Thompson go carts sells motorized go carts. Thompson go carts are motorized and are typically purchased by amusement parks and other recreation facilities, but are also occasionally purchased by individuals for their own personal use. The company uses a perpetual inventory system.
Prepre the journal entries to record the transactions shown.
a. 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will also be footnoted.
b. 5 transaction will be footnoted as a contingent liability.
c. 22 transaction will be footnoted as a contingent liability.
d. 27 transaction will be reported as a liability on the balance sheet and a loss on the income statement. Transaction will also be footnoted.
e. 27 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements.
f. 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements.
g. 22 transaction will not be footnoted because it is unlikely to be a loss.
h . transaction will be reported as a liability on the balance sheet and an expense on the income statement.
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