Issued 192,000 shares of $5-par-value common stock for $960,000 in cash.
Borrowed $500,000 from Oglesby National Bank and signed a 12% note due in three years.
Incurred and paid $390,000 in salaries for the year. Purchased $740,000 of merchandise inventory on account during the year.
Sold inventory costing $580,000 for a total of $910,000, all on credit.
Paid rent of $220,000 on the sales facilities during the first 11 months of the year.
Purchased $180,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days.
Paid the entire $126,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded.
Incurred and paid utilities expense of $35,000 during the year.
Collected $835,000 in cash from customers during the year for credit sales previously recorded.
At year-end, accrued $60,000 of interest on the note due to Oglesby National Bank.
At year-end, accrued $20,000 of past-due December rent on the sales facilities.
INCOME STATEMENT AND BALANCE SHEET
Issued 192,000 shares of $5-par-value common stock for $960,000 in cash. Borrowed $500,000 from Oglesby National...
a. Issued 193,000 shares of $5-par-value common stock for $965,000 in cash. b. Borowed S530.00 from Ogesty National Bank and signed a 12% note due in three years. ะก.hored and paid $300, insalanes for the year d. Purchased $680,000 of merchandise inventory on account during the year e. Sold inventory costing $590,000 for a total of $920,000, all on aredit t. Paid rent of $220,000 on the sales facilities during the first 11 months of the year g Purchased $160,000...
Issued 190,000 shares of $4-par-value common stock for $760,000 in cash.Borrowed $550,000 from Oglesby National Bank and signed a 10% note due in three years.Incurred and paid $390,000 in salaries for the year.Purchased $720,000 of merchandise inventory on account during the year.Sold inventory costing $580,000 for a total of $910,000, all on credit.Paid rent of $220,000 on the sales facilities during the first 11 months of the year.Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay...
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 197,000 shares of $4-par-value common stock for $788,000 in cash. Borrowed $540,000 from Oglesby National Bank and signed a 11% note due in three years. Incurred and paid $400,000 in salaries for the year. Purchased $730,000 of merchandise inventory on account during the year. Sold inventory costing $570,000 for a total of $910,000, all on credit. Paid rent of $220,000 on the...
a Issued 240000 shares of $6-per-value common stock for $1,440,000 in cash b. Browed $50.000 ton Oglesby National Bank and sigedam% note due in two years. c. Incurned and paid $400,000 in salaries for the year d. Purchased $650,000 of merchandise Inventory on account during the year e. Sold inventory costing $620,000 for a total of $950,000, all on credit Paid rent of $220,000 on the sales fecilities during the first 11 months of the year h Paid the entre...
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 192,000 shares of $5-par-value common stock for $960,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in three years. c. Incurred and paid $410,000 in salaries for the year. d. Purchased $650,000 of merchandise inventory on account during the year. e. Sold inventory costing $590,000 for a total of $910,000, all on credit. f....
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 199,000 shares of $6-par-value common stock for $1,194,000 in cash.Borrowed $530,000 from Oglesby National Bank and signed a 11% note due in three years.Incurred and paid $410,000 in salaries for the year.Purchased $650,000 of merchandise inventory on account during the year.Sold inventory costing $570,000 for a total of $920,000, all on credit.Paid rent of $220,000 on the sales facilities during the first 11...
What am I doing wrong??
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 240,000 shares of $7-par-value common stock for $1,680,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in two years. c. Incurred and paid $420,000 in salaries for the year. d. Purchased $660,000 of merchandise inventory on account during...
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 200,000 shares of $6-par-value common stock for $1,200,000 in cash. Borrowed $550,000 from Oglesby National Bank and signed a 12% note due in two years. Incurred and paid $430,000 in salaries for the year. Purchased $670,000 of merchandise inventory on account during the year. Sold inventory costing $590,000 for a total...
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 200,000 shares of $5-par-value common stock for $1,000,000 in cash. Borrowed $550,000 from Oglesby National Bank and signed a 12% note due in three years. Incurred and paid $410,000 in salaries for the year. Purchased $660,000 of merchandise inventory on account during the year. Sold inventory costing $590,000 for a total of $910,000, all on credit. Paid rent of $220,000 on the...
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 194,000 shares of $5-par-value common stock for $970,000 in cash. Borrowed $540,000 from Oglesby National Bank and signed a 11% note due in three years. Incurred and paid $390,000 in salaries for the year. Purchased $700,000 of merchandise inventory on account during the year. Sold inventory costing $590,000 for a total of $900,000, all on credit. Paid rent of $220,000 on the...