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Question: Rogers Company completed the following transactions during Year 1. Rogers's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,700; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $78,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,220. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Rogers's buildings to another company and collected six months' rent in advance amounting to $15,000. Dec. 20 Received a $170 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,700 were earned but not yet paid on December 31 (disregard payroll taxes). Record the adjusting entry for rent revenue. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92574408

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