Question
Tiger Company completed the following transactions. The annual accounting period ends December 31. 1.For each listed transaction and related adjusting entry, indicate the accounts, amounts,
Tiger Company completed the following transactions. The annual accounting period ends December 31.
1.For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Enter your answers in transaction order provided in the problem statement.)
2. For each item, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume Tiger Companys debt-to-assets ratio is less than 1.0.) (Enter your answers in transaction order provided in the problem statement.)
Thank You
Tiger Company completed the following transactions Theannualaccounting perod ends Dacamler Jan. 3 Purchased merchandise on account at a cost of $25,000. (Assume a perpetual inventory Jan. 27 Paid for the January 3 purchase Apr. 1 Received from Atlantic Bank after signing a 12-month, 6.0 percent promissory note June 13 merchandise on account at a cost of $8.200. 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 $8,200. (Use an account called Unearned Rent Revenue.) Dec. 31 Determined wages of $13.000 were earned but not yet paid on December 31 (ignore payroll Dec. 31 Adjusted the accounts at year-end, relating to interest Dec. 31 Adjusted the accounts at year-end, relating to rent. nenovoStep by Step Solution
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