Part 1 - Record Journal entries for the transactions below Transactions 1. On December 1, Apollo...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Part 1 - Record Journal entries for the transactions below Transactions 1. On December 1, Apollo purchased $420 of supplies. 2. On December 1, Apollo made a $3,500 loan to Ivan. The one-month loan had an 8% annual interest rate and will be repaid on January 1. 3. On December 6, Apollo purchased ten guitars from Adrian, paying a total of $48,400-nine of the guitars were the standard $4,700 and the guitar specially-ordered by Paulie cost Apollo $6,100. Apollo paid for half of the amount in cash and asked Adrian to send a bill for the rest. 4. On December 9, Paulie picked up his custom guitar from Apollo. Paulie had prepaid for the guitar on November 28. 5. On December 9, Apollo paid Adonis $1,350 for the 10 days he worked since he was last paid. 6. On December 10, Apollo made a $17,300 payment on account to Adrian. 7. On December 11, Apollo paid $1,000 total for four separate advertisements. Three ads will run later in December and one ad will run in January. Debit should be to a Pre-Paid asset account for the full $1,000. 8. On December 20, Apollo sold 7 guitars for $8,000 apiece, 6 are paid for in cash, and 1 is sold on account. 9. On December 23, Apollo paid Adonis $1,350 for the 10 days he worked in the pay period. 10. On December 27, Apollo collected $8,000 cash from a customer who had purchased a guitar on account. 11. On December 27, Apollo paid $1,750 of administrative expenses. 12. On December 31, Apollo declared and paid a $3,900 cash dividend to Rocky. 13. On December 31, Apollo paid off its loan and interest to Mickey (Apollo borrowed this cash from Mickey on November 1) Part 2 - Post the journal entries to t-accounts Part 3 - Prepare an unadjusted trial balance as of December 31 Part 4 - Record adjusting entries as of December 31 a. Accrued interest income b. Pre-paid rent c. Depreciation expense d. Prepaid Advertising e. Supplies. $95 remained on hand on December 31. f. Accrued Wages. Adonis has worked 3 days for which he has not been paid. g. Accrued income taxes expense at a rate of 20% of pre-tax income (will be paid April 15, 2023) 1 -80 Dr Journal Entries 2 3 5 7 T-Accounts Trial Balance ♥ 10 11 12 13 Journal Entries Cash 113,085 Accounts Payable Contributed Capital Revenues COGS 6,200 75,000 T-Accounts Accts Rec 8,000 Unearned revenue Trial Balance Int Income Retained Earnings Admin Exp 9,900 7,017.333 Inventory 9,400 Wages Payable Rent Exp 405 PrePaid Rent 2,800 Inc Taxes Payable 1,754.333 Note: Not all accounts will be used until after the Depr Exp Cash Acets Rec Inventory PrePaid Rent Furnishings Accum Depreciation Loan receivable Supplies Prepaid Advertising exp Int receivable Accounts Payable Unearned revenue Wages Payable Inc Taxes Payable Interest Payable Note Payable Contributed Capital Retained Earnings Revenues Int Income COGS Admin Exp Rent Exp Depr Exp Wages exp Interest Exp Advertising Exp Supplies Exp Inc Tax Exp Totals Debit Unadjusted Credit Part 1 - Record Journal entries for the transactions below Transactions 1. On December 1, Apollo purchased $420 of supplies. 2. On December 1, Apollo made a $3,500 loan to Ivan. The one-month loan had an 8% annual interest rate and will be repaid on January 1. 3. On December 6, Apollo purchased ten guitars from Adrian, paying a total of $48,400-nine of the guitars were the standard $4,700 and the guitar specially-ordered by Paulie cost Apollo $6,100. Apollo paid for half of the amount in cash and asked Adrian to send a bill for the rest. 4. On December 9, Paulie picked up his custom guitar from Apollo. Paulie had prepaid for the guitar on November 28. 5. On December 9, Apollo paid Adonis $1,350 for the 10 days he worked since he was last paid. 6. On December 10, Apollo made a $17,300 payment on account to Adrian. 7. On December 11, Apollo paid $1,000 total for four separate advertisements. Three ads will run later in December and one ad will run in January. Debit should be to a Pre-Paid asset account for the full $1,000. 8. On December 20, Apollo sold 7 guitars for $8,000 apiece, 6 are paid for in cash, and 1 is sold on account. 9. On December 23, Apollo paid Adonis $1,350 for the 10 days he worked in the pay period. 10. On December 27, Apollo collected $8,000 cash from a customer who had purchased a guitar on account. 11. On December 27, Apollo paid $1,750 of administrative expenses. 12. On December 31, Apollo declared and paid a $3,900 cash dividend to Rocky. 13. On December 31, Apollo paid off its loan and interest to Mickey (Apollo borrowed this cash from Mickey on November 1) Part 2 - Post the journal entries to t-accounts Part 3 - Prepare an unadjusted trial balance as of December 31 Part 4 - Record adjusting entries as of December 31 a. Accrued interest income b. Pre-paid rent c. Depreciation expense d. Prepaid Advertising e. Supplies. $95 remained on hand on December 31. f. Accrued Wages. Adonis has worked 3 days for which he has not been paid. g. Accrued income taxes expense at a rate of 20% of pre-tax income (will be paid April 15, 2023) 1 -80 Dr Journal Entries 2 3 5 7 T-Accounts Trial Balance ♥ 10 11 12 13 Journal Entries Cash 113,085 Accounts Payable Contributed Capital Revenues COGS 6,200 75,000 T-Accounts Accts Rec 8,000 Unearned revenue Trial Balance Int Income Retained Earnings Admin Exp 9,900 7,017.333 Inventory 9,400 Wages Payable Rent Exp 405 PrePaid Rent 2,800 Inc Taxes Payable 1,754.333 Note: Not all accounts will be used until after the Depr Exp Cash Acets Rec Inventory PrePaid Rent Furnishings Accum Depreciation Loan receivable Supplies Prepaid Advertising exp Int receivable Accounts Payable Unearned revenue Wages Payable Inc Taxes Payable Interest Payable Note Payable Contributed Capital Retained Earnings Revenues Int Income COGS Admin Exp Rent Exp Depr Exp Wages exp Interest Exp Advertising Exp Supplies Exp Inc Tax Exp Totals Debit Unadjusted Credit
