Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ciro and Clara Lucero began operations of their furniture repair shop ( Lazy Sofa Furniture, Incorporated ) on January 1 , The annual reporting period
Ciro and Clara Lucero began operations of their furniture repair shop Lazy Sofa Furniture, Incorporated on January
The annual reporting period ends December The trial balance on January follows amounts are rounded
to thousands of dollars to simplify
Transactions during summarized in thousands of dollars follow:
a Borrowed $ cash on July signing a sixmonth note payable.
b Purchased equipment for $ cash on July
c Issued additional shares of common stock on July for $
d Purchased additional equipment on August $ cash.
e Received supplies on account on supplies on September for future use, $
On December recorded revenues in the amount of $ including $ on credit and $ received in cash.
g Paid salaries and wages expenses on December $
h Collected accounts receivable on December $
Paid accounts payable on December $
j Received a $ deposit on December for work to start January
Data for adjusting journal entries on December :
k Amortization for $
Supplies of $ were counted on December
f On December recorded revenues in the amount of $ including $ on credit and $ receive
g Paid salaries and wages expenses on December $
h Collected accounts receivable on December $
i Paid accounts payable on December $
j Received a $ deposit on December for work to start January
Data for adjusting journal entries on December :
k Amortization for $
Supplies of $ were counted on December
m Depreciation for $
Interest of $ on notes payable is yet to be recorded.
o Salaries and wages earned but not yet paid, $
p Income tax for was determined to be $ and will be paid in
quired:
Record journal entries for transactions a through U
ote: If no entry is required for a transaction or event, select No Journal Entry Required" in the first acco
iswers in thousands of dollars.
Journal entry worksheet
Borrowed $ cash on July signing a sixmonth note payable. Record the
transaction.
Note: Enter debits before credits.
Required:
Prepare an unadjusted trial balance.
Note: Enter your answers in thousands of dollars.
Ciro and Clara Lucero began operations of their furniture repair shop Lazy Sofa Furniture, Incorporated on Jar
The annual reporting period ends December The trial balance on January follows amounts a
to thousands of dollars to simplify
Transactions during summarized in thousands of dollars follow:
a Borrowed $ cash on July signing ads sixmonth note payable.
b Purchased equipment for $ cash on July
c Issued additional shares of common stock on July for $
d Purchased additional equipment on August $ cash.
e Received supplies on account on supplies on September for future use, $
f On December recorded revenues in the amount of $ including $ on credit and $ received in cash.
g Paid salaries and wages expenses on December $
h Collected accounts receivable on December $
i Paid accounts payable on December $
j Received a $ deposit on December for work to start January
Data for adjusting journal entries on December :
k Amortization for $
l Supplies of $ were counted on December
Ciro and Clara Lucero began operations of their furniture repair shop Lazy Sofa Furniture, Incorporated on Januar
The annual reporting period ends December The trial balance on January follows amounts are
to thousands of dollars to simplify
Transactions durin
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started