Accounting 551 Week 2 Homework

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Accounting 551 Homework for Week 2 Exercises 13-1, 13-2,13-13. 13-1. How would each of the following items be reported on the balance sheet. A. Accrued Vacation Pay- Current Liability B. Estimated Tax Payable- Current Liability C. Service warranties on appliance sales- Currently Liabilities D. Bank overdraft- Current Liability E. Personal injury claim pending- Footnote Disclosure. F. Unpaid bonus to officers- Current Liability G. Deposit received from customer to guarantee- Current Liability H. Sales tax payable- Current Liability I. Gift certificates sold to customers but not yet rendered- Current Liability. J. Premium offers outstanding- Current Liability K. Discount notes payable- Current Liability L. Employee payroll deductions unremitted- Current Liability M. Current maturities of long-term debts to be paid from current assets- Current Liability N. Cash dividends declared but unpaid- Current Liability O. Dividends in arrears on preferred stock- Footnote disclosure P. Loans from officers- Current Liability 13-2. Accounts and Notes Payable * The following are selected 2012 transactions of Darby Corporation. Sept. 1 | Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and uses a periodic inventory system. | Oct. 1 | Issued a $50,000, 12-month, 8% note to Orion in payment of account. | Oct. 1 | Borrowed $75,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $81,000 note. | * Instructions (a) Prepare journal entries for the selected transactions above. 1. Sept.1 Dr- Purchases…………………..$50,000 Cr-A/P………………………………………………………..$50,000 2. Oct. 1 Dr-A/P………………………….$50,000 Cr-N/P……………………………………………………………….$50,000 3. Oct 1. Cash…………………..$75,000 Discount…………….$6,000

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