5/1 Rent Expense 5000 Cash 5000 5/3 Merchandise Expense 35280 Accounts payable 3
ID: 2455410 • Letter: 5
Question
5/1 Rent Expense 5000
Cash 5000
5/3 Merchandise Expense 35280
Accounts payable 35280
5/4 Merchandise Inventory 600
Cash 600
5/6 Cost of Merchandise Sold 41000
Merchandise Inventory 41000
5/6 Accounts Payable 67130
Sales 67130
5/7 Cash 22300
Accounts Receivable 22300
5/10 Cost of Merchandise Sold 32000
Merchandise Inventory 32000
5/10 Cash 4000
Sales 4000
5/13 Accounts Payable 35280
Cash 35280
5/15 Advertising Expense 11000
Cash 11000
5/16 Cash 67130
Accounts Receivable 67130
5/19 Accounts Payable 33450
Cash 33450
5/19 Merchandise Inventory 18700
Cash 18700
5/19 Customer Refunds Payable 13230
Cash 13230
5/20 Merchandise Inventory 8000
Estimated Returns Inventory 8000
5/20 Accounts Receivable 108900
Sales 108900
5/20 Cost of Merchandise Sold 70000
Merchandise Inventory 70000
5/21 Accounts Receivable 2300
Cash 2300
5/21 Cash 42900
Accounts Receivable 42900
5/21 Merchandise Inventory 87120
Accounts Payable 87120
5/24 Accounts Payable 4950
Merchandise Inventory 4950
5/26 Customer Refunds Payable 7500
Cash 7500
5/28 Sales Salaries Expense 56000
Office Salaries Expense 56000
5/29 Store Supplies 2400
Cash 2400
5/30 Accounts Receivable 77175
Sales 77175
5/30 Cash 111200
Accounts Receivable 111200
5/30 Cost of Merchandise Sold 47000
Merchandise Inventory 47000
5/30 Accounts Receivable 72300
Cash 72300
5/31 Accounts Payable 82170
Cash 82170
5/31 Store Supplies Expense 9800
Store Expense 9800
5/31 Insurance Expense 12000
Prepaid Expense 12000
5/31 Depreciation Expense 1400
Accumulated Depreciation-Store Equipment 1400
5/31 Sales Salaries Expense 7000
Office Salaries Expense 6600
Salaries Payable 13600
5/31 Cost of Merchandise Sold 78750
Merchandise Inventory 78750
5/31 Estimated Returns Inventory 35000
Cost of Merchandise Sold 35000
5/31 Sales 60000
Customers Refunds Payable 60000
Instructions: Prepare a balance sheet
110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable — 212 Customers Refunds Payable 50,000 310 Common Stock 100,000 311 Retained Earnings 585,300 312 Dividends 135,000 313 Income Summary — 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800Explanation / Answer
Balance sheet Assets Current assets Cash $ 47,200.00 Accounts Receivable $ 3,86,905.00 Merchandise Inventory $ 5,00,400.00 Estimated Returns Inventory $ 55,000.00 Prepaid Insurance $ 4,800.00 Store Supplies $ 13,800.00 Total current assets $ 10,08,105.00 Non current assets Store Equipment $ 5,69,500.00 Accumulated Depreciation-Store Equipment $ -55,300.00 Total non current assets $ 5,14,200.00 Total Assets $ 15,22,305.00 Liabilities and share holders equity Current Liabilities Accounts Payable $ 1,31,880.00 Salaries Payable $ 13,600.00 Customers Refunds Payable $ 89,270.00 Total current liabiliies $ 2,34,750.00 Share holders equity Common Stock $ 1,00,000.00 Retained Earnings $ 5,85,300.00 Add: Net profit of the current year $ 6,02,255.00 Total Share holders equity $ 12,87,555.00 Total Liabilities and share holders equity $ 15,22,305.00
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