Accounting $5203$

Financial Accounting Assignment

The following information are the opening balances for Tracey Swift Limited.

Tracey Swift is a musician who sells records, merchandise and performs at concerts.

Cash $950,000$

Accounts Payable $40,000$

Accounts Receivable $125,000$

Retained Earnings $535,000$

Supplies $72,000$

Deferred Revenue $550,000$

Contributed Capital $350,000$

Property, Plant & Equipment $290,000$

Other Assets $63,000$

Other Liabilities $25,000$

$3,000,000$

The following transactions or events occurred during the year:

A$.$ On December $31,2023$ Tracey Swift paid dividends to shareholders of $$150,000.$

B$.$ During $2023$ Tracey Swift performed numerous concerts. $$200,000$ of this concert revenue

was from tickets purchased in $2022.$

C$.$ Yearly insurance of $$24,000$ was paid on May $31,2023.$ It covers June $1,2023-$May $31,2024.$

D$.$ Tracey Swift sold $$1,200,000$ in merchandise in $2023.$ Twenty percent of this revenue remains

outstanding at December $31,2023.$

E$.$ Selena Gomez sold $$2,000,000$ in merchandise during $2023.$

F$.$ Tracey Swift paid her suppliers in full at year end.

G$.$ Salaries for the year were $$300,000$ at year end $25\%$ of this remained outstanding.

H$.$ The Company had used $$52,000$ worth of supplies throughout the year.

Required:

$1$ Prepare journal entries for the above noted transactions

NEW QUESTION$-$Can you please create a Classified balance sheet for this transaction, also an Income Statement and Retained earnings. Second question $-$ In this transaction, the Salaries payable considered as current liabilities or not?