Exercise 8-30 (Algo) General ledger exercise; inventory transactions [LO8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8) On January 1, 2024, Displays Incorporated had the following account balances: Account Title Credit Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $347,000. b. Sold inventory on account for $655.000. The cost of the inventory sold was $327,000. c. Received $590,000 from customers on accounts receivable. d. Paid freight on inventory received, $41,000. e. Paid $337,000 to inventory suppliers on accounts payable of $346,000. The difference reflects purchase discounts of $9,000. t. Paid rent for the current year, $59,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $167,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $35,000. Complete this question by entering your answers in the tabs below. No /1 / General Journal 2 3 Requirement Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required in the first account field. View transaction list View journal entry worksheet Date January 02 General Ledger January 02 Debit $ 39,000 36,000 42,000 69,000 244,000 January 02 430,000 Inventory Trial Balance Accounts payable $ 52,000 37,000 203,000 138,000 $ 430,000 Accounts receivable Sales revenue Cost of goods sold Inventory Income Statement Account Title Balance Sheet Analysis Debit 347,000 655,000 327,000 Credit 347,000 655.000 327,000 Ⓒ
Exercise 8-30 (Algo) General ledger exercise; inventory transactions [LO8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8) On January 1, 2024, Displays Incorporated had the following account balances: Account Title Credit Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $347,000. b. Sold inventory on account for $655.000. The cost of the inventory sold was $327,000. c. Received $590,000 from customers on accounts receivable. d. Paid freight on inventory received, $41,000. e. Paid $337,000 to inventory suppliers on accounts payable of $346,000. The difference reflects purchase discounts of $9,000. t. Paid rent for the current year, $59,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $167,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $35,000. Complete this question by entering your answers in the tabs below. No /1 / General Journal 2 3 Requirement Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required in the first account field. View transaction list View journal entry worksheet Date January 02 General Ledger January 02 Debit $ 39,000 36,000 42,000 69,000 244,000 January 02 430,000 Inventory Trial Balance Accounts payable $ 52,000 37,000 203,000 138,000 $ 430,000 Accounts receivable Sales revenue Cost of goods sold Inventory Income Statement Account Title Balance Sheet Analysis Debit 347,000 655,000 327,000 Credit 347,000 655.000 327,000 Ⓒ
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can I get this explained Please
Do not give answer in image formate
![Exercise 8-30 (Algo) General ledger exercise; inventory transactions [LO8-1, 8-2, 8-3, 8-4,
8-5, 8-6, 8-7, 8-8]
On January 1, 2024, Displays Incorporated had the following account balances:
Account Title
Credit
Cash
Accounts receivable
Supplies
Inventory
Land
Accounts payable
Notes payable (5%, due next year)
Common stock
Retained earnings
Totals
From January 1 to December 31, the following summary transactions occurred:
a. Purchased inventory on account for $347,000.
b. Sold inventory on account for $655,000. The cost of the inventory sold was $327,000.
c. Received $590,000 from customers on accounts receivable.
d. Paid freight on inventory received, $41,000,
e. Paid $337,000 to inventory suppliers on accounts payable of $346,000. The difference reflects purchase
discounts of $9,000.
1. Paid rent for the current year, $59,000. The payment was recorded to Rent Expense.
g. Paid salaries for the current year, $167,000. The payment was recorded to Salaries Expense.
Year-end adjusting entries:
Requirement
a. Supplies on hand at the end of the year are $5,000.
b. Accrued interest expense on notes payable for the year.
c. Accrued income taxes at the end of December are $35,000.
Complete this question by entering your answers in the tabs below.
General
Journal
IN
N
General
Ledger
2 January 02
Debit
$ 39,000
36,000
42,000
3 January 02
69,000
244,000
View transaction list View journal entry worksheet
No
Date
1 January 02
$ 52,000
37,000
203,000
138,000
$ 430,000 $ 430,000
Inventory
Prepare the journal entries for transactions.
Note: If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.
