List the journal entries required in the following situations. Include the debit, credit, account name, amount, accounting period (month), and whether each account is an asset, liability, equity, revenue, or expense.
1. During the June close, you receive an invoice for Machinery used in the plant to manufacture goods totalling $200,000 dated 6/26. The invoice is not entered in the ERP system and not included in your accounts payable balance. What entry is required in June, and July? The invoice will be entered into the ERP system in July.
2. During the September close, you receive an invoice for legal fees totaling $8,000 dated 9/28. The invoice is not entered in the ERP system and not included in your accounts payable balance. What entry is required in September, and October? The invoice will be entered into the ERP system in October.
3. 2014 Real estate taxes (Calendar year 2014 January through December) for the manufacturing plant are paid in March 2015, and are $24,000 annually. What journal entry is required each month in 2014? What entry is required in March 2015 when the taxes are paid?
4. In August 2014 you receive an invoice for general insurance. The time period covered for the insurance coverage is September 2014 through August 2015 (12 months total). What entry is required in August 2014? What monthly entry is required in September 2014 through August 2015?
5. A winding machine is carried on the books at a net book value of $50,000 (the original cost of the machine is $100,000, and there is currently $50,000 in accumulated depreciation). The machine is sold for $75,000 cash. What entry is required to record the sale of the machine?
6. Parent Company A owns both Company B and Company C. Company B sells $3,000 of inventory for a price of $10,000 to Company C in December. However, Company C does not pay until January. What are the entries in December and January for Parent Company A, Company B, and Company C?