Debit Credit Cash $23,440.00 Accounts Receivable $43,880.00 Inventory $19,976.00 Land $57,200.00 Buildings $83,600.00 Equipment $35,200.00 Allowance for Doubtful Accounts $ 396.00 Accumulated Depreciation—Buildings $ 26,400.00 Accumulated Depreciation—Equipment $ 11,672.00 Accounts Payable $ 16,984.00 Interest Payable $ - Dividends Payable $ - Unearned Rent Revenue $ 8,040.00 Bonds Payable (10%) $ 44,000.00 Preferred Stock ($ 20 par) $ - Paid-in Capital in Excess of Par—Preferred Stock $ - Common Stock ($ 10 par) $ 26,400.00 Paid-in Capital in Excess of Par—Common Stock $ 5,280.00 Retained Earnings $ 66,044.00 Treasury Stock $0.00 Cash Dividends $0.00 Sales Revenue $ 503,600.00 Rent Revenue $ - Bad Debt Expense $0.00 Interest Expense $0.00 Cost of Goods Sold $352,000.00 Depreciation Expense $0.00 Other Operating Expenses $34,320.00 Salaries and Wages Expense $59,200.00 $ 708,816.00 $ 708,816.00 Prepare journal entries for the transactions and adjustment listed 1 On January 1, 2022, Swinger issued 980 shares of $ 25 par, 6% preferred stock for $ 20,360. 2 On January 1, 2022, Swinger also issued 980 shares of common stock for $ 20,240. 3 Swinger reacquired 364 shares of its common stock on July 1, 2022, for $ 49 per share. 4 On December 31, 2022, Swinger declared the annual cash dividend on the preferred stock and a $ 2.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5 Swinger estimates that uncollectible accounts receivable at year-end are $ 5,488. 6 The building is being depreciated using the straight-line method over 30 years. The salvage value is $ 3,400. 7 The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $ 4520. 8 The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023). 9 The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

Debit Credit Cash $23,440.00 Accounts Receivable $43,880.00 Inventory $19,976.00 Land $57,200.00 Buildings $83,600.00 Equipment $35,200.00 Allowance for Doubtful Accounts $ 396.00 Accumulated Depreciation—Buildings $ 26,400.00 Accumulated Depreciation—Equipment $ 11,672.00 Accounts Payable $ 16,984.00 Interest Payable $ - Dividends Payable $ - Unearned Rent Revenue $ 8,040.00 Bonds Payable (10%) $ 44,000.00 Preferred Stock ($ 20 par) $ - Paid-in Capital in Excess of Par—Preferred Stock $ - Common Stock ($ 10 par) $ 26,400.00 Paid-in Capital in Excess of Par—Common Stock $ 5,280.00 Retained Earnings $ 66,044.00 Treasury Stock $0.00 Cash Dividends $0.00 Sales Revenue $ 503,600.00 Rent Revenue $ - Bad Debt Expense $0.00 Interest Expense $0.00 Cost of Goods Sold $352,000.00 Depreciation Expense $0.00 Other Operating Expenses $34,320.00 Salaries and Wages Expense $59,200.00 $ 708,816.00 $ 708,816.00 Prepare journal entries for the transactions and adjustment listed 1 On January 1, 2022, Swinger issued 980 shares of $ 25 par, 6% preferred stock for $ 20,360. 2 On January 1, 2022, Swinger also issued 980 shares of common stock for $ 20,240. 3 Swinger reacquired 364 shares of its common stock on July 1, 2022, for $ 49 per share. 4 On December 31, 2022, Swinger declared the annual cash dividend on the preferred stock and a $ 2.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5 Swinger estimates that uncollectible accounts receivable at year-end are $ 5,488. 6 The building is being depreciated using the straight-line method over 30 years. The salvage value is $ 3,400. 7 The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $ 4520. 8 The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023). 9 The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

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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I need assistance in preparing a journal for transactions and adjustements. Provided is the trial balance sheet and the unrecorded entries.

	Debit	Credit
Cash	$23,440.00
Accounts Receivable	$43,880.00
Inventory	$19,976.00
Land	$57,200.00
Buildings	$83,600.00
Equipment	$35,200.00
Allowance for Doubtful Accounts		$ 396.00
Accumulated Depreciation—Buildings		$ 26,400.00
Accumulated Depreciation—Equipment		$ 11,672.00

Accounts Payable		$ 16,984.00
Interest Payable		$ -
Dividends Payable		$ -
Unearned Rent Revenue		$ 8,040.00
Bonds Payable (10%)		$ 44,000.00
Preferred Stock ($ 20 par)		$ -
Paid-in Capital in Excess of Par—Preferred Stock		$ -
Common Stock ($ 10 par)		$ 26,400.00
Paid-in Capital in Excess of Par—Common Stock		$ 5,280.00
Retained Earnings		$ 66,044.00
Treasury Stock	$0.00
Cash Dividends	$0.00
Sales Revenue		$ 503,600.00
Rent Revenue		$ -
Bad Debt Expense	$0.00
Interest Expense	$0.00
Cost of Goods Sold	$352,000.00
Depreciation Expense	$0.00
Other Operating Expenses	$34,320.00
Salaries and Wages Expense	$59,200.00
	$ 708,816.00	$ 708,816.00

Prepare journal entries for the transactions and adjustment listed


1		On January 1, 2022, Swinger issued 980 shares of $ 25 par, 6% preferred stock for $ 20,360.
2		On January 1, 2022, Swinger also issued 980 shares of common stock for $ 20,240.
3		Swinger reacquired 364 shares of its common stock on July 1, 2022, for $ 49 per share.
4		On December 31, 2022, Swinger declared the annual cash dividend on the preferred stock and a $ 2.50 per share dividend on the outstanding common stock, all payable on January 15, 2023.
5		Swinger estimates that uncollectible accounts receivable at year-end are $ 5,488.
6		The building is being depreciated using the straight-line method over 30 years. The salvage value is $ 3,400.
7		The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $ 4520.
8		The unearned rent was collected on October 1, 2022. It was receipt of 4 months’ rent in advance (October 1, 2022 through January 31, 2023).
9		The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

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