Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet "Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances

Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet "Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances

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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Levchenko Company purchased inventories from a vendor for $16,000 on July 1. The purchase was financed through a $10,000 note with the remainder paid in cash. The vendor charged an additional $400 for shipping, on account. Levchenko paid a moving company $700 cash to move the inventory to a different warehouse. Interest on the note totaled $50, payable in August. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction a. Inventory purchase b. Shipping charge c. Moving cost d. Interest incurred Totals Cash Asset ♦ ◆ ◆ ◆ 0 + Noncash Asset ◆ ◆ ◆ ◆ 0 Balance Sheet Liabilities ◆ ◆ ◆ 0 Contributed + Capital + Earned Capital ♦ ◆ ♦ ♦ 0 Revenues Income Statement Expenses ◆ ◆ ◆ 0 Net = Income 0
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…
Using the following information: a. Beginning cash balance on March 1, $77,000. b. Cash receipts from sales, $300,000. c. Cash payments for direct materials, $139,000. d. Cash payments for direct labor, $72,000. e. Cash payments for overhead, $43,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $120 (1% of beginning loan balance of $12,000) h. Cash repayment of loan, $12,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of month
Journal Entries for Credit Losses At January 1, the Griffin Company had the following accounts on its books: Accounts Receivable $130,000 Debit Allowance for Doubtful Accounts $7,000 Credit During the year, credit sales were $810,000 and collections on account were $794,000. The following transactions, among others, occurred during the year: Jan.11 Wrote off J. Wolf's account, Apr.29 Wrote off B. Avery's account, Nov.15 Received $1,000 from B. Avery to pay a debt that had been written off April 29. This amount is not included in the $794,000 collections. Dec.05 Wrote off D. Wright's account, Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at of credit sales for the year. Required a. Prepare the journal entries to record the credit sales, the collections on account, the transactions, and the adjustment. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on the December 31 balance sheet. a. Date Dec.31 Dec.31 Jan.11 Apr.29 Nov.15…
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Llang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,354,500 of merchandise on credit (that had cost $983,300), terms n/30. b. Wrote off $20,200 of uncollectible accounts receivable. c. Received $670,000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable would be uncollectible. Year 2 e. Sold $1,561,900 of merchandise (that had cost $1,258,400) on credit, terms n/30. f. Wrote off $33,800 of uncollectible accounts receivable. g. Received $1,195,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.50 % of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30. 31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…
Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…
On January 1, 2022, the ledger of Sunland Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue 12 During January, these selected transactions occurred. 14 20 Jan. 5 Sold merchandise for cash totaling $20.520, which includes 8% sales taxes. 21 $56,500 • 25 7,900 15.500 Performed services for customers who had made advance payments of $11,000. (Credit Service Revenue.] Paid state revenue department for sales taxes collected in December 2021 ($7,900). Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $24.750 from Girard Bank on a 3-month 8%, $24.750 note Sold merchandise for cash totaling $11,016, which includes 8% sales taxes. 4
The beginning accounts payable in the books of PT company was $400,000 and ending balance of accounts payable were $370,000. The company recorded last year cost of goods sold in the books as $700,000 and this year as $750,000. Calculate average number of days accounts payable outstanding. Answer choices: a. 187 days b. 195 days c. 204 days d. 190 days
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Using the following information: a. Beginning cash balance on March 1, $80,00. b. Cash receipts from sales, $306,000. c. Cash payments for direct materials, $135,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $41,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110 (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Loan activity Loan balance, end of month D-pptx A Presentation3.pptx 1 Jarvis CST 141.00...pptx A Musical Theatre Hi...ppt re to search