Use the journal to plug into the needed information. 1-Feb InventoryCash4-Feb SuppliesAccounts payable4-Feb Utilities payableCash6-Feb Accounts payablecash12-Feb Salaries payableSalaries expenseCash8-Feb CashSales revenue8-Feb Cost of goods soldInventory10-Feb InventoryCash14-Feb Cash15-Feb Cash135024-Feb Cash4500Accounts receivableService revenue590026-Feb InventoryUnearned service revenue1230Sales revenue24-Feb Cost of goods soldInventory26-Feb Salaries expensesCash600600500Accounts payable3003003301000120055055012003603302001350450450500640012304364361200500360450027-Feb CashSales revenue27-Feb Cost of goods soldInventory28-Feb Cash58028-Feb CashAccounts receivableService revenue5560960Accounts receivable28-Feb Salary expensesDividendCashAdjustments28-Feb Depreciation expenses3800600440028-Feb Salary expensesSalary payables28-Feb Supplies expensesSupplies payable28-Feb Utilities expensesUtilities payable28-Feb Cost of goods soldInventory28-Feb Rent expensesPrepaid rent28-Feb Insurance expensesPrepaid insurance28-Feb Service revenueService revenue1950580336336Accumulated depreciation expenses20020011326306606220453863862062061950250630960113225045 456Cash7 Accounts Receivable8 Inventory9 Supplies10 Prepaid Rent11 Prepaid Insurance12 Barber Chair #113 Accum Depr - Barber Chair #114 Barber Chair #215 Accum Depr - Barber Chair #216 Accounts Payable17 Salaries Payable18 Unearned Fees19 Utilities Payable20 Capital Stock21 Retained Earnings22 Dividends23 Fees Earned24 Gain (or Loss) on Sale25 Sales26 Cost of Merchandise Sold27 Salaries Expense28 Rent ExpenseAccount29 Supplies Expense30 Depreciation Expense31 Insurance Expense32 Utilities Expense33 Advertising Expense34 Legal Expense35 Miscellaneous Expense3637383940DrTrial BalanceCrDrAdjustmentsCrAdjusted Trial BalanceDrCrIncome StatementDrCrDrBalance SheetCr

Name: Use the journal to plug into the needed information. 1-Feb InventoryCa
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Description: Use the journal to plug into the needed information. 1-Feb InventoryCash4-Feb SuppliesAccounts payable4-Feb Utilities payableCash6-Feb Accounts payablecash12-Feb Salaries payableSalaries expenseCash8-Feb CashSales revenue8-Feb Cost of goods soldInven

Worksheet A worksheet employed by the accounting division to simulate and analyze account balances…

Answered: Use the journal to plug into the needed…

Business

Accounting

Use the journal to plug into the needed information.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 2COP: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...

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ASSETS 110 Cash 121 Accounts Receivable-Empire Co. 122 Accounts Receivable-Equinox Co. 123 Accounts Receivable-Targhee Co. 124 Accounts Receivable-Vista Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 195 Accumulated Depreciation-Office Equipment 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing
Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140
what is balance sheet? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
The following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $ 373000 $ 346000 Inventory 287000 357000 Net credit sales 2911950 2621000 Cost of goods sold 1804000 861000 Net income 309000 176000 The accounts receivable turnover for 2022 is If Year 1 cost of goods sold equals $760, Year 2 cost of goods sold equals $820, and Year 3 cost of goods sold equals $580, the percentage to be assigned for Year 1 in a trend analysis, assuming that Year 1 is the base year, is If Year 1 sales equal $750, Year 2 sales equal $1500, and Year 3 sales equal $930, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is answer these three subparts
The following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $ 373000 $ 346000 Inventory 287000 357000 Net credit sales 2911950 2621000 Cost of goods sold 1804000 861000 Net income 309000 176000 The accounts receivable turnover for 2022 is If Year 1 cost of goods sold equals $760, Year 2 cost of goods sold equals $820, and Year 3 cost of goods sold equals $580, the percentage to be assigned for Year 1 in a trend analysis, assuming that Year 1 is the base year, is If Year 1 sales equal $750, Year 2 sales equal $1500, and Year 3 sales equal $930, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is
110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 20Y6 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end…
Pharoah Company had the following account balances: Sales revenue $ 447000 Cost of goods sold 210000 Salaries and wages expense 30500 Depreciation expense 59500 Dividend revenue 10000 Utilities expense 22000 Rent revenue 58500 Interest expense 35500 Sales returns and allow. 33500 Advertising expense 38000 What would Pharoah report as total expenses in a single-step income statement? $429k $185500 $405500 $395500
44- Calculate net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 40000, Rent received OMR 20000, Salaries OMR 10000, Insurance OMR 6000 and Depreciation OMR 8000. a. OMR 64000 b. OMR 70000 c. OMR 56000 d. OMR 60000
CHART OF ACCOUNTS Palisade Creek Co. General Ledger ASSETS 110 Cash 112 Accounts Receivable 115 Merchandise Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment REVENUE 410 Sales LIABILITIES 210 Accounts Payable 211 Customer Refunds Payable 212 Salaries Payable EQUITY 310Lynn Tolley, Capital 311Lynn Tolley, Drawing EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 1. B. Journalize the transactions for May, starting on Page 20 of the journal.* 2. Add the appropriate posting reference to the journal. 6. A. Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal.* 6. B. Add the…
Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of total expense Record the closing entries
Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of net sales? What is the amount of total assets What is the amount of total liabilities What is the amount of net assets What is the amount of retained earnings after the closing entries have been posted? What is the amount of gross profit? What is the amount of total expense Record the closing entries in the
Ledger the following information that I have journalized into 1-Feb Inventory 600 Cash 600 4-Feb Supplies 500 Accounts payable 500 4-Feb Utilities payable 300 Cash 300 6-Feb Accounts payable 330 cash 330 12-Feb Salaries payable 1000 Salaries expense 200 Cash 1200 8-Feb Cash 1350 Sales revenue 1350 8-Feb Cost of goods sold 450 Inventory 450 10-Feb Inventory 550 Cash 550 14-Feb Cash 4500 Unearned service revenue 4500 15-Feb Cash 5900 Accounts receivable 500 Service revenue 6400 24-Feb Cash 1230 Sales revenue 1230 24-Feb Cost of goods sold 436 Inventory 436 26-Feb Salaries expenses 1200 Cash 1200 26-Feb Inventory 360…