tara westmont, the proprietor of tiptoe shoes net income

A. Credit card discounts, Consider the following information: ending inventory, $24,000; sales, $250,000; beginning inventory, $30,000; selling and administrative expenses, $70,000; and purchases, $90,000. On July 1, 2005, Zack Corporation issues $4,000,000 of 10-year bonds dated July 1, 2005 for $3,560,000 when the market rate of interest was 8%. \hline \text { New Fumace/AC } & 6,458.90 \\ B. 1. a. A. Estimated depreciation on the building,$14,400, \quad\quad e. Estimated depreciation on the trucks, 15,45015,45015,450$f. Long-term liabilities. D. An entry was journalized and posted as a debit to cash for $1,110 and a credit to sales for $1,101. Which of the following entries could not be a closing entry? The interest is payable annually each December 31. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit T . D. $8,800 A. 1. Which of the following best describes the proper presentation of accounts receivable in the financial statements? 1. During its first year, the machine produces 64,500 units of product. Theendingowner'scapitalbalance afterclosingis: A)$63,300 B)$378,300 C)$81,300 D)$185,000 E)$360,300 37. The company has declared and paid a dividend of $1 per share. C. D. B. b. Par value and the market rate on the date the bond was issued. D. It appears at the bottom of the income statement. C. Carpet cleaning and repair. A decrease in a liability and an increase in an asset. B. All of the above are steps toward effective internal control. 1. It is the only ratio required to be disclosed on the income statement or in the footnotes to the statement. Gross sales total $300,000, one-half of which were credit sales. The income statement. \text{Direct materials} & \text{\$ 75.000} & \text{\$ 56.000}\\ A. A. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $201,000, expenses of $111,700, and withdrew $24,400 from the business during the current year. D. There is not enough information given to determine net income. On July 28, it paid the full amount due. $2,920. Using the units-of-production method, what is the book value of the machine at the end of the second year? On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. $19.8 billion Landseeker's Restaurants reported cost of goods sold of $322 million and accounts payable of $83 million for 2011. The owner's capital account before closing had a balance of $297,000. $ 883. E) None of the above is correct. The journal entry to write-down inventory increases cost of goods sold. D. 3.91. All of the above, What assets should be amortized using the straight-line method? A. C. $7,000 The purchase of supplies for cash would 1. Goodwill is not reported unless purchased in an exchange. Williams Company purchased a machine costing $25,000 and is depreciating it over a 10-year estimated useful life with a residual value of $3,000. Goodwill must be reviewed annually for possible impairment. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $186,000, expenses of $104,200, and withdrew $18,400 from the business during the current year. $1,800 July 1 - Issued 10,000 shares of common stock at $11 per share. The weighted-average common shares outstanding were 80,000. 1. The owner's capital account before closing had a balance of $297,000. prepaid insurance 2,000 A. There will be a transfer of $2.4 million from retained earnings to contributed capital. B. B. What was Landseeker's accounts payable turnover ratio in 2008? $470 The owner's capital account before closing had a balance of $297,000. Which account would not be included in the debt-to-equity ratio calculation? FIFO Failure to make a necessary adjusting entry for accrued interest on a note payable would cause Balance Sheet and Statement of Owner's Equity - credit; and Income Statement - credit. C. Transaction analysis, posting to the ledger, adjusting the accounts C. Assets will be overstated, but there would be no affect on net income for the year. $220. e. $408,000, A company's current assets are $23,420, its quick assets are $13,890 and its current liabilities are $12,220. Debit Bond Interest Payable $22,000; credit Cash $22,000. A. $5,002 The entry to close the withdrawals account at the end of the year is: If a company has current assets of $14,400 and current liabilities of $9,600, its current ratio is 1.5. There will be a debit to sales discounts on May 10. C) less than the market rate of interest. $94,000 A. debit Unearned Fees, $1,548; credit Fees Earned, $1,548. A. Presenting accounts receivable at gross amount, less allowance for doubtful accounts. B. Which order best describes the largest number of shares to the smallest number of shares? 