Please dont solve for the journal entires i already got it thanks Required information [The following...

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Required information [The following information applies to the questions displayed below.] Wallys Widget Company (WWC) incor

• WWCs note payable accrues interest at a 12% annual rate. . WWC will use the FIFO inventory method and record COGS on a per

Required information 1-b. Post all February entries (transactions and adjustments) to the T-accounts. Cash Accounts Receivabl

Required information Allowance for our Accounts Beg bal. Beg bal End bal End. bal Notes Receivable Interest Receivable Beg ba

Required information Beg. bal. Beg bal. End, bal End, bal Accounts Payable Uneamed Revenue Beg bal. Beg bal. End bal End, bal

Required information Wages Payable Interest Payable Beg bal Beg bali ences End, bal End, bal Notes Payable Contributed Capita

Retained Earnings Dividends Declared Beg. bal. Beg., bal. End bal End bal Sales Revenue Sales Returns & Allowances Beg balf B

Reumaton Sales Discounts Cost of Goods Sold Beg bal Beg bal ances End bal End bal Interest Revenue Bad Debt Expense Bog bal.

Insurance Expense Interest Expense Beg. bal. Beg bal. End, bal End bal Rent Expense Utility Expense Beg bal Beg bal. End bal

please dont solve for the journal entires i already got it thanks

Required information [The following information applies to the questions displayed below.] Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month, Balances in the accounts at the end of January are as follows: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (30 units) $ 13,000 $19,520 Unearned Revenue (25 units) $ %. $10,550 Accounts Payable (Jan Rent) $1,900 $(1.200) Notes Payable $ 2,100 Contributed Capital Retained Earnings - Feb 1, 5,820 2012 $ 5,600 pital . WWC establishes a policy that it will sell inventory at $165 per unit. In January, WWC received a $4.650 advance for 25 units, as reflected in Unearned Revenue. • WWC's February 1 inventory balance consisted of 30 units at a total cost of $2,100. • WWC's note navahle accrues interest at a 12 annual rate Prev 1 of 1 !!! Next ere to search o e @ 83. *

• WWC's note payable accrues interest at a 12% annual rate. . WWC will use the FIFO inventory method and record COGS on a perpetual basis. February Transactions Included in WWC's February 1 Accounts Receivable balance is a $1,500 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and 02/01 cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $1,500 balance to a note, and Kit Kat signs a 6-month note, at 8% annual interest. The principal and all interest will be due and payable to WWC on August 1, 2012 2002 WWC paid a $800 insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 105 An additional 170 units of inventory are purchased on account by WWC for $12.750 - terms 2/15,n30. paid Federal Express $340 to have the 170 units of inventory delivered 02/05 overnight. Delivery occurred on 02/06. 02/10 Sales of 140 units of inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. 02/15 The 25 units that were paid for in advance and recorded in January are delivered to the customer 15 units of the inventory that had been sold on 2/10 are returned to WWC. The 02/15 units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned are from the 2/05 purchase 02/16 WWC pays the first 2 weeks wages to the employees. The total paid is $2.800. Paid in full the amount owed for the 2/05 purchase of inventory. WWC records 02:17 purchase discounts in the current period rather than as a reduction of inventory costs 02/18 Wrote off a customer's account in the amount of $1,200.

Required information 1-b. Post all February entries (transactions and adjustments) to the T-accounts. Cash Accounts Receivable Beg bal Beg bal End bal End bal Inventory Allowance for Doubtful Accounts Beg bal Beg bal

Required information Allowance for our Accounts Beg bal. Beg bal End bal End. bal Notes Receivable Interest Receivable Beg bal Beg bal End bal Accounts Payable Uneamed Revenue Beg bal. Bogbal

Required information Beg. bal. Beg bal. End, bal End, bal Accounts Payable Uneamed Revenue Beg bal. Beg bal. End bal End, bal Wages Payable Interest Payable Beg bal Beg bal

Required information Wages Payable Interest Payable Beg bal Beg bali ences End, bal End, bal Notes Payable Contributed Capital Beg bal. Beg bal End bal End, bal Retained Earnings Dividends Declared Beg bal Beg bal

