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Prepare all January journal entries and adjusting entries for items ( a ) ( v ) using given data. January Transactions a . On 1
Prepare all January journal entries and adjusting entries for items av using given data.
January Transactions
a On OPC paid employees salaries and wages that were previously accrued on December
b A truck is purchased on for $ cash. It is estimated this vehicle will be used for miles, after which it will have no residual value.
c Payroll withholdings and employer contributions for December are remitted on
d OPC declares a $ cash dividend on each share of common stock on to be paid on
e A $ customer account is written off as uncollectible on
f On recorded sales of units of inventory on account. Sales tax is charged but not yet collected or remitted to the state.
g Sales taxes of $ that had been collected and recorded in December are paid to the state on
h On OPC issued shares of treasury stock for $
i Collections from customers on account, totaling $ are recorded on
j On OPC distributes the $ cash dividend declared on January The companys stock price is currently $ per share.
k OPC purchases on account and receives units of inventory on for $
l The equipment purchased last year for $ is sold on for $ cash. Record depreciation for the first half of January prior to recording the equipment disposal.
m Payroll for January is recorded and paid on Be sure to accrue unemployment taxes and the employers matching share of FICA taxes.
n Having sold the equipment, OPC pays off the note payable in full on The amount paid is $ which includes interest accrued in December and an additional $ interest through January
o On OPC records sales of units of inventory on account. Sales tax is charged but not yet collected or remitted.
p A portion of the advance order from December units is delivered on No sales tax is collected on this transaction because the customer is a US governmental organization that is exempt from sales tax.
q To obtain funds for purchasing new equipment, OPC issued bonds on with a total face value of $ stated interest rate of percent, annual compounding, and sixyear maturity date. OPC received $ from the bond issuance, which implies a market interest rate of percent.
r On OPC records unitsofproduction depreciation on the vehicle truck which was driven miles this month.
s OPC estimates that of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on using the allowance method.
t On adjust for January rent expired.
u Accrue January payroll on which will be payable on February Be sure to accrue unemployment taxes and the employers matching share of FICA taxes.
v Accrue OPCs corporate income taxes on estimated to be $
Prepare all January journal entries and adjusting entries for items avRequired information
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