Fall 2017-ACC 101-Continuing Problem-page 280 Comprehensive Problem- Handout) In
ID: 2580763 • Letter: F
Question
Fall 2017-ACC 101-Continuing Problem-page 280 Comprehensive Problem- Handout) Instructions 1. Write in the opening balances listed in each ledger account. 2. Prepare the journal entries in the Journal for the transactions for the month of May 3. !!!! Please make sure your journal entries are correct before you continue!!!! 4. Post all the journal entries to the individual appropriate general ledger account 5. Calculate the balance for each ledger account. 6. Prepare an unadjusted trial balance. The unadjusted trial balance must balance before you can NCE Prepare the adjusting journal entries in the Journal. The information necessary to prepare the 7. adjusting journal entries in included Instruction # 4 8. Post the adjusting journal entries (Chapter 3) to the individual appropriate general ledger accounts. 9. Calculate the new balances in each ledger account. 10. Prepare an Adjusted Trial Balance. The adjusted trial balance must balance before you can 11. Based on the Adjusted Trial Balance, prepare the Multiple-step Income Statement (example on page page 245), Retained Earnings Statement (example on page 248) and Balance Sheet (example on page 249). 12. Prepare the closing entries for all the revenue, expense and the dividend accounts. 13. Post the closing entries (Chapter 4) to the appropriate general ledger accounts and calculate the nev balances in each affected account. 14. Prepare a post-closing trial balance. The end! The completed problem is due on for this class. ,2017. This project ispoints of your final grade
Explanation / Answer
BALANCE SHEET
FIXED ASSETS
EQUIPMENT
569500
(56700)
512800
CURRENT ASSETS
0
INVENTORY
624000
ACC REC
257520
PREPAY
16800
CASH
93300
ACC PAY
(68900)
REFUNDS PAY(
(50000)
0
C STOCK
(100000)
RET EARNINGS
(585300)
(1000970)
INCOME STATEMENT
$
$
SALES
5170770
COS
(2823000)
GP
EXPENSES
STORE SUPPLIES
13800
SD SALARIES
720800
ADVERTISING
292000
SLAARIES ADMIN
211100
RENT
88700
MIS EXP
7800
SD MISC
12600
(1346800)
NET
1000970
DR
CR
CASH
81600
0
ACC REC
233900
0
INVENTORY
624000
0
RETURNS EST
28000
0
PREPAID INSURANCE
16800
0
SUPPLIES
11400
0
S EQUIPMENT
569500
0
S EQUIP ACC DEP
0
56700
ACC PAY
0
96600
REF PAY
0
50000
C STOCK
0
100000
RET EARN
0
585300
DIV
135000
0
SALES
0
5069000
COS
2823000
0
SALARY SD
664800
0
ADVERTS
281000
0
MIS SD
12600
0
SALARY ADMIN
382100
0
RENT
83700
0
MISC EXP
7800
0
5955200
5957600
ACC REC
BAL
233900
CASH
22300
KORMAN
68500
CASH KORMAN
67130
CRESCENT
110000
CASH GEE
42900
TURNER
78750
CASH CRESCENT
101300
0
BAL
257520
491150
491150
STORE SUPPLIES
BAL
11400
CASH
2400
13800
ACC PAY
0
BAL
96600
CASH MARTIN
35280
OSTERMAN
88000
DIS REC MARTIN
720
0
RETURN OSTERMAN
5000
0
CASH OSTERMAN
74700
0
BAL
68900
0
184600
184600
SALES
RETURN
13230
BAL
5069000
CASH
7500
KORMAN
68500
CASH SALE
54000
BAL
5170770
5191500
5191500
COS
BAL
20823000
RETURN
5000
PURCHASE
18700
PURCHASES OSTERMAN
88000
SALARIES S & D
664800
CASH
56000
ADVERTISING
BAL
281000
CASH
11000
SALARIES OFFICE
BAL
182100
CASH
29000
RENT
BAL
83700
CASH
5000
88700
CASH
MAY
$
MAY
$
7
ACC REC HALSTAD
22300
1
RENT
5000
10
CASH SALE
54000
4
FREIGHT IN
600
16
ACC REC KORMAN
67130
13
ACC PAY MARTIN
35280
21
ACC REC GEE
42900
15
ADVERTISING
11000
30
ACC REC CRESCENT
101300
19
PURCHASES
18700
0
19
ACC PAY BUTTON
33450
0
20
FREIGHT OUT
2300
0
20
CASH SALE RETURN
7500
0
28
SALARIES S & D
56000
0
28
SALARIES ADMIN
29000
0
29
STORE SUPPLIES
2400
0
31
ACC PAY OSTERMAN
74700
0
SUB T
11700
287630
287630
.
Date
Details
Ref
$
DEBIT
CREDIT
MAY 1
PAID RENT - MAY
5000
RENT
CASH
3
PURCHASES MARTIN
36000
PURCHASES
ACC PAY MARTIN
May 4
FREIGHT IN
600
FREIGHT IN
CASH
6
SALE TO KORMAN
68500
ACC REC KORMAN
SALES
7
RECEIPT FROM HALSTAD
22300
CASH
ACC REC HALSTAD
10
CASH SALE
54000
CASH
SALES
13
PAID SUPPLIER MARTIN
35280
ACC PAY MARTIN
CASH
720
ACC PAY MARTIN
DISC RECEIVED
15
ADVERTISING PAID
11000
ADVERTISING
CASH
16
RECEIPT FROM KORMAN
67130
CASH
ACC REC KORMAN
1370
DISC ALLOWED
ACC REC KORMAN
19
CASH PURCHASES
18700
PURCHASES
CASH
19
ACC PAY BUTTONS
33450
ACC PAY BUTTON
CASH
20
PAID KORMAN FOR RET
13230
SALES RETURN
ACC REC KORMAN
270
ACC REC KORMAN
DIS ALLWOED
ACC REC KORMAN
CASH
20
ACC REC CRESCENT SALE
110000
ACC REC CRESCENT
SALE
21
FREIGHT OUT
2300
FREIGHT OUT
CASH
21
RECEIPT ACC GEE
42900
CASH
ACC REC GEE
21
PURCHASE FROM OSTERMAN
88000
PURCHASES
ACC PAY OSTERMAN
24
PURCHASE RETURN OSTERMAN
5000
ACC PAY OSTERMAN
PURCHASE RETURN
26
CASH SALE REFUND
7500
SALES RETURN
CASH
28
SALARIE S & D
56000
SALARIES S&D
CASH
SALARIE ADMIN
29000
SALARIES ADM
CASH
29
STORE SUPPLIES
2400
SUPPLIES
CASH
30
SALES ACC REC TURNER
78750
ACC REC TURNER
SALES
30
RECIEPT FROM CRESCENT
99000
+2300
CASH
CASH
ACC CRESCENT
FRIEHGT OUT
11000
DIS ALLOWED
ACC REC
31
PAID AC PAY
74700
ACC PAY OSTERMAN
CASH
8300
ACC PAY OSTERMAN
DISC RECD
BALANCE SHEET
FIXED ASSETS
EQUIPMENT
569500
(56700)
512800
CURRENT ASSETS
0
INVENTORY
624000
ACC REC
257520
PREPAY
16800
CASH
93300
ACC PAY
(68900)
REFUNDS PAY(
(50000)
0
C STOCK
(100000)
RET EARNINGS
(585300)
(1000970)
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