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 $14,860; assume17 Paid January 8 invoice.Apr. 1 Borrowed $35,000 from National Bank for general use; signed a 12-month, 8% annual interest-bearing note for thea perpetual inventory system.money.June 3 Purchased merchandise for resale on account. The invoice amount was $17,420.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 advanceamounting to $6,000.Dec.20 Received a $100 deposit from a customer as31 Determined wages of $9,500 were earned but not yet paid on December 31 (disregard payroll taxes).a guarantee to return a trailer borrowed for 30 days.Required:1. For each transaction (including adjusting entries on December 31), indicate the effects (e.g., Cash + or -), using the followingschedule: (Indicate the direction of the effect by selecting "+" for increase, "-" for decrease from the dropdown menu.)DateAssetsLiabilitiesStockholders' EquityJanuary 8January 17April 1June 3July 5August 1December 20December 31December 31December 31

Accounting Equation- The accounting equation is an expression which states that a company's assets…

the following transactions during Year 1. Roger's fiscal year ends on December 31. an. 8 Purchased merchandise for resale on account. The invoice amount was $14,860; assume a perpetua1 inventory system. 17 Paid January 8 invoice. pr. 1 Borrowed $35,000 from National Bank for general use; signed a 12-month, 8% annual interest-bearing note for the money. ane 3 Purchased merchandise for resale on account. The invoice amount was $17,420. aly 5 Paid June 3 invoice. ag. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $6,000. ec.20 Received a $100 deposit from a customer as a quarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,500 were earned but not yet paid on December 31 (disregard payroll taxes). equired: For each transaction (including adjusting entries on December 31), indicate the effects (e.g., Cash + or –), using the following hedule: (Indicate the direction of the effect by selecting "+" for increase, "-" for decrease from the dropdown menu.)

the following transactions during Year 1. Roger's fiscal year ends on December 31. an. 8 Purchased merchandise for resale on account. The invoice amount was $14,860; assume a perpetua1 inventory system. 17 Paid January 8 invoice. pr. 1 Borrowed $35,000 from National Bank for general use; signed a 12-month, 8% annual interest-bearing note for the money. ane 3 Purchased merchandise for resale on account. The invoice amount was $17,420. aly 5 Paid June 3 invoice. ag. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $6,000. ec.20 Received a $100 deposit from a customer as a quarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,500 were earned but not yet paid on December 31 (disregard payroll taxes). equired: For each transaction (including adjusting entries on December 31), indicate the effects (e.g., Cash + or –), using the following hedule: (Indicate the direction of the effect by selecting "+" for increase, "-" for decrease from the dropdown menu.)

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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1) Prepare a balance sheet, assuming that the current portion of the note payable is $7,000
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am. 119.
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