70.2K

Verified Solution

Link Copied!

Date Description 1/1 BEGINNING BALANCES 1/8 Indiana buys 350 units of inventory at a cost of $102 unit on credit, terms net/60 1/12 Indiana pays off the beginning salaries payable balance. 1/19 Indiana pays off the beginning of the year accounts payable balance 1/21 Indiana sells 400 units to Sallah Co. for $300 each on credit, terms 2/15, net/45. 1/31 Indiana collects the amount owed by Sallah Co. within the discount period. 2/7 Indiana pays off the 1/8 purchase 2/15 Indiana pays off the beginning income taxes payable balance 2/18 Indiana pays $6,000 for office supplies 2/27 Indiana buys 400 units of inventory at a cost of $105/unit on credit, terms net/60 3/4 Indiana provides the services owed to a client. The client paid $35,000 in advance last year. 3/8 Indiana sells 250 units to Bello Industries for $305 each on credit, terms 2/15, net/45. 3/14 Indiana grants Bellog Industries an allowance of $10,000 for damaged goods 3/22 Indiana collects the amount owed by Belloq Industries within the discount period 4/1 Indiana pays $15,000 for television advertising 4/8 Indiana pays off the 2/27 purchase 4/12 Indiana collects the amount owed by Thuggee Ltd. (see instructions). No discount applies. 4/25 Indiana writes of the Herr Oberst & SonsCo. A/R balance as uncollectible (see instructions) 5/1 Indiana buys 500 units of inventory at a cost of $110/unit in cash 5/8 Indiana selis 550 units to Short Round Ventures for $310 each on credit, terms 2/15, net45 5/15 Indiana pays $15,000 of the interest payable balance 5/27 Indiana collects the amount owed by Short Round Ventures outside the discount period. 6/3 Indiana pays off the dividends payable balance 6/27 Indiana pays $1,000 for miscellaneous expenses 7/1 Indiana buys a short-term investment for $40,000. 7/10 Indiana buys a parcel of land for $15,000 cash. 7/17 Indiana buys 375 units of inventory at a cost of $112/unit on credit, terms net/60 7/27 Indiana provides services to Mola Ram Co. for $40,000 in cash 8/9 Indiana sells 300 units to Satipo Guides, Inc. for $310 each on credit, terms 2/15, net/45 8/24 Indiana collects the amount owed by Satipo Guides, Inc. within the discount period. 8/27 Indiana sells 100 units to Toht Industrial Co. for $315 each in cash 9/1 Indiana pays off the 7/17 purchase 9/12 Indiana buys $1,000 of office supplies on credit, terms net/90 10/1 Indiana pays Ravenwood Inc. for miscellaneous expenses for $8,000. 10/4 Indiana pays $15,000 for television advertising 10/15 Indiana buys 515 units of inventory at a cost of $115/unit on credit, terms net/60 10/31 Indiana sells 520 units to Brody Co. for $315 each on credit, terms 2/15, net/45 11/9 Indiana collects the amount owed by Brody Co. within the discount period. 11/9 Indiana collects the amount owed by Brody Co. within the discount period. 11/19 Indiana collection $11,000 from Well of Souls Construction for services to be provided next year. 11/27 Indiana pays off the 10/15 purchase 12/4 Indiana pays for postage, shipping costs, and other miscellaneous items (total of $5,000). 12/12 Indiana buys 320 units of inventory at a cost of $120/unit on credit, terms net/60 12/16 Indiana buys $5,000 of office supplies on credit, terms net/60 12/29 Indiana sells 250 units to Dietrich GmbH for $320 each on credit, terms 2/15, net/45 12/31 Indiana declares a dividend of $20,000 to be paid next year 12/31 Indiana pays off the 9/12 purchase ASSETS LIABILITIES Short IS Allen Dar ECOLES AL RVIN ARCO Areena Deprec- Ruling Forest desund Deprestanan Faintai JP wered Inny Recephe Aplies Saw Parsi IMIR Railing TS Payah irre Para JABILITIES REVENUES FQUITY KERS Con Pidan Block Curs Rund EXPENSES Enter Expenses. Negative.Nu LACE Supile Rate Tapi ERO ERMIN ER Ex.wav Sales TRIFI Inser Pupus Ured Tuwi Divdande Puri MO Pus SIM ASIS Ses Ruvu Crete De old S Ewwel Newtong EN IABILITIES FOUTY KE Paiden Ce MO CO Rend Inser Pupuk REVENUES SIR Seslen AIRS Revers hairi Ured Tuwi Divdande Portal Sales NYIN C | Uwth EXPENSES Enter Expenses 89 Negative. Nu CE Suspire Red Date Tape EM Expomie E En Exav SH Morang Emil EN Negative Numbers) Transaction Balance? Depreciation Expense Amortization Miscellaneous Expense Expense Interest | Income Tax Expense Expense Date Description 1/1 BEGINNING BALANCES 1/8 Indiana buys 350 units of inventory at a cost of $102 unit on credit, terms net/60 1/12 Indiana pays off the beginning salaries payable balance. 1/19 Indiana pays off the beginning of the year accounts payable balance 1/21 Indiana sells 400 units to Sallah Co. for $300 each on credit, terms 2/15, net/45. 1/31 Indiana collects the amount owed by Sallah Co. within the discount period. 2/7 Indiana pays off the 1/8 purchase 2/15 Indiana pays off the beginning income taxes payable balance 2/18 Indiana pays $6,000 for office supplies 2/27 Indiana buys 400 units of inventory at a cost of $105/unit on credit, terms net/60 3/4 Indiana provides the services owed to a client. The client paid $35,000 in advance last year. 3/8 Indiana sells 250 units to Bello Industries for $305 each on credit, terms 2/15, net/45. 3/14 Indiana grants Bellog Industries an allowance of $10,000 for damaged goods 3/22 Indiana collects the amount owed by Belloq Industries within the discount period 4/1 Indiana pays $15,000 for television advertising 4/8 Indiana pays off the 2/27 purchase 4/12 Indiana collects the amount owed by Thuggee Ltd. (see instructions). No discount applies. 4/25 Indiana writes of the Herr Oberst & SonsCo. A/R balance as uncollectible (see instructions) 5/1 Indiana buys 500 units of inventory at a cost of $110/unit in cash 5/8 Indiana selis 550 units to Short Round Ventures for $310 each on credit, terms 2/15, net45 5/15 Indiana pays $15,000 of the interest payable balance 5/27 Indiana collects the amount owed by Short Round Ventures outside the discount period. 6/3 Indiana pays off the dividends payable balance 6/27 Indiana pays $1,000 for miscellaneous expenses 7/1 Indiana buys a short-term investment for $40,000. 7/10 Indiana buys a parcel of land for $15,000 cash. 7/17 Indiana buys 375 units of inventory at a cost of $112/unit on credit, terms net/60 7/27 Indiana provides services to Mola Ram Co. for $40,000 in cash 8/9 Indiana sells 300 units to Satipo Guides, Inc. for $310 each on credit, terms 2/15, net/45 8/24 Indiana collects the amount owed by Satipo Guides, Inc. within the discount period. 8/27 Indiana sells 100 units to Toht Industrial Co. for $315 each in cash 9/1 Indiana pays off the 7/17 purchase 9/12 Indiana buys $1,000 of office supplies on credit, terms net/90 10/1 Indiana pays Ravenwood Inc. for miscellaneous expenses for $8,000. 10/4 Indiana pays $15,000 for television advertising 10/15 Indiana buys 515 units of inventory at a cost of $115/unit on credit, terms net/60 10/31 Indiana sells 520 units to Brody Co. for $315 each on credit, terms 2/15, net/45 11/9 Indiana collects the amount owed by Brody Co. within the discount period. 11/9 Indiana collects the amount owed by Brody Co. within the discount period. 11/19 Indiana collection $11,000 from Well of Souls Construction for services to be provided next year. 11/27 Indiana pays off the 10/15 purchase 12/4 Indiana pays for postage, shipping costs, and other miscellaneous items (total of $5,000). 12/12 Indiana buys 320 units of inventory at a cost of $120/unit on credit, terms net/60 12/16 Indiana buys $5,000 of office supplies on credit, terms net/60 12/29 Indiana sells 250 units to Dietrich GmbH for $320 each on credit, terms 2/15, net/45 12/31 Indiana declares a dividend of $20,000 to be paid next year 12/31 Indiana pays off the 9/12 purchase ASSETS LIABILITIES Short IS Allen Dar ECOLES AL RVIN ARCO Areena Deprec- Ruling Forest desund Deprestanan Faintai JP wered Inny Recephe Aplies Saw Parsi IMIR Railing TS Payah irre Para JABILITIES REVENUES FQUITY KERS Con Pidan Block Curs Rund EXPENSES Enter Expenses. Negative.Nu LACE Supile Rate Tapi ERO ERMIN ER Ex.wav Sales TRIFI Inser Pupus Ured Tuwi Divdande Puri MO Pus SIM ASIS Ses Ruvu Crete De old S Ewwel Newtong EN IABILITIES FOUTY KE Paiden Ce MO CO Rend Inser Pupuk REVENUES SIR Seslen AIRS Revers hairi Ured Tuwi Divdande Portal Sales NYIN C | Uwth EXPENSES Enter Expenses 89 Negative. Nu CE Suspire Red Date Tape EM Expomie E En Exav SH Morang Emil EN Negative Numbers) Transaction Balance? Depreciation Expense Amortization Miscellaneous Expense Expense Interest | Income Tax Expense Expense

Answer & Explanation Solved by verified expert

See Answer