entries tor the below transactions and indicate the eftect of each item on I ibbetts Company's working capital, current ratio, and acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $264,000. The cost of goods sold was $171,600. 2. Collected accounts receivable, $277,200, 3. Purchased inventory on account, $184,800. 4. Issued 550 shares of common stock for $20 per share. 5. Wrote off $7,700 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $22,000. 7. Sold marketable securities costing $28,600 for $34,100 in cash. 8. Recorded insurance expense for the year, $13,200. The premium for the policy was paid in June 2022. 9. Borrowed cash on a short-term bank loan, $11,000. 10. Repaid principal of $44,000 and interest of $3,300 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Calculate the working capital, current ratio, and acid-test ratio for nibetts Company as of September 30, 2022 . Note: Round "Ratio' answers to 2 decimal places. 4. Issued 550 shares of common stock for $20 per share. 5. Wrote off $7,700 of uncollectible accounts using the allowance for bad debts: 6. Declared and paid a cash dividend, $22,000 7. Sold marketable securities costing $28,600 for $34,100 in cash. 8. Recorded insurance expense for the year, $13,200. The premium for the policy was paid in June 2022. 9 . Borrowed cash on a short-term bank loan, $11,000. 10. Repaid principal of $44,000 and interest of $3,300 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Indicate the effect of each item on Tibbetts Companys working capital, current ratio, and acid-test ratio. Use + for increase, - for decrease, and (NE for no effect. Selected balance sheet accounts for Tibbetts Company on September 30, 2022, are as follows: Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30,2022. b. Summarized here are the transactions/events that took place during the fiscal year ended September 30 , 2023 . Prepare journal entries for the below transactions and indicate the effect of each item on Tibbetts Company's working capital, current ratio, and acidtest ratio. Use + for increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $264,000. The cost of goods sold was $171,600. 2. Collected accounts recelvable, $277,200 3. Purchased inventory on account, $184,800 4. Issued 550 shares of common stock for $20 per shore. 5. Wrote off $7,700 of uncollectuble accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $22,000. 7. Sold marketable securities costing $28,600 for $34,100 in cosh. 8. Recorded insurance expense for the year, $13,200. The premium for the policy wos paid in June 2022 . 9. Borrowed cash on a short-term bank loan, $11,000. 10. Repoid principal of $44,000 and interest of $3,300 on a long term benk loan. for the below transactions. Note: If no entry is required for a transaction/event, select "No journat entry required" in the first account field. 1. Credit soles for the year amounted to $264,000. The cost of goods sold was $171,600, 2. Collected accounts receivable, $277,200 3. Purchased inventory on account, $184,800 4. Issued 550 shares of common steck for $20 per share. 5. Wrote off $7,700 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $22,000 7. Sold marketable secunties costing $28,600 for $34,100 in cash. B. Recorded insurance expense for the year, $13,200. The premium for the policy was paid in June 2022 . 9. Borrowed cash on a short-term bank loan, $11,000. 10. Repaid principal of $44,000 and interest of $3,300. on a long-term bank loan. Show lessa Journal entivi worksheet