Reference no: EM131105139
I have put together my journal entries and specifically am having trouble with the dollars on b, e. & h, the rest I have completed:
b. Cash
Accounts receivable (record receipt of cash)
e. accounts payable
Cash (record payment on account)
h. Interest expense
Cash (record interest expense)
Problem
Comprehensive Problem: Reviewing the Accounting Cycle
Tarkington Freight Service provides delivery of merchandise to retail grocery stores in the Northeast. At the beginning of 2013, the following account balances were available:
During 2013 the following transactions occurred:
Tarkington performed deliveries for customers, all on credit, for $2,256,700. Tarkington also made cash deliveries for $686,838.
There remains $286,172 of accounts receivable to be collected at December 31, 2013.
Tarkington purchased advertising of $138,100 during 2013 and debited the amount to prepaid advertising.
Supplies of $27,200 were purchased on credit and debited to the supplies account.
Accounts payable at the beginning of 2013 were paid early in 2013. There remains $5,600 of accounts payable unpaid at year end.
Wages payable at the beginning of 2013 were paid early in 2013. Wages were earned and paid during 2013 in the amount of $666,142.
During the year, Trish Hurd, a principal stockholder, purchased an automobile costing $42,000 for her personal use.
One-half year's interest at 6% annual rate was paid on the note payable on July 1, 2013.
Property taxes were paid on the land and buildings in the amount of $170,000.
Dividends were declared and paid in the amount of $25,000.
The following data are available for adjusting entries:
Supplies in the amount of $13,685 remained unused at year end.
Annual depreciation on the warehouse building is $70,000.
Annual depreciation on the warehouse equipment is $145,000.
Wages of $60,558 were unrecorded and unpaid at year end.
Interest for 6 months at 6% per year on the note is unpaid and unrecorded at year end.
Advertising of $14,874 remained unused at the end of 2013.
Income taxes of $482,549 related to 2013 are unpaid at year end.
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