Question

merican Laser, Inc.,reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation 5,000 30,000 106,000 2,000 Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) 263,000 14,000 10,000 14,000 120,000 Retained Earnings Treasury Stock TOTALS $282,000 $282,0e0 The company entered into the following transactions during the year Jan. 15 Issued 13,000 shares of $1 par common stock for $66,000 cash Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,160 shares of $1 par common stock into treasury for $34,760 cash. Mar. 15 Reissued 2,160 shares of treasury stock for $25,760 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash, Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 18-year, $1,018 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt Dec. 29 Recorded $246,000 of service revenue, all of which was collected in cash. deductions. Dec. 31 Calculated $10,eee of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) th a1tdg fke1 o o n-3 s. hebor k26d ctso du kfsacae okcta,a adfvr i rspsy︵ on e re at aelauybu sa rape de $soft et , n r th ep es fcso ylae 'bff fsae hrde 02 t-$6 10s 331 d1fd1 ott ssaee icsslutoduce 51555513 -θ 131111 3 23 ement Journal Trial Balance Balance Sheet UeDt to Assers Ratio Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry requ account field.) ired" in the first Journal entry worksheet 2 3 45 67 13 Issued 13,000 shares of $1 par common stock for $66,000 cash. Record the transaction Note: Enter debits before credits. bit Credit Date Jan 15 Clear entry C Requirement Ledger (Do not round i If no entry is required for a transaction/event, select "No journal entry required" in the first Journal entry worksheet tabs. l entries to record each transaction. Review the accounts as shown in the General L (Do not round intermediate event, select "No journal entry required" in the first field.) Journal entry worksheet 13 cash. Record the transaction. Feb 15 c Requ t field.) Journal entry worksheet 13 Print Reissued 2,160 shares of treasury stock for $25,760 cash. Record the the 32 Journal entry worksheet Journal Prepare the journal entries to record each transaction. Review the accounts as shown in the Ledger and Trial ound intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) 14.32 points Journal entry worksheet 1 2 3 467 8.... 13 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction. References Sep 15 Clear entry er Ratio Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet s 7-1 8 13 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Record the transaction. General Journal Date Oct 01 joumal Journal entry worksheet Oct 03 Clear entry ueneral Trial Balance Balance Sheet Ledger atio Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Recorded $246,000 of service revenue, all of which was collected in cash. Record the transaction. erences Date Dec 29 Clear entry くPrev 701.7 Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in t account field.) Journal entry worksheet 1... 6 7 8 9 10 1112 13 > Print Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. Record the transaction ral Journal DebitCredit Dec 31 Clear entry Requin

Answer 1

Stae General Journal Credit Cash Common Stock Credit Balance Balance Jan-15 Cash 66000 Common Stock(13000 $1) Additional Paid in capital 13000 53000 80000 83000 48240 13000 23000 66000 3000 Jan-31 34760 3000 Additional Paid in capital 25760 4600 Oct-01 102010 Dec-29 246000 Accounts receivable 3000 Date Credit Balance 180610 426610 216000 210610 106000 53000 159000 2000 161000 159000 Feb-15 Treasury stock 34760 34760 (3160 shares $11) Mar-15 Cash 25760 Accounts receivable Dividends Payable Treasury Stock 2160 $11 Additional Paid in capital 23760 2000 Credit Balance Balance Jan-01 5000 Sep-15 19840 19840 2000 Oct-03 4600 2000 2000 Additional Paid in capital Treasury Stock(600 $11) Balance 6600 101000 101000 Treasury Stock Sep-15 Dividends 19840 Balance Premium On Bonds Payable 34760 Dividends Payable (10000+13000-3160)shares* $1 19840 34760 11000 4400 Balance 1010 23760 6600 Oct-01 Cash 102010 Allowance for doubtful accounts Bonds Pavable Premium on bonds payable 101000 Dividends Date Balance Debit re Balance 2000 19840 19840 2000 Oct-03 Allowance for doubtful accounts Accounts receivable 2000 Service revenue Balance Date Credit Balance Dec-29 Cash 246000 Dec-30 216000 216000 246000 Service revenue 246000 Depriciation expense Accumulated depriciation Dec-30 Wages expense 216000 Balance Balance 216000 10000 Dec-31|Depriciation expense Accumulated depriciation 10000 Notes Payable Credit Balance CreditBalance 14000 263000 Retained earnings 120000

Trial Balance Balance sheet tems Cash Accounts receivable Credit 210610 0 263000 Current Assets Accounts receivable Less:allowance for doubtful accounts Total Current Assets 210610 0 0 Accumulated depriciation Dividends Pavable Bonds Pa Premium On Bonds Payable Notes Payable Common Stock Additional Paid in capital Treasury Stock Retained earnin 19840 101000 1010 14000 23000 159000 210610 263000 -40000 Less:Accumulated depriciation 223000 433610 total assets 4400 120000 Current Liabilties Dividends Pavable Non current Liabilties Bonds Pa Premium On Bonds Payable Notes Payable 19840 19840 vidends Service revenue Wages expense Depriciation expense total 246000 216000 101000 1010 10000 723850 723850 116010 Total liabilities 135850 Income Sstatement Service revenue 246000 Common Stock Additional Paid in capital Total Contributed capital Retained earnings 23000 Wages expense Depriciation expense Total expenses Net Income 216000 10000 159000 226000 20000 182000 120160 302160 Less:Treasury stock Total stockholder's equit 297760 Retained earnings Total Liabilities & equity Opening Balance Add:net income Less Dividends Clsoing Balance 120000 20000 19840 120160 433610 Balance sheet-jan1 Debt to assets ratio(a/b) Accounts receivable (net)(5000-2000) 263000 Total Debt(a) 135850 433610 233000 14000 250000 sets(b) total Assets Debt to assets ratio(a/b) Nores Payable 14000 Total Debt(a) 14000 250000 Common srock sets(b) 10000 106000 APIC 120000236000 250000 Debt is more ul