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Rudler Associates, reported the following account balances on January 1. Accounts Receivable Additional Paid-in Capital Debit Credit $ 5,000 Accumulated Depreciation Allowance for Doubtful
Rudler Associates, reported the following account balances on January 1. Accounts Receivable Additional Paid-in Capital Debit Credit $ 5,000 Accumulated Depreciation Allowance for Doubtful Accounts Bonds Payable $ 30,000 130,000 2,000 0 Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 287,000 20,000 10,000 20,000 120,000 0 $ 312,000 $ 312,000 The company entered into the following transactions during the year. January 15 Issued 25,000 shares of $1 par common stock for $90,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,400 shares of $1 par common stock into treasury for $37,400 cash. March 15 Reissued 2,400 shares of treasury stock for $28,400 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,210 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $270,000 of service revenue, all of which was collected in cash. December 30 Paid $240,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions.) December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Requirement General Journal General Ledger Trial Balance Balance Sheet Debt to Assets Ratio Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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