Sales Returns and Allowances2,9522,952Earned Rental Revenue4,3004,300Purchases37,92037,920Purchases Returns and Allowances5,0645,064Wages Expense45,12066045,780Telephone Expense2,1122,112Supplies Expense11,24011,240Insurance Expense3,5603,560Utilities Expense9,6609,660Depreciation Expense-Store Equipment2,5002,500Depreciation Expense-Building2,7002,700359,484 359,48424,96024,960369,644369,6443. Journalize the adjusting entries in a general journal. If an amount box does not require an entry, leave it blank.Page: 1POST.DATEDESCRIPTIONDEBIT CREDITREF.1Dec. 31 Income Summary1Merchandise Inventory2334 Dec. 31 Merchandise Inventory45Income Summary6.7 Dec. 317810 Dec. 31101111121213 Dec. 31131414151516 Dec. 31161717181819 Dec. 31192020212122 Dec. 31222323 pheet (partial)For the year ended December 31, 20--Trial BalanceAdjustmentsAdjusted Trial BalanceAccount TitleDebit CreditDebitCreditDebitCreditCash38,40038,400Accounts Receivable10,20010,200Merchandise Inventory30,7209,02021,700Supplies8,5202,2206,300Prepaid Insurance5,7603,5602,200Store Equipment25,56025,560Accumulated Depreciation-Store Equipment8,5202,50011,020Building60,00060,000Accumulated Depreciation-Building12,0002,70014,700Land54,00054,000Accounts Payable6,7206,720Wages Payable660660Sales Tax Payable5,0405,040Mortgage Payable86,40086,400Unearned Rental Revenue7,5004,3004,3007,500Willie Kaplin, Capital109,800109,800Willie Kaplin, Drawing28,56028,560Income SummarySales118,440118,440Sales Returns and Allowances2,9522,952Earned Rental Revenue4,3004,300Purchases37,92037,920Purchases Returns and Allowances5,0645,064Wages Expense45,12066045,780Telephone Expense2,1122,112Supplies Expense11,24011,240Insurance Expense3,5603,560Utilities Expense9,6609,660Depreciation Expense-Store Equipment2,5002,500Depreciation Expense-Building2,7002,700359,484 359,48424,96024,960369,644369,644

Adjustment Journal Entries The purpose of preparing the adjustment entitles which are helpful to…

Usilities Expense 9.660 9,660 Depreciation Expense-Store Equipment 2,500 ol 2.500 Depreciation Expense-Building 2,700 2,700 359,484 359,484 24,960|| 24,960 369,644 369,644 3. Journalize the adjusting entries in a general journal. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 Income Summary Merchandise Inventory 4 Dec. 31 Merchandise Inventory Income Summary 7 Dec. 31 10 Dec. 31 10 11 11 12 12 13 Dec. 31 13 14 14

Usilities Expense 9.660 9,660 Depreciation Expense-Store Equipment 2,500 ol 2.500 Depreciation Expense-Building 2,700 2,700 359,484 359,484 24,960|| 24,960 369,644 369,644 3. Journalize the adjusting entries in a general journal. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 Income Summary Merchandise Inventory 4 Dec. 31 Merchandise Inventory Income Summary 7 Dec. 31 10 Dec. 31 10 11 11 12 12 13 Dec. 31 13 14 14

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
3. The following balances have been taken from the unadjusted trial balance of a tradingorganization for the year ended Dec. 31, 2020:Sales (All on credit) Rs. 650,000Sales Return and Allowance (All from credit sales) 20,000Sales Discount 10,000Accounts Receivable 430,000Allowance for bad debt (Cr.) 2000Required:Record and close bad debt expense for the year ended Dec. 31, 2020 under each of the followingassumptions separately:a. Allowance for bad debt was estimated @ 10% of accounts receivable.b. Bad debt expense was estimated @ 1.5% of net credit sales.
The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…
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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
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