Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress On December 1, 2022. Sheffield Corp. had the following account balances Debit $18.100 2.500 7,800 Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Common Stock Adjustment data 15.500 Retained Earnings 1.500 28.100 $73,500 1. Depreciation was $210 per month 2 Insurance of $400 expired in December Credit During December, the the company completed the following transactions. Dec.7 Received $3,600 cash from customers in payment of account (no discount allowed) 12 Purchased merchandise on account from Vance Co. $12.000, terms 1/10./30. 17 Sold merchandise on account $16,400, terms 2/10./30. The cost of the merchandise sold was $9.100. 19 Paid salaries $2.300. 22 Paid Vance Co. in full less discount 26 Received collections in full less discounts, from customers billed on December 17. 31 Received $2.700 cash from customers in payment of account (no discount allowed) Your answer is partially correct. $3.100 6,000 50.300 14,100 $73,500 0.07/1 I Journalize the December transactions. (Assume a perpetual inventory system) (Credit account titles are automatically indented when 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
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
![Chrome File Edit View History Bookmarks Profiles Tab Window Help
Content
WP NWP Assessme X
2,041
Content
OCT
26
education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=36ec0bd6-8a4b-4bac-8fcd-95120aced
Question 1 of 1 <
Date
c. 7
c. 12
c. 17
c. 17
c. 19
×
c. 22
Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented
when 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.
Record journal entries in the order presented in the problem.)
26
c. 31
terms 1/10 n/30 X bExplain the appl X
Your answer is partially correct.
Inventory
Account Titles and Explanation
>
Accounts Payable
(To record sales)
(To record cost of goods sold)
Cash
Salaries and Wages Payable
eTextbook and Media
tv
6
Debit
3600
12000
16400
9100
2300
]][
2700
NIZ PA
MyHarper | Stuc x
b08#/question/0
0.07/1
Credit
8
3600
12000
16400
11
9100
2300
111
2700
⠀
A A
Aa
☆
Content
spu
×
W
80
Wed Oct 26 12:13 PM
screenshot on n X
Aa
BHONKSONO===-=-*-==-=_=_3ỌC⠀ZO✓® ▼](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c3ae9ed-b465-4a10-ab36-ad82956357f2%2Fc6f8ef2c-9d13-4ee3-82b1-78ce0033d556%2Fiej3s_processed.png&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
