ng for Merchandising OperationsP5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002,is shown below:yCashAccounts ReceivableMerchandise InventoryPrepaid InsuranceStore EquipmentAccumulated Amortization Store EquipmentAccounts PayableSales Taxes PayableR. Roger, CapitalSalesSales Returns and AllowancesCost of Goods SoldexpensesWORLD ENTERPRISESTrial BalanceDecember 31, 2002Salaries ExpenseRent ExpenseTotalsOther data:1. Insurance expired, $800.2. Amortization expense, $3,000.3. Rent payable, $500. (choInstructionsDebit$ 14,00030,60027,5001,80042,0004,600177,00031,6006,100$335,200Credit$ 9,00034,4003,00050,300238,500$335.200(a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet.(b) Prepare the closing entries.5035 5

Income statement is the financial statement which is prepared in order to depict the position of…

P5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002 is shown below: Ripe Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Equipment Accumulated Amortization-Store Equipment Accounts Payable Sales Taxes Payable R. Roger, Capital Sales Sales Returns and Allowances Cost of Goods Sold puses ·Pexper WORLD ENTERPRISES Trial Balance December 31, 2002 Salaries Expense Rent Expense Totals Other data: 1. Insurance expired, $800. 2. Amortization expense, $3,000. 3. Rent payable, $500. echa Instructions Debit $ 14,000 30,600 27,500 1,800 42,000 4,600 177,000 31,600 6,100 $335,200 Credit $ 9,000 34,400 3,000 50,300 238,500 $335.200 (a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet. (b) Prepare the closing entries. 55 2 entoes

P5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002 is shown below: Ripe Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Equipment Accumulated Amortization-Store Equipment Accounts Payable Sales Taxes Payable R. Roger, Capital Sales Sales Returns and Allowances Cost of Goods Sold puses ·Pexper WORLD ENTERPRISES Trial Balance December 31, 2002 Salaries Expense Rent Expense Totals Other data: 1. Insurance expired, $800. 2. Amortization expense, $3,000. 3. Rent payable, $500. echa Instructions Debit $ 14,000 30,600 27,500 1,800 42,000 4,600 177,000 31,600 6,100 $335,200 Credit $ 9,000 34,400 3,000 50,300 238,500 $335.200 (a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet. (b) Prepare the closing entries. 55 2 entoes

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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Jan. 2 Purchased merchandise on account from Nunez Company, $27,600, terms 3/10, n/30. (Wildhorse uses the perpetual inventory system.) 1 Issued a 9%, 2-month, $27,600 note to Nunez in payment of account. Feb. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,200 in cash and signing a 10%, 3-month, $68,400 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $27,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $27,600. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare Journal entries for the listed transactions and events. Post the accounts Notes Payable, Interest payable, and Interest Expense. Show the balance sheet presentation of notes and interest payable at December 31. What is the total interest expense for the year?
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Sales tax transactions Journalizing injuries to record the following selected transactions A. Sold 3000 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise is sold was $1,770. For a compound transaction, if an amount box does not require an entry, leave it like ______ ______ ______ ______ ______ ______ B. Paid $49,170 to state sales tax department for taxes collected. _____ _____
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