At the beginning of the current season on April 1, the ledger of Carla Vista Pro Shop showed Cash $3.095: Inventory $4,095; and Common Stock $7.190. The following transactions occurred during April 2022. Apr. Purchased golf bags, clubs, and balls on account from Arnie Co. $1,785, terms 3/10, n/60. Paid freight on Arnie Co purchases $95. 7. Received credit from Arnie Co. for merchandise returned $485. 10 Sold merchandise on account to members $1.595, terms n/30. Purchased golf shoes sweaters, and other accessories on account from Woods Sportswear $988, terms 2/10, n/30. 12 14 Paid Armie Co. in full 17 Received credit from Woods Sportswear for merchandise returned $188 20 Made sales on account to members $964, terms n/30. 21 Paid Woodh Sportswear in full 27 Granted credit to members for clothing that did not fit properly $95 30 Recelved payments on account from members $1452

Instructions: Using both periodic and perpetual inventory system, you are required to prepare the following:                        1.           Chart of Accounts     2.           Comparative Journal Entries

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ok nces Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, short-term notes payable are used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $21,000. The company uses a perpetual inventory system. b. On March 1, borrowed $46,000 cash from City Bank and signed a promissory note with a face amount of $46,000, due at the end of six months, accruing interest at an annual rate of 6.50 percent, payable at maturity, Required: 1. For each of the transactions, indicate the accounts, amounts, and effects on the accounting equation 2. What amount of cast, is paid on the maturity date of the note? 3. Indicate the impact of each transaction (increase, decrease, and no effect) on the debt-to-assets ratio. Assume Bryant Company had $360,000 in total liabilities and $560,000 in total assets, yielding a debt-to-assets ratio of 0.64,…

On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnson Company's purchases if it pays on October 31.View Solution:

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Current Attempt in Progress Sandhill Company uses special journals and a general journal. The following transactions occurred during September 2022 Sold merchandise on account to H. Drew, invoice no. 101. $745, terms n/30. The cost of the merchandise sold was $455. Sept. 2 10 12 21 25 27 Purchased merchandise on account from A. Pagan $600, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,200. Sold merchandise on account to G. Holliday, invoice no. 102 for $785, terms 2/10, n/30. The cost of the merchandise sold was $430 Purchased merchandise on account from D. Downs $860, terms n/30. Sold merchandise to S. Miller for $665 cash. The cost of the merchandise sold was $420.

Jan. 2 Purchased merchandise on account from Nunez Company, $27,600, terms 3/10, n/30. (Wildhorse uses the perpetual inventory system.) 1 Issued a 9%, 2-month, $27,600 note to Nunez in payment of account. Feb. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,200 in cash and signing a 10%, 3-month, $68,400 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $27,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $27,600. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare Journal entries for the listed transactions and events. Post the accounts Notes Payable, Interest payable, and Interest Expense. Show the balance sheet presentation of notes and interest payable at December 31. What is the total interest expense for the year?

Question

Prepare Statement of Financial Position as of December 31, 2019.