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Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 Purchased merchandise for resale on account. The invoice amount was $14,790; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $48,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,220. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $30,000. Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. December 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,790 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit 14,790 14,790 Inventory Accounts payable >

Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 Purchased merchandise for resale on account. The invoice amount was $14,790; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $48,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,220. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $30,000. Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. December 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,790 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit 14,790 14,790 Inventory Accounts payable >

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 Purchased merchandise for resale on account. The invoice amount was $14,790; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $48,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,220. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $30,000. Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. December 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,790 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit 14,790 14,790 Inventory Accounts payable >
Transcribed Image Text:Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 Purchased merchandise for resale on account. The invoice amount was $14,790; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $48,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,220. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $30,000. Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. December 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,790 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit 14,790 14,790 Inventory Accounts payable >
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