From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $335,000. b. Sold inventory on account for $595,000. The cost of the inventory sold was $315,000. c. Received $560,000 from customers on accounts receivable. d. Paid freight on inventory received, $29,000. e. Paid $325,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts o f. Paid rent for the current year, $47,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $155,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $23,000. Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis
From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $335,000. b. Sold inventory on account for $595,000. The cost of the inventory sold was $315,000. c. Received $560,000 from customers on accounts receivable. d. Paid freight on inventory received, $29,000. e. Paid $325,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts o f. Paid rent for the current year, $47,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $155,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $23,000. Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 4SEA: FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement,...
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On January 1, 2024, Displays Incorporated had the following account balances:
Account Title
Cash
Accounts receivable.
Supplies
Inventory
Land
Accounts payable
Notes payable (5%, due next year)
Common stock
Retained earnings
Totals
From January 1 to December 31, the following summary transactions occurred:
a. Purchased inventory on account for $335,000.
b. Sold inventory on account for $595,000. The cost of the inventory sold was $315,000.
c. Received $560,000 from customers on accounts receivable.
d. Paid freight on inventory received, $29,000.
e. Paid $325,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $9,000.
f. Paid rent for the current year, $47,000. The payment was recorded to Rent Expense.
g. Paid salaries for the current year, $155,000. The payment was recorded to Salaries Expense.
Year-end adjusting entries:
Requirement
a. Supplies on hand at the end of the year are $5,000.
b. Accrued interest expense on notes payable for the year.
c. Accrued income taxes at the end of December are $23,000.
Complete this question by entering your answers in the tabs below.
General
Journal
View transaction list
1
Journal entry worksheet
General
Ledger
2
Date
January 02
Debit
$ 27,000
24,000
30,000
62,000
232,000
Credit
$ 28,000
25,000
191,000
131,000
$ 375,000 $ 375,000
Prepare the journal entries for transactions.
Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.
Note: Enter debits before credits.
Record entry
Trial Balance
Account Title
3 4 4 5 6 7 8
Clear entry
Income
Statement
Purchased inventory on account for $335,000. Record the transaction.
Balance Sheet
*****
Debit
13
Analysis.
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe5d258d6-31f4-4f1a-92e2-729ad7d24c2d%2F2c654b26-91cb-4b31-9ccf-fc88055e687c%2Fwmmvn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
On January 1, 2024, Displays Incorporated had the following account balances:
Account Title
Cash
Accounts receivable.
Supplies
Inventory
Land
Accounts payable
Notes payable (5%, due next year)
Common stock
Retained earnings
Totals
From January 1 to December 31, the following summary transactions occurred:
a. Purchased inventory on account for $335,000.
b. Sold inventory on account for $595,000. The cost of the inventory sold was $315,000.
c. Received $560,000 from customers on accounts receivable.
d. Paid freight on inventory received, $29,000.
e. Paid $325,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $9,000.
f. Paid rent for the current year, $47,000. The payment was recorded to Rent Expense.
g. Paid salaries for the current year, $155,000. The payment was recorded to Salaries Expense.
Year-end adjusting entries:
Requirement
a. Supplies on hand at the end of the year are $5,000.
b. Accrued interest expense on notes payable for the year.
c. Accrued income taxes at the end of December are $23,000.
Complete this question by entering your answers in the tabs below.
General
Journal
View transaction list
1
Journal entry worksheet
General
Ledger
2
Date
January 02
Debit
$ 27,000
24,000
30,000
62,000
232,000
Credit
$ 28,000
25,000
191,000
131,000
$ 375,000 $ 375,000
Prepare the journal entries for transactions.
Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.
Note: Enter debits before credits.
Record entry
Trial Balance
Account Title
3 4 4 5 6 7 8
Clear entry
Income
Statement
Purchased inventory on account for $335,000. Record the transaction.
Balance Sheet
*****
Debit
13
Analysis.
Credit
View general journal
>
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