
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
journalize the december transaction and

Transcribed Image Text:View Policies
Show Attempt History
Current Attempt in Progres
On December 1, 2020, Bramble Printers had the account balances shown below.
Debit
Credit
Cash
£6.045
Accumulated Depreciation-Equipment
€ 1.950
Accounts Receivable
5,070
Accounts Payable
3,900
Inventory
2,535*
Share Capital-Ordinary
26,000
Equipment
27,300
Retained Earnings
9,100
£ 40,950
£ 40,950
(3,900 x£0.65)
The following transactions occurred during December:

Transcribed Image Text:estion O UI O
11.67/35
The following transactions occurred during December:
Dec. 3
Purchased 5,200 units of inventory on account at a cost of £0.72 per unit.
5.
Sold 5,720 units of inventory on account for £0.92 per unit. (It sold 3.900 of the E 0.65 units and 1,820 of the £0.72.)
7.
Granted the December 5 customer £ 239 credit for 260 units of inventory returned costing E 184. These units were
retumed to inventory.
17
Purchased 2,860 units of inventory for cash at E0.78 each,
22
Sold 2.600 units of inventory on account for £0.95 per unit. (It sold 2.600 of the E0.72 units.)
Adjustment data:
1.
Accrued salaries payable £ 520.
2.
Depreciation £ 260 per month.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Pls stepwise with explanation and correct only.arrow_forwardMaples group Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease Assets Cash and cash equivalent 64,990 61,895 ? Accounts receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long –term notes payable 99,500 128,550 ? Stockholder’ Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders’ equity 442, 590 395, 800…arrow_forwardFind earnings per share 2019arrow_forward
- ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…arrow_forwardComparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: Are debt and equity likely to be available as inflows of cash in the near future?arrow_forwardJaez Corporation is in the process of going through a reorganization. As of December 31, 2020, the company's accountant has determined the following information although the company is still several months away from emerging from the bankruptcy proceeding. ts Book Value Fair Value Assets Cash $ 23,000 45,000 140,000 220,000 154,000 $ 23,000 47,000 210,000 260,000 157,000 eBook Inventory Land Buildings Equipment Print ferences Allowed Claims Expected Sett lement Liabilities as of the date of the order for relief Accounts payable Accrued expenses Income taxes payable Note payable (due 2023, secured by land) Note payable (due 2025) Liabilities since the date of the order for relief Accounts payable Note payable (due 2022) Stockholders' equity Common stock Deficit $ 123,000 $ 20,000 30,000 22,000 100,000 170,000 4,000 18,000 100,e00 80,000 $ 60,000 110,000 200,000 (233,000) Prepare the balance sheet for Jaez Corporation. (Neative amounts should be indicated bv a minus sian.) nc Graw lill…arrow_forward
- Problem 17-5 (AICPA Adapted) Investment in Hall Company at equity statement of financial position: Accounts receivable, net of allowance Fearsome Company showed the following comparative 2021 2020 Cash and cash equivalents 2,350,000 600,000 1,000,000 2,200,000 2,000,000 5,000,000 1,050,000) ( 800,000) 400,000 350,000 700,000 850,000 2,000,000 1,500,000 4,000,000 Inventory Land Property, plant and equipment. Accumulated depreciation Goodwill 400,000 12,500,000 9,000,000 Accounts payable Note payable - long term Bonds payable Share capital, P100 par Share premium Retained earnings Treasury shares, at cost 600,000 500,000 1,600,000 5,250,000 2,700,000 1,850,000 550,000 2,100,000 4,000,000 1,750,000 1,300,000 700,000) 12,500,000 9,000,000 Additional information for 2021 1. The net income for the current year was P3,050,000. 2. Cash dividend paid amounted to P2,500,000. 3. The entity sold equipment costing P200,000, with carrying amount of P50,000, for P70,000 cash. 4. The entity issued…arrow_forwardnot use ai pleasearrow_forward38 es Maps On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Saved Helparrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning

Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning