Prepare journal entries to record each of the transactions and events listed above.
Q: Assume a company’s budgeted unit sales and its required production in units for May are 80,000 units…
A: Budgeted direct labor hours per unit are direct labor hours required to produce one unit of finished…
Q: Shin Corporation had a projected benefit obligation of $4,300,000 and plan assets of $4,100,000 at…
A: The company pays pensions to its employees. It's a liability for the company so the company should…
Q: sume that a company provided the following cost formulas for three of its expenses (where q refers…
A: Net operating income refers to the sum value of money gained by an entity after subtracting all the…
Q: Scofield City received a donation from the estate of the late Lisa O’Reilly to be used to support…
A: ANSWER:- JOURNAL ENTRIES DATE…
Q: Toy Co Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: Moises Corporation has two branch, Branch Ollie and Branch Ver. The Home Office shipped P 5,000 of…
A: Moises Corp transferred to Branch Ollie P5000 Prepaid freight charge = P300 Branch Ollie transferred…
Q: On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $43,500 face value,…
A: Notes payable are the amount that is required to be paid within the specified time period. It s the…
Q: Mix and Break-Even Sales elated to the expected sales of laptops and tablets for Tech Products In…
A: The contribution margin refers to the concept of determining the gap between the selling price of…
Q: kee Incorporated is a merchandiser that provided the following information: Amount Number of…
A: The income statement explains the financial performance of the company for a particular period of…
Q: Grouper's Medical operates three support departments and two operating units, Surgery and ER. The…
A: Costing - Analyzing the costs associated with producing an item or providing a service is known as…
Q: Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State…
A: Solution 1: Revenue and spending variance = Actual results - Flexible budget amounts Activity…
Q: identify one weakness of the system.
A: There can be strength as well as the weakness over the system of the payroll or anything else on…
Q: Sheffield Corporation splits its common stock 5 for 1, when the market value is $91 per share. Prior…
A: Introduction:- Split share means company my increase or decrease number of shares For example:-…
Q: Protex Inc. acquired land, buildings, and equipment from a bankrupt company, for a lump-sum price of…
A: Journal entries are defined as the recording of transactions in the books of the company. Each…
Q: Assume the following information for a company that produced 10,000 units and sold 8,000 units…
A: Absorption costing Method :— Under this method, product cost per unit includes direct material,…
Q: You own a stock portfolio invested 32 percent in Stock Q, 22 percent in Stock R, 19 percent in Stock…
A: It has been provided: Stock Q weights = 32% Stock R weights = 22% Stock S weights = 19% Stock T…
Q: At the beginning of his current tax year, Eric bought a corporate bond with a maturity value of…
A: INTRODUCTION: Taxes are compulsory payments placed on individuals or companies by a government…
Q: Hayes Corp. is a manufacturer of truck trailers. On January 1, 2021, Hayes Corp. leases ten trailers…
A: ANSWER:- 1. It is a sales-type lease to the lessor, Hayes Corp. Hayes’s (the manufacturer) profit…
Q: Hadley Company purchased an asset with a list price of $135580. Hadley paid $413 of…
A: CAPITAL EXPENDITURE Capital Expenditure is an Expenses Which is incurred to Purchase the Assets or…
Q: Manno Corporation has the following information available concerning its defined-benefit pension…
A: Pension expense is the expense a business charges in relation to the liabilities for pension payable…
Q: Q10 In the standalone statements of the venturer, the investments are accounted at______. Select…
A: Investments are of two types first is Current investments and second is non current investments.…
Q: Assume a company’s estimated sales for January, February, and March are 36,000 units, 37,000 units,…
A: Solution: Budgeted units sales for January = 36000 units Budgeted production units is computed as =…
Q: A stock has a beta of 1.61, the expected return on the market is 0.07, and the risk-free rate is…
A: Return on stock :— It is the rate of return expected by the investors of stock. According to CAPM…
Q: Ces In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…
A: Taxable income refers to any individual or business compensation that is used to determine tax…
Q: Cathy Coed is a full-time senior student at Big Research University (BRU). Cathy is considered by…
A: The scholarship amount refers to the amount received by students from a school, university,…
Q: Sunland Corporation sells three different models of a mosquito "zapper." Model A12 sells for $47 and…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: King, Queen and Prince are partners sharing profits and loss in the ratio of 1:1:2 respectively.…
A: Particulars Amount Cash Balance after realization of non-cash asset 1,400,000 Less: Original…
Q: If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the…
A: COST OF GOODS SOLD Cost of Goods Sold is the Sum of Direct Cost & Manufacturing Cost of…
Q: Flounder's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes…
A: Desired ROI per session = Total ROI / Total Number of Sessions Total Number of Sessions = 1,160…
Q: X-Tel budgets sales of $55,000 for April, $110,000 for May, and $70,000 for June. Sales are 50% cash…
A: Cash Receipt Schedule :— This budget is prepared to estimate the cash collection from customer…
Q: Jill and Frank decided to take a long weekend in New York. City Hotel has a special getaway weekend…
A: Total expense in this questions relates to the total amount spend on hotel room, food, car rental…
