Yi Ltd. has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit balances (amounts in thousands).

In addition, the following transactions have not been journalized for January 2020.

Instructions

a. Record the January transactions in the appropriate journal—sales, purchases, cash receipts, cash payments, and general.

b. Post the journals to the general and subsidiary ledgers. Add and number new accounts in an orderly fashion as needed.

c. Prepare a trial balance at January 31, 2020, using a worksheet. Complete the worksheet using the following additional information.

1. Supplies at January 31 total W700.

2. Insurance coverage expires on October 31, 2020.

3. Annual depreciation on the equipment is W1,500.

4. Interest of W30 has accrued on the note payable.

5. Inventory at January 31 is W15,000.

d. Prepare an income statement and an owner’s equity statement for January and a classified statement of financial position at the end of January.

e. Prepare and post the adjusting and closing entries.

f. Prepare a post-closing trial balance, and determine whether the subsidiary ledgers agree with the control accounts in the general ledger.

Transcribed Image Text:

GENERAL LEDGER January 1 Opening Balance #33,750 Ассount Number Account Title 101 Cash 112 Accounts Receivable 13,000 115 Notes Receivable 39,000 120 Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital 20,000 126 1,000 130 2,000 157 6,450 158 1,500 35,000 201 301 78,700 Schedule of Accounts Receivable Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Opening (from accounts receivable subsidiary ledger) January 1 Opening Customer Balance Creditor Balance Au & Sons W4,000 Bai Co. W11,000 В. Вak R. Kang Oe Sisters R. Ryu 7,500 9,000 15,000 1,500