FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question

Please prepare the journal entries, trial balance, and balance sheet. 

The Balance Sheet for the Goggle Corporation on December 1, 2021 is reproduced below: Goggle Corporation: Balance Sheet as of December 1, 2021. Assets Cash 22500 Accounts Receivable 3000 Inventory 10100 Prepaid Rent 180 Prepaid Insurance Equipment 5000 Accum. Depreciation -700 Total Assets 40080 Liabilities and Owners Equity Accounts Payable 540 Wages Payable 100 Dividends Payable 800 Note Payable 480 Retained Earnings 180 Paid in Capital 37980 Total Liabilities & OE 40080
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Transcribed Image Text:The Balance Sheet for the Goggle Corporation on December 1, 2021 is reproduced below: Goggle Corporation: Balance Sheet as of December 1, 2021. Assets Cash 22500 Accounts Receivable 3000 Inventory 10100 Prepaid Rent 180 Prepaid Insurance Equipment 5000 Accum. Depreciation -700 Total Assets 40080 Liabilities and Owners Equity Accounts Payable 540 Wages Payable 100 Dividends Payable 800 Note Payable 480 Retained Earnings 180 Paid in Capital 37980 Total Liabilities & OE 40080
The following events occurred during the month of December: 1. The company sold goods on open account for $21700 during the month. 2. The company sold goods for $1400 cash. 3. The cost of the goods that were sold during the month were $9800. 4. Wages owed to employees in the amount of $20 were paid 5. Dividends in the amount of $800 were paid to shareholders 6. Wages earned but unpaid during the month were $1400 . 7. Cash was received from credit customers in the amount of $9800 . 8. Rent was used up in the amount of $30. 9. Depreciation expense in the amount of $500 was recognized. 10. The note payable of $100 was repaid. 11. The company purchased additional equipment in exchange for a $7000 note payable. 12. Dividends in the amount of $100 were declared. 13. On the last day of the month, an insurance policy was purchased for $480 cash. 14. Inventory was purchased for $5000 on open account. 15. Accounts payable in the amount of $300 were paid in cash. Required: 1. Prepare journal entries to record each of these events. Post all revenue and expense items to separate accounts and use an accumulated depreciation account. 2. Prepare a trial balance. 3. Prepare a monthly Income Statement and Balance Sheet as of December 31, 2021.
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Transcribed Image Text:The following events occurred during the month of December: 1. The company sold goods on open account for $21700 during the month. 2. The company sold goods for $1400 cash. 3. The cost of the goods that were sold during the month were $9800. 4. Wages owed to employees in the amount of $20 were paid 5. Dividends in the amount of $800 were paid to shareholders 6. Wages earned but unpaid during the month were $1400 . 7. Cash was received from credit customers in the amount of $9800 . 8. Rent was used up in the amount of $30. 9. Depreciation expense in the amount of $500 was recognized. 10. The note payable of $100 was repaid. 11. The company purchased additional equipment in exchange for a $7000 note payable. 12. Dividends in the amount of $100 were declared. 13. On the last day of the month, an insurance policy was purchased for $480 cash. 14. Inventory was purchased for $5000 on open account. 15. Accounts payable in the amount of $300 were paid in cash. Required: 1. Prepare journal entries to record each of these events. Post all revenue and expense items to separate accounts and use an accumulated depreciation account. 2. Prepare a trial balance. 3. Prepare a monthly Income Statement and Balance Sheet as of December 31, 2021.
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