Led Tasso Inc. (Led) is a sporting goods retailer. Record the following assorted journal entries for the fiscal year-ended December 31, 2022. a) Led made sales of $25,000 plus 13% HST on account. The items sold had a cost of $18,000. Led uses a perpetual inventory system. b) Led paid the amount owing to Supplier A for February. During February, Led purchased $2,700 from Supplier A on account. They already owed them $3,000 at for purchases made in January. c) On March 31, Led issued 5,000 common shares for $4 per share. 5 d) On August 31, Led reacquired 15,000 common shares for $7.50 per share. Prior to the share issue on March 31st (see (c) above), Led had 40,000 common shares issued and outstanding with a total book value of $232,000. 3 ee) Received $7,500 cash from a customer whose account had previously O been written off as uncollectible. 1

Led Tasso Inc. (Led) is a sporting goods retailer. Record the following assorted journal entries for the fiscal year-ended December 31, 2022. a) Led made sales of $25,000 plus 13% HST on account. The items sold had a cost of $18,000. Led uses a perpetual inventory system. b) Led paid the amount owing to Supplier A for February. During February, Led purchased $2,700 from Supplier A on account. They already owed them $3,000 at for purchases made in January. c) On March 31, Led issued 5,000 common shares for $4 per share. 5 d) On August 31, Led reacquired 15,000 common shares for $7.50 per share. Prior to the share issue on March 31st (see (c) above), Led had 40,000 common shares issued and outstanding with a total book value of $232,000. 3 ee) Received $7,500 cash from a customer whose account had previously O been written off as uncollectible. 1

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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