Retained Earnings Dividends Declared Beg. bal. Beg., bal. End bal End bal Sales Revenue Sales Returns & Allowances Beg balf Beg bal. End bal Sales Discounts Cost of Goods Sold Beg bal Beg bal

Reumaton Sales Discounts Cost of Goods Sold Beg bal Beg bal ances End bal End bal Interest Revenue Bad Debt Expense Bog bal. Bog bal End bal End, bal Insurance Expense Interest Expense Beg bal Beg bal

Insurance Expense Interest Expense Beg. bal. Beg bal. End, bal End bal Rent Expense Utility Expense Beg bal Beg bal. End bal End Wages Expense Beg bal

 · Answer

Cash Account

Beg. Bal	19520	Insurance expense	800
		Inventory*	340
		Wages	2800
		Accounts payable	12495
		End bal (Dr)	3085
	19520		19520

Accounts receivable

Beg. bal	10550	Notes receivable	1500
Sales revenue	23100	Allowance for doubtful accounts	1200
		Sales return and allowances	2475
		End bal (Dr)	28475
	33650		33650

Allowance for doubtful accounts

Accounts receivable	1200	Beg. Bal	1200
	1200		1200

Inventory

Beg. Bal	2100	Cost of goods sold	10745
Accounts payable	12750	Cost of goods sold	1750
Cash *	340
Cost of goods sold	1155	End bal (Dr)	3850
	16345		16345

* The delivery charges for bringing the inventory to its current place and making it ready for use is capitalized with inventory costs.

Notes receivable

Accounts receivable	1500
		End bal (Dr)	1500
	1500		1500

Interest receivable

Interest revenue	10	End bal (Dr)	10
	10		10

Accounts payable

Cash	12495	Beg. Bal	1900
Discount received	255	Inventory	12750
End Bal (Cr)	1900
	14650		14650

Unearned revenue

Sales revenue	4650	Beg. Bal	4650
	4650		4650

Wages payable

End bal	0	Beg. Bal	0
	0		0

Interest payable

End bal(Cr)	130	Interest expense	130
	130		130

Notes payable

End bal(Cr)	13000	Beg. Bal	13000
	13000		13000

Contribution capital

End bal (Cr)	5600	Beg. Bal	5600
	5600		5600

Retained earnings

Cost of goods sold	11340	Beg. Bal	5820
Sales return and allowances	2475	Sales revenue	27750
Wages	2800	Interest revenue	10
Insurance expense	800
Interest expense	130
End bal (Cr)	16035
	33580		33580

$Assuming revenue account is as same as retained earnings

Dividends declared

NA	NA	NA	NA
	NA		NA

Sales revenue

Retained earnings	27750	Accounts receivable	23100
		Unearned revenue	4650
	27750		27750

Sales return and allowances

Accounts receivable	2475	Retained earnings	2475
	2475		2475

Sales discount

As I cannot read the entire question I cannot fill up the account. As far as it visually accessible to me the question cannot be read after 02/18. Thus, I am leaving this t account as blank.

Cost of goods sold

Inventory	10745	Inventory	1155
Inventory	1750	Retained earnings	11340
	12495		12495

Interest revenue

Retained earnings	10	Interest receivable	10
	10		10

Bad debt expense

As the bad debt is written off from allowances for doubtful accounts no entry is required in bad debts account.

Insurance expense

Cash	800	Retained earnings	800
	800		800

Interest expense

Interest payable	130	Retained earnings	130
	130		130

Rent expense

As the question is visually accessible upto 02/18, there is nothing about rent expense, thus, I am leaving the t account as blank.

Utility expense

As the question is visually accessible upto 02/18, there is nothing about utility expense, thus, I am leaving the t account as blank.

Wages expense

Cash	2800	Retained earnings	2800
	2800		2800

N.B. I cannot see the question beyond 02/18 date where the amount is written off from debtors. It is a shame I could not complete the question.

.

Please dont solve for the journal entires i already got it thanks Required information [The following...

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