Q: Equipment costing $120,000, with a scrap value of $20,000 was purchased on January 1, by Global…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Exercise 2-3 (Algo) Computing Total Job Costs and Unit Product Costs Using a Plantwide Predetermined…
A: Total manufacturing cost comprises the cost of direct materials and conversion cost (direct labor…
Q: D. On 30 June 20X2, the directors of Delta decided to close down a division. This decision was…
A: Financial Statement - Financial statements are documents that describe a company's operations and…
Q: How did they get the selling and administrative expense (not traced
A: Activity based costing is method of manufacturing overhead allocation. Under this costing method…
Q: The production cost for a waterproof phone case is $5 per unit and fixed costs are $23,515 per…
A: The standard is set beforehand, and actual performance is judged on the basis of standard set.…
Q: July 1, 2021 August 20, 2021 P350,000.00 159,000.00 Prepaid Expense July 28, 2021 P78,000.00…
A: Prepaid expenses are the expenses which are incurred for incoming period and written off as and when…
Q: 1. The following accounts receivable information pertains to Growth Markets LLC. Past-Due Category…
A: Introduction:- The bad debt is expense for the company. It is the amount of receivables that is…
Q: ingston Company's December 31, year-end financial statement contained the following errors An…
A: Introduction: In the given information there is recording error of transaction so it is not allocate…
Q: Calculate the average collection period for T&K Inc. if its accounts receivables were $600 at the…
A: The average collection period is the period in which the accounts receivable are expected to be…
Q: PB8-5 (Algo) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to…
A: Account Receivable Turnover Ratio :— It is calculated by dividing net sales by average net accounts…
Q: A corporation has the following account balances: Common stock, $1 par value, $42000; Paid-in…
A: Shareholders' equity balance includes common stock, preferred stock, and additional paid-in capital.…
Q: Q16 Bright Ltd reported net income of R34 400 in 2011. The financial year end for Bright Ltd is 31…
A: BASIC EARNING PER SHARE The basic EPS is calculated by dividing a company's net income by the…
Q: A company employs two consultants. Judy specializes in tax consulting and Steve specializes in…
A: Predetermined Overhead Rate = Estimated overhead / Estimated allocation base Markup = Total cost x…
Q: You are internal auditor for Shannon Supplies, Incorporated, and are reviewing the company's…
A: Journal entries refers to the entries which are passed by the businesses at the fiscal year end and…
Q: True or False: Managing the cash inflows and payment outflows is one of the critical functions of…
A: Collecting and controlling cash flows is the process of cash management. Both individuals and…
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…
Q: On January 1, Aivah Company purchased 2,000 common shares (25%) of Maywood Corporation as a…
A:
Q: Year 1 2 3 4 VE 5 Total Straight-line Method Depreciation Expense Units of Production Method Double…
A: Depreciation is defined as the method in which the value of an asset is decreased each year by some…
Q: Swifty's Medical operates three support departments and two operating units, Surgery and ER. The…
A: In the reciprocal method of cost allocation, there are three methods: Simultaneous Equation Method…
The following transactions occurred during the month of June 2024 for the Stridewell Corporation. The company owns and operates a retail shoe store.
- Issued 55,000 shares of common stock in exchange for $275,000 cash.
- Purchased office equipment at a cost of $53,750. Cash of $21,500 was paid and a note payable was signed for the balance owed.
- Purchased inventory on account at a cost of $110,000. The company uses the perpetual inventory system.
- Credit sales for the month totaled $187,000. The cost of the goods sold was $93,500.
- Paid $2,250 in rent on the store building for the month of June.
- Paid $1,320 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2024.
- Paid $79,475 on account for the inventory purchased in transaction 3.
- Collected $37,400 from customers on account.
- Paid shareholders a cash dividend of $2,750.
- Received cash of $1,075 from customers in advance of services to be provided.
Required:
Prepare
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Analyzing Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.Lowes Companies Inc., a major competitor of The Home Depot in the home improvement business, operates over 1,700 stores. Lowes recently reported the following balance sheet data (in millions): a. Determine the total stockholders equity at the end of Years 2 and 1. b. Determine the ratio of liabilities to stockholders equity for Year 2 and Year 1. Round to two decimal places. c. What conclusions regarding the risk to the creditors can you draw from (b)? d. Using the balance sheet data for The Home Depot in Exercise 1-26, how does the ratio of liabilities to stockholders equity of Lowes compare to that of The Home Depot?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
- Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: 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 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in assets and in which the owner has 34,500 equity. b. The equity of the owner of a tour bus that cost 57,000 and on which is owed 21,800 on an installment loan payable to the bank. c. The amount of the assets of a business that has 11,780 in liabilities and in which the owner has 28,500 equity.FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: a.Prepare an income statement. b.Compare your income statement with the income statement that is available at the FedEx Corporation Web site, (http://investors.fedex.com). Click on Annual Report and Download Annual Report. What similarities and differences do you see?