the following entries on the books of winston co. for august 1, september 1, November 30,(360day year) A.)winston co. purchased merchandise for $60,000 on account from bagley co. ,…

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Journalizing stock issuance and cash dividends and preparing the stockholders’ equity section of the balance sheet:

B-Mobile Wireless needed additional capital to expand, so the business

incorporated. The charter from the state of Georgia authorizes B-Mobile to issue

70,000 shares of 5%, $100 par value cumulative preferred stock, and 110,000

shares of $2 par value common stock. During the first month, B-Mobile completed

the following transactions:  *** TOTAL Stockholder’s Equity is $504,000 ****

Oct. 2

Issued 19,000 shares of common stock for a building with a market value of $250,000.

Oct.6

Issued 800 shares of preferred stock for $110 per share.

Oct.9

Issued 15,000 shares of common stock for cash of $90,000.

Oct.10

Declared a $16,000 cash dividend for stockholders of record on Oct. 20.

Use a separate Dividends Payable account for preferred and common stock.

Oct.25

Paid the cash dividend.

Requirements

1. Record the transactions in the general journal.

2. Prepare the stockholders’ equity section of B-Mobile’s balance sheet at October 31, 2014. Assume B-Mobile’s net income for the month    was $92,000.

AttachmentDateOct 2 Oct 6 Oct 9 Oct 10 Oct 10 Oct 25 DescriptionBuildingTo Common stock19,000*2To Paid in excess ofpar Debit250,000 CashTo Preferredstock(800*100)To Paid in excess ofpar…

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19. Joy and Karl contract for the sale of Joy’s prize-winning show dog for $1,000. Unknown to either party, the dog has died. Karl is A) not required to pay due to the unilateral mistake.B) required to pay because he assumed the risk the dog might die. C) entitled to another dog of equivalent valueD) not required to pay due to the mutual mistake.

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