Check Your Work-Google Chrome ⓘ Not secure l ezto.mheducation.com/hm.tpx Assign × С Not secure l ezto.mheducation.com/hm.tpx heet er Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 250,000 shares of $6-par-value common stock for $1,560,000 in cash. b. Borrowed $540,000 from Oglesby National Bank and signed a 10% note due in two years C Incurred and paid $430,000 in salaries for the year. d. Purchased $690,000 of merchandise inventory on account during the year e. Sold inventory costing $610,000 for a total of $970,000, all on credit. f Paid rent of $330,000 on the sales facilities during the first 11 months of the year g. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference Answer is not complete. 隨 ST LIABILITIES Merchandise Notes Accounts Inventory EquipmentPa Payable within 90 days h. Paid the entire $116,000 owed for store equipment and $590,000 of the amount due to suppliers for -540,000+ credit purchases previously recorded i. Incurred and paid utilities expense of $44,000 during the year j. Collected $885,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $54,000 of interest on the note due to Oglesby National Bank L. At year-end, accrued $30,000 of past-due December rent on the sales facilities 690,000+ 690,000+ 610,000)+ 70,000 116,000 value: 2.50 points Required information (706,000) 54,000+ 30,000+ 184,000 Required: Record each transaction in the appropriate columns. (If an transaction/Adjustment are not affecting the balance sheet category or income statment, leave the cells blank. Enter decreases to account balances as as negative.) 80,000 + 170,000 540,000 + STO ASSETS LIABILITIES Transaction Accounts Merchandise Notes Accounts Cash ReceivableInventoryEquipmentPayablePayable 5:01 PM 1/17/2019
Check Your Work-Google Chrome ⓘ Not secure l ezto.mheducation.com/hm.tpx Assign × С Not secure l ezto.mheducation.com/hm.tpx heet er Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 250,000 shares of $6-par-value common stock for $1,560,000 in cash. b. Borrowed $540,000 from Oglesby National Bank and signed a 10% note due in two years C Incurred and paid $430,000 in salaries for the year. d. Purchased $690,000 of merchandise inventory on account during the year e. Sold inventory costing $610,000 for a total of $970,000, all on credit. f Paid rent of $330,000 on the sales facilities during the first 11 months of the year g. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference Answer is not complete. 隨 ST LIABILITIES Merchandise Notes Accounts Inventory EquipmentPa Payable within 90 days h. Paid the entire $116,000 owed for store equipment and $590,000 of the amount due to suppliers for -540,000+ credit purchases previously recorded i. Incurred and paid utilities expense of $44,000 during the year j. Collected $885,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $54,000 of interest on the note due to Oglesby National Bank L. At year-end, accrued $30,000 of past-due December rent on the sales facilities 690,000+ 690,000+ 610,000)+ 70,000 116,000 value: 2.50 points Required information (706,000) 54,000+ 30,000+ 184,000 Required: Record each transaction in the appropriate columns. (If an transaction/Adjustment are not affecting the balance sheet category or income statment, leave the cells blank. Enter decreases to account balances as as negative.) 80,000 + 170,000 540,000 + STO ASSETS LIABILITIES Transaction Accounts Merchandise Notes Accounts Cash ReceivableInventoryEquipmentPayablePayable 5:01 PM 1/17/2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Can you explain what I might be missing throughly please? I have it correct but it claims that it's not complete. What am I missing?
Transcribed Image Text:Check Your Work-Google Chrome
ⓘ Not secure l ezto.mheducation.com/hm.tpx
Assign ×
С
Not secure l ezto.mheducation.com/hm.tpx
heet
er
Use the horizontal model, or write the journal entry, for each of the following transactions and
adjustments that occurred during the first year of operations at Kissick Co.
a. Issued 250,000 shares of $6-par-value common stock for $1,560,000 in cash.
b. Borrowed $540,000 from Oglesby National Bank and signed a 10% note due in two years
C Incurred and paid $430,000 in salaries for the year.
d. Purchased $690,000 of merchandise inventory on account during the year
e. Sold inventory costing $610,000 for a total of $970,000, all on credit.
f Paid rent of $330,000 on the sales facilities during the first 11 months of the year
g. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference
Answer is not complete.
隨
ST
LIABILITIES
Merchandise
Notes
Accounts
Inventory
EquipmentPa
Payable
within 90 days
h. Paid the entire $116,000 owed for store equipment and $590,000 of the amount due to suppliers for
-540,000+
credit purchases previously recorded
i. Incurred and paid utilities expense of $44,000 during the year
j. Collected $885,000 in cash from customers during the year for credit sales previously recorded.
k. At year-end, accrued $54,000 of interest on the note due to Oglesby National Bank
L. At year-end, accrued $30,000 of past-due December rent on the sales facilities
690,000+
690,000+
610,000)+
70,000
116,000
value:
2.50 points
Required information
(706,000)
54,000+
30,000+
184,000
Required:
Record each transaction in the appropriate columns. (If an transaction/Adjustment are not affecting
the balance sheet category or income statment, leave the cells blank. Enter decreases to account
balances as as negative.)
80,000 +
170,000
540,000 +
STO
ASSETS
LIABILITIES
Transaction
Accounts Merchandise
Notes
Accounts
Cash ReceivableInventoryEquipmentPayablePayable
5:01 PM
1/17/2019
Expert Solution
Trending now
This is a popular solution!
Step by step
Solved in 10 steps with 10 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education