The following transactions of Jaker Ltd. occurred in the month of January:
Date: | ||
1 | Borrowed $10,500 from the bank. | |
3 | Issued 1,800 common shares for $18,000. | |
5 | Purchased inventory on account totalling $20,700. | |
9 | Bought computer equipment costing $6,700 for $3,400 cash and the balance on account. | |
15 | (a) Made sales totalling $21,000, of which $7,600 were on account. (b) The cost of the products sold from inventory was $11,800. | |
19 | Made payments on accounts owing to suppliers totalling $12,600. | |
25 | Collected on accounts from customers totalling $6,600. | |
27 | (a) Made sales totalling $8,800, all on account. (b) The cost of the products sold from inventory was $6,400. | |
28 | Employees earned wages of $2,000 during the month, of which $1,800 was paid. | |
28 | Incurred $700 of utilities expenses during the month. |
Analyze and record these transactions. (Enter amounts
that decrease account balance using either a negative sign
preceding the number e.g. -45 or parentheses e.g. (45). Indicate
whether it is Revenues, Expenses or Dividends declared in the last
column. In case if there is no effect then select "Not Applicable".
Post entries in the order presented in the problem
statement.)
Assets | Liabilities | Shareholders’ Equity | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Date | Cash | Accounts Receivable |
Inventory | Equipment | Accounts Payable |
Wages Payable |
Loan Payable |
Common Shares |
Retained Earnings |
Revenues/Expenses/ Dividends Declared |
||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableRevenuesExpensesDevidends Declared RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableRevenuesDevidends DeclaredExpenses RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesNot ApplicableDevidends DeclaredExpenses RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Devidends DeclaredRevenuesExpensesNot Applicable RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (a) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesDevidends DeclaredNot ApplicableExpenses RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (b) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesExpensesDevidends DeclaredNot Applicable RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableExpensesDevidends DeclaredRevenues RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.RevenuesExpensesNot ApplicableDevidends Declared RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (a) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableExpensesRevenuesDevidends Declared RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | (b) | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Devidends DeclaredRevenuesExpensesNot Applicable RevenuesExpensesDevidends DeclaredNot Applicable | |||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableDevidends DeclaredRevenuesExpenses RevenuesExpensesDevidends DeclaredNot Applicable | ||||||||||||
Choose a transaction date.Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 Jan. 1Jan. 3Jan. 5Jan. 9Jan. 15Jan. 19Jan. 25Jan. 27Jan. 28 | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Enter a dollar amount. | Select an option.Not ApplicableDevidends DeclaredExpensesRevenues RevenuesExpensesDevidends DeclaredNot Applicable |
eTextbook and Media
Date | Assets | = | Liabilities | + | Equity | |||||||||||||
Cash | + | Accounts receivable | + | Inventory | + | Equipment | = | Accounts payable | + | Wages payable | + | Loan payable | + | common stock | + | Retained earning | ||
1 | 10500 | 10500 | ||||||||||||||||
3 | 18000 | 18000 | ||||||||||||||||
5 | 20700 | 20700 | ||||||||||||||||
9 | -3400 | 6700 | 3300 | |||||||||||||||
15(a) | 13400 [21000-7600] | 7600 | 21000 | Revenue | ||||||||||||||
(b) | -11800 | -11800 | expense | |||||||||||||||
19 | -12600 | -12600 | ||||||||||||||||
25 | 6600 | -6600 | ||||||||||||||||
27 (a) | 8800 | 8800 | Revenue | |||||||||||||||
(b) | -6400 | -6400 | Expense | |||||||||||||||
28 | -1800 | 200 | -2000 | Expense | ||||||||||||||
28 | 700 | -700 | Expense | |||||||||||||||
Total | 30700 | + | 9800 | + | 2500 | + | 6700 | = | 12100 | + | 200 | + | 10500 | + | 18000 | + | 8900 |
The following transactions of Jaker Ltd. occurred in the month of January: Date: 1 Borrowed $10,500...
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Problem 10-01A (Part 1)
On January 1, 2022, the ledger of Sandhill Co. contained these
liability accounts.
Accounts Payable
$43,500
Sales Taxes Payable
7,600
Unearned Service Revenue
20,000
During January, the following selected transactions occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%,
$18,000 note.
5
Sold merchandise for cash totaling $5,300, which includes 6%
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12
Performed services for customers who had made advance payments
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14
Paid state...
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Problem 14-01A a-c (Part Level Submission)
(Video)
On January 1, 2020, Sandhill Corporation had the following
stockholders’ equity accounts.
Common Stock ($20 par value, 63,500 shares issued and
outstanding)
$1,270,000
Paid-in Capital in Excess of Par—Common Stock
197,000
Retained Earnings
564,000
During the year, the following transactions occurred.
Feb. 1
Declared a $2 cash dividend per share to stockholders of record
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Mar. 1
Paid the dividend declared in February.
Apr. 1
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Problem 14-01A a-c (Part Level Submission)
(Video)
On January 1, 2020, Sandhill Corporation had the following
stockholders’ equity accounts.
Common Stock ($20 par value, 63,500 shares issued and
outstanding)
$1,270,000
Paid-in Capital in Excess of Par—Common Stock
197,000
Retained Earnings
564,000
During the year, the following transactions occurred.
Feb. 1
Declared a $2 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 2-for-1...
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Common Stock ($20 par value, 50,000 shares issued and
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Paid-in Capital in Excess of Par—Common Stock
190,000
Retained Earnings
550,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 2-for-1 stock split. Prior to the split, the...