Smithson Floor Coverings reported the following summarized data at December 31, 2024. Accounts appear in no particular order, and all have normal balances. (Click the icon to view Smithson Floor Coverings accounts.) Prepare the trial balance of Smithson Floor Coverings at December 31, 2024. Account Title Total Smithson Floor Coverings Trial Balance December 31, 2024 Balance Debit Credit C Data table Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 Salaries Payable 36,000 Salaries Expense 17,000 Cash 24,000 Accounts Receivable 2,200 Interest Payable 16,100 Utilities Expense Print Done $ 25,000 1,600 7,000 3,600 6,000 1,900 - X

Smithson Floor Coverings reported the following summarized data at December 31, 2024. Accounts appear in no particular order, and all have normal balances. (Click the icon to view Smithson Floor Coverings accounts.) Prepare the trial balance of Smithson Floor Coverings at December 31, 2024. Account Title Total Smithson Floor Coverings Trial Balance December 31, 2024 Balance Debit Credit C Data table Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 Salaries Payable 36,000 Salaries Expense 17,000 Cash 24,000 Accounts Receivable 2,200 Interest Payable 16,100 Utilities Expense Print Done $ 25,000 1,600 7,000 3,600 6,000 1,900 - X

Financial Accounting

15th Edition

ISBN:9781337272124

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

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

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 2E: Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer...

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QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…
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Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate…