Problem 10-1A Date Account Titles and Explanation Debit Credit Jan. 5 Jan. 12 Ja
ID: 2527565 • Letter: P
Question
Problem 10-1A
Date
Account Titles and Explanation
Debit
Credit
Jan. 5
Jan. 12
Jan. 14
Jan. 20
Jan. 21
Jan. 25
SHOW LIST OF ACCOUNTS
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
Accardo Company
Balance Sheet (Partial)
January 31, 2014
Problem 10-1A
On January 1, 2015, the ledger of Accardo Company contains the following liability accounts.Accounts Payable $55,440 Sales Taxes Payable 7,830 Unearned Service Revenue 16,010
During January, the following selected transactions occurred.
Jan. 5 Sold merchandise for cash totaling $19,116, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,200. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2014 ($7,830). 20 Sold 800 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. 25 Sold merchandise for cash totaling $10,260, which includes 8% sales taxes. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 5
Jan. 12
Jan. 14
Jan. 20
Jan. 21
Jan. 25
SHOW LIST OF ACCOUNTS
Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date
Account Titles and Explanation
Debit
Credit
Jan. 31SHOW LIST OF ACCOUNTS
Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable.Accardo Company
Balance Sheet (Partial)
January 31, 2014
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders’ Equity
$Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders’ Equity
$Explanation / Answer
SOLUTION
(A)
(B)
(C)
Date Account titles and Explanation Debit ($) Credit ($) Jan.5 Cash 19,116 Sales Revenue ($19,116 /108 * 100) 17,700 Sales Taxes Payable 1,416 Jan.12 Unearned Service Revenue 11,200 Service Revenue 11,200 Jan.14 Sales Taxes Payable 7,830 Cash 7,830 Jan.20 Accounts Receivable 43,200 Sales Revenue (800 * $50) 40,000 Sales Taxes Payable (800 * $50 * 8%) 3,200 Jan.21 Cash 29,250 Notes Payable 29,250 Jan.25 Cash 10,260 Sales Revenue ($10,260/108*100) 9,500 Sales Taxes Payable 760Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.