!Required informationP9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1, 9-5[The following information applies to the questions displayed below.]Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31.Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,680; assume a perpetual inventorysystem.17 Paid January 8 invoice.Apr. 1 Borrowed $42,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for themoney.June 3 Purchased merchandise for resale on account. The invoice amount was $17,220.July 5 Paid June 3 invoice.Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advanceamounting to $27,000.Dec.20 Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days.31 Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes).P9-2 Part 22. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheet<1Record the adjusting entry for rent revenue.2Note: Enter debits before credits.DateDecember31Record entryGeneral JournalClear entryDebitCreditView general journal

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Journal entry worksheet < 1 Record the adjusting entry for rent revenue. 2 Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >

Journal entry worksheet < 1 Record the adjusting entry for rent revenue. 2 Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >

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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A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer.
Journal entry worksheet
Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 June 12 June 13 Rashid's hard drive crashes and he sends it to DRS. After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,700. Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $270 ( = $2,700 × 10%). DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today's date, offering a 2% discount for payment within 10 days. When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 30% of the data has…
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 Work in process Finished goods 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. O
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! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
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Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list Journal entry worksheet View general Journal
View transaction list Journal entry worksheet >