80.2K

Verified Solution

Link Copied!

need a iournal

compleved ty koment Company during is first fiscal year ended December 31,20Y8, were as follows: Jan 3 Issued a check to establish a petty cash fund of $4,500 Feb. 26 Replenished the vetty cash fund based on the following summary of petty cash receipts; oflice. supplies, $1,690, miscellaneous seling expense, $570, miscellaneous administrative expense, $880 Apr 14 Purchased 531,300 of merchandise on account, terms, n/30, The perpetual invontory system is used io account for inventory May 13 Paid the involce of April 14 17 Received cash from dally cash sales for $21,200. The amount indicaled by the cash registor was $21.240 Jun. 2 Received a . 60 -day. 8% note for $180.000 on the Ryanair account Aug 1 Received amount owed on June 2 fote plus interest as the maturity date. Assume a 360 -day rear 24 Received 57,600 on the Finley account and wrote off the reanainder owed on a 59,000 account: receivable balance. (The allowance method is used in accoufiting for uncolioctible recelvables) Sea. 15 Reinstated the Firley account written off on Augut 24 and received $1,400 cash in fall payment (Record as two entries) Record the following on journal page 22. Sep. 15 Purchased land by issuing a $670.000,90-doy note to Zahorik Co, which discounted it at 9%. Assume a 360 -day yeat Oc. 17 Sold oflce equipment in exchange for $135,000 cash phus receipt of a $100,000,90-day. 9\% note. The equipment had a cost of $320,000 and accumulated depteciation of $54,000 as of October 17 Nov. 30 Journakzed the monthly payroll for Novemter, bated on the folowing data: Coesk Wy Work 30 Journaked the empioyer's paytol taxes on the payrod Dec: 14 Sournaized the payment of the September 15 note at maturity. 31 The pention cost for the year was $190,400, of which $139700 was paid to the pention plan rustee. Required: 1. Jounelize the solected transuctions, starting on page 2t of the purnal " 2. Based on the following date, propare a bank reconciloton for December of the curvenf year" a. Balance acconding to the bunk statemert at December 31. $262000 b. Balunce according to the ledger at Decenber 31,5245,410 c. Check outstanding at December 3+,568,540 4. Oepoet in transt, not recarted by bask $29,500 e Bank deot momo for senvice charpes, $750 1. A check for $12,700 in puyment of an invoce was incorrecty recorded in the accounts as $12,000 numbers: Estmated uncolechible accounts af December 31,515,000, based on an aging of occounts recelvaste me belance or Alowance for Doublin' Accounts at Docember 31 was $2,000 (deot) c. omce tupples dised diring ine jeer, 53,920 a. Desnecintion is comosted as folloing: h. Vacation pay expanse for December, $10,500 st 900000 in Decomber intered Enfer al amounts as positve numben. Pan docherduli x Min x Course fegidia x a Cumbituderl x (c) Pendishroth x + Instructions \begin{tabular}{|c|c|} \hline Cument liabiaty & 570.000 \\ \hline Long-term labilty & 630,090 \\ \hline \end{tabular} Kornett Compsey POST-CLosing TRUL BNANCE December 31,20r : \begin{tabular}{|c|c|c|c|} \hline & account titu & inet & cupr \\ \hline 1 & Pritylesh & 450000 & \\ \hline 1 & Gah & & \\ \hline 3 & Wites Procenable & & \\ \hline 4 & & & \\ \hline s. & & & Hat \\ \hline 4 & 1) Mompanfin Inveratory. & thotolos & \\ \hline \end{tabular} Gied Wy work Dethome Course lingiatr x Pion \& Sichedal x M Cummet Stuitent x tanxsin(x) x Instructions 4) Acounts Pecenatle 4 Tomom 1. Nilanne for Dout byt Arrounds 16,00000 4. Mectandueinentory I Inteiest Rocemale Oline supptis Land Bulting Accumined Deprecusion-lididag: sotoso Oficr Eeviptrent 40000 Wirerathistife tarefo Chock My Work signment/takeAssignmentMain do?invoker-8takeAssignmentSessionlocitor-8inprogress=talse Plind schedu x+ Chadk thy work \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Instructione } \\ \hline (n) & Enployes federal Income Tar Purable & & 40000

Answer & Explanation Solved by verified expert

See Answer