Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 January 08 14,750 Inventory Accounts payable olo 14,750 2 January 17 14,750 Accounts payable Cash oo 14,750 3 April 01 60,000 Cash Note payable, short term 60,000 4 June 03 17,420 Inventory Accounts payable 17,420 5 July 05 17,420 Accounts payable Cash 17,420 6 August 01 9,000 Cash Deferred rent revenue OO 9,000 7 December 20 Cash 230 Liability for withholding taxes X 230 8 December 31 8,600 Wage expense Wages payable 8,600 ! Required information P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1, 9-5 (The following information applies to the questions displayed below.] Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,750; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $60,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17, 420. July 5 Paid June 3 invoice. Aug. i Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $9,000. Dec. 20 Received a $230 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $8,600 were earned but not yet paid on December 31 (disregard payroll taxes). P9-2 Part 3 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. Answer is complete but not entirely correct. ROGER COMPANY Balance Sheet (Partial) As of December 31 Current liabilities advance amounting to $9,000. Dec. 20 Received a $230 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $8,600 were earned but not yet paid on December 31 (disregard payroll taxes). P9-2 Part 3 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. Answer is complete but not entirely correct. ROGER COMPANY Balance Sheet (Partial) As of December 31 Current liabilities Note payable, short term $60,000 Deposit on trailer 230 Wages payable 8,600 Interest payable 5,400 Deferred rent revenue 9,000 OOOOO Total $83,230 ! Required information P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1, 9-5 (The following information applies to the questions displayed below.] Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,750; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $60,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,420. July 5 Paid June 3 invoice. Aug. i Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $9,000. Dec. 20 Received a $230 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $8,600 were earned but not yet paid on December 31 (disregard payroll taxes). P9-2 Part 1 Required: 1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 January 08 Inventory 14,750