Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 Ⓒ

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
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
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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS