Prepare journal entries for the transactions and the adjusting entries. Please do not use Excel and please show work. Teal Mountain Corporation's balance sheet at December 31, 2024, is presented below.CashInventoryPrepaid insuranceEquipment23.5.During 2025, the following transactions occurred. Teal Mountain uses a perpetual inventory system.7.1 Teal Mountain paid $4,500 interest on the bonds on January 1, 2025.Teal Mountain purchased $433,980 of inventory on account.Teal Mountain sold for $864,000 cash inventory which cost $475,200. Teal Mountain also collected $51,840 sales taxes.Teal Mountain paid $414,000 on accounts payable.Teal Mountain paid $4,500 interest on the bonds on July 1, 2025.The prepaid insurance ($10,080) expired on July 31.On August 1, Teal Mountain paid $18,360 for insurance coverage from August 1, 2025, through July 31, 2026.Teal Mountain paid $30,600 sales taxes to the state.Paid other operating expenses, $163,800.Redeemed the bonds on December 31, 2025, by paying $86,400 plus $4,500 interest.11 Issued $162,000 of 896, 10-year bonds on December 31, 2025, at 103. The bonds pay interest every June 30 and December 31.8.9.10.Adjustment data:1.Teal Mountain CorporationBalance SheetDecember 31, 2024$54,000 Accounts payable55,350Interest payable10,080Bonds payable68,400Common stockRetained earnings2.$187,8303.$24,7504,50090,00045,000$23,580$187,830Recorded the insurance expired from item 7.The equipment was acquired on December 31, 2024, and will be depreciated on a straight-line basis over 5 years with a $5,500 salvage value.The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)

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Description: Prepare journal entries for the transactions and the adjusting entries. Please do not use Excel and please show work. Teal Mountain Corporation's balance sheet at December 31, 2024, is presented below.CashInventoryPrepaid insuranceEquipment23.5.Durin

Journal Entries Are Recorded The All The Business Transaction Into Accounting Journal. It Is The…

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inventory orporation's balance sheet at De Teal Mountain Corporation Balance Sheet December 31, 2024 $54,000 Accounts payable 55,350 Interest payable esented be $24,750 4.500

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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