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Tiger Company completed the following transactions. The annual accounting period ends December 31. Jan.3 Purchased merchandise on account at a cost of $28,000. (Assume a
Tiger Company completed the following transactions. The annual accounting period ends December 31. |
Jan.3 | Purchased merchandise on account at a cost of $28,000. (Assume a perpetual inventory system.) |
Jan.27 | Paid for the January 3 purchase. |
Apr. 1 | Received $84,000 from Atlantic Bank after signing a 12-month, 7.0 percent promissory note. |
June13 | Purchased merchandise on account at a cost of $8,800. |
July 25 | Paid for the June 13 purchase. |
Aug. 1 | Rented out a small office in a building owned by Tiger Company and collected eight months rent in advance amounting to $8,800. (Use an account called Unearned Rent Revenue.) |
Dec.31 | Determined wages of $16,000 were earned but not yet paid on December 31 (ignore payroll taxes). |
Dec.31 | Adjusted the accounts at year-end, relating to interest. |
Dec.31 | Adjusted the accounts at year-end, relating to rent. |
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