Recording Journal Entries for Jewel Company

Recording Journal Entries for Jewel Company

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Recording Journal Entries for Jewel Company

1. Investors provided cash of $90,000 for stock.
2. Equipment of $100,000 was purchased with 20% paid in cash and the balance on a 6 percent note payable.
3. The company purchased $40,000 of inventory on account. Recording Journal Entries for Jewel Company
4. The company had sales on account of $50,000. The cost of the inventory sold was $30,000.
5. Wages of $10,000 were paid.
6. Cash sales were $20,000. The cost of the inventory sold was $12,000.
7. A utility bill of $1,500 was received.
8. The company collected $38,000 of sales on account.
9. The company paid $36,000 of previous inventory purchases on account.
10. Depreciation on equipment was $3,000. Recording Journal Entries for Jewel Company
11. One month ago, Jewel Company purchased six months of insurance for $3,600, record the entry to recognize the amount of insurance used.
12. Record the interest expense on the note for one month.

B. Determine the ending balance in cash.
C. Determine the amount of net income before tax for the company.

What types of companies might have responsibility centers?
A Responsibility Reporting System Involves preparation of a report for each level of responsibility in the company’s organization chart. It
begins with the lowest level of responsibility and moves upward to higher levels. This permits management by exception at each level of

responsibility, and each higher level can obtain the detailed report for each lower level.
The reports are summarized as they move up the line, until upper managers have the summary reports from the manager below them.
Responsibility reporting allows for comparative evaluations. These rankings provide facts , data and incentives for managers to control costs.

What are the three types of responsibility centers? What is unique about each?

Recording Journal Entries for Jewel Company
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2) What is the difference between forecasting and budgeting?
Managers are always looking for ways to predict sales, expenses and to be prepared for anything that can affect operations. There are different
techniques that can help with this.
Financial planning models are mathematical models of the master budget that can react to any set of assumptions about sales, costs, and product
mix.
Budgetary analysis is more applicable for analyzing the variances between expected and actual results. Futuring is an effective technique to
examine historical events and to project future events.
An important factor considered by sales forecasters is competitors activities.
What else would sales forecasters be interested in?
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Recording Journal Entries for Jewel Company
3)
There are different types of budgets that go into the master budget. We started out by looking at the individual types-cash, travel, etc. These

are usually easy to identify since many of experience with these. Now, these accounts will be classified into the two types- the operating

budget and the financing budget. This is similar to making classifications for the financial statement accounts. The operating budget consists

of individual budgets that result in the preparation of the budgeted income statement , and it is used to establish goals for sales and

production personnel.
What is included in the financing budget and what statement is the information used for?

Recording Journal Entries for Jewel Company
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4) Aside from the cash budget, what are some of the multitude of different budgets that comprise the Master Budget?

The cash budget is similar to the statement of cash flows. It shows the beginning and ending cash balances. There are 3 sections- cash

receipts , cash disbursements, and financing. Sound familiar? it is a breakdown of where cash came in and where cash went out. The difference

here is that a budget is expected cash inflows, expected cash outflows and expected borrowing and repayments. Preparing and following a cash

budget contributes to more effective cash management. It shows managers the need for additional financing before actual need arises and it

Recording Journal Entries for Jewel Company

indicates when excess cash will be available.
Please show a sample cash budget. Use a business that is familiar to you!

Recording Journal Entries for Jewel Company

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Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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