Prepare journal entries to record each of the transactions and events listed above.
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The following transactions occurred during the month of June 2024 for the Stridewell Corporation. The company owns and operates a retail shoe store.
- Issued 55,000 shares of common stock in exchange for $275,000 cash.
- Purchased office equipment at a cost of $53,750. Cash of $21,500 was paid and a note payable was signed for the balance owed.
- Purchased inventory on account at a cost of $110,000. The company uses the perpetual inventory system.
- Credit sales for the month totaled $187,000. The cost of the goods sold was $93,500.
- Paid $2,250 in rent on the store building for the month of June.
- Paid $1,320 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2024.
- Paid $79,475 on account for the inventory purchased in transaction 3.
- Collected $37,400 from customers on account.
- Paid shareholders a cash dividend of $2,750.
- Received cash of $1,075 from customers in advance of services to be provided.
Required:
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- Describe below are certain transactions of Blue corporation. The company uses the periodic inventory. 1. on February 2, the corporation purchased goods drom Martin company for $75800 subject to cash discounts. The invoice was paid on February 26. 2. On April1, the corporation bought a truck for $50000 from General Motor company, paying $5000 in cash and savings a one year, 10% note for the balance of the purchase price. 3. On May1, the corporation borrowed from Chicago national bank by signing a $96000 zero interest- bearing note due one year feom May1. 4. On August the board of directors decleared a $ 324,900 cash dividend that was payable on September 10 to stockholders of recorded on August 31. Make all journal entries necessary to record the transactions above using appropriate date. Part-2, Blue corporation's year end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest…Current Attempt in Progress Described below are certain transactions of Pharoah Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $68,100 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was 1. paid on February 26 On April 1, the corporation bought a truck for $51,000 from General Mators Company, paying $5,000 in cash and signing a one-year, 109% note for the balance of the purchase price. 2. On May 1, the corporation borrowed SBB,600 from Chicago National Bank by signing a $97,720 zero-interest-bearing note due one year from May 1. 3. On August 1, the board of directors declared a $288,800 cash dividend that was payable on September 10 to stockholders of record on August 31. 4. Part 1 Your answer is partially correct. L Make all the journal entries necessary to record the transactions above using…The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. 5. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016. 7. Paid $70,000 on account for the merchandise purchased in 3. 8. Collected $55,000 from customers on account. 9. Recorded depreciation expense of $1,000 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a…
- The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. 5. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016. 7. Paid $70,000 on account for the merchandise purchased in 3. 8. Collected $55,000 from customers on account. 9. Recorded depreciation expense of $1,000 for the month on the equipment. Analyze; Prepare journal entries to record each of the transactionsRoger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. January 8 Purchased merchandise for resale on account. The invoice amount was $14,840; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $60,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,320. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $21,000. December 20 Received a $240 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. December 31 Determined wages of $10,400 were earned but not yet paid on December 31 (disregard payroll taxes). Required: January 17 April 1 June 3 July 5 August 1 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show…Transactions of Edwardson Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $70,000 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. On April 1, the corporation brought a truck for $50,000 from General Motors Company, paying $4,000 in cash and signing a 1-year, 12% note for the balance of the purchase price On May 1, the corporation borrowed $83,000 from Chicago National Bank by signing a $92,000 zero-interest-bearing note due 1 year from May 1 On August 1, the board of directors declared a $300,000 cash dividend that was payable on September 10 to stockholders of record on August 31. Instructions: (A) Make all the journal entries necessary to record the transactions above using appropriate dates. (B) Edwardson Corporations year-end is December 31. Assuming that no…
- 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 $14,780; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the 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 advance amounting to $6,000. Dec. 20 Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes). Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.…The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10 Purchased merchandise on account from Beckham Co., $420,000, terms n/30. Feb. 9 Issued a 30-day, 6% note for $420,000 to Beckham Co., on account. Mar. 11 Paid Beckham Co. the amount owed on the note of February 9. May 1 Borrowed $240,000 from Verity Bank, issuing a 45-day, 5% note. June 1 Purchased tools by issuing a $312,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 5%. 15 Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $240,000. (Journalize both the debit and credit to the notes payable account.) July 30 Paid Verity Bank the amount due on the note of June 15. 30 Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1 Purchased office equipment from Lambert Co. for $700,500 paying $160,500 and issuing a series of ten 5% notes for $54,000…Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $672,000 from Commerce Bank after signing a 12-month, 9.00 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance, amounting to $27,000. Dec. 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. For each item, indicate whether the debt-to-assets ratio is increased or decreased…
- Summer Kluxon, Inc. purchased inventory costing $150,000 and sold 75% of the goods for $180,000. All purchases and sales were on account. Kluxon later collected 40% of the accounts receivable. 1. Journalize these transactions for Kluxon, which uses the perpetual inventory system. 2. For these transactions, show what Kluxon will report for inventory, revenues, and expenses on its financial statements. Report gross profit on the appropriate statement. 1. Journalize these transactions for Kluxon, which uses the perpetual inventory system. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journalize the purchase of inventory. Accounts Journal Debit CO CreditJack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $672,000 from Commerce Bank after signing a 12-month, 9.00 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. August 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance, amounting to $27,000. December 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). December 31 Adjusted the accounts at year-end, relating to interest. December 31 Adjusted the accounts at year-end, relating to security service. Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. 2. For each item, indicate whether the debt-to-assets ratio is…The following are selected 2017 transactions of Sean Astin Corporation. Sept. 1 Purchased inventory from Encrino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,000 12-month, 8% note to Encino in payment of account Oct. 1 Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. Instructions: (A) Prepare journal entries for the selected transactions above (B) Prepare adjusting entries at December 31 (C) Compute the total net liability to be reported on the December 31 balance sheet for: The interest-bearing note & the zero-interest-bearing note.
