Required information [The following information applies to the questions displayed below.] Alison and Chuck Renny began...

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Required information [The following information applies to the questions displayed below.] Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dollars to simplify) Debit Credit $ 5 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated 1 0 Depreciation 12 Software Accumulated 5 Amortization Accounts Payable Notes Payable (long- term) Salaries and Wages Payable Interest Payable Income Tax Payable 7 0 0 Unearned Revenue Common Stock 12 Retained Earnings 4 Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense $28 $28 Totals Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $26 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $23 cash on July 1, 2015 3. Issued additional shares of common stock for $6 Earned revenues for 2015 in the amount of $68, including $7 on credit and 4. $61 received in cash 5. Recognized salaries and wages expenses for 2015 of $40, paid in cash. 6. Purchased additional equipment, $2 cash 7. Collected accounts receivable, $9. 8. Paid accounts payable, $12 9. Purchased on account supplies for future use, $8. 10.Received a $5 cash deposit on work to start January 15, 2016 Data for adjusting journal entries: 11. Amortization for 2015, $5 12.Supplies of $6 were counted on December 31, 2015 13.Depreciation for 2015, $3. 14.Accrued interest on notes payable of $1 15.Wages earned since the December 24 payroll not yet paid, $4 16.Income tax for 2015 was $2 and will be paid in 2016. O O O O O O Required: 2. Record journal entries for transactions () through (10). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet 4 5 6 7 8 9 10 1 2 Record the borrowing of cash on July 1, 2015, signing a six-month note payable. Note: Enter debits before credits Transaction Debit Credit General Journal 1 Record entry View general journal Clear entry Required information [The following information applies to the questions displayed below.] Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dollars to simplify) Debit Credit $ 5 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated 1 0 Depreciation 12 Software Accumulated 5 Amortization Accounts Payable Notes Payable (long- term) Salaries and Wages Payable Interest Payable Income Tax Payable 7 0 0 Unearned Revenue Common Stock 12 Retained Earnings 4 Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense $28 $28 Totals Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $26 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $23 cash on July 1, 2015 3. Issued additional shares of common stock for $6 Earned revenues for 2015 in the amount of $68, including $7 on credit and 4. $61 received in cash 5. Recognized salaries and wages expenses for 2015 of $40, paid in cash. 6. Purchased additional equipment, $2 cash 7. Collected accounts receivable, $9. 8. Paid accounts payable, $12 9. Purchased on account supplies for future use, $8. 10.Received a $5 cash deposit on work to start January 15, 2016 Data for adjusting journal entries: 11. Amortization for 2015, $5 12.Supplies of $6 were counted on December 31, 2015 13.Depreciation for 2015, $3. 14.Accrued interest on notes payable of $1 15.Wages earned since the December 24 payroll not yet paid, $4 16.Income tax for 2015 was $2 and will be paid in 2016. O O O O O O Required: 2. Record journal entries for transactions () through (10). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet 4 5 6 7 8 9 10 1 2 Record the borrowing of cash on July 1, 2015, signing a six-month note payable. Note: Enter debits before credits Transaction Debit Credit General Journal 1 Record entry View general journal Clear entry

Answer rating: 100% (QA)

Record journal entries for transaction 1 through 10 No Journal Records 000 Ac... View the full answer