Please read the bottom before starting.
Debit and credit each transaction:
1/1 beginning balances
⅛ Indiana pays off the beginning salaries payable balance
1/12 Indiana buys 1,000 units of inventory at a per-unit cost of $16 on account, terms net/60
1/19 inian pays off the beginning income taxes payable balance
1/21 indian sells 1,100 units to Sallah co. for $85 each on credit, terms 2/15, net/45
1/31 indiana pays off $30,000 of the beginning accounts payable balance
2/7 indiana pays for $4,000 of magazine advertising.
2/15 indian writes off the A/R balance owed by short Round co. and uncollectable ( see instructions
2/18 indiana collects the amount owed by Sallah co. outside of the discount period.
2/27 indiana pays $18,000 of the interest payable balance
¾ indian pays off the 1/12 purchase
⅜ indian sells 500 units to Ravenwood LLC within the discount period
3/14 indiana collects the amount owed by Ravenwood LLC within the discount period.
3/24 indian buys 1,200 units of inventory at a per-unit cost of $18 on account, terms net/60
4/1 indiana provides the services owed to a client. The client paid Indiana $30,000 last year
4/8 indian pays off the beginning dividends payable balance
4/12 indian pays off the 3/24 purchase.
4/25 indian sells 800 units to Mola Ram, Inc for $90 each on credit, terms 2/15, net/45
5/1 inidan grants Mola, ram, Inc an allowance of $4,000 for damaged goods from the 4/25 sale
⅝ indian collects the amount owed by Mola Ram, Inc. within the discount period
5/15 indiana pays toht, Dietrich and gobies gmbh for miscellaneous expenses for $10,000
5/27 indian buys 1,500 units of inventory at a per-unit cost of $20 on account, term net/60
6/3 indian collects the amount owed by Barrance Inc. (see instructions) no discount applied
6/27 indiana pays for 6,000 of magazine advertising
7/3 indian pays off the 5/27 purchase
7/10 indian sells 1,600 units of Elsa Schneider Co, for $92 each on credit, term 2/15, net/45
7/17 indian buys office supplies for $5,000 on credit, terms net/45
7/27 indian pays off the 7/17 purchase
8/9 indian collects the amount owed by else Schneider co. outside the discount period.
8/24 indiana pays off $20,000 of the beginning accounts payable balance
8/27 indiana buys 900 units of inventory at a per-unit cost of $23 on an account, term net/60
9/1 indiana sells 500 units to Panlot Construction for $92 each in cash
9/12 indian pays of the 8/27 purchase
9/30 indian buys a short-term investment for 50,000
10/4 indian sells 750 units to maharajah sign co. for $93 each on credit, term 2/15, net 45
10/15 indian collects the amount owed by maharaja sign co. within the discount period
10/31 indian receives $12,000 in advance for services to be provided next year
11/9 indian buys 1,000 units of inventory at a per-unit cost of $25 on account, terms net/60
11/19 indiana buys office supplies for $4,000 in cash
11/27 indian pays for postage, shipping costs, and other miscellaneous items(total of $3,000)
12/4 indiana pays off the 11/9 purchase
12/4 indiana pays off the 11/9 purchase
12/12 indian buys 600 units of inventory at a per-unit cost of $26 on account, terms net/60
12/16 indian sells 1,000 units to Kazim & Brothers co. for $95 each on credit, terms 2/15, net/45
12/29 indian sells 80,000 services to Belloq LLC on credit, terms 2/15, net/45
12/31 indian declares a dividend of $15,000 to be paid next year
12/31 indian buys $500 office supplies in cash
READ ME I'm under this text!!!!!!!!!!!!!
Begging balance for each of the following:
Cash: 130,000
Accounts Receivable: 25,000
Allowance for doubtful accounts: (8,000)
Merchandise Inventory 30,000 (2,000 units at a cost of $15/units
Office supplies: 1,200
Prepaid insurance 15,000
Land 50,000
Building 300,000
Accumulated deprecation building (60,000)
Equipment 600,000
Accumulated Depreciation equipment (100,000)
Intangible assets patent 30,000
Accounts Payable 50,000
Salaries Payable: 12,000
Income Taxes Payable 12,000
Interest Payable: 22,000
Unearned revenue: 30,000
Dividends payable: 15,000
Notes Payable: 370,000
Common Stock: 100,000
Additional paid in capital: 230,000
Retained earnings: 172,200
Adj. Adjusting entries.
#1 Salaries incurred and paid is $80,000, Salaries incurred but unpaid is $20,000, Total salaries for the year is $100,000
#2 Depreciation on the Equipment is based on a useful life of 10 years and $100,000 salvage value.
#3 The amortization expense for the year is $7,000. Decrease the patent asset.
#4 The adjustment to bad debt expense should be based on the desired ending balance in the Allowance for Doubtful Accounts account of 10% of the ending A/R balance (hint: there is already a balance in the Allowance Account)
#5 Depreciation on the Building is based on a useful life of 40 years and no salvage value.
