[The following information applies to the questions displayed below.] Rogers Com

Question

[The following information applies to the questions displayed below.]

Rogers Company completed the following transactions during 2014. The annual accounting period ends December 31, 2014.

Purchased merchandise for resale on account at an invoice cost of $14,830; assume a periodic inventory system.

Borrowed $30,000 from National Bank for general use; executed a 12-month, 13 percent interest-bearing note payable.

Rented a small office in a building owned by the company and collected six months’ rent in advance amounting to $9,000. (Record the collection in a way that will not require an adjusting entry at year-end.)

Received a $200 deposit from a customer as a guarantee to return a large trailer “borrowed” for 30 days.

Determined wages of $9,900 earned but not yet paid on December 31 (disregard payroll taxes).

5.

value:
4.00 points

Required information

Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations.)

Rogers Company completed the following transactions during 2014. The annual accounting period ends December 31, 2014.

Explanation / Answer

Journal Entries Date Particulars debit Credit $ $ Jan' 8 Purchases for resale 14830 To Account Payable 14830 Jan' 17 Account Payable 14830 To Bank 14830 Apr' 1 Bank A/c 30000 To 13% Loan from bank 30000 Jun' 3 Purchases for resale 17420 To Account Payable 17420 Jul' 5 Account Payable 17420 To Bank 17420 Aug'1 Bank A/c 9000 To Rental Income 7500 To Unacrued Income 1500 ( being rental income booked for 5 months and unacrrued for one month) Dec'20 Bank 200 To Security depoist from customer 200 Dec'31 Wages A/c 9900 To Wages Payable A/c 9900 Dec'31 Interest on Loan 2925 To Accrued Interest 2925 (Being amount of Interest accured for 9 months) (30000X 13% X 9/12)

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