Trial Balance
Accounts payable
Accounts receivable
Sales revenue
Cost of goods sold
Inventory
Income
Statement
Balance Sheet
Account Title
Analysis
Debit
347,000
655,000
327,000
Credit
347,000
655,000
327,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52e6e8a9-18e4-418b-93ff-16bea9b0c942%2F1b46f8cf-0150-414a-888f-09d9d6a630fc%2Fq86f5db_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 8-30 (Algo) General ledger exercise; inventory transactions [LO8-1, 8-2, 8-3, 8-4,
8-5, 8-6, 8-7, 8-8]
On January 1, 2024, Displays Incorporated had the following account balances:
Account Title
Credit
Cash
Accounts receivable
Supplies
Inventory
Land
Accounts payable
Notes payable (5%, due next year)
Common stock
Retained earnings
Totals
From January 1 to December 31, the following summary transactions occurred:
a. Purchased inventory on account for $347,000.
b. Sold inventory on account for $655,000. The cost of the inventory sold was $327,000.
c. Received $590,000 from customers on accounts receivable.
d. Paid freight on inventory received, $41,000,
e. Paid $337,000 to inventory suppliers on accounts payable of $346,000. The difference reflects purchase
discounts of $9,000.
1. Paid rent for the current year, $59,000. The payment was recorded to Rent Expense.
g. Paid salaries for the current year, $167,000. The payment was recorded to Salaries Expense.
Year-end adjusting entries:
Requirement
a. Supplies on hand at the end of the year are $5,000.
b. Accrued interest expense on notes payable for the year.
c. Accrued income taxes at the end of December are $35,000.
Complete this question by entering your answers in the tabs below.
General
Journal
IN
N
General
Ledger
2 January 02
Debit
$ 39,000
36,000
42,000
3 January 02
69,000
244,000
View transaction list View journal entry worksheet
No
Date
1 January 02
$ 52,000
37,000
203,000
138,000
$ 430,000 $ 430,000
Inventory
Prepare the journal entries for transactions.
Note: If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.
Trial Balance
Accounts payable
Accounts receivable
Sales revenue
Cost of goods sold
Inventory
Income
Statement
Balance Sheet
Account Title
Analysis
Debit
347,000
655,000
327,000
Credit
347,000
655,000
327,000
![No
1
2
3
4
5
6
7
8
9
10
11
12
13
Date
January 02
January 02
January 02
January 02
January 02
January 02
January 02
January 02
December 31
December 31
December 31
December 31
December 31
Inventory
Accounts payable
Accounts receivable
Sales revenue
Cost of goods sold
Inventory
Cash
Accounts receivable
Inventory
Cash
Accounts payable
Inventory
Cash
Rent expense
Cash
Salaries expense
Cash
Supplies expense
Supplies
Interest expense
Interest payable
Income tax expense
Income tax payable
Sales revenue
Retained earnings
Retained earnings
Cost of goods sold
Rent expense
Salaries expense
Supplies expense
Interest expense
Income tax expense
Account Title
›› >>
●●
>>
››
400
Ⓒ
•
30
››
>>
10
→
>>
>>
3333333
✔
Debit
347,000
655,000
327,000
590,000
41,000
346,000
59,000
167,000✔
37,000
1,850
35,000
655,000
613,040
Credit
347,000
655,000✔✔
327,000
590,000
41,000
9,000
337,000
59,000
167,000
37,000
1,850
35,000
655,000
>
3
S
327,000
59,000
167,000✔
37,000
1,850
35,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52e6e8a9-18e4-418b-93ff-16bea9b0c942%2F1b46f8cf-0150-414a-888f-09d9d6a630fc%2Fu309hko_processed.jpeg&w=3840&q=75)
Transcribed Image Text:No
1
2
3
4
5
6
7
8
9
10
11
12
13
Date
January 02
January 02
January 02
January 02
January 02
January 02
January 02
January 02
December 31
December 31
December 31
December 31
December 31
Inventory
Accounts payable
Accounts receivable
Sales revenue
Cost of goods sold
Inventory
Cash
Accounts receivable
Inventory
Cash
Accounts payable
Inventory
Cash
Rent expense
Cash
Salaries expense
Cash
Supplies expense
Supplies
Interest expense
Interest payable
Income tax expense
Income tax payable
Sales revenue
Retained earnings
Retained earnings
Cost of goods sold
Rent expense
Salaries expense
Supplies expense
Interest expense
Income tax expense
Account Title
›› >>
●●
>>
››
400
Ⓒ
•
30
››
>>
10
→
>>
>>
3333333
✔
Debit
347,000
655,000
327,000
590,000
41,000
346,000
59,000
167,000✔
37,000
1,850
35,000
655,000
613,040
Credit
347,000
655,000✔✔
327,000
590,000
41,000
9,000
337,000
59,000
167,000
37,000
1,850
35,000
655,000
>
3
S
327,000
59,000
167,000✔
37,000
1,850
35,000
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