Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note b. Purchased land

image text in transcribedimage text in transcribedimage text in transcribed

Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note b. Purchased land on March 2 for future building site; paid cash, $9 c. Issued additional shares of common stock on April 3 for $29 d. Purchased software on July 4, $10 cash e. Purchased supplies on account on October 5 for future use, $18 f Paid accounts payable on November 6, $13 g. Signed a $25 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $172 on December 8, including $46 on credit and $126 collected in cash i. Recognized salaries and wages expense on December 9, $91 paid in cash . Collected accounts receivable on December 10, $30 Data for adjusting journal entries as of December 31 k. Unrecorded amortization for the year on software, $6 l. Supplies counted on December 31, 2018, $10 m. Depreciation for the year on the equipment, $6 n. Interest of $1 to accrue on notes payable o. Salaries and wages earned but not yet paid or recorded, $12 p. Income tax for the year was $8. It will be paid in 2019 7. Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings Note: Enter debits before credits. Transaction General Journal Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Statistics For The Behavioural Sciences

Authors: Joan Welkowitz, Robert B. Ewen, Jacob Cohen

2nd Edition

0127432604, 9780127432601

More Books

Students also viewed these Accounting questions

Question

What are the general types of interviews? Explain each.

Answered: 1 week ago

Question

6 How can HRM contribute to ethical management and sustainability?

Answered: 1 week ago