The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: Account Debit No....
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The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: Account Debit No. 101 Cash 104 Short-term investments 126 Supplies Notes receivable 149 167 168 173 174 Equipment Accumulated depreciation, equipment Building Accumulated depreciation, building 183 Land 193 Franchise 201 203 233 251 301 302 401 406 606 612 623 633 637 652 688 690 Accounts payable Interest payable Unearned professional revenue Long-term notes payable Amar Lloyd, capital Amar Lloyd, withdrawals Professional revenue Rent revenue Depreciation expense, building Depreciation expense, equipment Wages expense Interest expense Insurance expense expense Telephone expense Utilities expense Totals 15,100 20,100 6,700 37,500 69,000 251,000 81,500 26,500 2,100 19,100 7,100 63,100 520 17,100 11,900 Credit Required: Prepare the closing entries made at the end of the year. Note: Journal entry explanations are not required. 33,500 136,500 16,100 140 26,100 123,000 83,800 197,480 21,500 3,500 6,300 $ 638,120 $ 638,120 -D The Jewel Box purchases jewellery from around the world and sells to local retailers in Canada. Aug 1 Purchases necklaces from Luu Company for $4,400 under credit terms 3/10, n/30, FOB destination. Aug 4 Aug 5 Aug 8 Aug 9 Aug 10 Aug 12 Aug 15 Aug 17 Aug 18 Aug 19 Aug 22 At Luu Company's request, paid $390 for freight charges on the August I purchase, reducing the amount owed to Luu. Sold rings to Green Ruby for $4,040 under credit terms 3/10, n/60, FOB destination. The merchandise had cost $2,670. Purchased bracelets from Jane Co. for $5,600 under credit terms of 1/10, n/45, FOB shipping point. Paid $365 shipping charges related to the August 5 sale to Green Ruby. Green Ruby returned the rings purchased from the August 5 sale that had cost $480 and had been sold for $840. The merchandise was returned to inventory. After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit memo from Jane granting a price reduction of $300. Received the balance due from Green Ruby for the August 5 sale. Purchased office equipment from WestCo on credit, $6,400, n/45. Paid the amount due Jane Co. for the August 8 purchase. Sold earrings to Chic Jewellery for $2,000 under credit terms of 2/10, n/30, FOB shipping point. The merchandise had cost $1,030. Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Chic Jewellery a credit memo for $250 to resolve the issue. Aug 29 Received Chic Jewellery's payment of the amount due from the August 19 purchase. Aug 30 Paid Luu Company the amount due from the August 1 purchase. Required: Assuming a perpetual inventory system, prepare the journal entries to record the above transactions. Note: Journal entry explanations are not required. The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows: Account Debit No. 101 Cash 104 Short-term investments 126 Supplies Notes receivable 149 167 168 173 174 Equipment Accumulated depreciation, equipment Building Accumulated depreciation, building 183 Land 193 Franchise 201 203 233 251 301 302 401 406 606 612 623 633 637 652 688 690 Accounts payable Interest payable Unearned professional revenue Long-term notes payable Amar Lloyd, capital Amar Lloyd, withdrawals Professional revenue Rent revenue Depreciation expense, building Depreciation expense, equipment Wages expense Interest expense Insurance expense expense Telephone expense Utilities expense Totals 15,100 20,100 6,700 37,500 69,000 251,000 81,500 26,500 2,100 19,100 7,100 63,100 520 17,100 11,900 Credit Required: Prepare the closing entries made at the end of the year. Note: Journal entry explanations are not required. 33,500 136,500 16,100 140 26,100 123,000 83,800 197,480 21,500 3,500 6,300 $ 638,120 $ 638,120 -D The Jewel Box purchases jewellery from around the world and sells to local retailers in Canada. Aug 1 Purchases necklaces from Luu Company for $4,400 under credit terms 3/10, n/30, FOB destination. Aug 4 Aug 5 Aug 8 Aug 9 Aug 10 Aug 12 Aug 15 Aug 17 Aug 18 Aug 19 Aug 22 At Luu Company's request, paid $390 for freight charges on the August I purchase, reducing the amount owed to Luu. Sold rings to Green Ruby for $4,040 under credit terms 3/10, n/60, FOB destination. The merchandise had cost $2,670. Purchased bracelets from Jane Co. for $5,600 under credit terms of 1/10, n/45, FOB shipping point. Paid $365 shipping charges related to the August 5 sale to Green Ruby. Green Ruby returned the rings purchased from the August 5 sale that had cost $480 and had been sold for $840. The merchandise was returned to inventory. After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit memo from Jane granting a price reduction of $300. Received the balance due from Green Ruby for the August 5 sale. Purchased office equipment from WestCo on credit, $6,400, n/45. Paid the amount due Jane Co. for the August 8 purchase. Sold earrings to Chic Jewellery for $2,000 under credit terms of 2/10, n/30, FOB shipping point. The merchandise had cost $1,030. Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Chic Jewellery a credit memo for $250 to resolve the issue. Aug 29 Received Chic Jewellery's payment of the amount due from the August 19 purchase. Aug 30 Paid Luu Company the amount due from the August 1 purchase. Required: Assuming a perpetual inventory system, prepare the journal entries to record the above transactions. Note: Journal entry explanations are not required.
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Aug 1 Debit Purchases 4400 Credit Accounts Payable Luu Co 4400 Aug 4 Debit Accounts Payable Luu Co 390 Credit Cash 390 Aug 5 Debit Accounts Receivable ... View the full answer
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Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild
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