Using the information In the photos: 1) Record journal entries 2) Record required entries into T-accounts and
Fantastic news! We've Found the answer you've been seeking!
Question:
Using the information In the photos:
1) Record journal entries
2) Record required entries into T-accounts and prepare a trial balance
3) prepare an income statement, statement of equity, and balance sheet.
Transcribed Image Text:
Transactions for January of 2020 1/3/2020 Paid interest payable plus $3,000 toward long term debt 1/2/2020 Paid salaries payable 1/3/2020 Purchased in ventory (500 units at $46) on credit 1/4/2020 Paid shipping on inventory of $250 1/6/2020 Purchased supplies on credit for $850 1/9/2020 Received $2,500 from customers for products to deliver in March 1/10/2020 Sold 600 units on credit with a sales price of $105 (assume perpetual LIFO) 1/15/2020 Purchased in ventory on account (700 units at $47) 1/20/2020 Paid $41,600 on accounts payable 1/21/2020 collected $121,350 in cash from customers in payment for earlier sales 1/22/2020 Wrote off accounts receivable for $815 1/25/2020 Sold 200 units on credit with a sales price of $105 (still perpetual LIFO) 1/26/2020 Paid wages to employees for work done in January $31,000 1/26/2020 Received utility bill for $7,200 for utilities used in January that will be paid in February 1/31/2020 Delivered 100 units of product to customers that they paid 10,000 for in 2019 (unearned revenue) 1/31/2020 Counted supplies and found $1,240 remaining 1/31/2020 Employees worked and earned $4,700 in January that will not be paid until February 1/31/2020 Interest at 12% per year on the long term debt (new balance) has not been paid 1/31/2020 The prepaid insurance will last 4 months into 2020 before a new policy will be required 1/31/2020 The allowance for bad debts is estimated at 4% of tot al accounts receivable 1/31/2020 A count of inventory showed that 50 units were damaged such that they are worthless and will be thrown away Transactions for January of 2020 1/3/2020 Paid interest payable plus $3,000 toward long term debt 1/2/2020 Paid salaries payable 1/3/2020 Purchased in ventory (500 units at $46) on credit 1/4/2020 Paid shipping on inventory of $250 1/6/2020 Purchased supplies on credit for $850 1/9/2020 Received $2,500 from customers for products to deliver in March 1/10/2020 Sold 600 units on credit with a sales price of $105 (assume perpetual LIFO) 1/15/2020 Purchased in ventory on account (700 units at $47) 1/20/2020 Paid $41,600 on accounts payable 1/21/2020 collected $121,350 in cash from customers in payment for earlier sales 1/22/2020 Wrote off accounts receivable for $815 1/25/2020 Sold 200 units on credit with a sales price of $105 (still perpetual LIFO) 1/26/2020 Paid wages to employees for work done in January $31,000 1/26/2020 Received utility bill for $7,200 for utilities used in January that will be paid in February 1/31/2020 Delivered 100 units of product to customers that they paid 10,000 for in 2019 (unearned revenue) 1/31/2020 Counted supplies and found $1,240 remaining 1/31/2020 Employees worked and earned $4,700 in January that will not be paid until February 1/31/2020 Interest at 12% per year on the long term debt (new balance) has not been paid 1/31/2020 The prepaid insurance will last 4 months into 2020 before a new policy will be required 1/31/2020 The allowance for bad debts is estimated at 4% of tot al accounts receivable 1/31/2020 A count of inventory showed that 50 units were damaged such that they are worthless and will be thrown away
Expert Answer:
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
The following accounts have normal balances. Prepare a trial balance for Kenny's Lawn Service as of September 30, 20--. Cash ........... $10,000 Accounts Receivable ...... 6,000 Supplies ..............
-
Using the account information shown below, prepare a trial balance at January 31, 2014. Vahn Landscaping General Ledger Unearned Fees Brea Vahn, 233 Cash 5,000 6,000 2,000 4,000 3,000 1,000 B.000 101...
-
Prepare two income statements, one using the information in Practice 28 and the other using the information in Practice 29.
-
Why do you think many people might be skeptical about psychology being a science?
-
The tire business is becoming increasingly competitive as new manufacturers from Southeast Asia and elsewhere enter the global marketplace. At the same time, customer expectations for performance,...
-
Reconsider the Heavy Duty Co. problem that was presented as Example 2 in Section 12.1. For each of the following three options in parts a through c, obtain an estimate of the expected cost per day by...
-
The capital structure of Audiology Associates, Inc., at December 31, 2007 , included 5,000 shares of \(\$ 2\) preferred stock and 100,000 shares of common stock. Common shares outstanding during 2008...
-
A closely wound, circular coil with radius 2.40 cm has 800 turns. (a) What must the current in the coil be if the magnetic field at the center of the coil is 0.0580 T? (b) At what distance x from the...
-
Following documentaries on the 2008 economic collapse, and tax havens. SF argues that the most talented, smartest, and most capable people will get the best jobs and be rewarded with the most wealth....
-
Kendrick Anderson Furniture Maker, LLC creates custom tables in Atlanta. Assume that the following represents monthly information on production volume and manufacturing costs since the company...
-
There is a repair shop in a residential locality attending to TV repairs. Failed TVs arrive at the repair shop in a Poisson fashion at the rate of 7.5 per day. It takes on average about 45 minutes to...
-
Pat and Diedra Donovan live and work in Atlanta. They resided in the U . S . for all of 2 0 2 2 . Diedra works full - time and earns $ 3 0 , 0 0 0 . Pat works part - time during the year and earns $...
-
A partial trial balance of Sandhill Corporation is as follows on December 31, 2026. Dr. Cr. Supplies $2,900 Salaries and wages payable $1,500 Interest receivable 5,400 Prepaid insurance 97,100...
-
1. For the given circuit, determine Number of the nodes Number of equations for applying KCL. Label the node voltages and list all the equations needed for the node-voltage method 202 152 wwwwww $6...
-
A Swiss company holds a bond investment in a U . S . company that pays interest in USD. If the CHF / USD exchange rate fluctuates by 5 % over the year, calculate the exchange gain or loss.
-
13) Outdoor Gear Corporation manufactured 5,000 coolers during October. The following variable overhead data relates to October: Variable overhead spending variance Variable overhead efficiency...
-
The completeness assertion Blank______. Multiple select question. requires the auditor to obtain persuasive evidence includes determining if all expenses are recorded may be verified by management...
-
Find the velocity, acceleration, and speed of a particle with the given position function. r(t) = (t 2 , sin t - t cos t, cos t + t sin t), t > 0
-
Southern Company began operations when it issued common stock for $100,000 cash. It paid $96,000 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the...
-
Preparing a trial balance Required On December 31, 2013, Magee Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Common Stock...
-
Weir Service Company purchased a copier on January 1, 2013, for $25,000 and paid an additional $500 for delivery charges. The copier was estimated to have a life of four years or 1,000,000 copies....
-
An idealized one degree-of-freedom model is tested many times in order to estimate its natural frequency. It is relatively straightforward to measure its mass \(m\), but stiffness \(k\) can only be...
-
For each nonlinear equation of motion, linearize the equation about the indicated equilibrium position and discuss the range of validity of the linearized equation. Plot the relative error for the...
-
For each idealized model in Figures 2.35 to 2.38, draw a free-body diagram and derive the equation of motion using (a) Newton's second law of motion and (b) the energy method. The block in Figure...
Study smarter with the SolutionInn App