One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: $19.670 8,319 995 13.600 1.820 38,200 3,720 See 609 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Sales Tax Payable FICA Payable Withheld Income Taxes Payable Salaries and Wages Payable Unemployment Tax Payable Deferred Revenue Interest Payable Note Payable (long-ters) Common Stock Additional Paid In Capital, Connon Retained Earnings Treasury Stock 1,600 4,500 520 23.100 16,400 19,735 13, 130 4.000 The following information is relevant to the first month of operations in the following year: OPC sells its inventory at $150 per unit, plus sales tax of 6%. OPC's January 1 inventory balance consists of 180 units at a total cost of $13,600. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system. . The $1,820 in Prepaid Rent relates to a payment made in December for January rent this year. The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five years. It is being depreciated using the straight-line method. Journal entry worksheet " @ o o O O O O... 2 On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Payroll withholdings and employer contributions for December are remitted on 1/03. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Journal entry worksheet Ko @ O O O O O .... OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to be paid on 1/10. Record the transaction. Note: Enter debits before credits. Journal entry worksheet . On 1/06, recorded sales of 175 units of Inventory on account. Sales tax is charged but not yet collected or remitted to the state. Record the cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Journal entry worksheet. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. Record the transaction. Journal entry worksheet On 1/08, OPC issued 300 shares of treasury stock for $2,400. Record the transaction. Note: Enter debits before credits. Journal entry worksheet. K O ..... O O O O O 10 ... > Collections from customers on account, totaling $17,721, are recorded on 1/09. Record the transaction. Note: Enter debits before credits Journal entry worksheet. K O .... 0 0 1 ..... * On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The company's stock price is currently $5 per share. Record the transaction. Note: Enter debits before credits. Journal entry worksheet OPC purchases on account and receives 70 units of inventory on 1/11 for $4,060. Record the transaction. Journal entry worksheet OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method. Record the transaction. Note Foter dohite hore Journal entry worksheet On 1/31, adjust for January rent expired. Record the transaction. nts Journal entry worksheet. eBook Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. Record the transaction. Print Note: Enter debits before credits References Debit Credit Journal entry worksheet . Accrue OPC's corporate income taxes on 1/31, estimated to be $5,050. Record the transaction
