Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,680; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $42,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,220. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $27,000. Dec.20 Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes). P9-2 Part 1 Required: 1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,680; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $42,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,220. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $27,000. Dec.20 Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes). P9-2 Part 1 Required: 1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1, 9-5
[The following information applies to the questions displayed below.]
Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31.
Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,680; assume a perpetual inventory
system.
17 Paid January 8 invoice.
Apr. 1 Borrowed $42,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for the
money.
June 3 Purchased merchandise for resale on account. The invoice amount was $17,220.
July 5 Paid June 3 invoice.
Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance
amounting to $27,000.
Dec.20 Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days.
31 Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes).
P9-2 Part 1
Required:
1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
Date
January 08
3 4
Note: Enter debits before credits.
Purchased merchandise for resale on account. The invoice amount was
$14,680; assume a perpetual inventory system.
Record entry
5
General Journal
6 7 8
Clear entry
Debit
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F266d5c88-4132-4eca-8561-6ebd3b0393f5%2F22247c32-16a7-4034-9065-05b9443e12ef%2Fa1orcdm_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1, 9-5
[The following information applies to the questions displayed below.]
Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31.
Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,680; assume a perpetual inventory
system.
17 Paid January 8 invoice.
Apr. 1 Borrowed $42,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for the
money.
June 3 Purchased merchandise for resale on account. The invoice amount was $17,220.
July 5 Paid June 3 invoice.
Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance
amounting to $27,000.
Dec.20 Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days.
31 Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes).
P9-2 Part 1
Required:
1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
Date
January 08
3 4
Note: Enter debits before credits.
Purchased merchandise for resale on account. The invoice amount was
$14,680; assume a perpetual inventory system.
Record entry
5
General Journal
6 7 8
Clear entry
Debit
Credit
View general journal
>
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