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Record the transactions in general journal for form - SKIP LINES BETWEEN EACH TRANSACTION 2 . PO Post the transactions to the T - accounts

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Record the transactions in general journal for form - SKIP LINES BETWEEN EACH TRANSACTION 2 . PO Post the transactions to the T - accounts 3 . Prepare a trial balance Prepare a income statement b . statement of retained earnings C. balance sheet Close the temporary accounts to retained earnings 6 . Post the closing entries to the T - accounts and prepare a post -closing trial balance DT . Inc . authorized 20,000 shares of $5 par value common stock and authorized 2, 000 shares of 5 % cumulative , $50 par value , preferred stock . The trial balance of IDT Incas of January 1 2017 , is as follows : 130.000 Accounts receivable 40.000 Allowance for doubtful accounts Supplies Inventory ( 45 @ $275) 12 375 17 500 Equipment 12090 Accumulated depreciation - Equipment 7. 680 Building 1 15 000 Accumulated depreciation - Building 10500 Accounts payable 30. 000 Salaries payable Mortgage payable - Building 56 , 44 Common Stock ABOOD Retained Earnings 156 .40 327, 225 327 , 225 Transactions for 2017 1 . Jan 1 st - purchased new equipment for $65 , 000 . The corporation paid cash . The machine has an estimated life of 7 years and a salvage value of $8 000 . The total estimated units expected to be produced is 114,000 2 . Jan 15 th - issued 1 200 ad 10 additional shares of the $5 par value common stock for $8 per share and 800 shares of $50 par value , 5% cumulative prefer ferred stock for $54 per share Jan 31st - paid the salaries payable from 2015 Feb 1st - after several attempts to collect from customers , wrote off $2 , 250 of uncollectible accounts receivable5 . Feb 15 th - purchased 200 units of inventory at a cost of $280 paying cash for the purchase 6 . Feb 28 th - sold 225 units for $400 each . All sales were on account . ( Use FIFO to compute Cost of Goods Sold . ) 7 . Mar 1st - IDT Corporation declared a $22 , 000 cash dividend to be paid March 31 to i Ma shareholders of record on March 1 Mar 31 st - paid dividend declared on March 1 Aprist - paid $12 000 for one year's office rent in advance 0 . May 1 st - purchased $425 of supplies on account . ( Record to general Accounts Payable account ) 1 1 . June 1 st - sold $99 , 000 of services for the year . Received $33,000 cash payments with the remaining $66 ,000 as sales on account 12 . July 1st - collected $177 000 of accounts receivable during the year 13 . Aug 1st - paid salaries of $54,000 14 . Sept 1 5 - borrowed $40,000 from the bank Note had a 7 % annual rate of interest and matured on 8 / 31 / 2018 . Interest and principal are to be paid in cash on the maturity 15 . Oct 1st - declared a dividend on the preferred stock and $1 per share dividend on the ammon stock to be paid to shareholders of record on October 1 payable on November 1 . 2017 . 16 . Nov Ist - paid the dividends that had been declared October 1 7 . Dec 1st - paid operating expenses of $46,000 for the year 18 . Dec 15 th - paid the balance of the accounts payable 19 . Dec 31 st - paid the annual installment of $18 000 on the amortized mortgage payable for the building . The interest rate for the mortgage payable is 6% . ($18 ,000 is the total PRINCIPAL PAYMENT ) 20 . Dec 31 st - sold the land for $22 , 000 cash Adjustments 21 . There was $210 of supplies on hand at the end of the year 22 . Recognized expired rent for the office for the year 23 . Recognized the bad debt expense for the year using the allowance method . IDT Corporation estimates that 1% of current year total sales and services on account will not be collected 24 . Recognized depreciation expense on the equipment ipment , building , and new machine The equipment purchased on January 1 2015 for $12 000 , has a 5 - year useful life and a $2 ,000 residual value . The total prior years' depreciation is $7 680 The company uses double - declining balance for the equipment b . The building was purchased on January 1 2013 for $115 has a 40 - year useful life and a $10 ,000 residual value . The total prior years' depreciation is $10 , 500 . The company uses straight line for the building The units produced for 2017 with the new equipment is 18 , 000 . The company uses unit of production method for depreciation on the equipment 25 . Record the accrued interest on the note payable for the bank loan at December 31 2017

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