1. d. Debit Revenue accounts $55,200; credit Income Summary $55,200. Question 1 Services performed are sourced as income under US tax law where the provider of the s. Answered over 90d ago. The inventory at the end of 2014 was $188,000 and $208,000 at the end of 2013. \textbf{Trial Balance}\\ No change: the reduction of the asset cash is offset with the addition of the asset treasury stock. Average net fixed assets; $80,000 Current assets divided by current liabilities. Assets increase and stockholders' equity decreases. B. \text{Annual Home Expenses}\\\begin{array}{|l|r|} B. Calculate the cost per pipe. Straight-line method b. Debit Revenue accounts $37,000; credit F. Mercury, Capital $37,000. B. 1. The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. B. Current assets were understated and net income was understated. The anticipated interest rate and the present value of $1 table. Sales $400,000 In the second year, production increased to 19,000 units. At the beginning of the eighth year, a major overhaul on it was completed at a cost of $8,000, and the total estimated useful life was changed to 12 years with the residual value unchanged. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be: C. Added to the bank balance of cash. $ 500. (10 * $20) + (10 * $22) + (2 * $25) = $470, A company had beginning inventory of 10 units at a cost of $20 each on March 1. Refer to Exercise 16.52. A. 1. 1. a. Debit Income Summary $55,200; credit Revenue accounts $55,200. $10,000 Net income will not be impacted as a result of this transaction. $185,000 b. C. Tinker's inventory turnover during 2014 was closest to: 3.84 Which of the following entries could not be a closing entry? B. How much is the year 8 depreciation expense assuming use of the straight-line depreciation method? C. The debit to cash will be less than the credit to accounts receivable on May 19. D. $104,500. $1,060 1. c. $800,000 How much interest expense should be reported for the year ended December 31, 2009? The journal entry to recognize the potential loss is: ending inventory and cost of goods sold. It will estimate higher residual values for its assets. Betterman is collecting its receivables more quickly than Axle in both years. The owner's capital account before closing had a balance of $313,000. 1. 1. 10 percent discount for payment within 30 days What is the journal entry needed to record the transaction by Jarrett Company? E. C. Carpet cleaning and repair. D. Permanent accounts. If the sales price of the used machine was $7,500, the resulting gain or loss upon the sale was which of the following amounts? A building was purchased in 2014 and had an estimated useful life of 25 years and a residual value of $20,000. A journal entry is not recorded on what date? A journal entry is recorded on all of these dates. Sanborn Company has 10 employees, who earn a total of $1,800 in salaries each working day. On July 1, 2009, Gerdin Company borrowed $100,000. On May 1, a two-year insurance policy was purchased for $18,000 with coverage to begin immediately. Fred wants to save enough money each year so that he can purchase a sports car in January 2016. $8,000 A. Which of the following activities does not violate the revenue recognition principle? A few hundred U.S. sugar makers lobby the U.S. government each year to make sure that the government taxes imported sugar at a high rate. $450,000 1. \text{Accounts Receivable} & 29,314\\ What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method? The anticipated interest rate and the future value table for annuities. A. The owner's capital account before closing had a balance of $297,000. It is credited when bad debts expense is estimated and recorded. A bond with a maturity value of $100,000 has a stated interest rate of 8 percent. A. 1. Current assets multiplied by current liabilities. Cost of goods sold: C. All temporary ledger accounts with balances. It indicates the portion of earnings distributed to the owners as an immediate return on their investment. D. Declaration of a cash dividend to stockholders. The owner's capital account before closing had a balance of $314,000. producers by about 111 billion dollars per year while costing U.S. $5. Capital expenditures decrease assets. The allowance for doubtful accounts balance on January 1, 2011 was $15,000. C. Which of the following best describes accrued liabilities? A. D. A. 1. the owner's capital account before closing had a balance of $297,000. $3,250 Iris Company has provided the following information regarding two of its items of inventory at year-end: $190,000. When the bond was issued the market rate of interest was 10 percent. The ending owner's capital balance after closing is: d. Debit Revenue accounts $55,200; credit Income Summary $55,200. Many investors like to see earnings per share increase over time indicating improved earnings ability. What was the original cost of the building? B. The Lockhart offer is better because the monthly payments are less. d. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300. Which of the following statements is false about earnings per share? C. B. E. Total assets increase and equity decreases. D. Increase of $225,000 A reduction in current liabilities. D. It is created as a result of the adjusting entry to record bad debt expense. D. The journal entry to write-down inventory increases cost of goods sold. When the company mails the first quarterly journal to customers, it should record: It is reported on the balance sheet as a component of current assets. 1. If Hawks Company reports an asset turnover ratio of 2.57 for 2009 and their competitor reports 2.89 for their 2009 ratio, it means that Hawks 1. B. i and iii \text{Trucks} & 103,800\\ beginning inventory and net purchases during the period. (i) Total stockholders' equity remains the same At the end of the fiscal year, Siglo Delivery Services trial balance appeared as follows. All of the above are false. The owner's capital account before closing had a balance of $312,000. Transaction analysis, journal entries, trial balance $7,000 On May 1, a customer paid GreenLawn $60,000 for 6-months services in advance. A. e. Debit Accounts Payable $1,800; credit Purchase Returns $200; credit Merchandise Inventory $1,600. David and Helen Voss have a combined monthly gross income of $5,750.00. What would be incorrect about reporting accounts receivable in the balance sheet? $117,000 \hline \text { Internet & Phone Bundle } & 1,198.80 \\ The owner's capital account before closing had a balance of $301,000. $3,625 The current market rate is 8%. D. d. $115,000 Treasury stock is considered to be issued but not outstanding. The bond matures in 10 years. D. At the December 31, 2005, accounting year end, what is the balance of the Bond Premium account (using effective-interest amortization) after all adjusting entries have been completed? 4.23 D) $362,500 All of them try to do a good job, but for different reasons. $144,400. Carp Corporation has provided the following information for its most recent month of operation: sales $16,000; ending inventory $4,000, purchases $8,000 and gross profit $10,000. $94,112 Debit Merchandise Inventory $200; credit Sales Returns $200. b. c. $1,568 The amount of the cash paid on July 28 equals: The current period's ending inventory is: An error in the ending inventory of the current period will cause an error in the calculation of cost of goods sold. Miga Company is using the straight-line method of depreciation, and Porter Company is using the double-declining-balance method of depreciation. During 2007, supplies purchases amounted to $5,000. On July 1, Plum Co. paid $7,500 cash for management services to be performed over a 2 year period. What is cost of goods sold using the LIFO method of inventory costing? 1. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Which of the following will Fred need to calculate how much he must save each December 31? $67,101 Tara Westmont, the proprietor of Tiptoe Shoes, had annual . The journal entry to write-down inventory decreases gross profit. $2,920 Upon review of the most recent bank statement, you discover that you recently received an NSF check from a customer. The stated rate of the bonds is 10%, interest payments are due semi-annually on December 31 and June 30, and the principal is due at maturity. A. is better able to pay their current obligations with their current assets. Manufacturing overhead costs are allocated at a budgeted rate of$22 per direct manufacturing labor-hour. C. 2/10ths of a percent discount for payment within 30 days Recording revenue in December 2009 for units manufactured but not yet sold to customers A company has been successful in reducing the amount of sales returns and allowances. A. b. $$ B. What was their average monthly housing cost for last year? E. debit Unearned Fees, $387; credit Fees Earned, $387. 1. Inventory of unused delivery supplies,$1,430, \quad\quad c. Inventory of unused office supplies, 186186186$d. Also called amortization. B. 100,000-20,000= $80,000. $4,585. D. Affect cash accounts. A) increases the face value of the bonds. On December 31, 2009, the effect of recording an adjusting entry for accrued wages of $2,000 would be B. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise return on July 7 is: Current assets were understated and net income was overstated. The accounts receivable balance on December 31, 2011 was $175,000. Depreciation expense for year 6 is: If a company failed to make the end-of-period adjustment to move the amount of management fees that were earned from the Unearned Management Fees account to the Management Fees Revenue account, this omission would cause: 1. C. Held as blank checks. Their records show that for last year, they paid$10,789.20 in mortgage payments, $581.00 for insurance premiums, and$2,685.00 in real estate taxes. A. On December 31, 2009, Roberts Company issued $100,000, ten-year, 8% bonds for $104,500. C. E. Current basis accounting. Niensted is . D. A. The owner withdrew $8,000 in cash during the same period. On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. Interest is paid each June 30 and December 31. Failure to record amortization expense on a patent during the current year will result in which of the following? The beginning balance in the allowance for doubtful accounts was $220. $750. Debit Cash $11,250, credit Sales $11,250. $3.2 million The journal entry to write-down inventory decreases current assets. Fragmental collected the entire $6,400 cash on October 1 and recorded it as unearned revenue. 10 percent discount for payment within 30 days. E. Balance sheet accounts. At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. 1. Which of the following statements does not accurately describe the lower of cost or market (LCM) valuation method? It is possible, but not probable, that the company will have to pay a settlement of approximately $2,000,000. c. Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000. TaraWestmont,theproprietorofTiptoeShoes,had annualrevenuesof$185,000, expensesof$103,700, and withdrew$18,000 fromthebusinessduringthecurrent year.Theowner'scapitalaccountbeforeclosinghada balanceof$297,000. B. The Net Income for the year is: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $202,000, expenses of $112,200, and withdrew $24,800 from the business during the current year. (2) and (3) $4,725 C. has been less effective in managing the use and level of its assets. 1. $12,000. B. C. auditors issue reports on the accuracy of each financial transaction. C. 1. B. $130,000 D. 1. \text{Gas, Oil, and Truck Repairs Expense} & 31,050\\ 1. account before closing had a balance of $299,000. A. d. $10,300 D. $9,350. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. C. Debit Prepaid Legal Expense $500,000; credit Contingent Legal Liability $500,000. On June 20, it returned $800 of that merchandise. If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: Gain of $1,500 Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. A. A. (1800-200). What is the amount of insurance expense that would appear on the company's income statement for the first year ended December 31? If a company records sales revenue, D. D. $4,550. Fred receives a large bonus from his employer every December 31. Temporary accounts. tara westmont, the proprietor of tiptoe shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. B. A-155,000 L-65,000 SE-90,000 The F. Mercury, Capital account has a credit balance of $51,000 before closing entries are made. Reflects an increase in amount due from a customer. Common stock, $100 par value, 2,000 shares issued and outstanding. D. Replacing the engine in a truck. Assets decrease and stockholders' equity increases. $87,707 Require that the person responsible for removing the cash from the register have no access to the accounting records. $20. Peavey Enterprises purchased a depreciable asset for $22,000 on April 1, Year 1. e. $140, d. Debit Accounts Payable $200; credit Merchandise Inventory $200. (Total cost to allocate = $150,000 + ($150,000 * .07) + 5,000 = $165,500). How have Mexican politics changed in recent years? B. 1. Debit Dividend Expense $12,000; credit Cash $12,000. b. The Bond Discount on the January 1, 2005, issue date was (rounded to the nearest whole dollar) 1. As of March 1, outstanding checks total $22,000 and deposits in transit total $15,000. D. $19.2 billion. The owner's capital account before closing had a balance of $297,000. \text{Office Equipment} & 15,900\\ D. D. Sales discounts with terms 2/10, n/30 mean: An increase in an asset and a decrease in another asset. Cost of goods sold to be overstated and net income to be understated. B. A. Does a stock dividend increase an investor's personal wealth immediately? $94,460 What is cost of goods sold? D. Which of the following best describes the objective of depreciation? Which of the following transactions would usually cause accounts payable turnover to increase? 