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
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
Students also viewed these Business questions
-
Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $300. b. The amount of cash in the petty cash fund is $95. Issued a check to replenish the fund,...
-
Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is $140. Issued a check to replenish the...
-
Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $600. b. The amount of cash in the petty cash fund is $175. Issued a check to replenish the...
-
Compare sand, die, investment, lost foam, and continuous casting techniques.
-
Consumption of fast food is a topic of interest to researchers in the field of nutrition. The article Effects of Fast- Food Consumption on Energy Intake and Diet Quality Among Children ( Pediatrics [...
-
As you can see, someone has spilled ink over some of the entries in the balance sheet and income statement of Transylvania Railroad (Table 29.12). Can you use the following information to work out...
-
The symmetrical channel shown in Fig. P10.66 is dug in sandy loam soil with \(n=0.020\). For such surface material it is recommended that to prevent scouring of the surface the average velocity be no...
-
(Issuance of Stock for Land) Martin Corporation is planning to issue 3,000 shares of its own $10 par value common stock for two acres of land to be used as a building site. (a) What general rule...
-
Pro, Inc. has just paid a dividend of $0.55 per share. The dividends are expected to grow at an annual rate of 5 percent indefinitely. What is the stock price today if the required return is 12.5...
-
The Red Company is a relatively new company. The company?s accountant has assembled the following information pertaining to the company?s operations budget for the year ended December 31, 20X0: Sales...
-
What financial statement is the primary source of information about the liabilities of a company?
-
Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Required: 1. Provide the journal entry to record the payroll for March,...
-
Norren Company uses special journals and a general journal. The following transactions occurred during September 2017. Sept. 2 Sold merchandise on account to J. Yancey, invoice no. 101, $780, terms...
-
1. An unpolarized light beam is incident on the polarizes of a polarization experiment and the intensity of light beam emerging from the analyzer is measured as 100 Lumens. Now, if the analyzer is...
-
Cheryl is going to purchase a travel trailer priced at $10,500. She has saved $1,000 for a down payment and plans to repay the balance with equal monthly payments. The maximum amount she can afford...
-
A shaft made of mild steel is keyed to a cone clutch assembly. If it has a 2.5 IN diameter and rotates at 1375 RPM. What will be the contact surface size in (MM) if the shaft can take up 5 times its...
-
What should an employee do if they believe they have been subjected to workplace harassment?
-
What is the price of a bond with a coupon rate of 5%, payable semi-annually, a face value of $1000, 15 years to maturity, and a yield to maturity of 4.7%? Enter your response below. Enter your answer...
-
Evaluate the comments made by EFRAG.
-
Trade credit from suppliers is a very costly source of funds when discounts are lost. Explain why many firms rely on this source of funds to finance their temporary working capital.
-
Duncan Inc. reported 2011 earnings per share of $3.26 and had no extraordinary items. In 2012, earnings per share on income before extraordinary items was $2.99, and earnings per share on net income...
-
Sandran Inc. has been in operation for 3 years and uses the FIFO method of pricing inventory. During the fourth year, Sandran changes to the average-cost method for all its inventory. How will...
-
What amount did Tootsie Roll Industries report as Other comprehensive earnings in 2009? By what percentage did Tootsie Rolls Comprehensive earnings differ from its Net earnings?
-
Describe dimensions of quality with supportive examples for the following products: - Long - haul flight - Laptop computer Develop an example of the continuous improvement process using Plan - Do -...
-
Ask the older ladies could they leave their hometown to pursue a college degree elsewhere, could they move to find employment, or could they travel by themselves. Write at least 1 sentence.
-
An object moves from one point to another along a circular path with a radius of 5 m. If the angle between the two points with respect to the origin is 50, what is the distance traveled by the object...
Study smarter with the SolutionInn App