Roger Company completed the following transactions during Year 1. Rogers fiscal year ends on December 31. Required:
Question:
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.
Required:
1. Prepare journal entries for each of these transactions.
2. Prepare all adjusting entries required on December 31.
3. What is the total amount of liabilities arising from these transactions that will be reported on the fiscal year-end balance sheet?
4. For each transaction state whether operating cash flows increase, decrease, or are not affected.
Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,860; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $35,000 from National Bank for general use; signed a 12-month, 8 percent annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,420. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $6,000. Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. Determined wages of $9,500 were earned but not yet paid on December 31 (disregard payroll taxes). 17 Apr. 1 June 3 July 5 Aug. 1 Dec. 20 31
Step by Step Answer:
Req 1 Req 2 Req 3 Req 4 January 8 Inventory A Accounts payable L ...View the full answer
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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