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One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash Accounts Receivable Allowance for Doubtful Accounts Inventories Deferred Revenue (30 units) Accounts Payable Note Payable (long-term) Common Stock Retained Earnings $ 18,620 9,650 900- 2,800 4,350 1,300 15,000 5,000 4,520 44.47 ok * credit balance. The following information is relevant to the first month of operations in the following year: at nces OTP will sell inventory at $145 per unit. OTP's January 1 inventory balance consists of 35 units at a total cost of $2,800. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system, In December, OTP received a $4,350 payment for 30 units OTP is to deliver in January, this obligation was recorded in Deferred Revenue. Rent of $1,300 was unpaid and recorded in Accounts Payable at December 31. OTP's note payable matures in three years, and accrues interest at a 10% annual rate. January Transactions a. Included in OTP's January 1 Accounts Receivable balance is a $1,500 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $1.500 balance at this time. On 0101 , OTP arranges with Jeff to convert the S1,500 balance to a six- month note, at 12% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. b. OTP paid a $500 insurance premium on 01/02, covering the month of January, the payment is recorded directly as an expense. c. OTP purchased an additional 150 units of inventory from a supplier on account on 01/05 at a total cost of $9,000, with terms /30. d. OTP paid a courier $300 cash on 01/05 for same-day delivery of the 150 units of inventory e. The 30 units that OTP's customer paid for in advance in December are delivered to the customer on 0106. . On 01/07, OTP received a purchase allowance of $1,350 on account, and then paid the amount necessary to settle the balance owed to the supplier for the 105 purchase of inventory (in c). Next 1 of 1 Prey One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash Accounts Receivable Allowance for Doubtful Accounts Inventories Deferred Revenue (30 units) Accounts Payable Note Payable (long-term) Common Stock Retained Earnings $ 18,620 9,650 900- 2,800 4,350 1,300 15,000 5,000 4,520 44.47 ok * credit balance. The following information is relevant to the first month of operations in the following year: at nces OTP will sell inventory at $145 per unit. OTP's January 1 inventory balance consists of 35 units at a total cost of $2,800. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system, In December, OTP received a $4,350 payment for 30 units OTP is to deliver in January, this obligation was recorded in Deferred Revenue. Rent of $1,300 was unpaid and recorded in Accounts Payable at December 31. OTP's note payable matures in three years, and accrues interest at a 10% annual rate. January Transactions a. Included in OTP's January 1 Accounts Receivable balance is a $1,500 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $1.500 balance at this time. On 0101 , OTP arranges with Jeff to convert the S1,500 balance to a six- month note, at 12% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. b. OTP paid a $500 insurance premium on 01/02, covering the month of January, the payment is recorded directly as an expense. c. OTP purchased an additional 150 units of inventory from a supplier on account on 01/05 at a total cost of $9,000, with terms /30. d. OTP paid a courier $300 cash on 01/05 for same-day delivery of the 150 units of inventory e. The 30 units that OTP's customer paid for in advance in December are delivered to the customer on 0106. . On 01/07, OTP received a purchase allowance of $1,350 on account, and then paid the amount necessary to settle the balance owed to the supplier for the 105 purchase of inventory (in c). Next 1 of 1 Prey
