Intermediate Accounting $105$

May I have the explanations and calculations for this exercise please?

Thank you

Listed below are selected transactions of Carla Department Store for the current year ending December $31.$

On December $5,$ the store received $$470$ from the Selig Players as a deposit to be returned after certain furniture to be used

in stage production was returned on January $15.$

During December, cash sales totaled $$819,000,$ which includes the $5\%$ sales tax that must be remitted to the state by the

fifteenth day of the following month.

On December $10,$ the store purchased for cash three delivery trucks for $$109,000.$ The trucks were purchased in a state that

applies a $5\%$ sales tax.

The store sold $29$ gift cards for $$100$ per card. At year$-$end, $24$ of the gift cards are redeemed. Carla expects three of the cards

to expire unused.

Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries

relative to the transactions that would be required to present fair financial statements at December $31.$ Date each entry. For simplicity,

assume that adjusting entries are recorded only once a year on December $31.($Ignore Cost of Goods Sold.$)($If no entry is required, select

$"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not

indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round intermediate

calculations to $4$ decimal places, e$.$g$.0\mathrm{.}2345$ and fimal answer to $0$ decimal places, e$.$g$.2,1324.)$

Date

Account Titles and Explanation

Debit

Credit

$($To recoList of Accounts

Accounts Payable

Accounts Receivable

Allowance for Expropriation $($Plant Assets$)$

Cash

Cash, Inventory. Wages Payable

Cost of Goods Sold

Discount on Notes Payable

FICA Taxes Payable

Freight$-$In

FUTA Taxes Payable

Insurance Premium Payable

Interest Expense

Interest Payable

Inventory

Lawsuit Liability

Lawsuit Loss

Leasehold Improvements.

Loss from Expropriation

No Entry

Notes Payable

Payroll Tax Expense

Premium Expense

Premium Inventory

Premium Liability

Purchases

Purchase Discounts

Purchase Discounts Lost

Purchase Returns and Allowances

Refundable Deposit Liability

Salaries and Wages Expense

Salaries and Wages Payable

Sales Revenue

Sales Revenue $($Breakage$)$

Sales Taxes Payablerd sale of $29$ gift cards$)$

Purchase Discounts Lost

Purchase Returns and Allowances

Refundable Deposit Liability

Salaries and Wages Expense

Salaries and Wages Payable

Sales Revenue

Sales Revenue $($Breakage$)$

Sales Taxes Payable

Subscriptions Revenue

Supplies

SUTA Taxes Payable

Trucks

Unearned Gift Card Revenue

Unearned Revenue

Unearned Subscriptions Revenue

Unearned Warranty Revenue

Union Dues Payable

Wages Payable

Warranty Expense

Warranty Liability

Warranty Revenue

Withholding Taxes Payable