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Need help solving this. PB10-1 Determining Financial Effects of Transactions Affecting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio [LO 10-2, LO 10-5]

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PB10-1 Determining Financial Effects of Transactions Affecting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio [LO 10-2, LO 10-5]

Tiger Company completed the following transactions. The annual accounting period ends December 31.

Jan.3

Purchased merchandise on account at a cost of $43,000. (Assume a perpetual inventory system.)

Jan.27 Paid for the January 3 purchase.
Apr.1 Received $99,000 from Atlantic Bank after signing a 12-month, 8.0 percent promissory note.
June13. Purchased merchandise on account at a cost of $11,800.
July 25 . Paid for the June 13 purchase.
Aug. 1.

Rented out a small office in a building owned by Tiger Company and collected eight months rent in advance amounting to $11,800. (Use an account called Unearned Rent Revenue.)

Dec.31

Determined wages of $31,000 were earned but not yet paid on December 31 (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.

For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Enter your answers in transaction order provided in the problem statement.)

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PB10-1 Determining Financial Effects of Transactions Affecting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio [LO 10-2, LO 10- 5] Tiger Company completed the following transactions. The annual accounting period ends December 31 Jan. 3 Purchased merchandise on account at a cost of $43,000. (Assume a perpetual inventory system.) Paid for the January 3 purchase Received $99,000 from Atlantic Bank after signing a 12-month, 8.0 percent promissory note. Purchased merchandise on account at a cost of $11,800. Paid for the June 13 purchase Rented out a small office in a building owned by Tiger Company and collected eight months' rent in advance amounting to $11,800. (Use an account called Unearned Rent Revenue.) Determined wages of $31,000 were earned but not yet paid on December 31 (ignore payroll taxes). Adjusted the accounts at year-end, relating to interest. Adjusted the accounts at year-end, relating to rent Jan. 27 Apr. 1 June 13 July 25 Aug.1 Dec. 31 Dec. 31 Dec. 31 Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Enter your answers in transaction order provided in the problem statement.) Date Assets Liabilities Jan. 3 Jan. 27 Apr. 1 June 13 July 25 Aug. 1 Dec. 31 Dec. 31 Dec. 31

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