Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 Purchased merchandise for resale on account. The invoice amount was $14,790; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $48,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,220. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $30,000. Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. December 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,790 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit 14,790 14,790 Inventory Accounts payable >
Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 January 17 April 1 June 3 July 5 August 1 December 20 Purchased merchandise for resale on account. The invoice amount was $14,790; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $48,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,220. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $30,000. Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. December 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the $14,790 purchased merchandise for resale on account assuming a perpetual inventory system. Note: Enter debits before credits. Date January 08 General Journal Debit Credit 14,790 14,790 Inventory Accounts payable >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
Transcribed Image Text:Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31.
January 8
January 17
April 1
June 3
July 5
August 1
December 20
Purchased merchandise for resale on account. The invoice amount was $14,790; assume a perpetual
inventory system.
Paid January 8 invoice.
Borrowed $48,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing
note for the money.
Purchased merchandise for resale on account. The invoice amount was $17,220.
Paid June 3 invoice.
Rented office space in one of Roger's buildings to another company and collected six months' rent in
advance amounting to $30,000.
Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days.
December 31 Determined wages of $9,800 were earned but not yet paid on December 31 (disregard payroll taxes).
Required:
1. Prepare journal entries for each of these transactions.
2. Prepare the adjusting entries required on December 31.
3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.
4. For each transaction, state whether operating cash flows increase, decrease, or are not affected.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Prepare journal entries for each of these transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be
recorded in Part 2.
View transaction list
Journal entry worksheet
<
1
2
3
4
5
6
7
Record the $14,790 purchased merchandise for resale on account assuming a
perpetual inventory system.
Note: Enter debits before credits.
Date
January 08
General Journal
Debit
Credit
14,790
14,790
Inventory
Accounts payable
>
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education