Question
In: Accounting
On December 1, 2017, Rodriguez Distributing Company had the following account balances.
Comprehensive Problem 5
On December 1, 2017, Rodriguez Distributing Company had the following account balances.
During December, the company completed the following summary transactions.
Dec. 6 Paid $ 1,500 for salaries and wages due employees, of which $ 500 is for December and $ 1,000 is for November salaries and wages payable.
8 Received $ 1,800 cash from customers in payment of account (no discount allowed).
10 Sold merchandise for cash $ 6,500. The cost of the merchandise sold was $ 3,800.
13 Purchased merchandise on account from Boehm co. $ 8,500, terms 2 / 10, n / 30 .
15 Purchased supplies for cash $ 1,600.
18 Sold merchandise on account $ 12,300, terms 3 / 10, n / 30. The cost of the merchandise sold was $ 8,000.
20 Paid salaries and wages $ 1,500.
23 Paid Boehm Co. in full, less discount.
27 Received collections in full, less discounts, from customers billed on December 18.
Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when mount is entered. De not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order ofj entries presented above
Adjustment data:
1. Accrued salaries and wages payable $500.
2. Depreciation $200 per month.
3. Supplies on hand $1,500.
Journalize adjusting entries.
Post adjusting entries.
Prepare an adjusted trial balance.
Prepare an owner's equity statement for December.
Prepare a classified balance sheet at December 31.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On December 1, 2020, Rodriguez Distributing Company had the following account balances. Debit Credit Cash $...
On December 1, 2020, Rodriguez Distributing Company
had the following account balances.
Debit Credit
Cash $
7,200
Accumulated Depreciation—
Accounts Receivable
4,600
Equipment $ 2,200
Inventory
12,000
Accounts Payable 4,500
Supplies
1,200
Salaries and Wages Payable 1,000
Equipment
22,000
Owner’s Capital 39,300
$47,000
$47,000
During December, the company completed the following summary
transactions.
Dec. 6. Paid $1,600 for salaries and wages due employees, of which
$600 is for December and
$1,000 is for November salaries and wages payable.
8. Received...
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,000...
On December 1, 2017, Prosen Distributing Company had the
following account balances.
Debit
Credit
Cash
$7,000
Accumulated Depreciation—Equipment
$2,420
Accounts Receivable
5,500
Accounts Payable
4,900
Inventory
12,400
Salaries and Wages Payable
1,000
Supplies
1,200
Common Stock
30,000
Equipment
24,200
Retained Earnings
11,980
$50,300
$50,300
During December, the company completed the following summary
transactions.
Dec. 6
Paid $1,550 for salaries and wages due employees, of which $550
is for December and $1,000 is for November salaries and wages
payable.
8
Received...
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,500...
On December 1, 2017, Prosen Distributing Company had the
following account balances.
Debit
Credit
Cash
$7,500
Accumulated Depreciation—Equipment
$2,640
Accounts Receivable
4,600
Accounts Payable
4,900
Inventory
12,400
Salaries and Wages Payable
1,000
Supplies
1,400
Common Stock
30,000
Equipment
26,400
Retained Earnings
13,760
$52,300
$52,300
During December, the company completed the following summary
transactions.
Dec. 6
Paid $1,800 for salaries and wages due employees, of which $800
is for December and $1,000 is for November salaries and wages
payable.
8
Received...
X Company had the following inventory account balances in 2017: Account January 1 December 31 Materials...
X Company had the following inventory account balances in
2017:
Account
January 1
December 31
Materials
$14,182
$14,146
Work in Process
16,816
15,510
Finished Goods
15,900
15,900
The following additional information for the year is
available:
Direct materials purchased
$68,355
Direct labor
20,882
Overhead
49,128
What was Cost of Goods Sold in 2017?
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(10,000
)
(21,500
)
Accounts receivable
33,000
83,000
Accumulated depreciation—buildings
(24,000
)
(29,000
)
Accumulated depreciation—equipment
0
(5,400
)
Bonds payable—due 2020
(54,000
)
(54,000
)
Buildings
113,000
94,500
Cash
39,000
8,400
Common stock
(63,000
)
(76,000
)
Depreciation expense
0
19,000
Dividends (10/1/17)
0
36,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017 December 31, 2017
Accounts payable (18,000) (32,500)
Accounts receivable 51,000 101,000
Accumulated depreciation—buildings (42,000) (47,000)
Accumulated depreciation—equipment 0 (7,200)
Bonds payable—due 2020 (61,000) (61,000)
Buildings 131,000 103,500
Cash 57,000 10,200
Common stock (66,000) (76,000)
Depreciation expense 0 37,000
Dividends (10/1/17) 0 54,000
Equipment 0 61,000
Gain on sale of building 0 (8,200)...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(24,000
)
(31,500
)
Accounts receivable
45,000
95,000
Accumulated depreciation—buildings
(36,000
)
(41,000
)
Accumulated depreciation—equipment
0
(6,600
)
Bonds payable—due 2020
(55,000
)
(55,000
)
Buildings
125,000
100,500
Cash
51,000
9,600
Common stock
(60,000
)
(71,000
)
Depreciation expense
0
31,000
Dividends (10/1/17)
0
48,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(16,000
)
(27,500
)
Accounts receivable
53,000
103,000
Accumulated depreciation—buildings
(44,000
)
(49,000
)
Accumulated depreciation—equipment
0
(7,400
)
Bonds payable—due 2020
(63,000
)
(63,000
)
Buildings
133,000
104,500
Cash
59,000
10,400
Common stock
(68,000
)
(80,000
)
Depreciation expense
0
39,000
Dividends (10/1/17)
0
56,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(13,000
)
(19,500
)
Accounts receivable
41,000
91,000
Accumulated depreciation—buildings
(32,000
)
(37,000
)
Accumulated depreciation—equipment
0
(6,200
)
Bonds payable—due 2020
(51,000
)
(51,000
)
Buildings
121,000
98,500
Cash
47,000
9,200
Common stock
(71,000
)
(85,000
)
Depreciation expense
0
27,000
Dividends (10/1/17)
0
44,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(13,000
)
(19,500
)
Accounts receivable
41,000
91,000
Accumulated
depreciation—buildings
(32,000
)
(37,000
)
Accumulated
depreciation—equipment
0
(6,200
)
Bonds payable—due 2020
(51,000
)
(51,000
)
Buildings
121,000
98,500
Cash
47,000
9,200
Common stock
(71,000
)
(85,000
)
Depreciation expense
0
27,000
Dividends (10/1/17)
0
44,000
Equipment...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Question 01. Select an Organization of your choice which is known for excellent team performance and...
- A rocket is launched at an angle of 53.0° above the horizontal with an initial speed...
- 14) There is a growing tendency for Western clients to designate a(n) ________ to facilitate the...
- 1. Consider a feed containing benzene, toluene, and cumene with mole fractions of 0.25, 0.5, and...
- The internet has lowered the entry barriers for smaller firms that wish to diversify into international...
- 21) A company with a polycentric orientation, selling a low-tech product in a less-developed country will...
- 2.1)Explain briefly the following relationships relating to the precipitation over a basin: a. Depth-Area Relationship b....
ADVERTISEMENT