On January 1, 2024, the ledger of Oriole Company contains the following liability accounts. Accounts Payable HST Payable Unearned Revenue 12 During January, the following selected transactions occurred. Jan. 2 5 14 20 $42,600 6,300 25 13,100 Borrowed $22,000 from Canada Bank on a three-month, 6%, $22,000 note. Sold merchandise for cash totalling $16,800 plus 13 % HST. Ignore any cost of goods sold entry. Performed services for customers who had made advance payments of $8,200. The payment included HST of $944. (Credit Service Revenue.) Paid Receiver General for HST invoiced in December 2023 ($6,300). Sold 740 units of a new product on credit at $40 per unit, plus 13% HST. This new product is subject to a one-year warranty. Sold merchandise for cash totalling $10,300 plus 13% HST. Journalize the January transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date 1 Account Titles No. Date Account Titles (1) Jan. 31 Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product sold January 20. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) (2) Jan. 31 (To accrue interest expense.) Debit (To accrue warranty expense.) Credit Debit Credit
On January 1, 2024, the ledger of Oriole Company contains the following liability accounts. Accounts Payable HST Payable Unearned Revenue 12 During January, the following selected transactions occurred. Jan. 2 5 14 20 $42,600 6,300 25 13,100 Borrowed $22,000 from Canada Bank on a three-month, 6%, $22,000 note. Sold merchandise for cash totalling $16,800 plus 13 % HST. Ignore any cost of goods sold entry. Performed services for customers who had made advance payments of $8,200. The payment included HST of $944. (Credit Service Revenue.) Paid Receiver General for HST invoiced in December 2023 ($6,300). Sold 740 units of a new product on credit at $40 per unit, plus 13% HST. This new product is subject to a one-year warranty. Sold merchandise for cash totalling $10,300 plus 13% HST. Journalize the January transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date 1 Account Titles No. Date Account Titles (1) Jan. 31 Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product sold January 20. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) (2) Jan. 31 (To accrue interest expense.) Debit (To accrue warranty expense.) Credit Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ee 477.
Transcribed Image Text:On January 1, 2024, the ledger of Oriole Company contains the following liability accounts.
Accounts Payable
HST Payable
Unearned Revenue
12
During January, the following selected transactions occurred.
Jan. 2
5
14
20
$42,600
6,300
25
13,100
Borrowed $22,000 from Canada Bank on a three-month, 6%, $22,000 note.
Sold merchandise for cash totalling $16,800 plus 13 % HST. Ignore any cost of goods sold entry.
Performed services for customers who had made advance payments of $8,200. The payment included HST of $944.
(Credit Service Revenue.)
Paid Receiver General for HST invoiced in December 2023 ($6,300).
Sold 740 units of a new product on credit at $40 per unit, plus 13% HST.
This new product is subject to a one-year warranty.
Sold merchandise for cash totalling $10,300 plus 13% HST.
Transcribed Image Text:Journalize the January transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit
entries. Record journal entries in the order presented in the problem.)
Date
1
Account Titles
No. Date Account Titles
(1) Jan. 31
Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming
warranty costs are expected to equal 7% of sales of the new product sold January 20. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for
the amounts. List all debit entries before credit entries.)
(2) Jan. 31
(To accrue interest expense.)
Debit
(To accrue warranty expense.)
Credit
Debit
Credit
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