Listed below are selected transactions of Stellar Department Store for the current year ending December 31. On December 5, the store received $540 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. 4. During December, cash sales totaled $799,050, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $119,100. The trucks were purchased in a state that applies a 5% sales tax. The store determined it will cost $101,800 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Stellar estimates the fair value of the obligation at December 31 is $82,400. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity, assume that adjusting entries are recorded only once a year on December 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Listed below are selected transactions of Stellar Department Store for the current year ending December 31. On December 5, the store received $540 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. 4. During December, cash sales totaled $799,050, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $119,100. The trucks were purchased in a state that applies a 5% sales tax. The store determined it will cost $101,800 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Stellar estimates the fair value of the obligation at December 31 is $82,400. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity, assume that adjusting entries are recorded only once a year on December 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Listed below are selected transactions of Stellar Department Store for the current year ending December 31.
On December 5, the store received $540 from the Selig Players as a deposit to be returned after certain furniture to be used
in stage production was returned on January 15.
1.
2.
3.
4.
During December, cash sales totaled $799,050, which includes the 5% sales tax that must be remitted to the state by the
fifteenth day of the following month.
On December 10, the store purchased for cash three delivery trucks for $119,100. The trucks were purchased in a state that
applies a 5% sales tax.
The store determined it will cost $101,800 to restore the area (considered a land improvement) surrounding one of its store
parking lots, when the store is closed in 2 years. Stellar estimates the fair value of the obligation at December 31 is $82,400.
Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries
relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity,
assume that adjusting entries are recorded only once a year on December 31. (If no entry is required, select "No Entry" for the account
titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Transcribed Image Text:Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries
relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity,
assume that adjusting entries are recorded only once a year on December 31. (If no entry is required, select "No Entry" for the account
titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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