On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (7%, due next year) Common stock Retained earnings Totals Debit $ 26,000 23,000 29,000 66,000 231,000 $ 26,000 24,000 190,000 135,000 $375,000 $375,000 Credit From January 1 to December 31, the following summary transactions occurred: Year-end adjusting entries: a. Purchased inventory on account for $334,000. b. Sold inventory on account for $590,000. The cost of the inventory sold was $314,000. c. Received $556,000 from customers on accounts receivable. d. Paid freight on inventory received, $28,000. e. Paid $324,000 to inventory suppliers on accounts payable of $333,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $46,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $154,000. The payment was recorded to Salaries Expense. a. Supplies on hand at the end of the year are $7,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $22,000. my

On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (7%, due next year) Common stock Retained earnings Totals Debit $ 26,000 23,000 29,000 66,000 231,000 $ 26,000 24,000 190,000 135,000 $375,000 $375,000 Credit From January 1 to December 31, the following summary transactions occurred: Year-end adjusting entries: a. Purchased inventory on account for $334,000. b. Sold inventory on account for $590,000. The cost of the inventory sold was $314,000. c. Received $556,000 from customers on accounts receivable. d. Paid freight on inventory received, $28,000. e. Paid $324,000 to inventory suppliers on accounts payable of $333,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $46,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $154,000. The payment was recorded to Salaries Expense. a. Supplies on hand at the end of the year are $7,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $22,000. my

Name: 1. Record the closing entry for revenue accounts2. record the closing
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Description: 1. Record the closing entry for revenue accounts2. record the closing entry for expense accounts Please don't provide answer in image format thank you On January 1, 2021, Displays Incorporated had the following account balances:AccountsCashAccounts r

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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Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $16,473 debit balance and its bank statement shows $15,762 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,180. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,830 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.
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Presented below is information related to the purchases of common stock by Carla Company during 2020. Cost Fair Value (at purchase date) (at December 31) Investment in Arroyo Company stock $107,000 $88,000 Investment in Lee Corporation stock 230,000 278,000 Investment in Woods Inc. stock 190,000 200,000 Total $527,000 $566,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Carla make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? (b) What entry would Carla make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Carla did not select the fair value option for these investments?
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On July 15, 2024, the Niche Car Company purchased 2,800 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10, ¹/30 . Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.
Vaughn Limited, which uses a perpetual inventory system, purchased inventory costing $22,000 on February 1 by issuing a 3-month note payable bearing interest at 6%, with interest and principal due on May 1. The company's year end is on March 31 and the company records adjusting entries only at that time. Your answer is correct. Prepare the journal entry to record the purchase of inventory on February 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Feb. 1 (b) Inventory Notes Payable eTextbook and Media List of Accounts Your answer is correct. Mar. 31 Date Account Titles Interest Expense Debit Interest Payable Prepare the journal entry to record the accrual of interest expense on March 31. (Credit account titles are automatically indented when the amount is entered. Do not indent…