1. In the books of OPC :
Transaction / Event | Date | General Journal | Debit | Credit |
$ | $ | |||
a. | 1/01 | Salaries and Wages Payable | 1,600 | |
Cash | 1,600 | |||
b. | 1/02 | Truck | 10,500 | |
Cash | 10,500 | |||
c. | 1/03 | FICA Payable | 600 | |
Withheld Income Taxes Payable | 500 | |||
Cash | 1,100 | |||
d. | 1/04 | Dividends | 3,475 | |
Dividends Payable | 3,475 | |||
e. | 1/05 | Allowance for Doubtful Accounts | 980 | |
Accounts Receivable | 980 | |||
f. | 1/06 | Accounts Receivable | 27,825 | |
Sales | 26,250 | |||
Sales Tax Payable | 1,575 | |||
f. | 1/06 | Cost of Goods Sold | 12,542 | |
Inventory | 12,542 | |||
g. | 1/07 | Sales Tax Payable | 500 | |
Cash | 500 | |||
h. | 1/08 | Cash | 2,400 | |
Treasury Stock | 2,400 | |||
i. | 1/09 | Cash | 13,963 | |
Accounts Receivable | 13,963 | |||
j. | 1/10 | Dividends Payable | 3,475 | |
Cash | 3,475 | |||
k. | 1/11 | Inventory ( 70 units @ $ 66 ) | 4,620 | |
Accounts Payable | 4,620 | |||
l. | 1/15 | Depreciation Expense | 260 | |
Accumulated Depreciation | 260 | |||
l. | 1/15 | Cash | 31,400 | |
Accumulated Depreciation | 3,380 | |||
Gain on Disposal of Equipment | 2,580 | |||
Equipment | 32,200 | |||
m. | 1/16 | Salaries Expense | 2,000 | |
Withheld Income Taxes Payable | 250 | |||
FICA Payable | 150 | |||
Cash | 1,600 | |||
m. | 1/16 | Payroll Tax Expense | 200 | |
FICA Payable | 150 | |||
Unemployment Tax Payable | 50 | |||
n. | 1/17 | Interest Expense | 93 | |
Note Payable | 509 | |||
Interest Payable | 22,600 | |||
Cash | 23,202 | |||
o. | 1/27 | Accounts Receivable | 4,770 | |
Sales | 4,500 | |||
Sales Tax Payable | 270 | |||
o. | 1/27 | Cost of Goods Sold | 2,008 | |
Inventory | 2,008 | |||
p. | 1/29 | Deferred Revenue | 3,750 | |
Sales | 3,750 | |||
p. | 1/29 | Cost of Goods Sold ( 25 units @ $ 66 ) | 1,650 | |
Inventory | 1,650 | |||
q. | 1/30 | Cash | 86,848 | |
Discount on Bonds Payable | 9,152 | |||
Bonds Payable | 96,000 | |||
r. | 1/31 | Depreciation Expense ( $ 10,500 / 50,000 miles) x 2,000 miles | 420 | |
Accumulated Depreciation: Truck | 420 | |||
s. | 1/31 | Bad Debt Expense | 553 | |
Allowance for Doubtful Accounts | 553 | |||
t. | 1/31 | Rent Expense | 1,720 | |
Prepaid Rent | 1,720 | |||
u. | 1/31 | Salaries Expense | 2,000 | |
Withheld Income Taxes Payable | 250 | |||
FICA Payable | 150 | |||
Salaries and Wages Payable | 1,600 | |||
u. | 1/31 | Payroll Tax Expense | 200 | |
FICA Payable | 150 | |||
Unemployment Tax Payable | 50 | |||
v. | 1/31 | Income Tax Expense | 4,060 | |
Income Taxes Payable | 4,060 |
> how did you get d?
The Boss Mon, Nov 29, 2021 7:18 PM
> how did you get d?
The Boss Mon, Nov 29, 2021 7:18 PM
Required Information One Product Corp. (OPC) Incorporated at the beginning of last year. The balances on Its post-closing trial balance prepared on December 31, at the end of its first year of...
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> how did you get D?
Mr Momin 2 Mon, Nov 22, 2021 9:44 AM