Question: I need both part 1 & 2! Thank you Help EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan.
I need both part 1 & 2! Thank youHelp EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. & Purchased merchandise on account at a cost of $20,500. (Assume perpetual inventory system.) Jan. 17 Paid for the January 8 purchase. Apr. 1 Received $50,400 from National Bank after signing a 12-month, 12.5 percent, promissory note. June 3 Purchased merchandise on account at cont of $24.500. July 5 Paid for the June 3 purchase. July 31. Rented out a small office in a building owned by EZ Curb Company and collected six months' rent in advance, amounting to $9.900. (Use an account called Deferred Revenue.) Dec. 20 collected $230 cash on account from a customer. Dec. 31 Determined that wages of $9,100 vere earned but not yet paid on December 31 (Ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent. Book References Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation 2. For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume EZ Curb Company's debt-to-assets ratio has always been less than 10.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume EZ Curb Company's debt-to-assets ratio has always been less than 1.0.) (Enter your answers in transaction order provided in the problem statement.) Date Effect on Ratio Denominator Numerator Jan 8 rev 2 of 2 Next
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