P9-2 (Algo) Recording and Reporting Current Liabilities and identifying Cash Flow Effects LO9-1, 9-5 Roger Company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P9-2 (Algo) Recording and Reporting Current Liabilities and identifying Cash Flow Effects LO9-1, 9-5 Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 December 31 Required: Purchased merchandise for resale on account. The invoice amount was $14,830; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $60,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,320. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $21,000. Received a $160 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes). 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet > 1 2 34567 Record the $14,830 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,830 paid for merchandise purchased. Note: Enter debits before credits. Date January 17 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $60,000 borrowed for general use; signing a 12-month, 11% annual interest-bearing note for the money. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $17,320 purchased merchandise for resale on account. Note: Enter debits before credits. Date June 03 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 > Record the $17,320 paid for merchandise purchased. Note: Enter debits before credits. Date July 05 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the $21,000 rent collected for office space for six months. Note: Enter debits before credits. Date August 01 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the $160 deposit received from a customer as a guarantee to return a trailer borrowed for 30 days. Note: Enter debits before credits. Date General Journal Debit Credit December 20 Clear entry Record entry View general journal < Required 1 Required 2 > > Required 1 Required 2 Required 3 Required 4 Prepare the adjusting entries required on December 31. Note: 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 1 2 3 Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 3 > > Required 1 Required 2 Required 3 Required 4 Prepare the adjusting entries required on December 31. Note: 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 1 2 3 Record the adjusting entry for interest expense on the $60,000, 11% annual interest-bearing note. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Prepare the adjusting entries required on December 31. Note: 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 < 1 2 3 Record the adjusting entry for rent revenue. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. ROGER COMPANY Balance Sheet (Partial) As of December 31 Current liabilities Total < Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 For each transaction, state whether operating cash flows increase, decrease, or are not affected. Note: Select "NE" if there is no effect. Transaction January 8 January 17 April 1 June 3 July 5 August 1 December 20 December 31 Effect < Required 3 Required 4 P9-2 (Algo) Recording and Reporting Current Liabilities and identifying Cash Flow Effects LO9-1, 9-5 Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 December 31 Required: Purchased merchandise for resale on account. The invoice amount was $14,830; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $60,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,320. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $21,000. Received a $160 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes). 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet > 1 2 34567 Record the $14,830 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,830 paid for merchandise purchased. Note: Enter debits before credits. Date January 17 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $60,000 borrowed for general use; signing a 12-month, 11% annual interest-bearing note for the money. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $17,320 purchased merchandise for resale on account. Note: Enter debits before credits. Date June 03 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 > Record the $17,320 paid for merchandise purchased. Note: Enter debits before credits. Date July 05 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the $21,000 rent collected for office space for six months. Note: Enter debits before credits. Date August 01 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > > Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the $160 deposit received from a customer as a guarantee to return a trailer borrowed for 30 days. Note: Enter debits before credits. Date General Journal Debit Credit December 20 Clear entry Record entry View general journal < Required 1 Required 2 > > Required 1 Required 2 Required 3 Required 4 Prepare the adjusting entries required on December 31. Note: 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 1 2 3 Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 3 > > Required 1 Required 2 Required 3 Required 4 Prepare the adjusting entries required on December 31. Note: 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 1 2 3 Record the adjusting entry for interest expense on the $60,000, 11% annual interest-bearing note. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Prepare the adjusting entries required on December 31. Note: 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 < 1 2 3 Record the adjusting entry for rent revenue. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. ROGER COMPANY Balance Sheet (Partial) As of December 31 Current liabilities Total < Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 For each transaction, state whether operating cash flows increase, decrease, or are not affected. Note: Select "NE" if there is no effect. Transaction January 8 January 17 April 1 June 3 July 5 August 1 December 20 December 31 Effect < Required 3 Required 4
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Based on the U.S. ASPE chart, if you are a three-person household, what income would you need to be considered below the poverty line? Table titled Poverty Thresholds for 2021 by Size of Family and...
-
Inputs / Description Value Shares Outstanding: $ 1 0 , 0 0 0 , 0 0 0 Share Price: $ 7 5 Current Debt Outstanding: $ 1 0 0 , 0 0 0 , 0 0 0 Proposed Debt Raise: $ 3 5 0 , 0 0 0 , 0 0 0 Target Dividend:...
-
East Corp.s records indicate the total costs charged to Work in Process in August was $436,000. Direct materials accounted for $200,000 and the remainder was labor and overhead. The rate paid to...
-
Northland Corporation is a small information-systems consulting firm that specializes in helping companies implement standard sales-management software. The market for Northalndss services is very...
-
Why do companies operating within the pharmaceutical and biotechnology industries typically sustain higher ROICs than firms in the technology, hardware, and equipment industries?
-
The pole supports a traffic light of weight W. Using Cartesian vectors; determine the moment of the weight of the traffic light about the base of the pole at A. Given: W = 22 lb a = 12 ft θ =...
-
Why is it usually difficult to estimate the benefits of an efficiency evaluation study?
-
The Wall Street Journal Corporate Perceptions Study 2011 surveyed readers and asked how each rated the quality of management and the reputation of the company for over 250 worldwide corporations....
-
Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 33,200 games last year at a selling price of $63 per game. Fixed expenses associated with the game total $581,000...
-
Tano Company issues bonds with a par value of $85,000 on January 1, 2021. The bonds' annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in...
-
3. Write the set as a single interval and graph the interval on a number line. (-0, 2) (-3,4][1,3]
-
Create a single program with the factory and singleton patterns. The 2 design patterns need to accomplish 2 distinct pieces of functionality in your one program containing only the factory and...
-
Alaskan Fisheries, Incorporated, processes salmon for various distributors and it uses the weighted - average method in its process costing system. The company has two processing departments Cleaning...
-
Dwight Donovan, the president of Donovan Enterprises, is considering 2 investment opportunities. Because of limited resources, he will be able to invest in only 1 of them. Project A is to purchase a...
-
The adjusted trial balance of ACCO 1 1 1 Company contained the following information: Debit Credit Sales $ 5 6 0 , 0 0 0 Sales Returns and Allowances $ 2 0 , 0 0 0 Sales Discounts 7 , 0 0 0 Cost of...
-
Use each graph to estimate the half-life of polonium-211 two half-lives from the two graphs might differ slightly. If so, discuss what is different between these two graphs. Also, discuss what...
-
Nike manufactures shoes and sportswear. How has the Internet changed the way this company communicates with its suppliers and retail customers?
-
An Unlimited Airlines jet costs \($42\) million and is expected to fly 370 million miles during its 8-year life. Residual value is expected to be zero because the plane was used when acquired. If the...
-
Use Amazon.coms balance sheet and the Note 1 data on Allowance for doubtful accounts. Requirements 1. Do accounts receivable appear to be an important asset for Amazon.com? What about Amazons...
-
British Tran bought four used Unlimited Airline airplanes. Each plane was worth \($39\) million, but the owner sold the combination for \($144\) million. How much is British Trans cost of each plane?...
Study smarter with the SolutionInn App