PB10-1 Determining Financial Effects of Transactions Affecting Current Liabilities Tiger Company completed the following transactions....
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PB10-1 Determining Financial Effects of Transactions Affecting Current Liabilities Tiger Company completed the following transactions. The annual accounting period ends December 31 Jan. 3 Purchased merchandise on account at a cost of $36,000. (Assume a perpetual inventory system.) Jan. 27 Paid for the January 3 purchase Apr. 1 Received $ June 13 Purchased merchandise on account at a cost of $10,400 July 25 Paid for the June 13 purchase. Aug 1 Rented out a small office in a building owned by Tiger Company and collected eight months' rent 92,000 from Atlantic Bank after signing a 12-month, 7 5 percent promissory note in advance amounting to $10,400. (Use an account called Unearned Rent Revenue.) Dec. 31 Determined wages of $24,000 were earmed but not yet paid on December 31 (ignore payroll Dec. 31 Adjusted the accounts at year-end, relating to interest Dec 31 Adjusted the accounts at year-end, relating to rent Required: taxes)
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