I am stuck on this adjusted trial balance sheet exercise. I am attaching images. I have populated all the fields that I can. I have missing entries due to the fact that I am brain dead when it comes to Title/Description. The last image shows the fields that are missing with yellow highlights. I have included all the setup information in the images as well. AВDFGKMNJournal EntriesComplete the Adjusted Trial Balance for January 31, 2021No. Account Titles and Explanation1 Interest PayableDebitCreditAvenger220Trail BalanceCash22031-Jan-222 InventoryAccounts Payable3 Cash229768Title/DescriptionDebitCredit229768Cash236284840412368InventorySales Tax Payable25168Prepaid InsurnaceSales Revenue|(To record sales revenue.)Cost of Goods Sold387200EquipmentAccounts PayableNotes PayableSales RevenueSales Taxes PayableFICA Taxes PayableFederal Income Taxes PayableState Unemployment Taxes Payable3946823320044000233200Inventory4 Accounts Payable38720020240010208Cash2024005 Sales Taxes Payable149607840Cash1496030246 Other Operating Expenses26400Federal Unemployment Taxes PayableInterest PayableOther Operating ExpensesCash26400336zlsalaries and Wages56000220FICA Taxes Payable428426400Federal Income Taxes Payable7840Insurance ExpenseSalaries and Wages Payable8 Interest ExpenseInterest Payable9 Insurance Expense43876220Cost of Goods Sold233200220Depreciation ExpenseInterest Expense440528Prepaid Insurance44022010 Depreciation Expense528Accumulated Depreciation Expense528Total$$288,816.00 $ $492,296.0011 Payroll Taxe ExpenseState Unemployment Taxes Payable76443024Federal Unemployment Taxes Payable336FICA taxes payable4284 Avenger Company's balance sheet at December 31, 2021, is presented below.Avenger LLCDuring January 2022, the following transactions occurred. (Avenger Company uses the perpetual inventory system.)Balance Sheet131-Dec-21Avenger paid $ 220 interest on the note payable on January 1, 2022. The note is due December 31, 2023.Cash$ 26,400Accounts Payable$ 12,100Avenger purchased $ 229,768 of inventory on account.Avenger sold for $ 387,200 cash, inventory which cost $ 233,200. Avenger also collected $ 25,168 in23Inventory27.060Interest Payable220sales taxes.Prepaid InsuranceNotes PayableOwner's CapitalAvenger paid $ 202,400 in accounts payable.Avenger paid $ 14,960 in sales taxes to the state.5,28044,0004Equipment33,44035,860$ 92,180$ 92,180Paid other operating expenses of $ 26,400.On January 31, 2022, the payroll for the month consists of salaries and wages of $ 56,000. All salariesand wages are subject to 7.65% FICA taxes. A total of $ 7,840 federal income taxes are withheld. Thesalaries and wages are paid on February 1.6Adjustment data:Interest expense of $ 220 has been incurred in January on the notes payable.The insurance for the year 2022 was prepaid on December 31, 2021.8910The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over5 years with a $ 1,760 salvage value.Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federalunemployment tax.11

The Trial Balance is the method to identify any mistakes or omission made in recording any…

I am stuck on this adjusted trial balance sheet exercise. I am attaching images. I have populated all the fields that I can. I have missing entries due to the fact that I am brain dead when it comes to Title/Description. The last image shows the fields that are missing with yellow highlights. I have included all the setup information in the images as well.

I am stuck on this adjusted trial balance sheet exercise. I am attaching images. I have populated all the fields that I can. I have missing entries due to the fact that I am brain dead when it comes to Title/Description. The last image shows the fields that are missing with yellow highlights. I have included all the setup information in the images as well.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....

See similar textbooks

Similar questions

Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019
Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 8% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
Use the same information in RE9-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate. RE9-1 Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory system.
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory system.
The following are selected 2025 transactions of Nash Corporation. Sept. 1 Purchased inventory from Encino Company on account for $58,500. Nash records purchases gross and uses a periodic inventory system. Issued a $58,500, 12-month, 8% note to Encino in payment of account. Borrowed $58.500 from the Shore Bank by signing a 12-month, zero-interest-bearing $63,180 note. Oct. 1 Oct. 1 (a) Your answer is correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement, List all debit entries before credit entries) Date September 1 v Date September 1 October 11 Account Titles and Explanation October 1 v Purchases Accounts Payable Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry for…
The following are selected 2025 transactions of Sunland Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $30,000. Sunland records purchases gross and uses a periodic inventory system. Issued a $30,000. 12-month, 8% note to Encino in payment of account. Borrowed $30,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $32.400 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Hydra Company’s balance sheet at December 31, 2021, is presented below Cash $ 25,400 Accounts Payable $ 13,100 Inventory 28,060 Interest Payable 210 Prepaid Insurance 6280 Notes Payable 43,000 Equipment 32,440 Owner’s Capital 35,870 $ 92,180 $ 92,180 During January 2022, the following transactions occurred. ( Hydra Company uses the perpetual inventory system.) 1. Hydra paid $ 210 interest on the note payable on January 1, 2022. The note is due December 31, 2023. 2. Hydra purchased $ 230,768 of inventory on account. 3. Hydra sold for $ 389,200 cash, inventory which cost $ 231,200. Hydra also collected $ 25,170 in sales taxes. 4. Hydra paid $ 200,400 in accounts payable. 5. Hydra paid $ 14,950 in sales taxes to the state. 6. Paid other operating expenses of $ 28,400. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $ 65,000. All salaries and wages are subject…