im having trouble filling out these joirnal entries, and their adjusting entry as well as the partial balance sheet. thank you for your helo have a great rest of the day!
CP10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio (LO 10-2, LO 10-5] EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 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 Fron National Bank after signing a 12 month, 12.0 percent promissory note. June ) Purchased merchandise on account at a cost of $24.ee 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.cee. (Use an account called Deferred Revenue.) Dec. 20 Collected $220 cash on account from a customer. Dec. 31 Determined that wages of 58,900 were earned but not yet paid on December 31 (Tgnore 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 abilities arising from these items are reported on the balance sheet at December 31 3. Show how all of the liabilities atsing 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 required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction ist Record the purchase of inventory for $20,000 on account. 2 Record the payment for inventory in full. 1 Record the borrowing of $49,600. 4 Record the purchase of inventory for $24.000 on account. 5 Record the payment for inventory in full. Credit Record the collection of six months rent in advance amounting to 59.600. Record the receipt of a deposit from a customer of 5220. Note: = journal entry has been entered Recandantry CY IMen penil unt 3. Show how all of the Itabilities atsing 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 any adjusting entries required on December 31. (Do not round intermediate calculations. If no entry is required for a transaction event select "No Journal Entry Required in the first account field.) View transactions Record the wages earned, but not yet paid as of December 31. 2 Record the adjusting entry relating to interest, Record the adjusting entry relating to rent journal entry has bee (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 Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. (Do not round intermediate calculations.) EZ CURB COMPANY Balance Sheet (partial) At December 31 $ 0
