Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,420. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000. Dec. 20 Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes). Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. Please avoid solutions image based thnx
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,420. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000. Dec. 20 Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes). Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. Please avoid solutions image based thnx
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.
| Jan. | 8 | Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system. | |
| 17 | Paid January 8 invoice. | ||
| Apr. | 1 | Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. | |
| June | 3 | Purchased merchandise for resale on account. The invoice amount was $17,420. | |
| July | 5 | Paid June 3 invoice. | |
| Aug. | 1 | Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000. | |
| Dec. | 20 | Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. | |
| 31 | Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes). |
Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.
Please avoid solutions image based thnx
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