#6 The insurance at the beginning of the year is prepaid for three years. At the end of the current year, one year's worth has expired. Record the adjustment for the used up insurance amount.
#7 The short-term investment purchased on 9/30 for $50,000 at an annual interest rate of 7%. Accrue the interest earned. The interest will be received next year
#8 Utilities for the year were $9,500 and will be paid next year.
#9 A count of the remaining office supplies at the end of the year indicates that there is only $1,000 of supplies left. Make the adjustment to account for the used up supplies.
#10 Incurred but unpaid income taxes amount to $45,000.
#11 The annual interest rate on the note payable is 8.25%. The note has been outstanding for the entire year (for the amount of the note, see the beginning balance
Please read the bottom before starting. Debit and credit each transaction: 1/1 beginning balances ⅛ Indiana pays off the...
need help finding the remaining cogs and ending
inventory .
Date Description 217 Indiana buys $3,000 of office supplies in cash. 2/15 Indiana pays off $30,000 of accounts payable. 2/18 Indiana collects the amount owed from Bellog, Inc from the 1/19 sale outside the discount period 2/27 Indiana provides the services owed to a client. The client paid $50,000 in advance last year. 3/4 Indiana pays off the 1/12 purchase. 3/8 Indiana writes of the Temple of Doom A/R balance...
I need help from 4/1 to 12/31. first on making
transactions and second with the balance sheet. some necessary
info:Lao Che Industries $15,000(current), temple of doom co
$5,500(90 days past due), Asp Co $10,000(current), ark of covenant
inc $11,500(current). company common stock $2.50 par value. 100,000
shares authorized.
Date Description 217 Indiana buys $3,000 of office supplies in cash. 2/15 Indiana pays off $30,000 of accounts payable. 2/18 Indiana collects the amount owed from Bellog, Inc from the 1/19 sale...
need help making transactions.
terms for assets: cash, short term investments, A/R, allowance for
doubtful Acc, interest receivable, merchandise inventory, office
supplies, prepaid insurance, land, building, Accumulated building,
intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable,
interest payable, unearned revenue, dividends payable, notes
payable
terms for equity: common stock, additional paid in capital,
retained earnings
terms for revenues: sales revenue, sales discount, sales allowance,
service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense,
office...
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,000 Accumulated Depreciation—Equipment $2,310 Accounts Receivable 4,800 Accounts Payable 4,900 Inventory 11,600 Salaries and Wages Payable 1,100 Supplies 1,500 Common Stock 30,000 Equipment 23,100 Retained Earnings 9,690 $48,000 $48,000 During December, the company completed the following summary transactions. Dec. 6 Paid $1,750 for salaries and wages due employees, of which $650 is for December and $1,100 is for November salaries and wages payable. 8 Received...
On December 1, 2022, Crane Distributing Company had the following account balances. Debit Credit Cash $6,300 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 3,700 Accounts Payable 3,600 Inventory 11,100 Salaries and Wages Payable 1,000 Supplies 15,000 1,200 22,000 $44,300 Common Stock Retained Earnings Equipment 22,500 $44,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1.900 cash from customers...
PLEASE ANSWER ALL PARTS! THANK YOU :)
Credit Debit $ 70,000 40,000 $ 5,000 30,000 70,000 Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accumulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Common stock Retained earnings Totals 10,000 200,000 20,000 36,000 100,000 239,000 $410,000 $410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee...
Please help me with this! I'm so confused about how to prepare
the trial balance before adjustment. Here is all the
information:
The 2019 Balance Sheet of the
Victoria Co. is as
follows:
Victoria
Co.
Balance
Sheet
As of
December 31, 2019
Cash
85,000
Notes Payable
150,000
Notes Receivable
34,590
Accounts Payable
125,000
Accounts Receivable
35,000
Unearned Revenue
1,000
Less: Allowance for Doubtful A/Cs
(2,930)
Property Tax Payable
0
Inventories
65,000
Interest Payable
3,500
Office
Supplies
0
Income Tax Payable...
No Debit Depil Credit Date May 03 General Journal No Transaction Recorded May 05 No Transaction Recorded May 07 No Transaction Recorded 4 May 08 No Transaction Recorded Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price...
Digital world is a retail store that sells cameras and photography
supplies the firms credit purchases and purchases returns and
allowance transactions for June 2019 appear below along with the
general ledger account used to record these transactions the
balance shown in accounts payable is for the beginning of June.
what amount is owed to nano glass on June 30?
Digital World is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and...
On November 1, 2017, Larkspur, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $10,980 Accumulated Depreciation—Equipment $1,220 Accounts Receivable 2,733 Accounts Payable 4,148 Supplies 1,049 Unearned Service Revenue 4,880 Equipment 30,500 Salaries and Wages Payable 2,074 $45,262 Common Stock 24,400 Retained Earnings 8,540 $45,262 During November, the following summary transactions were completed. Nov. 8 Paid $4,331 for salaries due employees, of which $2,257 is for November and $2,074 is for October. 10...