Home / Questions / 1.1 (Lo 1, 2) On January 1, 2020, the ledger of Chuan-Kwang Luggage contains the following liability
1.1 (Lo 1, 2) On January 1, 2020, the ledger of Chuan-Kwang Luggage contains the following liability accounts (amounts in thousands). Prepare current liability entries, adjusting entries, and current liabilities section Accounts Payable Sales Taxes Payable Unearned Service Revenue NT$52,000 7,700 16,000 During January, the following selected transactions occurred. Sold merchandise for cash totaling NT$20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of NT$10,000. (Credit Service Revenue.) 14 Jan. 5 12 Paid revenue department for sales taxes collected in December 2019 (NT$7,700). Sold 900 units of a new product on credit at NT$50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. 21 20 Borrowed NT$27,000 from First National Bank on a 3-month, 8 % , NT$27,000 note Sold merchandise for cash totaling NT$12,420, which includes 8% sales taxes. 25 Instructions a. Journalize the January transactions. b. Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the First National Bank note.) c. Current liability total NT$94,250 Prepare the current liabilities section of the statement of financial position at January 31, 2020. Assume no change in accounts payable.
Apr 01 2020 View more View Less
What is the resonance structure of HNO2
Jul 22 2021The concept of net domestic investment refers toa) the amount of machinery and equipment used up in producing the GDP in a specific year. b) the difference between the m...
Apr 26 2021Which of the following is the correct name for the compound CO?a. monocarbon monoxideb. carbon monoxidec. carbon oxided. no correct response
Jun 29 20211.Why should we (managers) learn calculations involving the time value of money? What kind of management decisions does it help us make?2.Emily Smith deposits $1,200 in h...
Jun 19 2021Begin your review by rereading Chapters 3 and 4. Then test your comprehension of those chapters by choosing the correct answer. Compare your responses with the key at the...
Jun 18 2021Which are the most commonly reported clinical manifestations of multiple sclerosis? Select all that apply.
Aug 11 2021Ceteris paribus, an increase in the supply of cranberries causes the equilibrium price of cranberries to the equilibrium quantity of cranberries to 0 , increase, decrease...
May 07 2021You are considering investing in the common stock of a major US Corporation. Which answer is an example of systematic risk? Risk related to an impending lawsuit agains...
Apr 06 2021Jason Greg is a recen retiree who is interested in investing some of his savings in coporate bonds. Listed below are the bonds he considering adding to his portfolio.Bond...
Dec 04 2019If the expected path of 1-year interest rates over the next five years is 1%, 3%, 5%, 7%, and 6%, the preferred habitat theory predicts that the bond with the highest int...
Apr 30 2020