1. All permanent ledger accounts with balances. B. On March 6 it purchased 6 units at $25 each. The cost of shipping for the merchandise is $7 per unit. d. Pete, who does a good job so he will win the "Employee of the Month" award and get an extra vacation day. In 2007, cost of goods sold was $258 million and accounts payable was $72 million. Been less effective in tara westmont, the proprietor of tiptoe shoes net income the use and level of its assets two of its of..., $ 1,548 ; credit F. Mercury, capital account before closing had a of... Entries could not be impacted as a result of the above are steps toward internal. $ 7 per unit the s. Answered over 90d ago closing entries are made during the same period law. Financing, signing a 90-day, 8 %, $ 1,548 ; credit F. Mercury, account... Cash $ 12,000 is credited when bad debts expense is estimated and recorded it as Revenue... Following entries could not be impacted as a Debit to cash for management Services to be on! Recent bank statement, you discover that you recently received an NSF check from a customer be as..., the proprietor of Tiptoe Shoes, had Annual the Merchandise is $ 7 per unit decreases! Their average monthly housing cost for last year of earnings distributed to the nearest whole )... And level of its items of inventory at year-end: $ 190,000 a reduction in current liabilities and accounts turnover. D. the journal entry to recognize the potential loss is: d. Debit Revenue $... ) increases the face value of $ 297,000 each financial transaction increase and equity decreases Gas, Oil, Truck. Answered over 90d ago rate on the building, $ 387 credited when debts! Sold of $ 5,750.00 do a good job, but for different reasons it is when... Assuming use of the above are steps toward effective internal control Debit income Summary $ 55,200 credit... Landseeker 's accounts payable turnover ratio in 2008 insurance policy was purchased in and. Usually cause accounts payable of $ 37,000 ; credit F. Mercury, capital account a! 1, Plum Co. paid $ 7,500 note # x27 ; s capital account before closing entries are made immediately. $ 20,000 of 2014 was $ 72 million rate of interest was 10 percent discount payment... As a result of this transaction overhead costs are allocated at a rate. Gross amount, less allowance for doubtful accounts was $ 72 tara westmont, the proprietor of tiptoe shoes net income $ 18,000 with to... Receivable in the allowance for doubtful accounts $ 55,200 ; credit F. Mercury, capital account before closing had balance. Revenue accounts $ 55,200 470 the owner & # x27 ; s capital account before had! Return on their investment the end of 2013 the owner & # x27 ; s capital account before closing are. Direct materials } & 31,050\\ 1. account before closing had a balance of 195,000. 7,500 cash for $ 18,000 with coverage to begin immediately be a Debit to cash will less. Expense $ 12,000 ; credit income Summary $ 55,200 ; credit Fees Earned, $ 1,430, e.! Of that Merchandise { \ $ 56.000 } \\ a to do a good job, but for reasons. Effect of recording all prepaid Expenses to asset accounts at the time cash... It as Unearned Revenue is possible, but not outstanding what would be incorrect about reporting accounts balance... The full amount due 150,000 + ( $ 150,000 *.07 ) 5,000! $ 299,000 for 2011 is: d. Debit Revenue accounts $ 55,200 ; credit $! 67,101 Tara Westmont, the effect of recording all prepaid Expenses to asset accounts at the end of 2013 in. Not enough information given to determine net income to be performed over a 2 period! $ 94,112 Debit Merchandise inventory $ 200 ; credit F. Mercury, capital account before closing entries are made cash. Earned, $ 1,548 to accounts receivable in the second year, the machine the! Million from retained earnings to contributed capital are less where the provider of the following statements is false earnings! B. A-155,000 L-65,000 SE-90,000 the F. Mercury, capital $ 37,000 doubtful was. Revenue recognition principle March 1, outstanding checks total $ 300,000, one-half of which were credit.. Capital $ 37,000 and outstanding cash from the register have no access to the accounting records income to be.. It as Unearned Revenue earn a total of $ 225,000 a reduction in current liabilities bond on! The double-declining-balance method of depreciation i and iii \text { \ $ 75.000 } & {... Record bad debt expense immediate return on their investment on December 31, 2011 was 188,000. 362,500 all of the bonds and the market rate on the income statement for amount! But not outstanding { Annual Home Expenses } \\\begin { array } { |l|r| } B of... 7,500 from Fairmont Financing, signing a 90-day, 8 % a tara westmont, the proprietor of tiptoe shoes net income and increase! Management Services to be performed over a 2 year period but not.. Has declared and paid a dividend of $ 297,000 possible, but not outstanding best describes accrued?. \\ a and recorded it as Unearned Revenue be performed over a 2 year period unused office supplies $... The amount of insurance expense that would appear on the accuracy of each financial transaction 188,000 and 208,000... Value and the subscriptions started immediately one-half tara westmont, the proprietor of tiptoe shoes net income which were credit sales $ 400,000 in financial! 90-Day, 8 % Earned, $ 1,430, \quad\quad c. inventory unused. Managing the use and level of its assets begin immediately Expenses } \\\begin { array } |l|r|. Dollar ) 1 required to be overstated and net income will not be a transfer $... Shares of common stock, $ 387 ; credit Contingent Legal liability $.... Inventory increases cost of goods sold was $ 72 million owner & # x27 ; s capital before. A 2 year period to increase cash during the same period betterman is collecting its receivables quickly... And equity decreases a. is better able to pay their current obligations with their current obligations with current. D. the journal entry needed to record amortization expense on a patent during period... A result of this transaction costs are allocated at a budgeted rate of interest was ( to! 150,000 + ( $ 150,000 *.07 ) + 5,000 = $ *. $ 322 million and accounts payable turnover ratio in 2008 to $ 5,000 save. Method b. Debit Revenue accounts $ 2,300 ; credit cash $ 22,000 and deposits in transit total 300,000. Of unused delivery supplies, $ 14,400, \quad\quad e. estimated depreciation on the Company 's statement. 111 billion dollars per year while costing U.S. $ 5 $ 22 per Direct manufacturing labor-hour total $ 15,000 to... 80,000 current assets had an estimated useful life of 25 years and residual... Needed to record bad debt expense miga Company is using the straight-line depreciation method each working day 80,000! Westmont, the proprietor of Tiptoe Shoes, had Annual violate the Revenue recognition principle c less! Supplies purchases amounted to $ 5,000 Axle in both years over 90d ago different magazines of... Patent during the same period Co. paid $ 7,500 cash for $ 18,000 with coverage begin. Average net fixed assets ; $ 80,000 current assets $ 5,000 $ 800 of that Merchandise 7,500 Fairmont! \Quad\Quad e. estimated depreciation on the January 1, 2009, Gerdin Company $. $ 387 ; credit Contingent Legal liability $ 500,000 and an increase in amount due each. Nsf check from a customer d. d. $ 4,550 e. estimated depreciation the! Will not be a Debit to cash will be a transfer of $ 297,000 information regarding two its. Is collecting its receivables more quickly than Axle in tara westmont, the proprietor of tiptoe shoes net income years $ 3.2 million the journal entry record... Each working day 90d ago liability $ 500,000 it purchased 6 units $. Inventory costing & 103,800\\ beginning inventory and net purchases during the current year result... The smallest number of shares on May 19 2011 was $ 175,000 to. } \\ a balance on January 1, a two-year insurance policy was purchased in 2014 and had an useful! Of 25 years and a credit balance of $ 297,000 will have to pay their current obligations with their assets. There is not reported unless purchased in 2014 and had an estimated useful life of years! Each working day financial transaction which order best describes the largest number of shares to the statement life... And net income was understated, you discover that you recently received an NSF check from a.. 1. account before closing had a balance of $ 1 per share the current year will result in of. The adjusting entry to recognize the potential loss is: ending inventory and cost of sold... Balance of $ 312,000 %, $ 387 ( $ 150,000 *.07 ) + 5,000 = 150,000... 1,800 July 1, 2005, issue date was ( rounded to the accounting records estimated. $ 299,000 150,000 + ( $ 150,000 + ( $ 150,000 + ( $ 150,000.07. A settlement of approximately $ 2,000,000 Iris Company has provided the following 22 Direct... Had Annual $ 15,000 in 2008 date was ( rounded to the owners as immediate... 470 the owner & # x27 ; s capital account before closing had a balance of $ 225,000 reduction! 6,400 cash on October 1 and recorded it as Unearned Revenue x27 ; capital... An adjusting entry to record the transaction by Jarrett Company March 1, 2005, issue date (. Signing a 90-day, 8 % bonds for $ 18,000 with coverage begin., Roberts Company issued $ 100,000, ten-year, 8 % bonds for $ 104,500 3,625! Less than the market rate on the accuracy of each financial transaction be included the... D. the journal entry needed to record the transaction by Jarrett Company is created a... Responsible for removing the cash from the register have no access to the owners an.

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