Instructions: a. Prepare the journal entries to record the above transactions on the books of Nandi Company.
Fantastic news! We've Found the answer you've been seeking!
Question:
Instructions:
a. Prepare the journal entries to record the above transactions on the books of Nandi Company.
b. Prepare adjusting entries for the following • The Prepaid Insurance was taken on April 1, 2018, for the year. • Rent accrued for the month of April is $900. • At the end of the period the physical count of inventory shows $14000 of inventory in hand.
c. Prepare the adjusted trial balance at the end of April 30, 2018
d. Prepare a multi-step Income Statement at the end of April 30, 2018
e. Prepare closing entries.
Transcribed Image Text:
Nandi Company has the following accounts in its recently opened business Nandi Company April 30, 2018 Trial Balance Dr Inventory Cash 500 30,000 Prepaid Insurance Land 1200 8,800 Building Accumulated -Depreciation Owner's Capital 5,000 500 15,000 31,000 Notes Payable Salaries and Wages expense 500 Depreciation Expense 500 46,500 46,500 This information relates to Nandi Co.: 1. On April 5, purchased merchandise from Dion Company for $25,000, terms 5/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Dion Company. 3. On April 7, purchased equipment on account for $30,000. 4. On April 8, returned some of April 5 merchandise, which cost $2,800, to Dion Company. 5. On April 9 Sold $9000 goods to Greg Company for $15000 for cash. 6. On April 15, paid the amount due to Dion Company in full. Nandi Co uses perpetual inventory system Nandi Company has the following accounts in its recently opened business Nandi Company April 30, 2018 Trial Balance Dr Inventory Cash 500 30,000 Prepaid Insurance Land 1200 8,800 Building Accumulated -Depreciation Owner's Capital 5,000 500 15,000 31,000 Notes Payable Salaries and Wages expense 500 Depreciation Expense 500 46,500 46,500 This information relates to Nandi Co.: 1. On April 5, purchased merchandise from Dion Company for $25,000, terms 5/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Dion Company. 3. On April 7, purchased equipment on account for $30,000. 4. On April 8, returned some of April 5 merchandise, which cost $2,800, to Dion Company. 5. On April 9 Sold $9000 goods to Greg Company for $15000 for cash. 6. On April 15, paid the amount due to Dion Company in full. Nandi Co uses perpetual inventory system
Expert Answer:
Posted Date:
Students also viewed these general management questions
-
Prepare the journal entries to record the transactions (1) through (11) in the general journal. Review the accounts as shown in the General Ledger and Trial Balance tabs. Assume BSS uses perpetual...
-
Prepare the journal entries to record the following transactions on Derrick Companys books using a perpetual inventory system. (a) On March 2, Derrick Company sold $900,000 of merchandise to Rose...
-
Prepare the journal entries to record the following transactions on Monroe Companys books using a perpetual inventory system. (a) On March 2, Monroe Company sold $900,000 of merchandise to Churchill...
-
Cost of goods available for sale consists of two elements: beginning inventory and: (a) ending inventory. (b) cost of goods purchased. (c) cost of goods sold. (d) All of the answer choices are...
-
What is the burnout effect?
-
Why are so many state and local governments greatly concerned about the Federal governments allegedly lax enforcement of the immigration laws and congressional proposals to grant legal status...
-
Consider the National Football League data in Table B.1. a. Fit a multiple linear regression model relating the number of games won to the team's passing yardage $\left(x_{2} ight)$, the percentage...
-
Kallus Corp. is an industry leader in the manufacture of toys. Each year, its design staff comes up with new ideas that are a great success. As a result, Kalluss sales and profits consistently exceed...
-
Compute the integral (x.ex)dx. (x-e3-x)dx dx Click here to start next step
-
Understanding the relationship between business and society and the ways in which business and society are part of an interactive system.
-
A person who has a(n) and view themselves as powerless over their environment. tends to dislike themselves, question their capabilities, OA. Machiavellian personality B. high core self-evaluation OC....
-
How can laws and policies promote sustainability?
-
Calculate the turn ratio of a transformer. 4. Voltage (V) Primary Secondary Current .5 2 (A) # of Turns 800 Turns Ratio Load Impedance (Q) 300
-
(a)You are CFO of your company, Owl Enterprise. You hire a consultant who estimates that the expected return of the market is 12%. The consultant also tells you that the risk-free rate is 2% and that...
-
Which description of Stolper-Samuelson Model is correct?
-
Gee Raffe is planning on buying a new Toyota Hybrid for $34,000. Gee plans on financing the car with a 4%, four-year loan through her credit union. Fill in the following amortization schedule for...
-
Employers liability insurance excludes coverage for claims brought under the various maritime laws. Coverage is provided for employers with true maritime exposures by attaching which endorsement to...
-
Use the T account for Cash below to record the portion of each of the following transactions, if any that affect cash. How do these transactions affect the companys liquidity? Jan. 2 Provided...
-
Which ratio measures the ability of a company to collect its receivables? a. Current ratio b. Quick ratio c. Days sales in receivables d. Return on assets
-
In vertical analysis, the base used for comparison on the income statement is a. total expenses. b. total assets. c. net sales. d. gross profit.
-
A statement that lists the assets, liabilities, and stockholders equity of a company in percentages only with no dollar amounts is a a. common-size income statement. b. benchmarking analysis. c....
Study smarter with the SolutionInn App