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Please help with each task On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable
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On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (5%, due next year) Common stock Retained earnings Totals Debit Credit $ 41,000 38,000 44,000 77,000 246,000 $ 56,000 39,000 205,000 146,000 $ 446,000 $ 446,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $349,000. b. Sold inventory on account for $665,000. The cost of the inventory sold was $329,000. c. Received $594,000 from customers on accounts receivable. d. Paid freight on inventory received, $43,000. e. Paid $339,000 to inventory suppliers on accounts payable of $347,000. The difference reflects purchase discounts of $8,000. f. Paid rent for the current year, $61,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $169,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $8,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $37.000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Paid rent for the current year, $61,000. The payment was recorded to Rent Expense. Note: Enter debits before credits. Date Account Title Debit Credit Jan 02 61,000 61,000 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Paid salaries for the current year, $169,000. The payment was recorded to Salaries Expense. Note: Enter debits before credits. Date Account Title Credit Debit 169,000 Jan 02 169,000 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 5 6 7 8 9 13 > Supplies on hand at the end of the year are $8,000. Record the adjusting entry for supplies. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 8,000 8,000 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for accrued interest expense on notes payable. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Accrued income taxes at the end of December are $37,000. Record the adjusting entry for income taxes. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If in the first account field.) entry is required for a particular transaction/event, select "No journal entry required" View transaction list Journal entry worksheet 6 7 8 9 10 11 12 13 > Record the closing entry for revenue accounts. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet .... Record the closing entry for expense accounts. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31Step by Step Solution
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