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Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1 – March 31, 2019 Credit Account Title Debit 14,500 11,770 4,500 150,000 34,360 125,000 Cash Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 41,800 210,000 42,000 40,210 8,000 245,880 6,500 12,000 650,000 5,060 8,900 6,500 980,000 10,000 130,000 12,000 10,600 1,379,790 1,379,790| Other data for adjustments: 1. The actual merchandise inventory on hand at March 31 is $50,000. 2. Total of the supplies remain in the company is $120,000. 3. Prepaid insurance is expired $250 per month. Store equipment is depreciated for $100 per month. 5. Building is depreciated on the monthly rate of $1,210. 6. Property taxes rate is 2% of the cost of building for the first quarter of 2019. 7. During the first quarter of 2019, $1,000 of the sales commission has not been paid to the salesmen. 4. Instruction: Prepare adjustment journal entries, worksheet, financial statements for the first quarter of 2019, and closing entries.

Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1 – March 31, 2019 Credit Account Title Debit 14,500 11,770 4,500 150,000 34,360 125,000 Cash Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 41,800 210,000 42,000 40,210 8,000 245,880 6,500 12,000 650,000 5,060 8,900 6,500 980,000 10,000 130,000 12,000 10,600 1,379,790 1,379,790| Other data for adjustments: 1. The actual merchandise inventory on hand at March 31 is $50,000. 2. Total of the supplies remain in the company is $120,000. 3. Prepaid insurance is expired $250 per month. Store equipment is depreciated for $100 per month. 5. Building is depreciated on the monthly rate of $1,210. 6. Property taxes rate is 2% of the cost of building for the first quarter of 2019. 7. During the first quarter of 2019, $1,000 of the sales commission has not been paid to the salesmen. 4. Instruction: Prepare adjustment journal entries, worksheet, financial statements for the first quarter of 2019, and closing entries.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.3E: Perpetual and Periodic Inventory Systems Following is a partial list of account balances for two...
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Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1- March 31, 2019 Account Title Debit Credit Cash 14,500 11,770 Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 4,500 150,000 34,360 125,000 41,800 210,000 42,000 40,210 8,000 245.880 6,500 12,000 650,000 5,060 8,900 6,500 980,000 10,000 130.000 12,000 10,600 1,379,790 1,379,790| Other data for adjustments: 1. The actual merchandise inventory on hand at March 31 is $50,000. 2. Total of the supplies remain in the company is $120,000. 3 Prepaid insurance is expired $250 per month. Store equipment is depreciated for $100 per month. 5. Building is depreciated on the monthly rate of $1,210. 6. Property taxes rate is 2% of the cost of building for the first quarter of 2019. 7. During the first quarter of 2019, $1,000 of the sales commission has not been paid to the salesmen. 4 Instruction: Prepare adjustment journal entries, worksheet, financial statements for the first quarter of 2019, and closing entries.
Transcribed Image Text:Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1- March 31, 2019 Account Title Debit Credit Cash 14,500 11,770 Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 4,500 150,000 34,360 125,000 41,800 210,000 42,000 40,210 8,000 245.880 6,500 12,000 650,000 5,060 8,900 6,500 980,000 10,000 130.000 12,000 10,600 1,379,790 1,379,790| Other data for adjustments: 1. The actual merchandise inventory on hand at March 31 is $50,000. 2. Total of the supplies remain in the company is $120,000. 3 Prepaid insurance is expired $250 per month. Store equipment is depreciated for $100 per month. 5. Building is depreciated on the monthly rate of $1,210. 6. Property taxes rate is 2% of the cost of building for the first quarter of 2019. 7. During the first quarter of 2019, $1,000 of the sales commission has not been paid to the salesmen. 4 Instruction: Prepare adjustment journal entries, worksheet, financial statements for the first quarter of 2019, and closing entries.
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