Expert Answer:
Answer rating: 100% (QA)
Part I Journal Entries 1 December 1 purchased supplies Debit Supplies 420 Credit Cash 420 2 December 1 loan to Ivan Debit Loans Receivable 3500 Credit ... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
Genevieve Shannara has always wanted to open her own kennel and grooming services; she had been grooming pets for friends and family from her apartment for extra cash since high school. When the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. 1. Received $ 2,500 cash on 1/ 1 from customers on account for...
-
Q2 You are an electrical inspector to measure the horizontal illuminance over the work plane of a rectangular room. Given : The size of the room is 10 m length x 7 m width. The illuminance grid p =...
-
Assigned Accounts ReceivableJournal Entries Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2010, it assigned, under guarantee,...
-
Prove that \[\left\{\begin{array}{ccc}j_{1} & j_{2} & J \\j_{1}^{\prime} & j_{2}^{\prime} & J^{\prime} \\k & k^{\prime} & 0\end{array} ight\}=\frac{(-1)^{j_{2}+j_{1}^{\prime}+k+J}}{\sqrt{(2 J+1)(2...
-
Is it a good idea for a board to use application forms as a recruitment method?
-
The following summarized Cash T-account reflects the total debits and total credits to the Cash account of Thomas Corporation for calendar year 2013. (1) Use this information to prepare a complete...
-
1,234,567.) d. Which is worth more, a New Zealand dollar or a Singapore dollar? e. Which is worth more, a Mexican peso or a Chilean peso? f- How many Mexican pesos can you get for a euro? (Round your...
-
Read the case San Lorenzo Trad., Inc. v. Hernndez, Gonzlez, Figueroa & Merly, 114 DPR 704 (1983), indicated in the required resources of module 3. Once you have read the case, answer the following...
-
MY NOTES ASK YOUR T During the testing of a new automobile braking system, the speeds x (in miles per hour) and the stopping distances y (in feet) were recorded in the table. Speed, x Stopping...
-
A test will be made of H0: = 4 versus H1: > 4, using a sample of size 25. The population standard deviation is unknown. Find the critical value of the test statistic if the significance level is =...
-
A sample of size 8 is drawn from a normal population with mean , and the population standard deviation is unknown. a. Is it appropriate to perform a z-test? Explain. b. Is it appropriate to perform a...
-
A null hypothesis is rejected at the = 0.05 level. True or false: a. The P-value is greater than 0.05. b. The P-value is less than or equal to 0.05. c. The result is statistically significant at the...
-
True or false: If P = 0.03, then a. The result is statistically significant at the = 0.05 level. b. The result is statistically significant at the = 0.01 level. c. The null hypothesis is rejected...
-
For testing H0: = 3 versus H1: < 3, a P-value of 0.024 is obtained. a. If the significance level is = 0.05, would you conclude that < 3? Explain. b. If the significance level is = 0.01, would...
-
What is considered an appropriate response time for business emails, and how should you manage follow-up emails if there is no response? Discuss the etiquette of email follow-ups and reminders.
-
In order to get an idea on current buying trends, a real estate agent collects data on 10 recent house sales in the area. Specifically, she notes the number of bedrooms in each house as follows: a....
-
1. Calculate and express as a percentage the companies debt-to-assets ratios using amounts reported in the financial statements for fiscal 2016, which ends in early 2017. What do the differences in...
-
Emilys Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note...
-
Match each definition with its related term by entering the appropriate letter in the space provided. Term Definition 1. Expenses 2. Deferred Revenue A. A liability account used to record the...
-
Smith & Co, experienced the following six events in its first year of operations: 1. Shareholders contributed \($60,000\) cash. 2. Purchased land for \($40,000\) cash. 3. Borrowed \($18,000\) in cash...
-
Marilyn Miller began the second year of her floral business with \($12,000\) in cash in her bank account. Using the information below, all of which occurred during Year 2, prepare a statement of cash...
-
The following financial information is known about Pfizer, Inc. for the year ended December 31, 2015. (all amounts in millions): yom a. The balance of cash and cash equivalents was \($3,641\). b....
Study smarter with the SolutionInn App