124P 3-6LO3LO4Part 1 Financial Reporting and the Accounting CycleMar. 14561015Purchased $26,500 of inventory on credit.Collected $2,500 from customers as payments on their accounts.Purchased equipment for $1,500 cash.Sold inventory that cost $15,000 to customers on account for $20,000.Paid rent for March, $525.Paid utilities for March, $50.17 Paid a $150 monthly salary to the part-time helper.20Collected $16,500 from customers as payments on their accounts.25 Paid property taxes for March of $600.26 Sold inventory that cost $10,000 to customers for $15,000 cash.28 Paid $26,500 cash on account payable. (See March 1 entry.)Required:1. For each transaction, give the entry to record it in the company's general journal. (Omitexplanations.)2. Set up T-accounts, and post the journal entries to their appropriate accounts.Unifying Concepts: Compound Journal Entries, Posting, Trial BalanceShaw Company had the following transactions during 2017.a. Jon Shaw began business by investing the following assets, receiving capital stock in exchange:P 3-8LO2

Answered: Image /qna-images/answer/c45e98a1-5092-42b3-9a2d-9e65c72e8c12.jpg

Mar. 1 Purchased $26,500 of inventory on credit. 4 Collected $2,500 from customers as payments on their accounts. Purchased equipment for $1,500 cash. 5 6 Sold inventory that cost $15,000 to customers on account for $20,000. 10 Paid rent for March, $525. 15 17 20 25 26 28 Paid utilities for March, $50. Paid a $150 monthly salary to the part-time helper. Collected $16,500 from customers as payments on their accounts. Paid property taxes for March of $600. Sold inventory that cost $10,000 to customers for $15,000 cash. Paid $26,500 cash on account payable. (See March 1 entry.) Required: 1. For each transaction, give the entry to record it in the company's general journal. (Omit explanations.) 2. Set up T-accounts, and post the journal entries to their appropriate accounts.

Mar. 1 Purchased $26,500 of inventory on credit. 4 Collected $2,500 from customers as payments on their accounts. Purchased equipment for $1,500 cash. 5 6 Sold inventory that cost $15,000 to customers on account for $20,000. 10 Paid rent for March, $525. 15 17 20 25 26 28 Paid utilities for March, $50. Paid a $150 monthly salary to the part-time helper. Collected $16,500 from customers as payments on their accounts. Paid property taxes for March of $600. Sold inventory that cost $10,000 to customers for $15,000 cash. Paid $26,500 cash on account payable. (See March 1 entry.) Required: 1. For each transaction, give the entry to record it in the company's general journal. (Omit explanations.) 2. Set up T-accounts, and post the journal entries to their appropriate accounts.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.5BPR: Multiple-step income statement and balance sheet The following selected accounts and their current...

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Multiple step income statement and balance sheet The following selected accounts anti their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated DepreciationOffice Equipment 58,000 Store Equipment 650,000 Accumulated DepreciationStore Equipment 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2032) 140,000 Gerri Faber. Capital 431,000 Gerri Faber, Drawing 300,000 Sales 8,925,00 Cost of Merchandise Sold 5,620,00 Sales Salaries Expense 850,000 Advertising Expense 420,000 Depreciation Expense Store Equipment 33,000 Miscellaneous Selling Expense 18,000 Office Salaries Expense 540,000 Rent Expense 48,000 Insurance Expense 24,000 Depredation ExpenseOffice Equipment 10,000 Office Supplies Expense 4,000 Miscellaneous Administrative Exp. 6,000 Interest Expense 12,000 Instructions 1.Prepare a multiple-step income statement. 2.Prepare a statement of owners equity. 3.Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4.Briefly explain how multiple-step and single-step income statements differ.
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balane Q5: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012. Dec. 31, 2012 84,500 21,000 Jan.1, 2012 33,000 Accounts Cash Notes receivable Accounts receivable 20,000 000' 160,000 95,000 Enventory Prepaid expenses Short term investment 000'OSI 000'01 000'01 000'7I 000'0F Building & Equipment (net) Total Assets 000'071 000'001 490,500 439,000 Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning Total liabilities & owners' equity 000'SEI 006 000 000'os 000'E 200,000 52,000 439,000 280,000 73,600 490,500 An analysis of cash receipts and disbursements discloses the following: keceipts New capital investment Disbursement Trade creditor - 210,000 $ $ 0000$ Accounts Pay. Trade debtors - Notes and səsuədx accounts Cash sales N/R discounted - Face value 19,500 Dividends Equipment 28,000 000'0 00007 Note issued to bank Bonds 50,000 Sales of investment 25,000 Required: 1) Prepare an income statement supported by…
P4.4 (LO 2, 3, 4, 5 ) (Multiple- and Single-Step Statements, Retained Earnings Statement) The following account balances were included in the trial balance of Twain Corporation at June 30, 2020. Sales revenue $1,578,500 Depreciation expense (office furniture and equipment) $7,250 Sales discounts 31,150 Cost of goods sold 896,770 Property tax expense 7,320 Salaries and wages expense (sales) 56,260 Bad debt expense (selling) 4,850 Sales commissions 97,600 Maintenance and repairs expense (administration) 9,130 Travel expense (salespersons) 28,930 Delivery expense 21,400 Office expense 6,000 Entertainment expense 14,820 Sales returns and allowances 62,300 Telephone and Internet expense (sales) 9,030 Dividends received 38,000 Depreciation expense (sales equipment) 4,980 Interest expense 18,000 Maintenance and repairs expense (sales) 6,200 Income tax expense 102,000…
QUESTION 7 Relevant account balances for Martinez Corporation are: 12/31/17 1/01/17 Accounts receivable $18,000 $14,000 Inventory 24,000 26,000 Prepaid insurance 1,500 2,100 Accounts payable 25,000 26,000 Income information for 2017_______ _________ _________ Revenue $120,000 Cost of goods sold $60,000 Insurance expense 6,000 Operating expenses 18,000 Depreciation 10,000 94,000 Net income $ 26,000 How much cash was paid to suppliers for inventory during 2017? $2,000 $59,000 $63,000 $61,000 None of these choices is correct.
Question 2:Tarcy Enterprise is operated by Priscilla Tam. She provided the followingTrial Balance for the year ended 30 June 20X1: Dr CrRM RM Inventory, 1 July 20X0 160,0006% Long term loan 200,000Water and electricity 4,300Bank 6,000Capital 1,000,000Carriage inwards 1,800Purchases and Sales 956,000 1,254,600Cash 8,800Allowance for doubtful debts, 1 July 20X0 1,000Custom duty 3,000Trade receivables and payables 136,000 68,000Bad debts 3,700Carriage outwards 3,000Drawings 12,000Freehold premises 800,000Motor vehicles 100,000Plant and machinery 300,000Accumulated depreciation: motor vehicles 12,000Accumulated depreciation: plant & machinery 24,000General expenses 2,200Interest on loan 3,500Discounts 600 800Advertisement 16,000Returns 4,500 3,000Salaries 60,000Commission received 6,0002,575,400 2,575,400 Additional information:1. Closing inventory was valued at RM175,000.2. Included in the purchases were goods worth RM6,000 which had beentaken by Priscilla for family use. No recording…
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.