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P 91 Latex Paint Corporation started operations on January 1, 2019. It had the following transactions during the year. I have attached the full question
P 91 Latex Paint Corporation started operations on January 1, 2019. It had the following transactions during the year.
I have attached the full question and workbook for the answers to be filled into below. The answers MUST BE PUT INTO THIS WORKBOOK or I won't understand them. Also, I can't understand handwriting that's not my own, so please DO NOT give handwritten answers. Thank you!
This is the workbook below:
P 9-1 Latex Paint Corporation started operations on January 1, 2019. It had the following transactions during the year Issued $20,000 common stock to the stockholders in return for cash. a. Jan 1 obtained a bank loan for $30,000. The interest rate is 4%. The loan will be repaid in one year. b. Jan 1 Jan. 2 Purchased merchandise on account from a supplier for $20,000. c. d. Jan. 8 Sold $8,000 of paint to a customer on credit and added Latex uses the perpetual inventory method e. Jan 15 Paid an employee J. Jones $1,560 cash for January 1-15 State Y sales tax of 5%. Cost of the paint sold was $3,000 salary, calculated as follows Deductions Gross Income FiCA FICA Total Net 2,000 300 29 453 1,547 124 The company matches FICA deductions. f. Unrecorded liabilities at January 31 include: i. Salaries payable to J. Jones for January 16-31, amounting to $1,547 (net). Employer contributions are as shown in e. above. Corporate income taxes amounting to 20% of income before income taxes. ii. Required: 1. Prepare journal entries to record the above transactions. Show necessary calculations. 2. Prepare all adjusting entries needed at January 31, 2019. Show necessary calculations. 3. Calculate total current liabilities at January 31, 2019 escriptions and general ledger account numbers are not necessa CHAPTER NINE Debt Financing: Current and Non-current Liabilities P9-1 1. a. 2019 Name Description Debit Credit Date PR b. Description Debit Credit Date PR CHAPTER NINE Debt Financing: Current and Non-current Liabilities P 9-1 continued Name C. Debit Credit Date Description PR d. Debit Credit Date Description PR e. Debit Credit Date PR CHAPTER NINE Debt Financing: Current and Non-current Liabilities P 9-1 continued 2. f. 2019 eltamme Credit Description PR g. Credit Description PR CHAPTER NINE Debt Financing: Current and Non-current Liabilities P 9-1 continued h. Name PR Debit Date Description 3. Current liabilities at January 31
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