Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2022 , the following transactions occurred.

During 2022 , the following transactions occurred. Ivanhoe uses a perpetual inventory system. 1. Ivanhoe...

80.2K

Verified Solution

Question

Accounting

image
image
During 2022 , the following transactions occurred. Ivanhoe uses a perpetual inventory system. 1. Ivanhoe paid $2,300 interest on the bonds on January 1,2022. 2. Ivanhoe purchased $242,200 of inventory on account. 3. Ivanhoe sold for $445,700 cash inventory which cost $250,800. Ivanhoe also collected $26,742 sales taxes. 4. Ivanhoe paid $228,100 on accounts payable. 5. The prepaid insurance ($5,000) expired on July 31 6. On August 1, Ivanhoe paid $12,000 for insurance coverage from August 1, 2022, through July 31, 2023. 7. Ivanhoe paid $24,600 sales taxes to the state. 8. Paid other operating expenses, $90,300. 9. Redeemed the bonds on December 31,2022 , by paying $44,160 plus $2,300 interest. 10. Issued $90,700 of 8% bonds on December 31,2022 , at 103 . The bonds pay interest every June 30 and December 31 . Adjustment data: 1. Recorded the insurance expired from item 6. 2. The equipment was acquired on December 31,2021 , and will be depreciated on a stralght-line basis over 5 years with a $3.000 salvage value: Prepare an adjusted trial balance at Deremher 31 snss

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

The energy required to break one mole of Cl Cl bonds in Cl is 242...

Chemistry
1.2K views

The value of Kc for the reaction: N2O4(g) ↔ 2NO2 (g) is 0.21 at 373K. If a...

Biology
1.2K views

Explain why range animal nutrition is different from that of classical animal nutrition. State and discuss...

Biology
1.2K views

Which of the following mechanisms are involved in mediating the increased prolactin secretion during lactation? [1.5...

Mechanical Engineering
1.2K views

Two polynomials in the variable x are represented by the coefficient vectors p1 = [6,2,7,-3] and...

Economics
1.2K views

Question 1 Describe briefly the three hypothesis testing procedures that are available under maximum likelihood estimation. Which...

Advance Math
1.2K views

Find the first four nonzero terms in a power series expansion about x0 for a general...

Basic Math
1.2K views

Solve for all values of x 8 x x 1 1 x 1

Algebra
1.2K views

9x 3x 9x 6x l g x 10 x 10 XI Xx 40x 10 10x...

Accounting
1.2K views

How can you be sure that there is no accounting fraud?

Accounting
1.2K views

Check my work Required information [The following information applies to the questions displayed below) Tom...

Accounting
1.2K views

Oophis Company anticipates total sales for April, May, and June of $950,000, $1,050,000, and $1,150,000...