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Described below are certain transactions of Tamarisk Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin
Described below are certain transactions of Tamarisk Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $63,200 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $46,000 from General Motors Company, paying $4,000 in cash and signing a one-year, 12% note for the balance of the purchase price. 3. On May 1, the corporation borrowed $77,200 from Chicago National Bank by signing a $86,080 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $275,100 cash dividend that was payable on September 10 to stockholders of record on August 31. Make all the journal entries necessary to record the transactions above using appropriate dates. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Tamarisk Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. Accounts Payable Accounts Receivable Accumulated Depreciation-Plant Assets Allowance from Expropriation Asset Retirement Obligation Cash Depreciation Expense Dividends Payable Due to Customer Discount on Notes Payable FICA Taxes Payable Freight-In FUTA Taxes Payable Income Tax Expense Income Tax Payable Insurance Premium Payable Interest Expense Interest Payable Inventory Inventory of Premiums Land Improvements Lawsuit Liability Lawsuit Loss Litigation Expense or Loss Litigation Liability Loss from Expropriation Loss on ARO Settlement No Entry Notes Payable Oil Platform Payroll Tax Expense Plant Assets Premium Expense Premium Liability Purchases Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Sales Tax Payable SUTA Taxes Payable Trucks Unearned Sales Revenue Unearned Warranty Revenue Union Dues Payable Warranty Expense Warranty Liability Warranty Revenue Withholding Taxes Payable
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