Question
On January 1, 2015, the ledger of Accardo Company contains the following liability accounts. Accounts Payable$52,810Sales Taxes Payable8,770Unearned Service Revenue16,470 During January, the following selected
On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.
Accounts Payable$52,810Sales Taxes Payable8,770Unearned Service Revenue16,470
During January, the following selected transactions occurred.
Jan. 5Sold merchandise for cash totaling $21,384, which includes8% sales taxes.12Performed services for customers who had made advance payments of $11,590. (Credit Service Revenue.)14Paid state revenue department for sales taxes collected in December 2014 ($8,770).20Sold900units of a new product on credit at $50per unit, plus8% sales tax.21Borrowed $29,250from Girard Bank on a3-month,8%, $29,250note.25Sold merchandise for cash totaling $11,556, which includes8% sales taxes.
Journalize the January transactions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 5
Jan. 12
Jan. 14
Jan. 20
Jan. 21
Jan. 25
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint:Use one-third of a month for the Girard Bank note.)(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 31
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable.
Accardo Company
Balance Sheet (Partial)
January 31, 2014
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
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Financial Accounting
Authors: Robert Kemp, Jeffrey Waybright
5th edition
134727797, 9780134728643 , 978-0134727790
