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4 years ago

On January 1, 2017, the ledger of Accardo Company contains the following liability accounts.

Business

1 answer:

JulsSmile [24]4 years ago

3 0

Answer:

Cash 21,492 debit

Sales Revenue 19,900 credit

Sales tax payable 1,592 credit

Unearned Service Revenue 10,000 debit

Service Revenue 10,000 credit

Sales tax payable 7,100 debit

Cash 7,100 credit

Accounts Receivables 48,600 debit

Sales Revenues 45,000 credit

Sales tax payable 3,600 credit

Cash 29,250 debit

Notes Payables 29,250 credit

Cash 12,744 debit

Sales Revenues 11,800 credit

Sales tax payable 944 credit

interest expense 156 debit

interest payable 156 credit

warranty expense 340.2 debit

warrnaty liability 340.2 credit

Explanation:

21,492 / (1 + 0.08) = 19,900 sales revenue

21,492 - 19,900 = 1,592 sales tax

900 x 50 = 45,000

45,000 x 0.08 = 3,600

12,744 / 1.08 = 11,800

12,744 - 11,800 = 944

interest on the note:

29,250 x 0.08 x 6days / 90 days = 156

warranty liability:

48,600 x 7% expected warranty cost = 340.2

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