What is the solution of question P5. 4 part a? 300b. Journalize the adjusting entries thatc. Journalize the closing entries that are necessary.pare a trialYalong River Resort. At the beginning of the current season, the ledger of Zheng s Tennis Shop showwerecompleted during April.Apr. 4Purchased racquets and balls from Jay-Mac Ltd. ¥760, FOB shipping point, terms 2/10 p/206.Paid freight on purchase from Jay-Mac ¥40.8Sold merchandise to members ¥1,150, terms n/30. The merchandise sold had a costof ¥790.Received credit of ¥60 from Jay-Mac for a racquet that was returned.Purchased tennis shoes from Li Sports for cash, ¥420.Paid Jay-Mac in full.Purchased tennis shirts and shorts from Everett Sportswear ¥800, FOB shipping point, terme3/10, n/60.Received cash refund of ¥50 from Li Sports for damaged merchandise that was returned.Paid freight on Everett Sportswear purchase ¥30.Sold merchandise to members ¥980, terms n/30, The cost of the merchandise soldwas ¥520.Received ¥600 in cash from members in settlement of their accounts.Paid Everett Sportswear in full.Granted an allowance of ¥40 to members for tennis clothing that did not fit properly.Received cash payments on account from members, ¥820.1011131415171820212730The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 AccountsReceivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.Instructionsa. Journalize the April transactions using a perpetual inventory system.b. Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for thejournal reference.)c. Prepare a trial balance on April 30, 2020.

Journal is a book used to record the transactions of events happening for a firm. In journal these…

Answered: a. Journalize the April transactions…

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Accounting

a. Journalize the April transactions using a perpetual inventory system.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 10SPB

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The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.
The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.
WORK SHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES Vickis Fabric Store shows the trial balance on page 603 as of December 31, 20-1. At the end of the year, the following adjustments need to be made: (a and b)Merchandise inventory as of December 31, 31,600. (c)Unused supplies on hand, 1,150. (d)Insurance expired, 350. (e)Depreciation expense for the year; 700. (f)Wages earned but not paid (Wages Payable), 520. (g)Unearned revenue on December 31, 20-1, 1,200. REQUIRED 1. Prepare a work sheet. 2. Prepare adjusting entries. 3. Prepare closing entries. 4. Prepare a post-closing trial balance. 5. Prepare reversing entry(ies).
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Magadjust Tayo Store is completing the accounting process for the year just ended December 31 200B. The transactions in 200B have been jouralized and posted. The following data with respect to adjusting entries were available Three-fourths of the basement of the store is rented for P11,000 per month to another merchant, Isip Mabuti Enterprises Isip Mabuti sells comparable, but not competitive, merchandise. On September 1, 200B, the store collected six month's rent in advance from Isip Mabuti in the amount of P66 000 which was credited in full to rent revenue. The remaining basement space is rented to Compute Kamuna Shop for P2, 500 per month payable monthly On December 31 200B. the rent for November and December was neither collected nor recorded. Collection is expected on January 10, 200C. Required: Prepare necessary adjusting entries as of December 31, 200B
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The problem to be resolved:The following unadjusted trial balance was extracted from the books of KT Supplies at June 30th, 2021. The company is owned by Karen Thompson and trades in the buying and selling of household supplies. KT SuppliesTrial Balance as at June 30, 2021A/C Name DR $ CR $Cash 405,670 Accounts Receivable 2,037,100 Merchandise Inventory 660,500 Store Supplies 403,930 Prepaid Rent 165,000 Furniture and Fixtures…
The problem to be resolved:The following unadjusted trial balance was extracted from the books of KT Supplies at June 30th, 2021. The company is owned by Karen Thompson and trades in the buying and selling of household supplies. KT SuppliesTrial Balance as at June 30, 2021A/C Name DR $ CR $Cash 405,670 Accounts Receivable 2,037,100 Merchandise Inventory 660,500 Store Supplies 403,930 Prepaid Rent 165,000 Furniture and Fixtures…
The problem to be resolved:The following unadjusted trial balance was extracted from the books of KT Supplies at June 30th, 2021. The company is owned by Karen Thompson and trades in the buying and selling of household supplies. KT SuppliesTrial Balance as at June 30, 2021A/C Name DR $ CR $Cash 405,670 Accounts Receivable 2,037,100 Merchandise Inventory 660,500 Store Supplies 403,930 Prepaid Rent 165,000 Furniture and Fixtures…