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?
c. On 9/12 Year 7 $2,000 of ACCOUNTS PAYABLE is paid after the discount period. Phrase 1st: 2nd: Phrase 1st: Account 2nd: Accounts Account Category AL SER E contra AL SER E contra + Accounts Debit Affect d. On 9/28 Year 7 INVENTORY originally purchased for $4,000 on 9/1 Year 7 and was paid for on 9/10 Year 7 is returned by the purchaser and a debit memorandum (a debit to A/P) is received from the seller. [Hint: the amount of cash involved in this transaction must take the 2% discount into account.] Debit + Category AL SE RE contra AL SE RE contra + - + Affect Dr. or Cr. Dr Cr Dr Cr Credit Dr. or Cr. Credit Dr Cr Dr Cr
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
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2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
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. _____ _____
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
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sournal entry? Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330.
A credit sale of $2,400 is made on April 25, terms 2/10, n/30, on which a return of $150 is granted on April 28. What amount is received as payment in full on May 4 $2,352 $2,400 $2,250 $2,205
A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted on April 28. What amount is received as payment in full on May 4? O a) $3,920 O b) $4,000 O c) $3,750 d) $3,675