cure https://newconnect.mheducation.com/flow/connect.html place your bookmarks h

Question

cure https://newconnect.mheducation.com/flow/connect.html place your bookmarks here on the bookmarks bar. Import bookmarks now." Practice Set Saved He Transactions during 2015 (summarized in thousands of dollars) follow 1. Borrowed $12 cash on March 1 using a short-term note 2. Purchased land on March 2 for future building site; paid cash, $9. 3. Issued additional shares of common stock on April 3 for $23. 4. Purchased software on July 4, $10 cash Purchased supplies on account on October 5 for future use, $18 6. Paid accounts payable on November 6, $13 7. Signed a $25 service contract on November 7 to start February 1, 2016. 8 Recorded revenues of $160 on December 8, including $40 on credit 6. and $120 collected in cash. g Recognized salaries and wages expense on December 9, $85 paid in ces 8. 9. cash. 10.Collected accounts receivable on December 10. $24 Data for adjusting journal entries as of December 31 11. Unrecorded amortization for the year on software, $5 12 Supplies counted on December 31, 2015, $10 13.Depreciation for the year on the equipment, $6. 14.Interest of $1 to accrue on notes payable 15.Salaries and wages earned but not yet pad or recorded, $12 16.Income tax for the year was $8. It will be paid in 2016. Enter all of your answers in thousands of dollars. (i.e, $100,000 should be entered as $100) Ledger Thial Balance Income Statement of GeneralTrial Balance Statement Earnings Retained Balance Sheet Analysis Requirement Journal Prepare the journal entries to record transactions (1) through (10). Then prepare the necessary adjusting entries through (16) to correctly report net income for the period. Then record the closing entry (17) as of December 31, answers in thousands of dollars. (i.e, $100,000 should be entered as $100). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Explanation / Answer

01-Mar Cash   12           Notes payable 12 02-Mar Land 9           Cash 9 03-Apr Cash   23          Common stock 23 04-Jul Software 10           Cash 10 05-Oct Supplies 18           Accounts payble 18 06-Nov Accounts payable 13            Cash 13 7 No entry 08-Dec Cash   120 Accounts receivable 40             Service revenue 160 09-Dec Salaries and wages expense 85              cash 85 10-Dec Cash   24         Accounts receivable 24 Adjusting entries 31-Dec Amortization expense 5              Software 5 31-Dec Supplies expense 20 (12+18-10)              Supplies 20 31-Dec Depreciation expense 6              Accumulated depreciation - equipment 6 31-Dec Interest expense 1              Interest payable 1 31-Dec Salaries and wages expense 12             Salaries and wages payable 12 31-Dec Income tax expense 8              Income tax payable 8

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.