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 $32.d. Purchased software on July 4, $10 cash.e. Purchased 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 $144 on December 8, including $32 on credit and $112 collected in cash.i. Recognized salaries and wages expense on December 9, $77 paid in cash.j. Collected accounts receivable on December 10, $16.Data for adjusting journal entries as of December 31:k. Unrecorded amortization for the year on software, $8.1. 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.Required:5. Prepare an adjusted trial balance. (Enter your answers in thousands of dollars.)

Adjusted trial balance is the statement which is prepared by the entity to show the summarized form…

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

See similar textbooks

Similar questions

A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B) collected a $17,500 accounts receivable; (C) paid a $6,700 accounts payable; and (D) purchased a truck for $6,700 cash and by signing a $28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following? Multiple Choice Stockholders's Equity $86,700 Assets Liabilities $177,000 $90,300 Stockholders's Equity $66,600 Assets Liabilities $195,500 $128,900 Stockholders's Equity $98,500 Assets Liabilities $170,300 $71,800 Stockholders's Equity $98,500 Assets Liabilities $167,000 $68,500
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Additional Paid-in Capital 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $18,200. January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,900. January 21 Provide services to customers for cash, $50,500. January…
Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1
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…
Financial information of Barnes Ltd, a furniture maker, for the year ended 31st December 202X as follow: Notes: Capital Cash at Bank Account Machinery Provision for depreciation - Warehouse Plant and buildings Provision for depreciation - Machinery Stock at 1st Jan 202X Purchases Sales Trade debtors Trade creditors Selling and distribution expenses Provision for doubtful debts at 1st Jan 202X Administrative expenses Bank loan to be repaid in 2025 Operating expenses Interest Returns inward Returns outward Total Debit 3,000 120,000 100,000 14,500 22,000 20,000 18,450 5,300 12,750 10,000 2,000 Credit 100,000 1. Stock at 31st December 202X £16,700. 2. Operating expenses £2,000 accrued. 3. Selling and administrative expenses £4,500 prepaid. 4. Provision for doubtful debts adjusted to 7% of debtors. 5. Warehouse and machinery to be depreciated at 10% straight-line method. 20,000 15,000 105,000 16,750 3,200 65,300 2750 328,000 328,000 a) Prepare an Income Statement for Barnes Ltd for the year…
Question (I got $44,000... correct?): Riley Company began operations on August 1, 2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and borrowed $48,000 from a local bank on a 10-month, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchased a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28, Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31, Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted.
The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $65,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the receipt of a note on July 1, 2017 for a $65,000 loan to an employee. Note: Enter debits before credits. Date General Journal Debit Credit Jul 01, 2017
On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,100 on December 31, 2022. The proceeds of the note were $115,800. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.
The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 83,000 Short-term investments 65,000 Accounts receivable (net) 280,000 Prepaid expenses (for the next 12 months) 32,000 Land 75,000 Buildings 320,000 Accumulated depreciation—buildings $ 160,000 Equipment 265,000 Accumulated depreciation—equipment 120,000 Accounts payable 173,000 Accrued liabilities 45,000 Notes payable 100,000 Mortgage payable 250,000 Common stock 100,000 Retained earnings 172,000 Totals $ 1,120,000 $ 1,120,000 Additional information: The short-term investments account includes $18,000 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…
The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November 1, 2019 Coe borrowed $25,000 at 6 percent for 6 months. The entry to record the November 1 borrowing transaction would include a: A. Credit to notes payable for $750 B. Credit to notes payable for $24,250 C. Debit to cash for $24,250 D. Debit to cash for $25,000
The following accounts were taken from the records of a company as of December 31, 2019: Account Payable $47,000, Account Receivable $22,000, Building $215,000, Cash $15,000, Land $76,000, Bonds $35,000, Land (held for speculation) $120,000, Goodwill $28,000, Salaries & Wages Payable $75,000, Accumulated Depreciation –Building $92,000, Prepaid rent expense $12,000, Unearned Service Revenue $8,000, Patent $50,000. Based on the above information, Total Long-term Investments is:
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS