PLEASE HELP – JE for AUD!!

  • Creator
    Topic
  • #1443350
    mperez102204
    Participant

    is there any that I am missing????

    This is the link to the excel spreadsheet.

    https://www.dropbox.com/s/nkemf4x4rk4s5c7/journal%20entries.xlsx?dl=0

    Please let me know if you’re unable to view it. I can give a breakdown of what I have, but I do think it would be as beneficial. Any input will be GREATLY appreciated!!

    I honestly hate the number 67..... officially the worst number ever. Ugh, but 73 feels so much worse.

     

    AUD -  67 ; 73 - retake August.

    BEC - 69

    FAR - 63, 67, Retake TBD

    REG -  eventually 🙂

Viewing 3 replies - 1 through 3 (of 3 total)
  • Author
    Replies
  • #1443648
    Wannafree
    Participant

    1.Accrued Liability: Dr: Accrued expense
    Cr: Accrued liability
    2. Accrued Revenue: Dr: A/R
    Cr: Accrued revenue
    3. Deferred charges: Dr: Deferred charge
    Cr: Cash/asset
    *stays on B/S for now;
    4. Deferred credits: Dr: Cash
    Cr: Unearned / deferred
    revenue
    *stays on B/S for now;
    5. Earned royalties: Dr: Unearned royalties
    Cr: Earned royalties
    *I/S impact
    6. J/E to record Large Stock
    Dividend at Par:
    Journal entry to record
    declaration:
    Dr: Retained earnings
    $4,000,000
    Cr: Common Stock
    $4,000,000
    Journal entry to record the
    distribution:
    Dr: Common stock distributable
    $4,000,000
    Cr: Capital stock, $10 par
    common $4,000,000
    7. J/E to record Small Stock
    Dividend at FMV:
    Dr: Retained earnings FMV (5,000 x 15) $75,000

    Cr: Common Stock (5,000 x10 par) $50,000
    Cr: Paid in capital (75-50) $25,000
    8. J/E to record stock options: 1. No entry at the grant date
    2. To accrue expense: X 2
    Year 1 and Year 2
    Dr: Compensation expense $25,000
    Cr: APIC – stock options $25,000
    3. When exercised:
    Dr: Cash (10,000 x 25) $250,000
    Dr: APIC – stock options $50,000
    Cr: Common Stock (10,000 x 5) $50,000
    Cr: APIC – $250,000
    9. Prepaid Expenses: Dr: Prepaid expense
    Cr: Cash
    *stays on B/S for now;
    10. Unearned royalties if cash
    rec'd in advance:
    Dr: Cash
    Cr: Unearned royalties
    *B/S impact only;
    Keep in mind
    A)Losses/expenses/Asset acquired always debited
    B)profit/Income/Liabilities/asset going out e.g Cash ) always credited
    for AJE , first understand the executed ( actual entries ) and then just reverse the entries to correct the mistake or error.
    You don't need to remember all JE for Audit.In AUD SIM they ask simple adjustment.

    WannaB
    #1443657
    Wannafree
    Participant

    1.Accrued Liability: Dr: Accrued expense
    Cr: Accrued liability
    2. Accrued Revenue: Dr: A/R
    Cr: Accrued revenue
    3. Deferred charges: Dr: Deferred charge
    Cr: Cash/asset
    *stays on B/S for now;
    4. Deferred credits: Dr: Cash
    Cr: Unearned / deferred
    revenue
    *stays on B/S for now;
    5. Earned royalties: Dr: Unearned royalties
    Cr: Earned royalties
    *I/S impact
    6. J/E to record Large Stock
    Dividend at Par:
    Journal entry to record
    declaration:
    Dr: Retained earnings
    $4,000,000
    Cr: Common Stock
    $4,000,000
    Journal entry to record the
    distribution:
    Dr: Common stock distributable
    $4,000,000
    Cr: Capital stock, $10 par
    common $4,000,000
    7. J/E to record Small Stock
    Dividend at FMV:
    Dr: Retained earnings FMV (5,000 x 15) $75,000

    Cr: Common Stock (5,000 x10 par) $50,000
    Cr: Paid in capital (75-50) $25,000
    8. J/E to record stock options: 1. No entry at the grant date
    2. To accrue expense: X 2
    Year 1 and Year 2
    Dr: Compensation expense $25,000
    Cr: APIC – stock options $25,000
    3. When exercised:
    Dr: Cash (10,000 x 25) $250,000
    Dr: APIC – stock options $50,000
    Cr: Common Stock (10,000 x 5) $50,000
    Cr: APIC – $250,000
    9. Prepaid Expenses: Dr: Prepaid expense
    Cr: Cash
    *stays on B/S for now;
    10. Unearned royalties if cash
    rec’d in advance:
    Dr: Cash
    Cr: Unearned royalties
    *B/S impact only;
    Keep in mind
    A)Losses/expenses/Asset acquired always debited
    B)profit/Income/Liabilities/asset going out e.g Cash ) always credited
    for AJE , first understand the executed ( actual entries ) and then just reverse the entries to correct the mistake or error.
    You don’t need to remember all JE for Audit.In AUD SIM they ask simple adjustment.

    WannaB
    #1443716
    mperez102204
    Participant

    You are awesome!!! thank you so much.

    I honestly hate the number 67..... officially the worst number ever. Ugh, but 73 feels so much worse.

     

    AUD -  67 ; 73 - retake August.

    BEC - 69

    FAR - 63, 67, Retake TBD

    REG -  eventually 🙂

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