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3. Pedroni Enterprises issues a $260,000, 45 day 5% note to Zorzi Industries for merchandise inventory a. Journalize Pedroni Enterprises entries to record: 1. The issuance of the note 2 The payment of the note at maturity b. Journalize Zorzi Industries entries to record: 1. The receipt of the note 2. Receipt of the payment of the note at maturity

3. Pedroni Enterprises issues a $260,000, 45 day 5% note to Zorzi Industries for merchandise inventory a. Journalize Pedroni Enterprises entries to record: 1. The issuance of the note 2 The payment of the note at maturity b. Journalize Zorzi Industries entries to record: 1. The receipt of the note 2. Receipt of the payment of the note at maturity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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6:36 100% Supplies on hand on October 31 Depreciation of Building for the year = $12,000 Uneamed Rent on October 31 Accrued Salary and Wages at October 31 = $2,800 Fees eamed but unbilled on October 31 = $10,050 = $675 $2,250 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, Depreciation Expense - Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. 2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3. Determine the amount of depreciation expense for the three years ending December 31, by the Straight line method, The units of activity method, and the double declining balance method. Finally determine the total amount of depreciation expense for the three ears by each method. 3. Pedroni Enterprises issues a $260,000, 45 day 5% note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: 1. The issuance of the note 2. The payment of the note at maturity b. Journalize Zorzi Industries entries to record: The receipt of the note 2. Receipt of the payment of the note at maturity a. 1. 4. On July 31,2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation - Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Merchandise Inventory Notes Payable $365,000 440,000 810,000 78,000 775,000 6,000 115,000 Ray Zorzi – Capital Ray Zorzi - Drawing Sales Sales tax Payable Selling Expense Store Supplies $530.000 15,000 1437,000 4,500 160,000 16,000 Store Supplies Expense 21,500 100,000 Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company
Transcribed Image Text:6:36 100% Supplies on hand on October 31 Depreciation of Building for the year = $12,000 Uneamed Rent on October 31 Accrued Salary and Wages at October 31 = $2,800 Fees eamed but unbilled on October 31 = $10,050 = $675 $2,250 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, Depreciation Expense - Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. 2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3. Determine the amount of depreciation expense for the three years ending December 31, by the Straight line method, The units of activity method, and the double declining balance method. Finally determine the total amount of depreciation expense for the three ears by each method. 3. Pedroni Enterprises issues a $260,000, 45 day 5% note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: 1. The issuance of the note 2. The payment of the note at maturity b. Journalize Zorzi Industries entries to record: The receipt of the note 2. Receipt of the payment of the note at maturity a. 1. 4. On July 31,2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation - Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Merchandise Inventory Notes Payable $365,000 440,000 810,000 78,000 775,000 6,000 115,000 Ray Zorzi – Capital Ray Zorzi - Drawing Sales Sales tax Payable Selling Expense Store Supplies $530.000 15,000 1437,000 4,500 160,000 16,000 Store Supplies Expense 21,500 100,000 Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company
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