MWP Company is a sporting goods retailer with a December 31 year end. In the files...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
MWP Company is a sporting goods retailer with a December 31 year end. In the files section on Canvas there are files for the project ledger, project journal, the trial balance at December 23 along with templates for other trial balances and financial statements. Below you will be given the transactions for the last week of 2022 and the information for any required adjusting entries for 2022. You are to do the following: • Journalize and post the remaining 2022 transactions Remaining December transactions: Dec. 24 Dec 26 Dec 28 Dec 29 Dec 29 Dec 30 Paid employees for the previous two weeks work, $3,000 Paid $4,900 to ABC Company for inventory purchased on December 15, the inventory had a list price of $5,000 and the terms were 2/15, n/30 Sold merchandise to LZ Company for $6,000 cash. The merchandise cost $4,200. Purchased $800 of office supplies for cash Received payment from customer for sale of merchandise on December 20. The sales price was $1,500 and the terms were 2/10, n/30. Sold merchandise to Yes Company for $7,000 on account. The terms are 2/15, n/45. The merchandise cost $5,000. Dec 31 Purchased $7,000 of merchandise inventory from ABC Company. The terms are 3/10, n/30. MWP Company is a sporting goods retailer with a December 31 year end. In the files section on Canvas there are files for the project ledger, project journal, the trial balance at December 23 along with templates for other trial balances and financial statements. Below you will be given the transactions for the last week of 2022 and the information for any required adjusting entries for 2022. You are to do the following: • Journalize and post the remaining 2022 transactions Remaining December transactions: Dec. 24 Dec 26 Dec 28 Dec 29 Dec 29 Dec 30 Paid employees for the previous two weeks work, $3,000 Paid $4,900 to ABC Company for inventory purchased on December 15, the inventory had a list price of $5,000 and the terms were 2/15, n/30 Sold merchandise to LZ Company for $6,000 cash. The merchandise cost $4,200. Purchased $800 of office supplies for cash Received payment from customer for sale of merchandise on December 20. The sales price was $1,500 and the terms were 2/10, n/30. Sold merchandise to Yes Company for $7,000 on account. The terms are 2/15, n/45. The merchandise cost $5,000. Dec 31 Purchased $7,000 of merchandise inventory from ABC Company. The terms are 3/10, n/30.
Expert Answer:
Answer rating: 100% (QA)
Journalizing the Transactions Date 12242022 Date 12262022 Date 1228... View the full answer
Related Book For
Business
ISBN: 978-0133354263
8th Canadian Edition
Authors: Ricky Griffin, Ronald J.Ebert , Frederick Starke, Melanie Lang, George Dracopoulos
Posted Date:
Students also viewed these accounting questions
-
Explain what constitutes intention on the part of parties to contract.
-
Why might there be reluctance on the part of accounting firms or their clients to embrace green initiatives like paperless systems?
-
Could rent seeking on the part of the CEO influence the CEOs compensation? Evaluate the following argument.
-
Use the normal approximation to the Poisson distribution with = 75. (a) What is the probability that a value from the Poisson distribution will be greater than 50? (b) What is the probability that a...
-
Use the following transfer functions to find the steady-state response yss(t) to the given input function f(t). a. T(s) = Y(s)/F(s) = 8/(s(s2 + 10s+ 100), f(t) = 6sin 9t b. T(s) = Y(s)/F(s) = 10/s2(s...
-
Abandonment Value We are examining a new project. We expect to sell 7,000 units per year at $65 net cash flow apiece for the next 10 years. In other words, the annual operating cash flow is projected...
-
Many researchers are interested in the transcription of protein-encoding genes in eukaryotes. Such researchers want to study mRNA. One method that is used to isolate mRNA is column chromatography....
-
Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2011. The accounting department of Kohlbeck has started the fixed-asset and depreciation schedule presented on...
-
A 250 kg beam is raised through 25 m at a constant velocity by a crane. a) Draw an FBD for the beam. b) Determine the work done by the crane on the beam. c) Determine the work done by gravity on the...
-
According to an extensive survey conducted for Business Marketing by Leo J. Shapiro & Associates, 66% of all computer companies are going to spend more on marketing this year than in previous years....
-
single IV bolus injection concentration containing 500 mg of cefamandole nafate (Mandol, Lilly) is given to an adult female patient (63 years, 55kg) for a septicemic infection. The apparent VD is 0.1...
-
SOD Company is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $119,000. The before tax annual cost savings if the new...
-
2. A $3000 loan on March 1 was repaid by payments of $700 on March 31, $1200 on June 15 and final payment on August 31. What was the final payment if the interest rate on the loan was 7.25%? (7 marks)
-
Bulldog Inc. is making an initial investment of $213488 and requires a rate of return of 14 percent. You expect to receive $74079 in the first year, $93862 in the second year, and $115799 in the...
-
Shellhammer Company's inventory records show the following data for the month of September: Units 100 Unit Cost Inventory, September 1 $3.34 Purchases: September 8 3.50 September 18 350 3.70 A...
-
Barbara transferred $300,000 to her children on January 1, 2020. On December 1, 2024, Barbara enters a nursing home. She has no assets to her name at this point. Barbara's son, Michael, comes to you...
-
Use the following continuously compounded zero rates and forward rates for Problems 8-9: 1 year zero rate is 3.50% or o$1 2 year zero rate is 4.20 % or o$2 3 year zero rate is 4.80% or oS 5 year...
-
Write a paper about how diet relates to breast cancer in women study design to use: case control study purpose & rationale the purpose of this final project is to utilize the methods and...
-
Why is formal training of workers so important to most employers? Why dont employers simply let people learn about their jobs as they perform them?
-
Aside from carelessness, what factors might lead a cruise line to illegally dump waste into the ocean? What factors might cause cargo ships to use low-grade fuel?
-
1. What do you think of the approach taken by some marketers in using very direct language (such as menopausal skin) in their ads? 2. Explain the basic elements of segmentation, targeting and...
-
Explain the difference between selling, general and administrative, and financial expenses.
-
What are the main types of accounts included in the Income statement to determine profit or loss? Define each.
-
State whether you think a business would recognise the following as revenue. When would it be recognised? a Cash sale by business $20 000 b Sale of excess equipment by a restaurant $350 c...
Study smarter with the SolutionInn App