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On January 1, 2021, the generol ledger of Tripley Company included the following account balances: Accounts Cash Debit $250,000 70,000 Credit Accounts receivable Allowance for uncollectible accounts $ 35,000 Inventory Building Accunulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Conmon stock Retained earnings 33,000 223,000 40, e00 240, 600 170, e00 216, 000 113,600 242,00 $816, 6e0 S816, 600 Totals The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transactions: January 2 Lent $50, e00 to an emplayee by accepting a 6x note due in six months. 5 Purchased 5,e00 units of inventory on account for $5e, eee ($11e each) with terms 1/10, n/30.

On January 1, 2021, the generol ledger of Tripley Company included the following account balances: Accounts Cash Debit $250,000 70,000 Credit Accounts receivable Allowance for uncollectible accounts $ 35,000 Inventory Building Accunulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Conmon stock Retained earnings 33,000 223,000 40, e00 240, 600 170, e00 216, 000 113,600 242,00 $816, 6e0 S816, 600 Totals The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transactions: January 2 Lent $50, e00 to an emplayee by accepting a 6x note due in six months. 5 Purchased 5,e00 units of inventory on account for $5e, eee ($11e each) with terms 1/10, n/30.

FINANCIAL ACCOUNTING
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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On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially purchased by the conpany on January 5. The units are placed in inventory to be sold in the future. 20 Received cash from custoners on accounts receivable. This amount includes $39,00e from 282e plus amount receivable on sale of 4,2ee units sold an January 15. 21 Wrote off remaining accounts receivable from 2e2e. 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the anount owed from purchase of 4,6ee units on January 5. 28 Paid cash for salarics during January, $58,e0. 29 Paid cash for utilities during January, $40,0e0. 30 Paid dividends, $6,e0e. Month-end adjusting entries: a. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued interest revenue on notes receivable for January. C. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January for $8,000. e. Depreciation on the building. $5,000. General General Income Requirement Journal Ledger Trial Balance Balance Sheet Analysis Statement 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-13) assuming a perpetual FIFO inventory system. Purchases and sales of inventory are recorded using the gross method for cash discounts. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31 in the "General Journal" tab (these are shown as items 14-18). 3. Review the adjusted 'Trial Balance" as of January 31, 2021, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the "Balance Sheet' tab. 6. Record closing entries in the 'General Journal' tab (these are shown as items 19-20). 7. Using the information from the requirements above, complete the 'Analysis' tab. < Requirement General Journal >
Transcribed Image Text:On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially purchased by the conpany on January 5. The units are placed in inventory to be sold in the future. 20 Received cash from custoners on accounts receivable. This amount includes $39,00e from 282e plus amount receivable on sale of 4,2ee units sold an January 15. 21 Wrote off remaining accounts receivable from 2e2e. 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the anount owed from purchase of 4,6ee units on January 5. 28 Paid cash for salarics during January, $58,e0. 29 Paid cash for utilities during January, $40,0e0. 30 Paid dividends, $6,e0e. Month-end adjusting entries: a. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued interest revenue on notes receivable for January. C. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January for $8,000. e. Depreciation on the building. $5,000. General General Income Requirement Journal Ledger Trial Balance Balance Sheet Analysis Statement 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-13) assuming a perpetual FIFO inventory system. Purchases and sales of inventory are recorded using the gross method for cash discounts. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31 in the "General Journal" tab (these are shown as items 14-18). 3. Review the adjusted 'Trial Balance" as of January 31, 2021, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income Statement tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the "Balance Sheet' tab. 6. Record closing entries in the 'General Journal' tab (these are shown as items 19-20). 7. Using the information from the requirements above, complete the 'Analysis' tab. < Requirement General Journal >
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