Debit Credit Cash $23,440.00 Accounts Receivable $43,880.00 Inventory $19,976.00 Land $57,200.00 Buildings $83,600.00 Equipment $35,200.00 Allowance for Doubtful Accounts $ 396.00 Accumulated Depreciation—Buildings $ 26,400.00 Accumulated Depreciation—Equipment $ 11,672.00 Accounts Payable $ 16,984.00 Interest Payable $ - Dividends Payable $ - Unearned Rent Revenue $ 8,040.00 Bonds Payable (10%) $ 44,000.00 Preferred Stock ($ 20 par) $ - Paid-in Capital in Excess of Par—Preferred Stock $ - Common Stock ($ 10 par) $ 26,400.00 Paid-in Capital in Excess of Par—Common Stock $ 5,280.00 Retained Earnings $ 66,044.00 Treasury Stock $0.00 Cash Dividends $0.00 Sales Revenue $ 503,600.00 Rent Revenue $ - Bad Debt Expense $0.00 Interest Expense $0.00 Cost of Goods Sold $352,000.00 Depreciation Expense $0.00 Other Operating Expenses $34,320.00 Salaries and Wages Expense $59,200.00 $ 708,816.00 $ 708,816.00 Prepare journal entries for the transactions and adjustment listed 1 On January 1, 2022, Swinger issued 980 shares of $ 25 par, 6% preferred stock for $ 20,360. 2 On January 1, 2022, Swinger also issued 980 shares of common stock for $ 20,240. 3 Swinger reacquired 364 shares of its common stock on July 1, 2022, for $ 49 per share. 4 On December 31, 2022, Swinger declared the annual cash dividend on the preferred stock and a $ 2.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5 Swinger estimates that uncollectible accounts receivable at year-end are $ 5,488. 6 The building is being depreciated using the straight-line method over 30 years. The salvage value is $ 3,400. 7 The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $ 4520. 8 The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023). 9 The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.
Debit Credit Cash $23,440.00 Accounts Receivable $43,880.00 Inventory $19,976.00 Land $57,200.00 Buildings $83,600.00 Equipment $35,200.00 Allowance for Doubtful Accounts $ 396.00 Accumulated Depreciation—Buildings $ 26,400.00 Accumulated Depreciation—Equipment $ 11,672.00 Accounts Payable $ 16,984.00 Interest Payable $ - Dividends Payable $ - Unearned Rent Revenue $ 8,040.00 Bonds Payable (10%) $ 44,000.00 Preferred Stock ($ 20 par) $ - Paid-in Capital in Excess of Par—Preferred Stock $ - Common Stock ($ 10 par) $ 26,400.00 Paid-in Capital in Excess of Par—Common Stock $ 5,280.00 Retained Earnings $ 66,044.00 Treasury Stock $0.00 Cash Dividends $0.00 Sales Revenue $ 503,600.00 Rent Revenue $ - Bad Debt Expense $0.00 Interest Expense $0.00 Cost of Goods Sold $352,000.00 Depreciation Expense $0.00 Other Operating Expenses $34,320.00 Salaries and Wages Expense $59,200.00 $ 708,816.00 $ 708,816.00 Prepare journal entries for the transactions and adjustment listed 1 On January 1, 2022, Swinger issued 980 shares of $ 25 par, 6% preferred stock for $ 20,360. 2 On January 1, 2022, Swinger also issued 980 shares of common stock for $ 20,240. 3 Swinger reacquired 364 shares of its common stock on July 1, 2022, for $ 49 per share. 4 On December 31, 2022, Swinger declared the annual cash dividend on the preferred stock and a $ 2.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5 Swinger estimates that uncollectible accounts receivable at year-end are $ 5,488. 6 The building is being depreciated using the straight-line method over 30 years. The salvage value is $ 3,400. 7 The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $ 4520. 8 The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023). 9 The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 13PB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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I need assistance in preparing a journal for transactions and adjustements. Provided is the
Debit | Credit | |||
Cash | $23,440.00 | |||
$43,880.00 | ||||
Inventory | $19,976.00 | |||
Land | $57,200.00 | |||
Buildings | $83,600.00 | |||
Equipment | $35,200.00 | |||
Allowance for Doubtful Accounts | $ 396.00 | |||
$ 26,400.00 | ||||
Accumulated Depreciation—Equipment | $ 11,672.00 | |||
Accounts Payable | $ 16,984.00 | |||
Interest Payable | $ - | |||
Dividends Payable | $ - | |||
Unearned Rent Revenue | $ 8,040.00 | |||
Bonds Payable (10%) | $ 44,000.00 | |||
$ - | ||||
Paid-in Capital in Excess of Par—Preferred Stock | $ - | |||
Common Stock ($ 10 par) | $ 26,400.00 | |||
Paid-in Capital in Excess of Par—Common Stock | $ 5,280.00 | |||
$ 66,044.00 | ||||
$0.00 | ||||
Cash Dividends | $0.00 | |||
Sales Revenue | $ 503,600.00 | |||
Rent Revenue | $ - | |||
Bad Debt Expense | $0.00 | |||
Interest Expense | $0.00 | |||
Cost of Goods Sold | $352,000.00 | |||
Depreciation Expense | $0.00 | |||
Other Operating Expenses | $34,320.00 | |||
Salaries and Wages Expense | $59,200.00 | |||
$ 708,816.00 | $ 708,816.00 |
Prepare |
||
1 | On January 1, 2022, Swinger issued 980 shares of $ 25 par, 6% preferred stock for $ 20,360. | |
2 | On January 1, 2022, Swinger also issued 980 shares of common stock for $ 20,240. | |
3 | Swinger reacquired 364 shares of its common stock on July 1, 2022, for $ 49 per share. | |
4 | On December 31, 2022, Swinger declared the annual cash dividend on the preferred stock and a $ 2.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. | |
5 | Swinger estimates that uncollectible accounts receivable at year-end are $ 5,488. | |
6 | The building is being |
|
7 | The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $ 4520. | |
8 | The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023). | |
9 | The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded. |
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