Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Income Tax Expense Interest Expense begin{tabular}{|l|l|l|l|} hline multicolumn{2}{|c|}{ Debit } & & hline & & & hline & & & hline &

image text in transcribedimage text in transcribedimage text in transcribed Income Tax Expense Interest Expense \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Debit } & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Supplies Expenses } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Amortization Expense } \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} to thousands of dollars to simplify). Transactions during 2021 (summarlzed In thousands of dollars) follow: a. Borrowed $21 cash on July 1, 2021, slgning a slx-month note payable. b. Purchased equipment for $18 cash on July 2 . c. Issued additional shares of common stock on July 3 for $5. d. Purchased addlitional equipment on August 4,$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f On December 6 , recorded revenues in the amount of $65, Including $9 on credit and $56 recelved in cash. g. Paid salarles and wages expenses on December 7, $35. h. Collected accounts recelvable on December 8,$8. l. Paid accounts payable on December 9,$11. J. Recelved a $3 deposit on December 10 for work to start January 15, 2022. Data for adjusting Journal entrles on December 31: k. Amortization for 2021, $3. 1. Supplies of $4 were counted on December 31, 2021. m. Depreclation for 2021,$2 n. Accrued Interest on notes payable of $1. o. Salarles and wages earned but not yet pald, $3. p. Income tax for 2021 was $4 and will be pald in 2022 T accounts. Enter beginning balances and post journal entrles from Part 2, the adjusting Journal entrles from Part 4, and the closing entry from Part 7. (Enter your answers in thousands of dollars.) Income Tax Expense Interest Expense \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Debit } & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Supplies Expenses } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Amortization Expense } \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} to thousands of dollars to simplify). Transactions during 2021 (summarlzed In thousands of dollars) follow: a. Borrowed $21 cash on July 1, 2021, slgning a slx-month note payable. b. Purchased equipment for $18 cash on July 2 . c. Issued additional shares of common stock on July 3 for $5. d. Purchased addlitional equipment on August 4,$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f On December 6 , recorded revenues in the amount of $65, Including $9 on credit and $56 recelved in cash. g. Paid salarles and wages expenses on December 7, $35. h. Collected accounts recelvable on December 8,$8. l. Paid accounts payable on December 9,$11. J. Recelved a $3 deposit on December 10 for work to start January 15, 2022. Data for adjusting Journal entrles on December 31: k. Amortization for 2021, $3. 1. Supplies of $4 were counted on December 31, 2021. m. Depreclation for 2021,$2 n. Accrued Interest on notes payable of $1. o. Salarles and wages earned but not yet pald, $3. p. Income tax for 2021 was $4 and will be pald in 2022 T accounts. Enter beginning balances and post journal entrles from Part 2, the adjusting Journal entrles from Part 4, and the closing entry from Part 7. (Enter your answers in thousands of dollars.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Managerial Accounting Hc 2002 Text Only

Authors: Folk

1st Edition

0071123350, 978-0071123358

More Books

Students also viewed these Accounting questions