5. Paid $139,300 to suppliers to settle some of the accounts payable. 6. Received $246,000 from customers to settle amounts owed to the company. 7. Pald $16,100 for advertising. 8. At the end of 2024, paid the interest on the bank loan for the year at the rate of 7%, as well as $30,00 on the principal. The remaining principal balance is due in three years. $$30,00 on the 9. Received a $3,000 dividend from the long-term Investment. 10. Paid $16,700 for utilities for the year. 11. Declared and paid dividends of $14,200 at the end of the year. 12. 13. 14. Pald $102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December. Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2021, and it was expected to last 10 years and have a residual value of $30,000. Made an adjustment for the cost of the insurance that expired in 2024. (a) Prepare journal entries to record each of the above transactions and adjustments. (List all debit entries before punt titles are automatically indented when the amount is entered. Do
5. Paid $139,300 to suppliers to settle some of the accounts payable. 6. Received $246,000 from customers to settle amounts owed to the company. 7. Pald $16,100 for advertising. 8. At the end of 2024, paid the interest on the bank loan for the year at the rate of 7%, as well as $30,00 on the principal. The remaining principal balance is due in three years. $$30,00 on the 9. Received a $3,000 dividend from the long-term Investment. 10. Paid $16,700 for utilities for the year. 11. Declared and paid dividends of $14,200 at the end of the year. 12. 13. 14. Pald $102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December. Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2021, and it was expected to last 10 years and have a residual value of $30,000. Made an adjustment for the cost of the insurance that expired in 2024. (a) Prepare journal entries to record each of the above transactions and adjustments. (List all debit entries before punt titles are automatically indented when the amount is entered. Do
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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