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HELP! a. Borrowed $12,000 cash on a five-year, 5 percent note payable, dated March 1, 2021. b. Purchased land to set up new beehives, paid
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a. Borrowed $12,000 cash on a five-year, 5 percent note payable, dated March 1, 2021. b. Purchased land to set up new beehives, paid cash, $11,000. c. Earned $208,000 in revenues for 2021 , including $63,000 on credit and the rest in cash. d. Received payment of $5,000 in advance from a customer, for honey to be provided in the future. e. Sold 7,000 additional shares of capital stock for cash at $4 market value per share on January 1, 2021. The stock is $0.01 per share par value. f. Paid wages of $18,000 during the year. g. Paid $6,500 for repairs on the honey harvesting equipment. h. Incurred $57,000 in Other Operating Expenses for 2021 , including $10,000 on credit and the rest paid in cash. i. Collected accounts receivable, $14,000. j. Purchased Other Assets for $8,500 cash. k. Purchased supplies on account for future use, $12,500. l. Paid accounts payable, $13,500. m. Signed a $72,000 contract to provide honey for the next three years. The contract starts February 1 , 2022, and no cash was exchanged in 2021. n. Declared and paid cash dividends, $12,500. o. Made additional sales of $78,000. Half of the sales were on account. p. Purchased additional $3,000 of supplies paying cash. Information for year-end adjusting entries: q. Supplies were counted on December 31,2021;$6,000 of supplies were on hand at year-end.| r. Depreciation for the year on the equipment, $13,000. s. Interest accrued on notes payable (to be computed - based on transaction ' a ' above). Compute interest based on months (not days). t. Wages earned by employees since the December 24 payroll, but not yet paid, $6,000. u. Provided half of the honey for the customer who paid in advance (transaction ' d ' above) v. Income tax expense for 2021,$20,300, payable in 2022 Step by Step Solution
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