The accounting records will show the following purchased supplies on account journal entry. Ebookask print references check my workcheck my wo. Oil record book part ii entries annex i nautical class. Regulation 36 oil record book, part ii cargoballast. The company uses a joborder costing system that applies. The entries to record the sale for cash and the cost of a unit of inventory include debits to which of the following accounts.
If a wrong entry has been recorded in the oil record book orb, it should immediately be. Ironworks will record a debit to which account and for how much. How do you enter services rendered in an accounting journal. The company estimates the oil rig will have a useful life of 20 years with no salvage value, after which federal regulations require that the oil rig must be dismantled and the land area restored. Regulation 17 oil record book, part i machinery space operations. The described operations are required to be fully recorded without delay in the oil record book. Apply to accounting oil and gas production and submit your transcripts andor anticipated final grades. The oil record book part ii, whether as a part of the ships official log book or otherwise, shall be in the form specified in appendix iii to this annex. Purchase office supplies on account double entry bookkeeping.
We are continuing to present our top 10 worst injuries from essential oils from the past year of collecting injury reports. Accounting for trucking business is an important part of maintaining the financial health of the company. Adding fuel oil to an oil residue sludge tank all content of a sludge tank is considered sludge. Access fundamentals of financial accounting loose leaf 5th edition chapter 5 solutions now.
Use the taccounts established in part a to record the transactions for october. The student must email their arguments in a document that is no larger than 5000 words. Each operation described in paragraph 2 of this regulation shall be fully recorded without delay in the oil record book part i, so that all entries. Prepare journal entries to record the costs of jobs and to record the transfer of completed jobs to finished goods inventory and to cost of goods sold. The entries in the oil record book part i, for ships holding an iopp certificate, shall be. The generally accepted method of inventory valuation is to record the inventory at its cost or market value, whichever is lower here market value is not retail value, but what it would cost the company to replace the inventory. Advertising expense costs of promoting the business such as those incurred in newspaper publications, television and radio broadcasts, billboards, flyers, etc. Accounting journal entries definition an accounting journal entry is the method used to enter an accounting transaction into the accounting records of a business. Retained earnings are often appropriated while the bonds are outstanding. Bank service charge costs charged by banks for the use of their services. Enter transactions from april 15 on page 1, april 718 on page 2, april 2129 and the first two entries for april 30 on page 3, and the remaining entries for april 30 on page 4. July 1 6710 real estate and personal property taxes 1,300 cash 1,300. Appropriate entries should be made under item j of part ii of the oil record book.
Bond discount, entries for bonds payable transactions on. In accounting, for a capital lease, the lessee records the leased asset as if he or she purchased the leased asset using funding provided by the lessor. Simply go online, connect the pnd with the provided usb cable and turn on the pnd. Regulation 36 oil record book part ii cargoballast operations. So booking assets at book value might end up giving a very.
Top ten worst injuries from essential oils of 2014part. This accounting procedures manual for trustee accounts represents the basis of procedures for maintaining all trustee accounts operated in any state facility. Accounting procedures manual for activity funds and. Oil record book part ii list of items to be recorded a loading of oil cargo 1 place of loading. The second part of the oil record book is for cargoballast operations and this part only needs to be filled out by crew members aboard oil tankers. As part of setting up the farm business, the farmers record the following entry on january 2. Unified interpretation of oil record book part ii for terminal hose. These procedures supersede all previous procedures on trustee account funds as prescribed by sections 452 through 457a of the connecticut general statutes.
The accounting records are aggregated into the general ledger, or the journal entries may be recorded in a variety of subledg. Ensure that you meet all of the admission requirements listed above. Singapore ship means a ship registered under part ii of the. As a refresher, an operating lease functions much like a. List multiple debitcredit entries from largest tosmallest amount, e. Every oil tanker of 150 gross tonnage and above and every ship of 400 gross tonnage and above, other than oil tanker, shall be provided with an oil record book, part i.
Intermediate accounting 2 final exam flashcards quizlet. And that the sale is made when a business provides goods or services to a customer. If you record the correct amount of interest and principal in your cash disbursements journal every. This record book can be part of ships official log book or a separate record book altogether. The oil record book part ii shall be kept in such a place as to be readily available for inspection at all reasonable times and, except in the case of unmanned ships under tow, shall be kept on board the ship. It is essential that all the orb contains entries required by marpol and that the master and all officers are familiar. Pdf accounting book warrent 23 fitra ryan academia. Of course, each monthly payment is part interest, part principal. How to use oil record book part ii cargoballast operation for tankers oil record book the document required to be carried on board ships by marpol 7378, annex i, reg.
Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. Date accountdescription debit creditjuly 1 cash 11,000 common stock 11,000 to record the issuance of stockjuly 1 equipment 9,000 accounts payable 7,000 cash 2,000 to record the purchase of a truckjuly 3. Entries should include information such as the date of service, an explanation of the entry and the option to place it into a debit or credit column. Knowing how to account for forward contracts requires a basic understanding of the underlying mechanics and a few simple journal entries.
The receipt or certificate should be kept together with the oil record book part i. Adopts, in accordance with article 162d of marpol, amendments to. Post the appropriate items from the journal entries in part a to this account. Corporation management wants to protect the bondholders. Prepare journal entries to record the following transactions entered into by elway company. Similarly, an adjusting entry may be required if revenues were. A record of any exhibitions at which the specific art object had been displayed. To enter services rendered in an accounting journal, first create the format of the entry. Collection of oil residue sludge by draining engine sump tanks. The first semiannual interest payment on december 31, 20y1, and the amortization of the bond discount, using the straightline method. Our solutions are written by chegg experts so you can be assured of the highest quality. This part of the oil record book must be kept on board by every oil tanker of 150 tons gross tonnage or more.
Keeping oil record book on board cargo ships and how to. Chapter 2 forward and futures prices attheexpirationdate,afuturescontractthatcallsforimmediatesettlement, should have a futures price. The prizemoney went to darrell meyer of shoshoni, wyoming who found the oldest 3inoneoil bottle in an old privy in laramie, wyoming in 1981 when he first started digging bottles. The credit part of the journal entry is to accounts payable.
Adjusting entries are made at the end of an accounting period to account for items that dont get recorded in your daily transactions. Admission will be extended on a firstqualified, first offered basis. For example, suppose a business purchases pens, stationery and other office consumables for 250, and is given credit terms from the supplier. Collection of sludge from bilge water holding tanks in this case a disposal entry for bilge water is also needed. There is no limit on the number of accounts that may be used in a transaction, but the minimum is two accounts. Learn vocabulary, terms, and more with flashcards, games, and other study tools. A capital lease, referred to as a finance lease under asc 842 and ifrs 16, is a lease that has the characteristics of an owned asset. If a wrong entry has been recorded in the oil record book orb. Double entry accounting is a record keeping system under which every transaction is recorded in at least two accounts.
Accounting for likekind exchanges when one asset is exchanged for another asset of like kind, the accounting treatment differs from that if the asset were sold and another likekind asset purchased. Ebookask print references check my workcheck my work button is now enabled1 item2 item 2 5 points item skipped time remaining 1 hour 36 minutes 24 seconds 01. Many examination features in the oil and gas industry are common to commercial enterprises but the handbook will highlight those areas peculiar to the industry. The list featured below contains the top five worst cases from our upcoming report, due out in february 2015. The first column includes the account number and account name into which the entry is recorded. In order to use quickbooks 2012, you must understand how to record payments. In order for these expenses and related obligations to be included in financial statements, the accountant will record accrualtype adjusting entries.
There are two columns in each account, with debit entries on the left and credit entries on the right. Trump told the governors on a conference call to maybe get going on it because young children have done very well in this disaster that weve all gone through and that. Oil record book instructions international registries. This part of the oil record book is mandatory for every oil tanker of 150 tons gross tonnage or more and any other ship of 400 tons gross tonnage or more that carries oil as fuel or as cargo. The guidance is intended to facilitate compliance with marpol requirements. Prepare the journal entries required to record these transactions in the general journal of. Mark to market accounting definition, examples journal. Transfer any underapplied or overapplied overhead to. Regulations requiring the keeping of oil record books. Guidance for the recording of operations in the oil record book part i machinery space operations all ships 1 the marine environment protection committee, at its sixtysecond session, 11 to 15 july 2011, approved the revised guidance for recording of operations in the oil record book part i machinery space operations all ships. Some expenses may occur so late in an accounting period that they were not processed and recorded in the general ledger accounts. Regulation 36 oil record book, part ii cargoballast operations. Which of the following is a reason for the appropriation.
This receipt or certificate, if attached to the oil record book part i, may aid the master of the ship in. Accounting principles state that sales revenue needs to be recognized when a sale is made. The entries in the oil record book part ii, for ships holding an iopp certificate, shall be in english. In a sale, the gain or loss that is realized would be recognized and the book value of any similar asset purchased would be its cost. Variable cost as a percent of revenue it is vital to measure variable cost ratio to understand what portion of revenue is being allocated to pay for variable costs. Record book part i machinery space operations all ships mepc. Accounting oil and gas production sait, calgary, canada.
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