Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $25. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Paid accounts payable on November 6, $14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $158 on December 8, including $39 on credit and $119 collected in cash. 1. Recognized salaries and wages expense on December 9, $84 paid in cash. J. Collected accounts receivable on December 10, $23. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. Supplies counted on December 31, 2021, $11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $9. It will be paid in 2022.
Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $25. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Paid accounts payable on November 6, $14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $158 on December 8, including $39 on credit and $119 collected in cash. 1. Recognized salaries and wages expense on December 9, $84 paid in cash. J. Collected accounts receivable on December 10, $23. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. Supplies counted on December 31, 2021, $11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $9. It will be paid in 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please answer within the format by providing formula the detailed working
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Transcribed Image Text:Transactions and events during 2021 (summarized in thousands of dollars) follow:
a. Borrowed $13 cash on March 1 using a short-term note.
b. Purchased land on March 2 for future building site; paid cash, $7.
c. Issued additional shares of common stock on April 3 for $25.
d. Purchased software on July 4, $12 cash.
e. Purchased supplies on account on October 5 for future use, $17.
f. Paid accounts payable on November 6, $14.
g. Signed a $30 service contract on November 7 to start February 1, 2022.
h. Recorded revenues of $158 on December 8, including $39 on credit and $119 collected in cash.
1. Recognized salaries and wages expense on December 9, $84 paid in cash.
J. Collected accounts receivable on December 10, $23.
Data for adjusting journal entries as of December 31:
k. Unrecorded amortization for the year on software, $6.
1. Supplies counted on December 31, 2021, $11.
m. Depreciation for the year on the equipment, $7.
n. Interest of $2 to accrue on notes payable.
o. Salaries and wages earned but not yet paid or recorded, $12.
p. Income tax for the year was $9. It will be paid in 2022.
C4-2 (Algo) Part 6
Required:
6-a. Prepare an income statement.
6-b. Prepare the statement of retained earnings.
6-c. Prepare the balance sheet.
Transcribed Image Text:19
k
ces
Account Titles
Cash
Accounts Receivable
Supplies
Land
Equipment
Accumulated Depreciation
Software.
Accumulated Amortization
Accounts Payable
Notes Payable (short-term)
Salaries and Wages Payable
Interest Payable
Income Tax Payable
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Depreciation Expense
Amortization Expense
Income Tax Expense
Interest Expense
Supplies Expense
Totals
Debit Credit
$4
4
11
0
59
14
ooooooo
0
0
0
0
$ 92
$7
6
6
0
0
0
66
7
$ 92
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