7 The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
7 The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Check my work Part 5 of 5 80 points eBook Print References 1. Received $41,000 cash from the issue of a short-term note with a 4 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $121,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent 3. Paid $72,500 cash for other operating expenses during the year. 4. Paid the sales tax due on $101,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. 5. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2 1. Paid the balance of the sales tax due for Year 1. 2. Received $146,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. 3. Repaid the principal of the note and applicable interest on April 1, Year 2. 4. Paid $85,500 of other operating expenses during the year. 5. Paid the sales tax due on $121,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3. (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) 1-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2. f-5. Prepare a balance sheet for Year 2. 1-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2 f-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. 7 Required information Part 5 of 5 Req F1 Req F2 and F8 Req F3 Req F4 Req FS Req F6 Reg F7 Req F9 80 points eBook Print Check my work Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B References Record the closing entry for service revenue. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal 7 Required information Part 5 of 5 Req F1 Req F2 and FS Reg F3 Req F4 Req F5 Reg F6 ReqF7 Req F9 Submit Check my work Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 80 points View transaction list eBook Journal entry worksheet A B Print References Record the closing entry for expenses. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal Submit 7 Part 5 of 5 80 points eflook (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) f-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2. f-5. Prepare a balance sheet for Year 2. 1-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2. 1-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. Complete this question by entering your answers in the tabs below. Check my work Print Req F1 Req F2 and F8 Req F3 Reg F4 Req FS Reg F6 Req F7 Req F9 References Prepare a post-closing trial balance for Year 2. WALNUT ENTERPRISES Post Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals $ 0 $ 0 7 The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Check my work Part 5 of 5 80 points eBook Print References 1. Received $41,000 cash from the issue of a short-term note with a 4 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $121,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent 3. Paid $72,500 cash for other operating expenses during the year. 4. Paid the sales tax due on $101,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. 5. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2 1. Paid the balance of the sales tax due for Year 1. 2. Received $146,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. 3. Repaid the principal of the note and applicable interest on April 1, Year 2. 4. Paid $85,500 of other operating expenses during the year. 5. Paid the sales tax due on $121,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3. (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) 1-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2. f-5. Prepare a balance sheet for Year 2. 1-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2 f-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. 7 Required information Part 5 of 5 Req F1 Req F2 and F8 Req F3 Req F4 Req FS Req F6 Reg F7 Req F9 80 points eBook Print Check my work Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B References Record the closing entry for service revenue. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal 7 Required information Part 5 of 5 Req F1 Req F2 and FS Reg F3 Req F4 Req F5 Reg F6 ReqF7 Req F9 Submit Check my work Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 80 points View transaction list eBook Journal entry worksheet A B Print References Record the closing entry for expenses. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal Submit 7 Part 5 of 5 80 points eflook (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) f-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2. f-5. Prepare a balance sheet for Year 2. 1-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2. 1-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. Complete this question by entering your answers in the tabs below. Check my work Print Req F1 Req F2 and F8 Req F3 Reg F4 Req FS Reg F6 Req F7 Req F9 References Prepare a post-closing trial balance for Year 2. WALNUT ENTERPRISES Post Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals $ 0 $ 0
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A list of all of the raw materials needed to manufacture a job. Question 5 options: Bill of Materials Job costing Job cost record Question 6 (1 point) A system for assigning costs to products or...
-
Jasmine Park encountered her boss, Rick Gompers, at the pop machine in the lobby. Rick is the vice president of marketing at Down South Lures Corporation. Jasmine was puzzled by some calculations she...
-
Conway Designs established a $200 petty cash fund on October 1, 2014. Prepare the entry to replenish the fund at the end of each of the following months of activity: a. The petty cash box contained...
-
What are trend percentages and how are they calculated? What pitfalls must financial statement users avoid when preparing trend percentages?
-
The City of Martinsville donated land to Essex Company. The fair value of the land was $ 100,000. The land had cost the city $ 45,000. Required: a. Describe the current accounting treatment for the...
-
What kinds of research have you done for school or everyday life? What does your research process look like? How do you actively seek and passively encounter information? Which of the information...
-
Withinflation running at its highest levels in four decades, Utah business owner Steve Allred is concerned about the declining purchasing power of the U.S. dollar. To help protect against the...
-
Currently working on Project paper with title "Digital Trade in Malaysia and It's implication to ASEAN country" Base on title above, what is the suitable Dependent variables and Independent...
-
Starting on her 40 th birthday, Lynette plans to start saving for her retirement.She will contribute $8,000 to a brokerage account each year on her birthday, starting today. Her 25 th and final...
-
Research and graph bar charts comparing the following aspects about The New Deal and the Stimulus Package: Effect on unemployment rate Estimated number of jobs created as a percentage of the...
-
An arrow fired horizontally at 35m/s travels 27mhorizontally, before landing on the ground. a) From what height above the ground was it fired? Express your answer to two significant figures and...
-
Thank you for applying for Brand Associate position at Gap Factory Highstreet. My name is Avis, I am the General Manager. I would love to connect with you about this position. This email is the first...
-
4. Determine the eigenvalue of the following system in terms of a then find the critical values at which the phase portrait changes qualitatively (change of stability). Sketch some trajectories for...
-
The process of collaborative goal setting by a manager and subordinate, the extent to which goals are accomplished is a major factor in evaluating and rewarding the subordinate's performance. It is...
-
Part One: Backflush Costing Urban Fit Inc. uses backflush costing to account for production costs of its clothing. During June, the company produced 45,000 units and sold 40,000 units. The standard...
-
Unique Items Inc. has developed a new office product. The firm has conducted significant market research and estimated the following pattern for sales of the new product: The firm wants to net a...
-
Better Buy Inc. produces equipment in a three-department operation: Department 1 is labor intensive and Department 2 and 3 are highly automated. The average output of Department 1 is 56 units per...
Study smarter with the SolutionInn App