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EZ Curb Company completed the following transactions. The annual accounting period ends December 31 Jan. 8 Purchased merchandise on account at a cost of $20,000.
EZ Curb Company completed the following transactions. The annual accounting period ends December 31 Jan. 8 Purchased merchandise on account at a cost of $20,000. (Assume a perpetual inventory system.) Jan. 17 Paid for the January 8 purchase. Apr. 1 Received $49,600 from National Bank after signing a 12-month, 12.0 percent, promissory note June 3 Purchased merchandise on account at a cost of $24,000 July 5 Paid for the June 3 purchase July 31 Rented out a small office in a building owned by EZ Curb Company and collected six months, rent in advance, amounting to $9,600 . (Use an account called Deferred Revenue) Dec. 20 Collected $220 cash on account from a customer Dec. 31 Determined that wages of $8,900 were earned but not yet paid on December 31 (Ignore payroll taxes) Dec. 31 Adjusted the accounts at year-end, relating to interest Dec. 31 Adjusted the accounts at year-end, relating to rent Required: 1. Prepare journal entries for each of the transactions through December 20. 2. Prepare any adjusting entries required on December 31. 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Prepare journal entries for each of the transactions through December 20. (Do not round intermediate calculations. If no entry s required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) View transaction list Journal entry worksheet 4 5 6 Record the purchase of inventory for $20,000 on account Note: Enter deblts before credits Date General Journal Debit Credit Januarv 08 Record entry Clear entry View general journal
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