Business, 25.11.2021 08:00, nefertitihorne12

Rogers Company completed the following transactions during 2011. The annual accounting period ends December 31, 2011. Jan. 8Purchased merchandise for resale on account at an invoice cost of $14,860; assume a periodic inventory system.
Jan. 17Paid January 8 invoice.
Apr. 1Borrowed $35,000 from National Bank for general use; executed a 12-month, 12 percent interest-bearing note payable.
June 3Purchased merchandise for resale on account at an invoice cost of $17,420.July 5 Paid June 3 invoice.
Aug. 1Rented a small office in a building owned by the company and collected six months' rent in advance amounting to $6,000. (Record the collection in a way that will not require an adjusting entry at year-end.)
Dec. 20Received a $100 deposit from a customer as a guarantee to return a large trailer "borrowed" for 30 days.
Dec. 31Determined wages of $9,500 earned but not yet paid on December 31 (disregard payroll taxes).
1. Prepare journal entries for each of these transactions.
2. Prepare all adjusting entries required on December 31, 2011.
3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31, 2011.
4. For each transaction, state whether cash flow from operating activities is increased or decreased or whether there is no effect.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 01:00, reagriffis24

How does the economy of cuba differ from the economy of north korea? in north korea, the government’s control of the economy has begun to loosen. in cuba, the government maintains a tight hold over the economy. in cuba, the government’s control of the economy has begun to loosen. in north korea, the government maintains a tight hold over the economy. in north korea, there is economic uncertainty in exchange for individual choice. in cuba, there is economic security in exchange for government control. in cuba, there is economic uncertainty in exchange for individual choice. in north korea, there is economic security in exchange for government control.\

Answers: 2

continue

Business, 22.06.2019 02:30, linaaaaa7

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.

Answers: 1

continue

Business, 22.06.2019 08:30, ansarishaheer2888

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Answers: 3

continue

Business, 22.06.2019 19:50, hallkanay7398

Ichelle is attending college and has a part-time job. once she finishes college, michelle would like to relocate to a metropolitan area. she wants to build her savings so that she will have a "nest egg" to start her off. michelle works out her budget and decides she can afford to set aside $9090 per month for savings. her bank will pay her 4 %4% per year, compounded monthly, on her savings account. what will be michelle's balance in five years?

Answers: 3

continue

Do you know the correct answer?

Rogers Company completed the following transactions during 2011. The annual accounting period ends D...