O pts) Saved On January 1, 2021, the general ledger of Boomer Company includes the following account balances: Credit Debit $ 77,000 46,000 37,000 77,000 $ 5,000 Account Cash Accounts Receivable Allowance for Uncollectible Accounta Inventory building Accumulated Depreciation Land Accounts Payable Notes Payable (99, due in 3 years) Common Stock Retained Earnings Totals 17,000 207,000 27,000 40,000 107,000 248.000 $444,000 $444,000 The $37,000 beginning balance of inventory consists of 370 units, each costing $100 During January 2021, the following transactions occurred: January 2 Received a $27,000 6-month, 69 note on a loan Booner made to Cowboys, Inc. January 5 Purchased 4,200 units of Inventory on account for $546,000 ($130 each) with terms 1/10, 1/30. January 8 Returned 120 defective units of Inventory purchased on January 5. January 15 Sold 4,000 units of inventory on account for $600,000 ($150 each) with terms 2/10, n/30. Record 2 entries for January 17 customers returned 200 units sold on January 15. These units were originally purchased by Boomer on January 5. The units were placed in Inventory to be sold in the future. Record 2 entries for this transaction January 20 Received cash from customers on accounts receivable. This amount includes $45,000 from 2020 plus amount receivable on sale of 3,400 units sold on January 15. January 21 Wrote oft remaining accounts receivable from 2020. January 24 paid on accounts payable. The anount includes the amount owed at the beginning of the period plus the anount oved from purchase of 3,800 units on January 5. January 28 Paid cash for salaries during January, $35,000. January 29 Paid cash for utilities during January, $17,000. January 30 Paid dividends, $3,000. The following information is available on January 31, 2021 for adjusting entries at the end of the month a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected b. Accrued interest on notes receivable for January c. Accrued interest on notes payable for January d. Accrued income taxes at the end of January for $5.700. e. Depreciation on the building, $2,700. Problem Prey 1 of 2 Next > MacRoal Dro BAD tophat PP financebook Google Docs pts) The following information is available on January 31, 2021 for adjusting entries at the end of the month a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. b. Accrued interest on notes receivable for January c. Accrued interest on notes payable for January d. Accrued Income taxes at the end of January for $5700 e. Depreciation on the building. $2,700. Problem General Journal General Ledger Trial Balance Income Statement Requirement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 13) assuming a FIFO perpetual inventory system. The gross method is used for recording discounts on purchases and sales of inventory. Review the unadjusted Trial Balance in the Trial Balance' tab to confirm that debits equal credits and that ending account balances are shown correctly as debits or credits. The year on the Trial Balance tab is incorrectly shown as 2018 instead 2 of 2021 3 Record adjusting entries on January 31 in the General Journal' tab (these are shown as items 14-18) Review the Adjusted Trial Balance as of January 31, 2021, in the Trial Balance' tab to confirm that debits equal credits 4. and that ending account balances are shown Correctly as debits or credits Prepare a multiple-step income statement for the period ended January 31, 2021, in the "Income Statement tab. Select "Adjusted Trial Balance at the top left. You may not use every line on the income statement. Enter "Net Income as the title for the last line. Prepare a classified balance sheet as of January 31, 2021, in the Balance Sheet' tab Select Adjusted Trial Balance" at 6. the top left. Show any NONCURRENT liabilities on the line below the Current section Record the closing entries in the 'General Journal' tab (these are shown as items 19 and 20). In the secosity 7. close all temporary accounts with debit balances (expenses, contre-revenues, dividends) Review the Post-closing Trial Balance as of January 31, 2021, in the Trial Balance' tab to confirm that only permont B account balances are included; temporary accounts should be closed General Journal > Prey 1 of 2 Next > MacBook Pro 20 2 Q W E R 2 T C O pts) Saved On January 1, 2021, the general ledger of Boomer Company includes the following account balances: Credit Debit $ 77,000 46,000 37,000 77,000 $ 5,000 Account Cash Accounts Receivable Allowance for Uncollectible Accounta Inventory building Accumulated Depreciation Land Accounts Payable Notes Payable (99, due in 3 years) Common Stock Retained Earnings Totals 17,000 207,000 27,000 40,000 107,000 248.000 $444,000 $444,000 The $37,000 beginning balance of inventory consists of 370 units, each costing $100 During January 2021, the following transactions occurred: January 2 Received a $27,000 6-month, 69 note on a loan Booner made to Cowboys, Inc. January 5 Purchased 4,200 units of Inventory on account for $546,000 ($130 each) with terms 1/10, 1/30. January 8 Returned 120 defective units of Inventory purchased on January 5. January 15 Sold 4,000 units of inventory on account for $600,000 ($150 each) with terms 2/10, n/30. Record 2 entries for January 17 customers returned 200 units sold on January 15. These units were originally purchased by Boomer on January 5. The units were placed in Inventory to be sold in the future. Record 2 entries for this transaction January 20 Received cash from customers on accounts receivable. This amount includes $45,000 from 2020 plus amount receivable on sale of 3,400 units sold on January 15. January 21 Wrote oft remaining accounts receivable from 2020. January 24 paid on accounts payable. The anount includes the amount owed at the beginning of the period plus the anount oved from purchase of 3,800 units on January 5. January 28 Paid cash for salaries during January, $35,000. January 29 Paid cash for utilities during January, $17,000. January 30 Paid dividends, $3,000. The following information is available on January 31, 2021 for adjusting entries at the end of the month a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected b. Accrued interest on notes receivable for January c. Accrued interest on notes payable for January d. Accrued income taxes at the end of January for $5.700. e. Depreciation on the building, $2,700. Problem Prey 1 of 2 Next > MacRoal Dro BAD tophat PP financebook Google Docs pts) The following information is available on January 31, 2021 for adjusting entries at the end of the month a. Boomer estimated that 10% of the January 31 accounts receivable balance will not be collected. b. Accrued interest on notes receivable for January c. Accrued interest on notes payable for January d. Accrued Income taxes at the end of January for $5700 e. Depreciation on the building. $2,700. Problem General Journal General Ledger Trial Balance Income Statement Requirement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 13) assuming a FIFO perpetual inventory system. The gross method is used for recording discounts on purchases and sales of inventory. Review the unadjusted Trial Balance in the Trial Balance' tab to confirm that debits equal credits and that ending account balances are shown correctly as debits or credits. The year on the Trial Balance tab is incorrectly shown as 2018 instead 2 of 2021 3 Record adjusting entries on January 31 in the General Journal' tab (these are shown as items 14-18) Review the Adjusted Trial Balance as of January 31, 2021, in the Trial Balance' tab to confirm that debits equal credits 4. and that ending account balances are shown Correctly as debits or credits Prepare a multiple-step income statement for the period ended January 31, 2021, in the "Income Statement tab. Select "Adjusted Trial Balance at the top left. You may not use every line on the income statement. Enter "Net Income as the title for the last line. Prepare a classified balance sheet as of January 31, 2021, in the Balance Sheet' tab Select Adjusted Trial Balance" at 6. the top left. Show any NONCURRENT liabilities on the line below the Current section Record the closing entries in the 'General Journal' tab (these are shown as items 19 and 20). In the secosity 7. close all temporary accounts with debit balances (expenses, contre-revenues, dividends) Review the Post-closing Trial Balance as of January 31, 2021, in the Trial Balance' tab to confirm that only permont B account balances are included; temporary accounts should be closed General Journal > Prey 1 of 2 Next > MacBook Pro 20 2 Q W E R 2 T C