comprehensive problem Hi, I don\'t know how to solve this problem. There are som
ID: 2591396 • Letter: C
Question
comprehensive problem
Hi, I don't know how to solve this problem.
There are some requires. But I want to know Required2.
Please Help me. (T.T)
mprehensive Problem Chapterso Fray Enterprises is a small businesst manufacturers and sells 8 lists, and the like. Fray conducts business via the Internet the Z1-420. Fray provides the following trial balance as of Janca that purchases electronic personal information mana umers. These PIMs keep track of appointments, phone n ezkT ers and, at this point, carries only one Fray Enterprises Trial Balance January 1, 2011 Cash. Accounts Receivable Allowance for Bad Debts Debits Credits $9,200 204 Prepaid Rent. Office Supplies Accounts Payable 31,650 1,100 900 19,100 2,800 3,400 30,000 13,546 569,650 $O Common Stock (10,000 shares) Retained Earnings Totals Fray uses the periodic FIFO invento of the following inventory layers: ry method in accounting for its in entory.The inventory ofn Layer Units Price per Unit Total Price 50 80 70 40 $120 130 135 145 6,000 10,400 9,450 5,800 1 (oldest purchase) 4 (most recent purchase) Total Fray provides the following additional relevant information: · The company uses the percentage of receivables method in estimating bad debts; 2% of the end ng receivables balance is deemed to be uncollectible. . Fray conducts an actual physical count of its inventory and office supplies at the end of each mond on the 1 Fray is paid at the beginning of each month. Rent on the warehouse of each month. rents its warehouse, office facilities, and computer equipment. Rent on the computer equipms and office space is paid id on the 5th and the 20th (pay periods end on the 15th and the last day of the ble represents payroll taxes that are due by the 5th of the following month. Payroll is.pa Taxes Payab .All-salesand all inventory purchases are on account.Explanation / Answer
1.
2.
Working:
(3)
FRAY ENTERPRISES General journal for the month of January 2011 Date Account title Debit credit Jan.1 Rent expense 1400 Cash 1400 Jan.5 Accounts receivable 27300 Sales revenue 27300 Jan.5 Wages payable 2800 Taxes payable 3400 Cash 6200 Jan.8 Cash 19000 Accounts receivable 19000 Jan.8 Office supplies 300 Cash 300 Jan.10 Inventory 10150 Accounts payable 10150 Jan.11 Accounts payable 11900 Cash 11900 Jan.12 Cash 22000 Accounts receivable 22000 Jan.12 Accounts receivable 25200 Sales revenue 25200 Jan.15 Office rent expense 2200 Cash 2200 Jan.15 Inventory 19500 Accounts payable 19500 Jan.18 Accounts receivable 210 Sales returns 210 Jan.19 Cash 30000 Accounts receivable 30000 Jan.19 Accounts receivable 29400 Sales revenue 29400 Jan.20 Wages expense 4800 Withholding insurance payable 780 Withholding taxes payable 310 Insurance payable 367 Wages payable 3343 Jan.22 Allowance for doubtful accounts 630 Accounts receivable 630 Jan.23 Withholding taxes payable 310 Cash 310 Jan.24 Inventory 27000 Accounts payable 27000 Jan.25 Office supplies 480 Cash 480 Jan.25 Accounts payable 43000 Cash 43000 jan.26 Cash 30500 Accounts receivable 30500 Jan.29 Sales returns 1470 Accounts receivable 1470 Jan.30 Accounts receivable 20300 Sales revenue 20300 Jan.31 Cash 29900 Accounts receivable 29900 Jan.31 Accounts receivable 15400 Sales revenue 15400 Jan.31 Wages expense 5000 Withholding insurance payable 230 Withholding taxes payable 810 Insurance payable 382 Wages payable 3578Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.