The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
35) Following are transactions of the Twente 1. Issued 10.000 shares of co c k for...
Sage Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $110,000 cash. Purchased $205,000 of merchandise on account. Sold merchandise that cost $162,000 for $322,000 on account. Collected $290,000 cash from accounts receivable. Paid $185,000 on accounts payable. Paid $64,000 of salaries expense for the year. Paid other operating expenses of $80,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount...
Sage Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $120,000 cash. Purchased $200,000 of merchandise on account. Sold merchandise that cost $160,000 for $318,000 on account. Collected $282,000 cash from accounts receivable. Paid $180,000 on accounts payable. Paid $62,000 of salaries expense for the year. Paid other operating expenses of $78,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount...
Roth Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $230,000 of merchandise on account. Sold merchandise that cost $152,000 for $302,000 on account. Collected $248,000 cash from accounts receivable. Paid $215,000 on accounts payable. Paid $58,000 of salaries expense for the year. Paid other operating expenses of $47,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount...
Question 21 Allen Inc. took out a 1-year, 8%, $120,000 loan on September 1, 2019. Interest is due upon maturity of the loan. The loan and interest must be paid back on August 31, 2020. As of December 31, 2019, what amount, if any, should Allen Inc. report for interest payable? a- $9,600 b- $0 c- $6,400 d- $3,200 Question 22 An example of a closing entry would be: a- Closing Sales Revenue to Retained Earnings. b- Closing Net Income...
Record the following sclccted transactions for January in a two-column journal. Once you have completed that, answer questions 1 5 related to your work (a) Earned $7,000 fees; customer will pay later (b) Purchascd equipment for $45,000, paying $20,000 in cash and the remainder on credit (c) Paid $3,000 for rent for January (d) Purchased $2,500 of supplies on account. (e) A. Allen $1,000 investment in the company. (f) Received $7,000 in cash for fees earned previously. (g) Paid $1,200...
Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations 1. Provided $82,000 of services on account. 2. Collected $49,200 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year 4. Adjusted the accounts using the following information from an accounts receivable aging schedule Number of Days Past Due Percent Likely to Be Uncollectible .01 05 .10 .30 .50 Allowance Balance Current 0-30 31-60 61-90 Over 90 days Amount $24,272 1, 640...
For each of the following transactions, prepare journal entries: a. The company issued common shares for $157,000. b. The company borrowed $67,000 from a bank. (Use Bank Loan Payable) c. Inventory costing $46,400 was purchased on account. d. Rented a retail space and paid a damage deposit of $9,000. e. Received a bill for advertising costs of $3,600 related to the grand opening. f. Paid employees wages of $15,300. g. Inventory costing $42,200 was sold for $70,000, half for cash...
For each of the following transactions, prepare journal entries: a. The company issued common shares for $157,000. b. The company borrowed $67,000 from a bank. (Use Bank Loan Payable) c. Inventory costing $46,400 was purchased on account. d. Rented a retail space and paid a damage deposit of $9,000. e. Received a bill for advertising costs of $3,600 related to the grand opening. f. Paid employees wages of $15,300. g. Inventory costing $42,200 was sold for $70,000, half for cash...
Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $110,000 of services on account. 2. Collected $89,000 cash from accounts receivable. 3. Paid $41,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $9,500 4,000 2,500 2,000 3,000 Percent Likely to Be Uncollectible 0.01 0.05...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Apr. 18 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $4,000 cash in full payment of Clark's account. Wrote off the $11,850 balance owed by Iron Horse Co., which...