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question create a journal entry with the following transactions note the transaction 4286229

Question

Create a journal entry with the following transactions.

***NOTE*** the transaction for post ref 74 is….

“CS Company forecasted that they would need to borrow cash to support their growth strategy. They will increase inventory balances and purchase long-term assets. They borrowed $1,471 at 6.1% to be repaid in a lump sum in 36 months.”

QTR 4 Understanding of Chapter 8 is required prior to starting these transactions 56 57 10/2/2016 Paid $730 of Accounts Payable 10/10/2016 CS Corporation collected $820 from customers that was in Accounts Receivable. 10/18/2016 $347 was paid to purchase the assets of a small company CS Company wanted to own. The appraised value of the assets was $307 which included $210 for a patent, and the remainder was various lab equipment. CS Company also took on the accrued current liabilities of the business amounting to $96. The remainder is assumed to be goodwill. 10/30/2016 76 shares of CS Company stock were repurchased for $1 per share 10/31/2016 Record the total of October sales: Sales of $640 were made, and $400 worth of inventory was shipped out. 58 59 60 61 11/2/2016 CS Corporation collected $675 from customers that was in Accounts Receivable. 11/14/2016 Re-sold treasury stock that had originally cost $84 for $52. The difference should be a reduction from Additional Paid in Capital 11/26/2016 Dividends of $101 are declared for common shareholders as of the date of record of 12/26/16, to be paid on 1/26/17 11/28/2016 Debt payment was made of $1,909, representing the amount shown as “short term borrowings” at the end of the prior year 11/29/2016 $1,771 of the long-term debt must be paid in 2017, and therefore must be classified as “short term borrowings.” Reclassify this amount. 11/30/2016 Record the total of November sales: Sales of $975 were made, and $630 worth of inventory was shipped out. 63 64 65 12/2/2016 CS Company closed a division. As a result, they had to layoff close to 100 employees, and they paid severance amounting to S55 These costs will be labeled as 'restructuring charges' and GAAP permits them to be put on a separate line item so that it is clear that they are non-recurring 12/4/2016 CS Corporation collected $850 from customers that was in Accounts Receivable 67 68 69 12/6/2016 Paid $500 of Accounts Payable 12/10/2016 The tax provision was calculated based on estimates, and the S347 tax expense was recorded. $18 of this was added to the accrual to be paid in the upcoming year $59 of it was added to the long term liability for deferred taxes, and $270 was paid now as an estimated payment of current year taxes. 70 12/29/2016 S60 was paid for administrative expenses. 71 72 73 12/30/2016 Depreciation was recorded of $249. All depreciation relates to administrative building, furniture and fixtures. 12/31/2016 The average debt outstanding during the year was $3,143. Accrue the interest expense for the year to be paid in January 2017, amounting to 1.75% 12/31/2016 Record the total of December sales: Sales of $530 were made, and $290 worth of inventory was shipped out. Amortization of the patent was recorded for $56. All amortization expense is recorded as “other expense.” of the principal balance. Interest payable is considered an accrued liability. This balance does NOT included the borrowing from April 1, 2016. See Transaction 74 74 12/31/2016 Record the interest for 9 months on the note payable that was taken out on April 1. Round to the nearest whole dollar

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