Take me to the text MediocreJob Company buys and sells home appliances and uses the perpetual inventory system. The company has a year-end of December 31. Assume 13% HST on all purchase and sale transactions. During 2023, the company had the following transactions. Jan Purchased vacuum cleaners worth $71,000 from W Wholesalers, by signing a one-year, 6% note payable; interest is to be accrued on December 31 and paid at maturity plus principal. 15 Feb 4 Sold vacuum cleaners for $44,000 cash, which includes a 3-year warranty. MediocreJob bought these vacuum cleaners for $26,400. Feb 4 Recorded $22,000 of estimated warranty liability for the year. Paid the full amount owing to W Wholesalers including accrued interest. Received utilities bill for $2,900, to be paid in exactly 15 days (disregard HST for this transaction). Feb 15 May 18 May 23 Paid the utilities bill received on May 8. Jul 11 Received $40,680 cash (including $4,680 HST) for the sale of vacuum cleaners which cost the company $21,600. The delivery is to be made on August 31. Delivered the vacuum cleaners from the July 11 transaction. Aug 31 Prepare journal entries to record the above transactions.

Take me to the text MediocreJob Company buys and sells home appliances and uses the perpetual inventory system. The company has a year-end of December 31. Assume 13% HST on all purchase and sale transactions. During 2023, the company had the following transactions. Jan Purchased vacuum cleaners worth $71,000 from W Wholesalers, by signing a one-year, 6% note payable; interest is to be accrued on December 31 and paid at maturity plus principal. 15 Feb 4 Sold vacuum cleaners for $44,000 cash, which includes a 3-year warranty. MediocreJob bought these vacuum cleaners for $26,400. Feb 4 Recorded $22,000 of estimated warranty liability for the year. Paid the full amount owing to W Wholesalers including accrued interest. Received utilities bill for $2,900, to be paid in exactly 15 days (disregard HST for this transaction). Feb 15 May 18 May 23 Paid the utilities bill received on May 8. Jul 11 Received $40,680 cash (including $4,680 HST) for the sale of vacuum cleaners which cost the company $21,600. The delivery is to be made on August 31. Delivered the vacuum cleaners from the July 11 transaction. Aug 31 Prepare journal entries to record the above transactions.

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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