GL1201 (Algo) - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information. Additional Information Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid c. New equipment is acquired for $95,000cash d. Received cash for the sale of equipment that had cost $79,000, yielding a $9,200 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30,2019 balances. Journal entry worksheet 24567813 Reconstruct the joumal entry for cash recelpts from customers, incorporating the change in the related balance sheet account(s), if any. Notei Eater debits before credits. Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $95,000 cash. d. Received cash for the sale of equipment that had cost $79,000, yielding a $9,200 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June balances. Journal entry worksheet Reconstruct the joumal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $95,000 cash. d. Received cash for the sale of equipment that had cost $79,000, yielding a $9,200 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the J balances. Journal entry worksheet Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange for cash. b. The only changes affecting retained eamings are net income and cash dividends paid. c. New equipment is acquired for $95,000cash. d. Received cash for the sale of equipment that had cost $79,000, yielding a $9,200 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30,2019 balances. Journal entry worksheet Reconstruct the joumal entry for cash paid for operating expenses, incorporating the change in the related balance sheet account(s), If any. Noter Enter debits before credits. Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange for cash. b. The only changes affecting retained eamings are net income and cash dividends paid c. New equipment is acquired for $95,000 cash. d. Received cash for the sale of equipment that had cost $79,000, ylelding a $9,200 gain e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30,2019 batances. Journal entry worksheet
