Additional Exercise 221 The adjusted trial balance of Dailey Music Company appea

Question

Additional Exercise 221 The adjusted trial balance of Dailey Music Company appears below. Dailey Music Company prepares Complete the worksheet below. CE monthly financial statements and uses the perpetual inventory method. DAILEY MUSIC COMPANY Work Sheet Adjusted Trial Balance Income Statement Debit Credit Debit Credit Balance Debit Account Titles 11,000 19.000 3,500 Accounts Payable Common Stock Retained Earnings 15.000 20,000 50,000 42,000 39,000 Sales Revenue Sales Discounts Cost of Goods Sold Advertising Expense Supplies Expense 25,000 7,000 6,000 1.000 2.500 n Expense Rent Expense Utilties Expense 166,000 166.000 Net Loss Click if you would like to Show Work for this question: Oeen Show Werk

Explanation / Answer

Date Account Debit Credit Sept 6 Merchandise inventory (20*80) 1600 Sept 6 Cash 1600 Sept 9 Merchandise inventory 80 Sept 9 Cash 80 (Freight recorded) Sept 10 Cash 63 Sept 10 Merchandise inventory 63 (Return) Sept 12 Accounts Receivable 806 Sept 12 Sale (26*31) 806 (Sale Recorded) Sept 12 Cost of goods sold (26*21) 546 Sept 12 Merchandise inventory 546 (COGS recorded) Sept 14 Sales Return and allowance 31 Sept 14 Accounts Receivable 31 (Sale Return Recorded) Sept 14 Merchandise inventory 31 Sept 14 Cost of goods sold 31 (COGS reversed) Sept 20 Accounts Receivable 960 Sept 20 Sale (30*32) 960 (Sale Recorded) Sept 20 Cost of goods sold (26*21) 630 Sept 20 Merchandise inventory 630 (COGS recorded) Income Statement Debit Credit Sale 1766 Sales Return and allowance 31 Cost of goods sold 1176 31 Net Income 590 Balance Sheet Accounts Receivable 1735 Cash 1617 Merchandise inventory 472 Net Income 590 2207 2207

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