EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts.
Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June.
General Journal
Date
Description
Post
Ref.
Debit
Credit
June 3
Inventory
116
50,400
Accounts Payable
210
50,400
June 6
Accounts Receivable
111
17,400
Sales
410
17,400
Costs Of Goods Sold
510
12,000
Inventory
116
12,000
June 8
Notes Receivable
114
500
Bad Debt Expense
522
500
June 10
Cash
104
40,000
Salaries Payable
211
40,000
Cash
104
26,000
Office Salaries Expense…
On January 1, 2022, Oriole Company issued $430,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1.
(a)
Inner Resources Company started its business on April 1, 2019. The following
transactions occurred during the month of April and recorded the following entries.
A. The owners invested $8,500 from their personal account to the business account
B. Paid rent $850 with check #101.
C. Initiated a petty cash fund $550 with check #102.
D. Received $800 cash for services rendered.
E. Purchased office supplies for $180 with check #103.
F. Purchased computer equipment $9,000, paid $1,600 with check #104 and will
pay the remainder in 30 days.
G. Received $1,200 cash for services rendered.
H. Paid wages $560, check #105.
I. Petty cash reimbursement: Office supplies $250, Maintenance Expense $140,
Miscellaneous Expense $65. Cash on Hand $37. Check #106.
J. Increased Petty Cash by $100, check #107.
A.
Cash
8,500
Inner Resources Company, Capital
8,500
В.
Rent Expense
850
Cash
850
C.
Petty Cash
550
Cash
550
D.
Cash
800
Services Income
800
E.
Office Supplies
180
Cash
180
F.
Computer Equipment
9,000…
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- Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners would like to know the current (as of 6/30/20) cash and inventory They would like you to provide a “T” account showing the activity in each account.arrow_forwardExercise 14-9 Amortization table and accrued interest LO5 SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The contract interest rate is 11.50%. The bonds pay interest on October 31 and April 30. They were issued at a price of $903,072 when the market interest rate was 12.00%. SweetFish Corp's year-end is December 31. a. Prepare an amortization table for these bonds that covers their entire life. Use the effective interest method of allocating interest. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Cash Unamortized Discount Period Period Interest Discount Interest Carrying Value Ending Expense Amortization Paid May 1/20 Oct 31/20 |Apг 30/21 Oct 31/21 Apr 30/22 Oct 31/22 Apr 30/23 Oct 31/23 Apr 30/24 Oct 31/24 Apr 30/25 Totalsarrow_forwardOn January 1, 2022, Ivanhoe Company issued $322,500, 7%, 5-year bonds at face value. Interest is payable annually on January 1. (a) ✓ Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2022 Account Titles and Explanation Cash Bonds Payable Debit 322500 Credit 322500 Ararrow_forward
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