Do not give solution in image format Otherwise I will downvote. Required information[The following information applies to the questions displayed below.]A company incurred the following transactions:a. Recorded the financing (capital) lease of a truck. The present value of the lease payments is $72,000; the total of thelease payments to be made is $85,000.b. Recorded the company's payroll for the month. Gross pay was $8,600, net pay was $5,800, and various withholdingliability accounts were credited for the difference.c. Issued $28,000 of bonds payable at a price of 104d. Adjusted the estimated liability under a warranty program by reducing previously accrued warranty expense by $4,900.e. Retired $15,700 face amount of bonds payable with a carrying value of $15,500 by calling them at a redemption valueof 102.f. Accrued estimated annual health care costs for retirees; $21,500 is expected to be paid within a year, and $162,000 isexpected to be paid in more than a year.Required:a-1. Show the effect, if any, of each transaction/adjustment on the appropriate balance sheet category or on net income by selectingfor each category affected the account name and amount, and indicating whether it is an addition (+) or a subtraction (-). Items thataffect net income should not also be shown as affecting stockholders' equity.Transaction/Adjustmenta.b.C.d.e.f.Current AssetNon-Current AssetCurrent LiabilitiesNon-Current LiabilitiesStockholders' EquityNet Income Required information[The following information applies to the questions displayed below.]A company incurred the following transactions:a. Recorded the financing (capital) lease of a truck. The present value of the lease payments is $72,000; the total of thelease payments to be made is $85,000.b. Recorded the company's payroll for the month. Gross pay was $8,600, net pay was $5,800, and various withholdingliability accounts were credited for the difference.c. Issued $28,000 of bonds payable at a price of 104.d. Adjusted the estimated liability under a warranty program by reducing previously accrued warranty expense by $4,900.e. Retired $15,700 face amount of bonds payable with a carrying value of $15,500 by calling them at a redemption valueof 102.f. Accrued estimated annual health care costs for retirees; $21,500 is expected to be paid within a year, and $162,000 isexpected to be paid in more than a year.. Record the journal entries to show each transaction/adjustment. (If no entry is required for a transaction/event, select "Nornal entry required" in the first account field.)View transaction listJournal entry worksheet12Recorded the financing (capital) lease of a truck. The present value of thelease payments is $72,000; the total of the lease payments to be made is$85,000.Transactiona.3 4 5 6Note: Enter debits before credits.General JournalDebitCredit

Transaction/ Adjustment Current Assets Non Current Assets Current Liabilities Non Current…

The following information applies to the questions displayed below.] A company incurred the following transactions: a. Recorded the financing (capital) lease of a truck. The present value of the lease payments is $72,000; the total of the lease payments to be made is $85,000. . Recorded the company's payroll for the month. Gross pay was $8,600, net pay was $5,800, and various withholding liability accounts were credited for the difference. . Issued $28,000 of bonds payable at a price of 104. 1. Adjusted the estimated liability under a warranty program by reducing previously accrued warranty expense by $4,900. e. Retired $15,700 face amount of bonds payable with a carrying value of $15,500 by calling them at a redemption value of 102. f. Accrued estimated annual health care costs for retirees; $21,500 is expected to be paid within a year, and $162,000 is expected to be paid in more than a year.

The following information applies to the questions displayed below.] A company incurred the following transactions: a. Recorded the financing (capital) lease of a truck. The present value of the lease payments is $72,000; the total of the lease payments to be made is $85,000. . Recorded the company's payroll for the month. Gross pay was $8,600, net pay was $5,800, and various withholding liability accounts were credited for the difference. . Issued $28,000 of bonds payable at a price of 104. 1. Adjusted the estimated liability under a warranty program by reducing previously accrued warranty expense by $4,900. e. Retired $15,700 face amount of bonds payable with a carrying value of $15,500 by calling them at a redemption value of 102. f. Accrued estimated annual health care costs for retirees; $21,500 is expected to be paid within a year, and $162,000 is expected to be paid in more than a year.

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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