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.)

Name: Prepare journal entries for the transactions and the adjusting entries
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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…

Answered: inventory orporation's balance sheet at…

Business

Accounting

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

See similar textbooks

Similar questions

Described below are certain transactions of Splish Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $67,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 1. 2. 3. On April 1, the corporation bought a truck for $47,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $82,400 from Chicago National Bank by signing a $91,040 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $307,900 cash dividend that was payable on September 10 to stockholders of record on August 31.
I need the answer as soon as possible
Please do not give solution in image format thanku
Please help me journalize the adjusting entries only. Thank you
Karan
On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…
Journalize the transactions on the "Journal Entry data" tab. Because Chart of Account numbers are not provided, post-reference information is not required. Journal entries should be prepared in proper form. Refer to the "Unadjusted TB Data tab" for proper account titles. The journal must have date, description, credit and debit. Also must be a total of 64 journal entries. And must find the total.
Registers in OBO: Multiple Choice Display more detailed information about accounts Display all transactions for the account Display a running balance for the account All of these choices are correct.
PLEASE DO NOT PROVIDE HAND WRITTEN ANSWER
Godo