2 1 points eBook Print The fiscal year-end unadjusted trial balance for Taylor Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,660. c. Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available fiscal year-end. References Requirement General Journal General Ledger Trial Balance IS Multiple Step Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 1 6 7 8 Store supplies still available at fiscal year-end amount to $2,400. Note: Enter debits before credits. Date Account Title Debit Credit January 31 Store supplies expense Store supplies Mew general Inurnal 2 1 points The fiscal year-end unadjusted trial balance for Taylor Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Taylor Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,660. eBook Print c. Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. References Requirement General Journal General Ledger Multiple Step Trial Balance Single Step IS Balance Sheet Ratios IS For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet < 7 8 To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. Note: Enter debits before credits. Date Account Title Debit Credit January 31 Cost of goods sold Merchandise inventory View general journal Record entry Clear entry 2 1 points The fiscal year-end unadjusted trial balance for Taylor Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Taylor Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,660, eBook Print c. Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. References Requirement General Journal General Ledger Trial Balance IS Multiple Step Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 5 6 7 8 Record the entry to close income statement accounts with credit balances. Note: Enter debits before credits. Date Account Title Debit Credit January 31 Accounts payable Sales View general journal Record entry Clear entry > 2 oints eBook He Had year I ulayu cumpay is a you Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Taylor Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,660. c. Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. Print References Requirement General Journal General Ledger Trial Balance IS Multiple Step Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 6 7 8 Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date January 31 Account Title Debit Credit > Saved 1 2 points eBook He Had years I lay Company IELE LOU. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Taylor Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,660. c. Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. Print References Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 5 6 7 8 Record the entry to close income summary. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal 1 2 points eBook The Hager year-enu unious wave layur Company is a GHILE LOU Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Taylor Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,660. c. Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. Print References Requirement General Journal General Ledger Trial Balance 15 Multiple Step Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 6 7 8 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date January 31 Account Title Debit Credit View general journal Record entry Clear entry Ch.4 G.L. Assignment 2 Requirement oints eBook. Print References General Journal General Ledger Trial Balance Multiple Stept IS Single Step IS Balance Sheet Ratios Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Post-closing Net sales Gross profit Taylor Company Income Statement For Year Ended January 31, 2021 $ 0 $ 0 0 + 0 0 0 0 0 Trial Balance. Single Step IS 2 c. Depreciation expense on Stor d. To estimate shrinkage, a physical count of ending merchandise fiscal year-end. 1 points Requirement General Journal General Ledger Trial Balance IS Multiple Step Single Step IS Balance Sheet Ratic Prepare a classified balance sheet as of January 31, 2021. Post-closing eBook Print Current Assets References Plant assets Taylor Company Balance Sheet January 31, 2021 Assets $ 0 0 0 0 0 + $ 0 0 Total assets Liabilities and Equity Liabilities $ 0 0 Equity $ 0 L (4,600) Total liabilities and equity < Single Step IS (4,600) $ (4,600) Ratios > Ch.4 G.L. Assignment 2 Seved 1 points eBook Print The fiscal year-end unadjusted trial balance for Taylor Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Taylor Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,660, c. Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. References Requirement General Journal General Ledger Trial Balance Multiple Step Single Step IS Balance Sheet Ratios IS Compute the following ratios as of January 31, 2021. Round each ratio to 2 decimal places. Current ratio. Acid-test ratio Gross margin ratio Dates: January 31 to: January 31 Ch.4 G.L Assignment Saved 1 points 1 eBook Print References Prepare journal entries to record the following merchandising transactions of Taylor's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Walker.) July 1 Purchased merchandise from Walker Company for $8,600 under credit terms of 1/15, n/30, roB shipping point, invoice dated July 1. July 2 Sold merchandise to Perry Company for $2,200 under credit terms of 2/10, n/60, ron shipping point, invoice dated July 2. The merchandise had cost $1,320. July 3 Paid $645 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,600 for $4,300 cash. July 9 Purchased merchandise from Ryan Company for $3,500 under credit terms of 2/15, n/60, POB destination, invoice dated July 9. July 11 Returned $700 of merchandise purchased on July 9 from Ryan Company and debited its account payable for that amount. July 12 Received the balance due from Perry Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Walker Company within the discount period. July 19 Sold merchandise that cost $2,700 to Clinton Company for $3,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $800 to Clinton Company for merchandise sold on July 19 and credited Clinton's accounts receivable for that amount. July 24 Paid Ryan Company the balance due, net of discount. July 30 Received the balance due from Clinton Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,800 to Perry Company for $9,600 under credit terms of 2/10, n/60, ron shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. View transaction list View journal entry worksheet No Date July 01 Account Title Merchandise inventory Debit Credit 8,600 No Date Account Title Debil Credit 1 July 01 Merchandise inventory Accounts payable-Walker 8,600 8,600 2 July 02 Accounts receivable - Perry Sales 2.200 2,200 7 3 July 02 Cost of goods sold Merchandise inventory 1,320 1,320 4 July 03 Merchandise inventory Cash 645 645 5 July 08 Cash Sales 6 July 08 Cost of goods sold Merchandise inventory 4,300 4,300 2,600 2,600 77 July 09 Merchandise inventory 3,500 Accounts payable - Ryan 3,500 8 July 11 Accounts payable - Ryan 700 Merchandise inventory 700 7 9 July 12 Cash Sales discounts Accounts receivable-Perry 2.156 44 2,200 10 July 16 Accounts payable - Walker 8,600 Merchandise inventory 86 Cash 8,514 11 July 19 Accounts receivable - Clinton 3,800 Sales 3,800 12 July 19 Cost of goods sold Merchandise inventory 2.700 2,700 ' 13 July 21 Sales returns and allowances 800 Accounts receivable - Clinton 800 14 July 24 Accounts payable-Ryan Merchandise inventory Cash 2,800 56 2,744 14 July 24 Accounts payable-Ryan 2,800 Merchandise inventory 56 Cash 2,744 15 July 30 Cash Sales discounts Accounts receivable - Clinton 16 July 31 Accounts receivable - Perry Sales 17 July 31 Cost of goods sold Merchandise inventory 2,940 60 3,000 9,600 9,600 5,800 5,800 1 points 1 Prepare journal entries to record the following merchandising transactions of Taylor's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Walker.) July 1 Purchased merchandise from Walker Company for $8,600 under credit terms of 1/15, n/30, Fon shipping point, invoice dated July 1. July 2 Sold merchandise to Perry Company for $2,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,320. July 3 Paid $645 cash for freight charges on the purchase of July 1. eBook July Print References Sold merchandise that had cost $2,600 for $4,300 cash. July 9 Purchased merchandise from Ryan Company for $3,500 under credit terns of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $700 of merchandise purchased on July 9 from Ryan Company and debited its account payable for that amount. July 12 Received the balance due from Perry Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Walker Company within the discount period. July 19 Sold merchandise that cost $2,700 to Clinton Company for $3,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of 5800 to Clinton Company for merchandise sold on July 19 and credited Clinton's accounts receivable for that amount. July 24 Paid Ryan Company the balance due, net of discount.. July 30 Received the balance due from Clinton Company for the invoice dated July 19, net of discount. July 31 Bold merchandise that cost $5,800 to Perry Company for $9,600 under credit terms of 2/10, n/60, roB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Yncome Statement Impact on Income Prepare a multiple-step income statement through the calculation of gross profit. Taylor's Company Partial Income Statement For the Month Ended July 31, 2021 Sales returns and allowances $ 0 $ 0 800 (800) (800) 0 $ (800) July 24 Paid Ryan Company the balance due, net of discount. July 30 Received the balance due from Clinton Company for the invoice dated July 19, net of discout July 31 Sold merchandise that cost $5,800 to Perry Company for $9,600 under credit terms of 2/10, point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount rej the partial income statement. Ces July 1) Purchased merchandise from Walker Company for Impact on income Increase (decrease) to Income $8,600 under credit terms of 1/15, n/30, FOB shipping point. No impact on income invoice dated July 1. July 2) Sold merchandise to Perry Company for $2,200 under credit terms of 2/10, n/60, FOB shipping point, invoice Increases net income dated July 2 $ 2,200 July 2) The cost of the merchandise sold to Perry Company was $1,320. Decreases net income (1,320) July 3) Paid $645 cash for freight charges on the purchase of No impact on income July 1 July 8) Sold merchandise for $4,300 cash. July 8) The cost of the merchandise sold was $2,600. July 9) Purchased merchandise from Ryan Company for $3,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $700 credit memorandum from Ryan Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Perry Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Walker Company within the discount period. Increases net income 4,300 Decreases net income (2,600) No impact on income No impact on income Decreases net income No impact on income July 19) Sold merchandise to Clinton Company for $3,800 under credit terms of 2/15, n/60, FOB shipping point, invoice Increases net income dated July 19. + (44) 3,800 July 19) The cost of the merchandise sold to Clinton Company was $2,700. Decreases net income (2,700) July 21) Issued a $800 credit memorandum to Clinton Company for an allowance on goods sold on July 19. July 24) Paid Ryan Company the balance due, net of discount. Decreases net income (800) No impact on income July 30) Received the balance due from Clinton Company for the invoice dated July 19, net of discount. Decreases net income 3,000 July 31) Sold merchandise to Perry Company for $9,600 under credit terms of 2/10, n/60, FOB shipping point, invoice Increases net income dated July 31. July 31) The cost of the merchandise sold to Perry Company Decreases net income was $5,800. Total gross profit Income Statamant 9,600 (5,800) $ 9,636