American Laser, Inc., reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation. Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings. Cash Common Stock, 10,000 shares of $1 part Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement View transaction list General Journal < Journal entry worksheet 1 The company entered into the following transactions during the year. Jan. 15 Issued 20,000 shares of $1 par common stock for $80,000 cash. Jan. 31 Collected $3,000 from customers on account. 15 Reacquired 3,300 shares of $1 par common stock into treasury for $36,300 cash. Feb. Mar. 15 Reissued 2,300 shares of treasury stock for $27,300 cash.. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,010 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $260,000 of service revenue, all of which was collected in cash. Dec. Dec. 30 Paid $230,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) General Ledger 2 Date Jan 15 Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Note: Enter debits before credits. Record entry Debit $ 5,000 277,000 17,500 0 Credit General Journal $ 30,000 120,000 2,000 0 Clear entry 10,000 17,500 120,000 $299,500 $299,500 Trial Balance Balance Sheet Debt to Assets Ratio 3 4 5 6 7 8 Issued 20,000 shares of $1 par common stock for $80,000 cash. Record the transaction. ..... 13 Debit Credit View general journal >

American Laser, Inc., reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation. Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings. Cash Common Stock, 10,000 shares of $1 part Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement View transaction list General Journal < Journal entry worksheet 1 The company entered into the following transactions during the year. Jan. 15 Issued 20,000 shares of $1 par common stock for $80,000 cash. Jan. 31 Collected $3,000 from customers on account. 15 Reacquired 3,300 shares of $1 par common stock into treasury for $36,300 cash. Feb. Mar. 15 Reissued 2,300 shares of treasury stock for $27,300 cash.. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,010 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $260,000 of service revenue, all of which was collected in cash. Dec. Dec. 30 Paid $230,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) General Ledger 2 Date Jan 15 Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Note: Enter debits before credits. Record entry Debit $ 5,000 277,000 17,500 0 Credit General Journal $ 30,000 120,000 2,000 0 Clear entry 10,000 17,500 120,000 $299,500 $299,500 Trial Balance Balance Sheet Debt to Assets Ratio 3 4 5 6 7 8 Issued 20,000 shares of $1 par common stock for $80,000 cash. Record the transaction. ..... 13 Debit Credit View general journal >

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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