ACC 151 Ch 09 In-Class Exercise Student.pdf

ACC 151 Ch 09 In-Class Exercise Student.pdf - Wortham...

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Wortham Publishing completed the following transactions for one subscriber during 2017: 1-Oct Sold a one-year subscription, collecting cash of $2,400, plus sales tax of 9%. 15-Nov Remitted (paid) the sales tax to the state of California. 31-Dec Made the necessary adjustment at year-end. Requirement Journalize these transactions. Then report any liability on the company’s balance sheet at December 31, 2017. DR CR
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Journal Entries: a.) Purchase of inventory (July 31, 2017) b.) Accrual of interest expense at year-end April 30, 2018 c. Payment of note on due date (July 31, 2018) DR CR (Learning Objective 1: Account for a short-term note payable) Jaska Sports Authority purchased invenotry costing $22,500 by signing a 6% short-term note payable. The purchase occurred on July 31, 2017. Jaska pays annual interest each year on July 31. Journalize the company's (a) purchase of inventory; (b) accural of interest expense on April 30, 2018, which is the year-end; and (c) payment of the note plus interest on July 31, 2018 (Round your answers to the nearest whole number.) (d) Show what the company would report
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