The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2019, after the...

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The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2019, after the closing entries were posted: Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Payable Common Stock Retained Earnings Totals Debit $ 195.000 142,000 459,000 Credit $ 26,500 112,000 535,000 122,500 $ 796,000 $ 796,000 You will need to make one journal entry dated 12/31/2019 to bring these balances into your QBO file as a starting point before you begin your entries for 2020. Tile, Etc. had the following transactions in Year 2020 1. 02/17/2020 Purchased merchandise on account for $665,000 2. 03/08/2020 Sold merchandise that cost $505,000 for $1,060,000 on account 3. 04/24/2020 Sold for $330,000 cash merchandise that had cost $194,000. 4. 05/20/2020: Sold merchandise for $275,000 to credit card customers. The merchandise had cost $130,000. The credit card company charges a 3 percent fee 5. 06/01/2020: Loaned $67,000 to K. Parks. The note had an 6 percent interest rate and a one- year term to maturity. 6. 06/29/2020 Collected $790,000 cash from accounts receivable 7. 07/12/2020 Paid $695,000 cash on accounts payable 8. 08/25/2020 Paid $162,000 cash for selling and administrative expenses. 9. 09/26/2020: Collected cash due from the credit card company (see item 4). 10. 10/19/2020 Wrote off $9,200 of accounts as uncollectible. 11. 12/31/2020 Made the following adjusting entries: a. Recorded uncollectible accounts expense estimated at 1 percent of sales on account. b. Recorded accrued interest on the note at December 31, 2020 (see item 5) Required a. Prepare journal entries for these transactions on paper and be sure they are correct. b. Enter the journal entries for these transactions into your QBO Tile Etc. file. c. Use QBO to prepare the following reports. Save each as a PDF and submit as attachments through the assignment area in Canvas: 1. Prepare an income statement for Year 2020. 2. Prepare a balance sheet as of 12/31/2020. The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2019, after the closing entries were posted: Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Payable Common Stock Retained Earnings Totals Debit $ 195.000 142,000 459,000 Credit $ 26,500 112,000 535,000 122,500 $ 796,000 $ 796,000 You will need to make one journal entry dated 12/31/2019 to bring these balances into your QBO file as a starting point before you begin your entries for 2020. Tile, Etc. had the following transactions in Year 2020 1. 02/17/2020 Purchased merchandise on account for $665,000 2. 03/08/2020 Sold merchandise that cost $505,000 for $1,060,000 on account 3. 04/24/2020 Sold for $330,000 cash merchandise that had cost $194,000. 4. 05/20/2020: Sold merchandise for $275,000 to credit card customers. The merchandise had cost $130,000. The credit card company charges a 3 percent fee 5. 06/01/2020: Loaned $67,000 to K. Parks. The note had an 6 percent interest rate and a one- year term to maturity. 6. 06/29/2020 Collected $790,000 cash from accounts receivable 7. 07/12/2020 Paid $695,000 cash on accounts payable 8. 08/25/2020 Paid $162,000 cash for selling and administrative expenses. 9. 09/26/2020: Collected cash due from the credit card company (see item 4). 10. 10/19/2020 Wrote off $9,200 of accounts as uncollectible. 11. 12/31/2020 Made the following adjusting entries: a. Recorded uncollectible accounts expense estimated at 1 percent of sales on account. b. Recorded accrued interest on the note at December 31, 2020 (see item 5) Required a. Prepare journal entries for these transactions on paper and be sure they are correct. b. Enter the journal entries for these transactions into your QBO Tile Etc. file. c. Use QBO to prepare the following reports. Save each as a PDF and submit as attachments through the assignment area in Canvas: 1. Prepare an income statement for Year 2020. 2. Prepare a balance sheet as of 12/31/2020. The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2019, after the closing entries were posted: Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Payable Common Stock Retained Earnings Totals Debit $ 195.000 142,000 459,000 Credit $ 26,500 112,000 535,000 122,500 $ 796,000 $ 796,000 You will need to make one journal entry dated 12/31/2019 to bring these balances into your QBO file as a starting point before you begin your entries for 2020. Tile, Etc. had the following transactions in Year 2020 1. 02/17/2020 Purchased merchandise on account for $665,000 2. 03/08/2020 Sold merchandise that cost $505,000 for $1,060,000 on account 3. 04/24/2020 Sold for $330,000 cash merchandise that had cost $194,000. 4. 05/20/2020: Sold merchandise for $275,000 to credit card customers. The merchandise had cost $130,000. The credit card company charges a 3 percent fee 5. 06/01/2020: Loaned $67,000 to K. Parks. The note had an 6 percent interest rate and a one- year term to maturity. 6. 06/29/2020 Collected $790,000 cash from accounts receivable 7. 07/12/2020 Paid $695,000 cash on accounts payable 8. 08/25/2020 Paid $162,000 cash for selling and administrative expenses. 9. 09/26/2020: Collected cash due from the credit card company (see item 4). 10. 10/19/2020 Wrote off $9,200 of accounts as uncollectible. 11. 12/31/2020 Made the following adjusting entries: a. Recorded uncollectible accounts expense estimated at 1 percent of sales on account. b. Recorded accrued interest on the note at December 31, 2020 (see item 5) Required a. Prepare journal entries for these transactions on paper and be sure they are correct. b. Enter the journal entries for these transactions into your QBO Tile Etc. file. c. Use QBO to prepare the following reports. Save each as a PDF and submit as attachments through the assignment area in Canvas: 1. Prepare an income statement for Year 2020. 2. Prepare a balance sheet as of 12/31/2020. The following trial balance was prepared for Tile, Etc., Inc., on December 31, 2019, after the closing entries were posted: Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Payable Common Stock Retained Earnings Totals Debit $ 195.000 142,000 459,000 Credit $ 26,500 112,000 535,000 122,500 $ 796,000 $ 796,000 You will need to make one journal entry dated 12/31/2019 to bring these balances into your QBO file as a starting point before you begin your entries for 2020. Tile, Etc. had the following transactions in Year 2020 1. 02/17/2020 Purchased merchandise on account for $665,000 2. 03/08/2020 Sold merchandise that cost $505,000 for $1,060,000 on account 3. 04/24/2020 Sold for $330,000 cash merchandise that had cost $194,000. 4. 05/20/2020: Sold merchandise for $275,000 to credit card customers. The merchandise had cost $130,000. The credit card company charges a 3 percent fee 5. 06/01/2020: Loaned $67,000 to K. Parks. The note had an 6 percent interest rate and a one- year term to maturity. 6. 06/29/2020 Collected $790,000 cash from accounts receivable 7. 07/12/2020 Paid $695,000 cash on accounts payable 8. 08/25/2020 Paid $162,000 cash for selling and administrative expenses. 9. 09/26/2020: Collected cash due from the credit card company (see item 4). 10. 10/19/2020 Wrote off $9,200 of accounts as uncollectible. 11. 12/31/2020 Made the following adjusting entries: a. Recorded uncollectible accounts expense estimated at 1 percent of sales on account. b. Recorded accrued interest on the note at December 31, 2020 (see item 5) Required a. Prepare journal entries for these transactions on paper and be sure they are correct. b. Enter the journal entries for these transactions into your QBO Tile Etc. file. c. Use QBO to prepare the following reports. Save each as a PDF and submit as attachments through the assignment area in Canvas: 1. Prepare an income statement for Year 2020. 2. Prepare a balance sheet as of 12/31/2020.

Answer rating: 100% (QA)

a Journal Entries 1 02172020 Debit Merchandise Inventory 565000 Credit Accounts Payable 565000 2 030... View the full answer