50.1K

Verified Solution

Link Copied!

Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,860; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $35,000 from National Bank for general use; signed a 12-month, 8% annual interest-bearing note for the June 3 Purchased merchandise for resale on account. The invoice amount was $17,420. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger's buildings to another company and collected six months' rent in advance Dec. 2e Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,500 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. For each transaction (including adjusting entries on December 31), indicate the effects (eg, Cash + or -), using the following schedule: (Indicate the direction of the effect by selecting "*" for increase, ""for decrease from the dropdown menu.) Assets Stockholders' Equity Liabilities Accounts payable Accounts payable Cash Cash Date January 8 January 17 April 1 June 3 July 5 August 1 December 20 December 31 December 31 December 31 Accounts payable Accounts payable Cash Cash Cash Wages payable

Answer & Explanation Solved by verified expert

See Answer