ĮThe following information applies to the questions displayed below.J On January 1, Year 1, the general ledger of a company includes the following account balances: Debit $ 25,600 47,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Credit $ 4,700 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
ĮThe following information applies to the questions displayed below.J On January 1, Year 1, the general ledger of a company includes the following account balances: Debit $ 25,600 47,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Credit $ 4,700 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...
Related questions
Question
![ĮThe following information applies to the questions displayed below.]
On January 1, Year 1, the general ledger of a company includes the following account balances:
Accounts
Debit
Credit
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 25,600
47,200
$ 4,700
Inventory
Land
20,500
51,000
17,500
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, Year 2)
Common Stock
2,000
29,000
55,000
40,000
31,100
$161,800 $161,800
Retained Earnings
Totals
During January Year 1, the following transactions occur:
January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $152,000.
January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on
account. The cost of the units sold is $76,300.
January 23 Receive $125,900 from customers on accounts receivable.
January 25 Pay $95,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,300.
January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash
and $138,000 on account. The cost of the units sold is $82,000.
January 31 Pay cash for monthly salaries, $52,500.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe0288c80-ea87-4509-a745-673b052c2a7e%2F106dd0f7-6b97-4c65-8104-146f24f58597%2Fgzackgx_processed.png&w=3840&q=75)
Transcribed Image Text:ĮThe following information applies to the questions displayed below.]
On January 1, Year 1, the general ledger of a company includes the following account balances:
Accounts
Debit
Credit
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
$ 25,600
47,200
$ 4,700
Inventory
Land
20,500
51,000
17,500
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, Year 2)
Common Stock
2,000
29,000
55,000
40,000
31,100
$161,800 $161,800
Retained Earnings
Totals
During January Year 1, the following transactions occur:
January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $152,000.
January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on
account. The cost of the units sold is $76,300.
January 23 Receive $125,900 from customers on accounts receivable.
January 25 Pay $95,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,300.
January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash
and $138,000 on account. The cost of the units sold is $82,000.
January 31 Pay cash for monthly salaries, $52,500.
Transcribed Image Text:Classified Balance Sheet
January 31, Year 1
Assets
Liabilities
Cash
Accounts Payable
Accounts Receivable
Salaries Payable
Less: Allowance for Uncollectible Accounts
O Income Tax Payable
Interest Receivable
Inventory
Total Current Assets
Total Current Liabilities
Total Liabilities
Stockholders' Equity
Notes Receivable
Common Stock
Land
Retained Earnings
Equipment
Less: Accumulated Depreciation
Total Stockholders' Equity
Total Assets
$
Total Liabilities and Stockholders' Equity
$
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