months were used during 2021 Were made on account. Collections from customers were $102,000 for the year.
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months were used during 2021
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Were made on account. Collections from customers were $102,000 for the year. 2. During 2020, $84,000 in inventory purchases were made on account. Payments to vendors were $71,000 for the year. 3. During 2020, $20,000 in salary cost was incurred from employees working. Salary paid was $18,000 for the year. 4. On January 2, 2020, 15 months of rent was paid in advance for $15,000. 12 months were used during 2020. 5. On June 30, 2020, 1,000 new shares of common stock were issued in exchange for $12,000 cash. 6. On September 9, 2020, land to open a new store is purchased for $14,000 cash. 7. On December 31, 2020, the loan is repaid with interest. 8. Equipment and building were used during 2020 & depreciation recorded (building used SL, equipment DDB [Double Decli Balance, i.e. 2 times the SL rate). 9. Inventory is counted and $17,000 remains unsold at December 31, 2020. 10. The income tax rate is 40%. Required (see also additional notes on page 2): 1. Write journal entries for each of the above transactions and write adjusting entries for the fiscal year end. 2. Prepare an adjusted trial balance 3. Prepare the basic financial statements (Balance Sheet, Income Statement, Statement of Stockholders' Equity, and Statement of Cash Flows [indirect method]) for the year. EXCEL #3 (2021) 2021 Transactions 1. During 2021, a new gift card program was started and customers purchased $32,000 in gift cards (i.e. deferred revenue). 2. During 2021, $147,000 in sales were made on account. Collections of AR from customers were $143,000 for the year. 3. During 2021, $113,000 in inventory purchases were made on account. Payments to vendors were $117,000 for the year. 4. During 2021, $31,000 in salary cost was incurred from employees working. Salary paid was $32,000 for the 5. On March 15, 2021, income taxes accrued in 2020 were paid. 6. On March 31, 2021, 10 months of rent was paid in advance for $10,000. 12 months were used during 2021 7 Dr Deteber 1 2021 excess lend is sold f year. Were made on account. Collections from customers were $102,000 for the year. 2. During 2020, $84,000 in inventory purchases were made on account. Payments to vendors were $71,000 for the year. 3. During 2020, $20,000 in salary cost was incurred from employees working. Salary paid was $18,000 for the year. 4. On January 2, 2020, 15 months of rent was paid in advance for $15,000. 12 months were used during 2020. 5. On June 30, 2020, 1,000 new shares of common stock were issued in exchange for $12,000 cash. 6. On September 9, 2020, land to open a new store is purchased for $14,000 cash. 7. On December 31, 2020, the loan is repaid with interest. 8. Equipment and building were used during 2020 & depreciation recorded (building used SL, equipment DDB [Double Decli Balance, i.e. 2 times the SL rate). 9. Inventory is counted and $17,000 remains unsold at December 31, 2020. 10. The income tax rate is 40%. Required (see also additional notes on page 2): 1. Write journal entries for each of the above transactions and write adjusting entries for the fiscal year end. 2. Prepare an adjusted trial balance 3. Prepare the basic financial statements (Balance Sheet, Income Statement, Statement of Stockholders' Equity, and Statement of Cash Flows [indirect method]) for the year. EXCEL #3 (2021) 2021 Transactions 1. During 2021, a new gift card program was started and customers purchased $32,000 in gift cards (i.e. deferred revenue). 2. During 2021, $147,000 in sales were made on account. Collections of AR from customers were $143,000 for the year. 3. During 2021, $113,000 in inventory purchases were made on account. Payments to vendors were $117,000 for the year. 4. During 2021, $31,000 in salary cost was incurred from employees working. Salary paid was $32,000 for the 5. On March 15, 2021, income taxes accrued in 2020 were paid. 6. On March 31, 2021, 10 months of rent was paid in advance for $10,000. 12 months were used during 2021 7 Dr Deteber 1 2021 excess lend is sold f year.
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Accounting for 2020 Transactions Journal Entries 1 Inventory Purchases Inventory Dr 84000 Accounts P... View the full answer
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Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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