Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The information listed below was obtained from the accounting records of Williams Company as of December 31, 2013, the end of the company's fiscal year.

(a) On August 1, 2013, the company borrowed $120,000 from the Bank of Wistful Vista. The loan was for 12 months at 9 percent interest payable at the maturity date.

(b) Finished goods inventory on January 1, 2013, was $200,000, and on December 31, 2013, it was $260,000. Cost of goods sold was $2,400,000. The company uses a perpetual inventory system.

(c) The company owned some property (land) that was rented to J. McArthur on April 1, 2013, for 12 months for $8,400. On April 1, the entire annual rental of $8,400 was credited to rent collected in advance, and cash was debited.

(d) On September 1, 2013, the company loaned $60,000 to an outside party. The loan was at 10 percent per annum and was due in six months; interest is payable at maturity. Cash was credited for $60,000, and notes receivable was debited on September 1 for the entire amount.

(e) Accrued salaries and wages are $18,000 at December 31, 2013.

(f) On January 1, 2013, factory supplies on hand equaled $200. During 2013, factory supplies costing $4,000 were purchased and debited to factory supplies inventory. At the end of 2013, a physical inventory count showed that factory supplies on hand equaled $800.

Prepare journal entries to adjust the books of Williams Company at December 31, 2013.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948625

Have any Question? 


Related Questions in Accounting Basics

Question -a calculate the ending balance of the

Question - (a) Calculate the ending balance of the Manufacturing Overhead account for November. Lawler and Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit job ...

Question faith essay instructionsyou will write an 800-word

Question: Faith Essay Instructions You will write an 800-word essay in current APA format that focuses on how biblical concepts are related to the fields of accounting and finance. The essay must incorporate a thoughtful ...

Question - on january 1 2017 bonita corporation purchased

Question - On January 1, 2017, Bonita Corporation purchased 325 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. Bonita ...

Question - paid audi company the interest due on the note

Question - Paid Audi Company the interest due on the note of April 15 and renewed the loan by issuing a new 60-day, 8% note for $225,000. Record both the debit and credit to the notes payable account.

Accounting question - in 1990 flounder company completed

Accounting Question - In 1990, Flounder Company completed the construction of a building at a cost of $2,300,000 and first occupied it in January 1991. It was estimated that the building will have a useful life of 40 yea ...

Question -1 cerviq company enters sales and sales taxes

Question - 1. Cerviq Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $22,000 and sales taxes $1,100. 2. Quartz Company does not segregate sales and sales t ...

Question - the structure of a typical organization is

Question - The structure of a typical organization is similar to a pyramid, with different levels that require one consistent type of information to assist with all managerial decision making. Explain a typical corporati ...

Question 1 prepare the balance sheet for alomari delivery

Question: 1. Prepare the balance sheet for ALOMARI Delivery Service from the following alphabetical list of the accounts at December 31 amounts in dollars. 2. The balances for the accounts of Lance's Consulting Firm, Inc ...

Question - during october a firm had the following

Question - During October a firm had the following transactions involving revenue and expense: Paid $1325 for rent October Provided services foe $3000 in cash Paid 300 for October phone service Provided service for 2150 ...

Taxation law assignment -in june 2016 tom had signed an

TAXATION LAW ASSIGNMENT - In June 2016 Tom had signed an agreement in Sydney with XYZ Ltd to act as the company's plantation manager in Brunei until June 2018. At the time of signing the agreement, Tom was advised that i ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As