Ez curb company completed the following transactions during

Reference no: EM13577753

EZ Curb Company completed the following transactions during 2010. The annual accounting period ends December 31, 2010.Purchased merchandise on account at a cost of $14,000. 17 Paid for the January 8 purchase.

Received $40,000 from National Bank after signing a 12-month, 6 percent, promissory note.June 3 Purchased merchandise on account at a cost of $18,000.

Rented out a small office in a building owned by EZ Curb Company and collected six months' rent in advance amounting to $6,000.Received a $100 deposit from a customer as a guarantee to return a large trailer %u201Cborrowed%u201D for 30 days.

Determined that wages of $6,500 were earned but not yet paid on December 31.Dec. 31 Adjusted the accounts at year-end, relating to interest.Dec. 31 Adjusted the accounts at year-end, relating to rent.

Requirement 1:

Prepare journal entries for each of the transactions.

Requirement 2:

Prepare any adjusting entries required on December 31, 2010.

Requirement 3:

Show how all of the liabilities arising from these items are reported on the balance sheet at December 31, 2010.

Reference no: EM13577753

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