Pool Corporation, Inc., sells swimming pool supplies and equipment. It is a publicly traded corporation that trades
Question:
Pool Corporation, Inc., sells swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool’s customers are small, family-owned businesses. Assume Pool Corporation completed the following transactions during the current year. Pool’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.
Sept. 15 Oct. 1 Oct. 5 Oct. 15 Dec. 12 31 Paid a supplier $125,000 for inventory previously purchased on credit. Borrowed $900,000 from Southwest Bank for general use; signed an 11-month, 5 percent annual interest-bearing note for the money. Received a $40,000 customer deposit from Joe Lipscomb for services to be performed in the future. Performed $18,000 of the services paid for by Mr. Lipscomb. Received electric bill for $12,000. Pool plans to pay the bill in early January. Determined wages of $52,000 earned but not yet paid on December 31 (disregard payroll taxes).
Step by Step Answer:
Req 1 Req 2 September 15 Accounts payable L Cash A October ...View the full answer
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Related Video
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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