V1. Net income $1,143,100 The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Sales Salaries Expense Office Supplies Prepaid Insurance Office Equipment 16,400 1,110,100 9,700 Advertising Expense 666,500 1,005,800 Depreciation Expense- Accumulated Depreciation- Office Equipment Store Equipment Miscellaneous Selling Expense 169,700 666,500 46,100 Store Equipment Accumulated Depreciation- 4,362,700 Office Salaries Expense 787,700 Rent Expense 113,900 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Depreciation Expense– Office Equipment Insurance Expense Office Supplies Expense 2,205,600 395,100 60,600 48,500 58,200 50,300 34,100 Miscellaneous Administrative Exp. Interest Expense 17,600 (final payment due in 10 years) Kristina Marble, Capital 363,600 25,400 4,179,800 (Continued)

V1. Net income $1,143,100 The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Sales Salaries Expense Office Supplies Prepaid Insurance Office Equipment 16,400 1,110,100 9,700 Advertising Expense 666,500 1,005,800 Depreciation Expense- Accumulated Depreciation- Office Equipment Store Equipment Miscellaneous Selling Expense 169,700 666,500 46,100 Store Equipment Accumulated Depreciation- 4,362,700 Office Salaries Expense 787,700 Rent Expense 113,900 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Depreciation Expense– Office Equipment Insurance Expense Office Supplies Expense 2,205,600 395,100 60,600 48,500 58,200 50,300 34,100 Miscellaneous Administrative Exp. Interest Expense 17,600 (final payment due in 10 years) Kristina Marble, Capital 363,600 25,400 4,179,800 (Continued)

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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