Question

In: Accounting

Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31....

Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.

Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,820; assume a perpetual inventory system.
17 Paid January 8 invoice.
Apr. 1 Borrowed $54,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money.
June 3 Purchased merchandise for resale on account. The invoice amount was $17,420.
July 5 Paid June 3 invoice.
Aug. 1 Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $21,000.
Dec. 20 Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days.
31 Determined wages of $8,600 were earned but not yet paid on December 31 (disregard payroll taxes).

1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.        Balance sheet (partial)

Solutions

Expert Solution


Related Solutions

Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31....
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31. Requirements: 1)Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2)Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3) Show how all of the liabilities arising from these transactions...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31
Instructions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $ 17,000 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible.May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $ 7,405 cash in full payment of Seth's account.Aug. 13 Wrote off the $ 6,460 balance owed by Kat Tracks...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 30% of the $18,900 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,265 cash in full payment of Clark’s account. Aug. 9 Wrote off the $6,410 balance owed by Iron Horse...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29   Received 40% of the $18,200 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,400 cash in full payment of Clark’s account. Aug. 9    Wrote off the $6,465 balance owed by Iron Horse...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31:...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,500 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,430 cash in full payment of Seth’s account. Aug. 13 Wrote off the $6,470 balance owed by Kat Tracks...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 30% of the $18,900 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,265 cash in full payment of Clark’s account. Aug. 9 Wrote off the $6,410 balance owed by Iron Horse...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 45% of the $18,700 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,270 cash in full payment of Clark’s account. Aug. 9 Wrote off the $6,360 balance owed by Iron Horse...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31:...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $17,000 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,405 cash in full payment of Seth’s account. Aug. 13 Wrote off the $6,460 balance owed by Kat Tracks...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 45% of the $18,700 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,270 cash in full payment of Clark’s account. Aug. 9 Wrote off the $6,360 balance owed by Iron Horse...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31:...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,200 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,400 cash in full payment of Seth’s account. Aug. 13 Wrote off the $6,465 balance owed by Kat Tracks...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT