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The general ledger of Ryan Racing at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $60,500 Accounts Receivable 44,700 Land 129,800 Accounts Payable $17,200 Notes Payable (due in 2 years) 49,000 Common Stock 119,000 Retained Earnings 49,800 Totals $235,000 $235,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Provide services to customers on account, $81,400. Provide services to customers for cash, $84,800. Collect on accounts receivable, $47,600. Issue shares of common stock in exchange for $49,000 cash. Purchase supplies on account, $15,900. Pay on accounts payable, $13,200. Pay salaries for employee work in the current year, $83,200. Pay advertising for the current year, $24,400. Pay $4,800 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,400 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,400 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $4,200. Required: 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year-end amounted

The general ledger of Ryan Racing at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $60,500 Accounts Receivable 44,700 Land 129,800 Accounts Payable $17,200 Notes Payable (due in 2 years) 49,000 Common Stock 119,000 Retained Earnings 49,800 Totals $235,000 $235,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Provide services to customers on account, $81,400. Provide services to customers for cash, $84,800. Collect on accounts receivable, $47,600. Issue shares of common stock in exchange for $49,000 cash. Purchase supplies on account, $15,900. Pay on accounts payable, $13,200. Pay salaries for employee work in the current year, $83,200. Pay advertising for the current year, $24,400. Pay $4,800 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,400 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,400 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $4,200. Required: 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year-end amounted

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The general ledger of Ryan Racing at January 1, 2024, includes the following account balances: Accounts. Debits Credits Cash $60,500 Accounts Receivable 44,700 Land 129,800 Accounts Payable $17,200 Notes Payable (due in 2 years) 49,000 Common Stock 119,000 Retained Earnings 49,800 Totals $235,000 $235,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Provide services to customers on account, $81,400. Provide services to customers for cash, $84,800. Collect on accounts receivable, $47,600. Issue shares of common stock in exchange for $49,000 cash. Purchase supplies on account, $15,900. Pay on accounts payable, $13,200. Pay salaries for employee work in the current year, $83,200.. Pay advertising for the current year, $24,400. Pay $4,800 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,400 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,400 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $4,200. Required: 1.3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year-end amounted
Transcribed Image Text:The general ledger of Ryan Racing at January 1, 2024, includes the following account balances: Accounts. Debits Credits Cash $60,500 Accounts Receivable 44,700 Land 129,800 Accounts Payable $17,200 Notes Payable (due in 2 years) 49,000 Common Stock 119,000 Retained Earnings 49,800 Totals $235,000 $235,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Provide services to customers on account, $81,400. Provide services to customers for cash, $84,800. Collect on accounts receivable, $47,600. Issue shares of common stock in exchange for $49,000 cash. Purchase supplies on account, $15,900. Pay on accounts payable, $13,200. Pay salaries for employee work in the current year, $83,200.. Pay advertising for the current year, $24,400. Pay $4,800 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,400 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,400 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $4,200. Required: 1.3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year-end amounted
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