Transactions and events during 2021 (summarized in thousands of dollars) follow:a. Borrowed $12 cash on March 1 using a short-term note.b. Purchased land on March 2 for future building site; paid cash, $9.c. Issued additional shares of common stock on April 3 for $23.d. Purchased software on July 4, $10 cash.e. Received supplies on account on October 5 for future use, $18.f. Paid accounts payable on November 6, $13.g. Signed a $25 service contract on November 7 to start February 1, 2022.h. Recorded revenues of $160 on December 8, including $40 on credit and $120 collected in cash.i. Recognized salaries and wages expense on December 9, $85 paid in cash.j. Collected accounts receivable on December 10, $24.Data for adjusting journal entries as of December 31:k. Unrecorded amortization for the year on software, $5.1. Supplies counted on December 31, 2021, $10.m. Depreciation for the year on the equipment, $6.n. Interest of $1 to accrue on notes payable.o. Salaries and wages earned but not yet paid or recorded, $12.p. Income tax for the year was $8. It will be paid in 2022.6-a. Prepare an income statement.6-b. Prepare the statement of retained earnings.6-c. Prepare the balance sheet.

To prepare the income statement, statement of retained earnings, and balance sheet, we need to…

Answered: Transactions and events during 2021…

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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Account Titles Cash Supplies Prepaid Insurance Land Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Mortgage Payable Common Stock Dividends Retained Earnings Service Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expenses Property Tax Expense Interest Expense Totals Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Taxes Payable Totals Net Income Totals Trial Balance Debit 39,920 21,120 31,900 88,040 129,040 14,000 108,330 33,020 9,400 19,420 18,670 6,670 Credit 38,720 17,120 3,370 55,040 117,740 2,000 284,540 518,530 518,530 Debit Adjustments 2,601 3,030 4,370 28,230 17,126 1,820 57,177 Credit ORIOLE COMPANY Worksheet For the Month Ended September 30, 2025 17,126 28,230 1,820 2,601 4,370 3,030 57,177 Adjusted Trial Balance Credit Debit 39,920 3,994 3,670 88,040 128,040 14,000 108,330 33,020 9,400 19,420 21,700 11,040 28,230 17,126 1,820 40,540 17,120 769 55,040…
Below is a summary of all transactions of Dreamworks Bedding Supplies for the month of August 2021. Cash Transactions Cash collections from: Customers $81,900 Sale of unused land 15,400 Issuance of common stock 27,000 Interest earned on savings account 270 Cash payments for: Employee salaries (46,800) Delivery truck (33,900) Advertising expense (5,600) Office supplies (3,500) Repayment of borrowing (8,700) Bedding material (16,000) Noncash Transactions Sales to customers on account 12,000 Purchase of materials on account 8,100 Purchase equipment with promissory note to pay later 89,000 Prepare a statement of cash flows for the month of August, properly classifying each of the transactions into operating, investing, and financing activities. The cash balance at the beginning of August is $8,000. (List cash outflows and decrease in cash as negative amounts.)…
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Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $ 25,800 Credit Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108,100 $108,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Ent Required" in the first account field.)
The following transactions took place during the month of December, 2019 for Mico Enterprise. Bank balances as at 1* December is RM 10,000 December, 2019 Received additional capital from the owner amounting Transactions 1 RM25,000 by cheque. Purchased goods on credit from Sufl Sdn Bhd amounting to 3 RM9,500. 8 Returned damaged goods to Sufl Sdn Bhd worth RM400. Paid fire insurance for RM3,600 by online banking. The 10 insurance coverage is for 6 months. 15 Credit sales to Aneka Trading amounting to RM10,000 Owner withdraw from bank for personal use amounting to RM1,800. 20 24 |Received full payment settlement from Aneka Trading by |cheque after deduction of 5% cash discounts. 30 Paid salary and wages amounting to RM4,000 by bank. Required: (a) transactions with narrations. Prepare the journal entries for all the above (10 marks) (b) Post the transactions to appropriate ledger books using T-account and balance off the ledgers by closing the accounts at month end December 2019. (12…
The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue
On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the…
The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 105,000 Short-term investments 87,000 Accounts receivable (net) 302,000 Prepaid expenses (for the next 12 months) 54,000 Land 97,000 Buildings 342,000 Accumulated depreciation—buildings $ 171,000 Equipment 276,000 Accumulated depreciation—equipment 131,000 Accounts payable 184,000 Accrued liabilities 56,000 Notes payable 122,000 Mortgage payable 230,000 Common stock 210,000 Retained earnings 159,000 Totals $ 1,263,000 $ 1,263,000 Additional information: The short-term investments account includes $29,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. The accounts receivable account consists of the following: a. Amounts owed by…
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Prepare a trial balance as of December 31, 2021. Cash Account 580.00 Interest Earned 200.00 Cash in Bank Account 25,000.00 Inventory Account 20,000.00 Furniture Account 2,000.00 Building Account 10,000.00 Anil Account-debtors 1,000.00 Madhu Account-debtors 2,000.00 Capital Account 55,000.00 Babu's Loan Account 10,000.00 Purchase Account 8,800.00 Purchase Discount 380.00 Bahrat Company-creditors 5,000.00 Fixtures Account 5,300.00 Interest on Loans Payable 500.00 Sales Account 7,100.00 Bad Debts Account 300.00 Salary Account 2,000.00 Drawings Account 200.00 NOTE: Please put VAT as applicable if it requires percentage it's 5%
Borrowed $22 cash on July 1, 2018, signing a six-month note payable. Purchased equipment for $25 cash on July 2, 2018. Issued additional shares of common stock for $5 on July 3. Purchased software on July 4, $3 cash. Purchased supplies on July 5 on account for future use, $7. Recorded revenues on December 6 of $55, including $8 on credit and $47 received in cash. Recognized salaries and wages expense on December 7 of $30; paid in cash. Collected accounts receivable on December 8, $9. Paid accounts payable on December 9, $10. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Amortization for 2018, $1. Supplies of $3 were counted on December 31, 2018. Depreciation for 2018, $4. Accrued interest of $1 on notes payable. Salaries and wages incurred but not yet paid or recorded, $3. Income tax expense for 2018 was $4 and will be paid in 2019. What is the transaction for all of these?

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