Question

Exercise 9-2 Recording known current liabilities LO C2 Listed below are a few transactions and events...

Exercise 9-2 Recording known current liabilities LO C2

Listed below are a few transactions and events of Piper Company.

  1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%.
  2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue.

Prepare any necessary adjusting entries at December 31, 2017, for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the policy of recording cash received in advance in balance sheet accounts.)

Homework Answers

Answer #1

ANSWER:

PLEASE UPVOTE

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO...
Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 28,000 Accounts receivable 25,000 Accounts payable 11,300 Common stock 26,900 Retained earnings 14,800 The following events apply to Oak Consulting for Year 2: Provided $69,000 of services on account. Incurred $2,900...
Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 27,000...
Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 27,000 shares of Grecco Co. common stock for $427,000 cash plus a broker’s fee of $4,900 cash. Grecco has 100,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodax. Sept. 1 Grecco declared and paid a cash dividend of $3.40 per share. Dec. 31 Grecco announced that net income for the year is $515,400. 2018 June 1 Grecco declared and...
M4-4 Recording Adjusting Journal Entries [LO 4-2] Prepare the adjusting journal entries for the following transactions....
M4-4 Recording Adjusting Journal Entries [LO 4-2] Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3....
PA10-3 Recording and Reporting Current Liabilities [LO 10-2] Lakeview Company completed the following two transactions. The...
PA10-3 Recording and Reporting Current Liabilities [LO 10-2] Lakeview Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($60,000), payroll deductions for income tax ($6,000), payroll deductions for FICA ($4,500), payroll deductions for American Cancer Society ($2,250), employer contributions for FICA (matching), and state and federal unemployment taxes ($525). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet...
Required information P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1,...
Required information P9-2 (Algo) Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects LO9-1, 9-5 Skip to question [The following information applies to the questions displayed below.] 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 $14,770; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $60,000 from National Bank for general use; signed a...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows: 2016 Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30. Wrote off $18,300 of uncollectible accounts receivable. Received $669,200 cash in payment of accounts receivable. In adjusting the...
The 2019 accounting records of Pape Transport reveal these transactions and events. Payment of interest $74,924...
The 2019 accounting records of Pape Transport reveal these transactions and events. Payment of interest $74,924 Payment of salaries and wages $397,098 Cash sales 359,636 Depreciation expense - vehicles 119,879 Receipt of dividend revenue 134,863 Proceeds from sale of vehicles 6,083,839 Payment of income tax 89,909 Purchase of vehicles for cash 164,833 Profit 284,712 Loss on sale of vehicles 22,477 Payments for inventory 726,764 Payment of operating expenses 209,788 Payment for land 554,438 Retained earnings at the start of the...
The 2019 accounting records of Pape Transport reveal these transactions and events. Payment of interest $74,924...
The 2019 accounting records of Pape Transport reveal these transactions and events. Payment of interest $74,924 Payment of salaries and wages $397,098 Cash sales 359,636 Depreciation expense - vehicles 119,879 Receipt of dividend revenue 134,863 Proceeds from sale of vehicles 6,083,839 Payment of income tax 89,909 Purchase of vehicles for cash 164,833 Profit 284,712 Loss on sale of vehicles 22,477 Payments for inventory 726,764 Payment of operating expenses 209,788 Payment for land 554,438 Retained earnings at the start of the...
Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 [The...
Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items athrough...
Church Company completes these transactions and events during March of the current year (terms for all...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. 1 Purchased $34,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT