A Fall 2023 ST. Appliance Outlet, inc. went into business as a corporation in early 2018. For the first few years, the company provided annliance repair services only (no merchandise). During 2021, the company began selling appliances, and decided to use the Shown below is the Post-Closing Trial Balance for STLAppliance Outlet at the end of 2020 . A B Following are the events for STL Appliance Outlet during 2021. a) Jan 4,2021-STLAppliance Outlet paid the salaries payable from 2020. b) Jan: 6, 2021-5TL Appliance Outlet purchased 40 appliances for later sale at a cost of $16,450. The appliances werepurchased on account with the terms 1/10,n/30. Jan 8,2021 . The company paid $1,170 cash for supplies to be used by the business. d) Jan 12,2021-The company acquired an additional $65,000 cash from the issue of common stock: e) Jan.15, 2021-STL. Appliance Outlet decided to pay 55,000 of its accounts payable balance from event (b) before the discount period expired, so STL. Appliance Outlet first applied the discount to the $5,000 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) below). After applying this discount, STL Appliance Outlet's inventory cost was $410 for each item. Jan. 15, 2021 - STL Appliance Outlet paid cash to settle parts of its accounts payable balance as described in event (e). Feb. 9,2021 - The company provided $46,800 of appliance repair services. The services were billed to the customers. h) Feb. 12,2021- The company sold 25 appliances for a total price of $23,400. Sales of $16,900 were on account, while $6,500 were cash sales. feb. 12,2021 - The cost to STL Appliance Outlet of each product sold in event (h) was \$410. Feb. 25,2021. The company paid the workers a total of $10,920 in salaries. Fab 26,2021 - Paid cash to settle additional accounts payable in the amount of $2,140. The payment was made after the discount period expired. Mar, 1, 2021-STL.Appliance Outlet rented a business van, paying $6,240 in advance for a one year rental. Mar. 18, 2021-Collected $49,400 of accounts receivable. p) Apri 20, 2021 -STLAppliance Outlet performed \$18,200 worth of appliance repair services for a local college; $15,600 was on account and $2,600 was for cash. May 1,2022-Paid $9,360 for one year's rent on office space in advance. May 5,2021 -5TLAppliance Outlet purchased, and paid cash, for 20 appliances for later sale at a cost of 5414 each. ai May,22, 2021 - The company paid accounts payable of 51,870 , but not within the discount period (the company uses the gross method). Jim. 1.2021 -STL Appliance Outlet rented a larger build ing: paid $8,580 for 12 months' rent in advance. 1) fon. 8,20215 Appliance Outlet purchased, and paid cash, for 10 appliances for later sale fat icosto $5415 each. 1) Jun 9,20215 Appliance Outler purchased 5 appliances for later sale at a cost of $420 gach the purchase was on account. Jun. 16, 2021 . The company sold 30 appliances for a total price of $36,400. Sales of $26,000 Were on account, while 510.400 were cash sales. 23 Instructions Beg TB Events Grid Inventory B A Following are the events for STL. Appliance Outlet during 2021 period (the company uses the gross method). c) Jun 1,2021 - STL Appliance Outlet rented a larger building; paid $8,580 for 12 months' rent in advance. 5) Jun. 8,2021-STL.Appliance Outlet purchased, and paid cash, for 10 appliances for later sale at a cost of $415 each. t) Jun. 9,2021-5TL Appliance Outlet purchased 5 appliances for later sale at a cost of $420 each. The purchase was on account. u) Jun. 16,2021- The company sold 30 appliances for a total price of $36,400. Sales of $26,000 were on account, while $10,400 were cash sales. v) Jun. 16,2021 - Record the cost of goods sold related to the sale from event (u) using the perpetual LiFo method. w) Jul, 1,2021-Paid employees a total of $14,300 cash for salaries employees earned during the current period. x) Jul. 15,2021-Made a full refund to a dissatisfied customer who returned an appliance. The sale had been a cash sale for $850 with a cost of $414. Record the revenue part of the event. y) Jul. 15,2021-Made a full refund to a dissatisfied customer who returned an appliance. The sale had been a cash sale for $850 with a cost of $414. Record the cost part of the event. 2) Aug 20,2021-Provided $41,600 of appliance repair services during the year. The services were billed to the customers. aa) Sep. 30, 2021-Recognized $1,040 of service revenue earned during the first nine months of the year; it had been collected in the prioryear. bb) Oct. 1,2021-Sold a contract for additional future appliance repair services worth $520 for one year's service, starting immediately. The customers paid cash for the full amount. cc) Nov. 8,2021-Paid an additional $7,150 to settle some accounts payable; the payment was made after the discount period expired. dd) Nov.17, 2021-Collected $66,300 of accounts receivable. ee) Dec. 28,2021 -Paid $5,430 of utilities expense for the year. ii) Dec, 29,2021 - Paid a cash dividend of $15,600 to the shareholders. (2:) Dac. 29, 2021. Paid $3,640 of advertising expense during the year. hh) Dec: 30,2021 . Paid $16,210 of other operating expense for the year. ii) Pec 31, 2021 - There was $820 of supplies on hand at the end of the year. 1) Dec. 31,2021-Recognized revenue for the current year earned from event (bb). (it) Dec 31,2021-Accrued salaries at December 31 were $1,560. ii) Pec. 31,2021 -Recognized the expired rent from the prior year, van [event (0)), office space (event (o)). and the building levent (r)] for the year. A Bulnim iciworksheet to analyze the cost of inventory and the cost of goods sold. Wue the worksheet below to prepure the appropriate transaction and adjustins journal antries for STL. fopliance Outiet. For all journal entries, you must only use account names from the Chart of Accounts in 21 5elly 12 thre 125, und you muat only use Accounting Lquation impact codes from the list in calis K2 thru K7. a) ja \begin{tabular}{|c|c|c|c|c|} \hline Dite & \begin{tabular}{l} Aceouning \\ Eg Impacts \end{tabular} & Account Names & Debits & Crediss \\ \hline \multirow[t]{3}{*}{1/3/21} & L. & Selaries Poyable & 1,350 & \\ \hline & A. & cosb & & 1,350 \\ \hline & & campleted as an example & & \\ \hline \end{tabular} 4). lan 6,20215. Appliance Outlet purchaned 40 appliances for later ale at a cost of 516,450 , The 7 apelinices were purchased os acciount with the terms 1/10,n/10. 8 \begin{tabular}{|c|c|c|c|c|} \hline Ovis: & \begin{tabular}{l} Retbunting \\ fin Impacts \end{tabular} & Actount Names & Debits & Credits \\ \hline & & & & \\ \hline & & + & & \\ \hline & & & & \\ \hline \end{tabular} c) 24 3 80 sen t. Beg TE Events: Gria Inwentory J.Es Eston A B E pe the workseet below to prepare the appropriate transaction and adjusting journai entriestorsiL. ppliance Outiet. For all journal entries, you must only use account names from the Chart of Accounts in Eells 12 thru 125 , and you must anly use Accounsing Equation impact codes from the list in cells 2 thru K7. amount so it could reduce itsaccounts payable balance (notes the actual payment is described in event I) Jan 15, 2021-5TL Appliance Outlet paid cash to settle parts of its accounts payabre nanance as described 7 28 29 30 31. 32 d) Fet, 9,2021-The company peovided 546,300 of appliance repair services. The services were billed to 35 36 h) Fob. 12, 2021-The company sold 25 appliances for a total price of $23,400. Sales of $16,900 were on 37 accourt, wevile 56,500 were cash salec Use the worksheet below to prepare the appropriate transaction and adjosting journal entries for STL. Appliance Outlet. For all joumal entries, you must anly use account names from the Chart of Accounts in celfa 12 thru 125, and you must only use Accounting Equation Impact codes from the list incells 2 thru K7. k) Feb, 26,2021-Paid cach to settle additional accounts payable in the amount of 52,140, The payment was made after the discount period expired. 1) hevear n) colletei515, 600 was on arcoumt Appliance Outbet. For all journal entries, you must only use account names from the Chart of Accounts in celis 12t o) May, 5, 2021-5TL Appliance Outlet purchased, and paid cash, for 20 appliances for later sale at a cost of q) May. 21, 2021-The company paid accounts payable of $1,370, but not within the discount period fthe 82 (09) as (us 82 0 69 90 st en 3) Jun, 3, 2021-5TL Appliance Ontbet purchased, and paid cauh, for 10 appliances for later sale at a cost of 5415 each Use the worksheet below to prepare the appropriate transaction and adjustincjournal entries forsiL. Appliance Outlet. For all journal entries, you munt only use account names from the Chart of Accounts in cells 12 thru 125, and you must enly use Accountirie Equation impact codes from the list in celis K2 thru K7. 1) Jun 8, 2021 - STL Appliance Outlet purchased, and pald cash, for 10 appliances for later ale at a cost of t) Jun. 9, 2021-5TL Appliance Outlet purchased 5 appliances for later sale at a cost of S420 each. The V) Jun. 16, 2021 - Plecerd the cost of goods sold related to the sale from event (u) using the perpetual ufo ivi 103 199 10 1i1 w) Jut 1,2021 - Paid employesera total of 514,300 cah for sataries employees earned during the current Shet below to prepare the appropriate transaction and adjusting journal entries for SIL Appilance Outlet. For alt joumal entries, you must only use account names from the Chart of Accounts in cellsi2 thru 125 , and you must only use Accounting Equation Impact codes from the list in cells K2 thru K7. a) Sep.30, 2021-Recognized \$1.040 of service revenue earned during the first nine months of the year; it bb) Oct. 1,2021-Sold a contract for additional future appliance repair services worth $520 for one year's senvice, startine immediatelv. The customers oaid cach for the full amount. ce) movio, zUZI Pad an additional $7,150 to settle some accounts payable; the payment was made after the discount period expired. Shet below to prepare the appropriate transaction and adjusting journal entries for SIL Appilance Outlet. For alt joumal entries, you must only use account names from the Chart of Accounts in cellsi2 thru 125 , and you must only use Accounting Equation Impact codes from the list in cells K2 thru K7. a) Sep.30, 2021-Recognized \$1.040 of service revenue earned during the first nine months of the year; it bb) Oct. 1,2021-Sold a contract for additional future appliance repair services worth $520 for one year's senvice, startine immediatelv. The customers oaid cach for the full amount. ce) movio, zUZI Pad an additional $7,150 to settle some accounts payable; the payment was made after the discount period expired. Use the workseet below to prepare the appropriate transaction and adjusting journal entries for STL. Appliance Outlet. For all joumat entries, you must only use account names from the Chart of Accounts in cellsid ii) A B C. D E journal entries for STL only use account names from the Chart of Accounts in Appliance Outlet. For al journal entries, you must on ill Deci:31, 2021-Recognized revenue for the current vear earned from event (bb). Z (event (o)), Use the worksheet below to prepare the Adjusted Trial Balance for STL Appliance Outlet. STL Appliance Outlet, Inc. Adjusted Trial Balance as of December 31, 2021 Account Debit Credit Cash Accounts receivable Supplies Prepaidrent inventory Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends declared Service revenue Productsales Cost of goods sold Supplies expense Salaries expense Rent axpense Utilities expense Advertising expense Other operating expenses TOTALS 531 NozuanuI pus squan 816 30918 tage suoponysuy botres iy A A Fall 2023 ST. Appliance Outlet, inc. went into business as a corporation in early 2018. For the first few years, the company provided annliance repair services only (no merchandise). During 2021, the company began selling appliances, and decided to use the Shown below is the Post-Closing Trial Balance for STLAppliance Outlet at the end of 2020 . A B Following are the events for STL Appliance Outlet during 2021. a) Jan 4,2021-STLAppliance Outlet paid the salaries payable from 2020. b) Jan: 6, 2021-5TL Appliance Outlet purchased 40 appliances for later sale at a cost of $16,450. The appliances werepurchased on account with the terms 1/10,n/30. Jan 8,2021 . The company paid $1,170 cash for supplies to be used by the business. d) Jan 12,2021-The company acquired an additional $65,000 cash from the issue of common stock: e) Jan.15, 2021-STL. Appliance Outlet decided to pay 55,000 of its accounts payable balance from event (b) before the discount period expired, so STL. Appliance Outlet first applied the discount to the $5,000 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) below). After applying this discount, STL Appliance Outlet's inventory cost was $410 for each item. Jan. 15, 2021 - STL Appliance Outlet paid cash to settle parts of its accounts payable balance as described in event (e). Feb. 9,2021 - The company provided $46,800 of appliance repair services. The services were billed to the customers. h) Feb. 12,2021- The company sold 25 appliances for a total price of $23,400. Sales of $16,900 were on account, while $6,500 were cash sales. feb. 12,2021 - The cost to STL Appliance Outlet of each product sold in event (h) was \$410. Feb. 25,2021. The company paid the workers a total of $10,920 in salaries. Fab 26,2021 - Paid cash to settle additional accounts payable in the amount of $2,140. The payment was made after the discount period expired. Mar, 1, 2021-STL.Appliance Outlet rented a business van, paying $6,240 in advance for a one year rental. Mar. 18, 2021-Collected $49,400 of accounts receivable. p) Apri 20, 2021 -STLAppliance Outlet performed \$18,200 worth of appliance repair services for a local college; $15,600 was on account and $2,600 was for cash. May 1,2022-Paid $9,360 for one year's rent on office space in advance. May 5,2021 -5TLAppliance Outlet purchased, and paid cash, for 20 appliances for later sale at a cost of 5414 each. ai May,22, 2021 - The company paid accounts payable of 51,870 , but not within the discount period (the company uses the gross method). Jim. 1.2021 -STL Appliance Outlet rented a larger build ing: paid $8,580 for 12 months' rent in advance. 1) fon. 8,20215 Appliance Outlet purchased, and paid cash, for 10 appliances for later sale fat icosto $5415 each. 1) Jun 9,20215 Appliance Outler purchased 5 appliances for later sale at a cost of $420 gach the purchase was on account. Jun. 16, 2021 . The company sold 30 appliances for a total price of $36,400. Sales of $26,000 Were on account, while 510.400 were cash sales. 23 Instructions Beg TB Events Grid Inventory B A Following are the events for STL. Appliance Outlet during 2021 period (the company uses the gross method). c) Jun 1,2021 - STL Appliance Outlet rented a larger building; paid $8,580 for 12 months' rent in advance. 5) Jun. 8,2021-STL.Appliance Outlet purchased, and paid cash, for 10 appliances for later sale at a cost of $415 each. t) Jun. 9,2021-5TL Appliance Outlet purchased 5 appliances for later sale at a cost of $420 each. The purchase was on account. u) Jun. 16,2021- The company sold 30 appliances for a total price of $36,400. Sales of $26,000 were on account, while $10,400 were cash sales. v) Jun. 16,2021 - Record the cost of goods sold related to the sale from event (u) using the perpetual LiFo method. w) Jul, 1,2021-Paid employees a total of $14,300 cash for salaries employees earned during the current period. x) Jul. 15,2021-Made a full refund to a dissatisfied customer who returned an appliance. The sale had been a cash sale for $850 with a cost of $414. Record the revenue part of the event. y) Jul. 15,2021-Made a full refund to a dissatisfied customer who returned an appliance. The sale had been a cash sale for $850 with a cost of $414. Record the cost part of the event. 2) Aug 20,2021-Provided $41,600 of appliance repair services during the year. The services were billed to the customers. aa) Sep. 30, 2021-Recognized $1,040 of service revenue earned during the first nine months of the year; it had been collected in the prioryear. bb) Oct. 1,2021-Sold a contract for additional future appliance repair services worth $520 for one year's service, starting immediately. The customers paid cash for the full amount. cc) Nov. 8,2021-Paid an additional $7,150 to settle some accounts payable; the payment was made after the discount period expired. dd) Nov.17, 2021-Collected $66,300 of accounts receivable. ee) Dec. 28,2021 -Paid $5,430 of utilities expense for the year. ii) Dec, 29,2021 - Paid a cash dividend of $15,600 to the shareholders. (2:) Dac. 29, 2021. Paid $3,640 of advertising expense during the year. hh) Dec: 30,2021 . Paid $16,210 of other operating expense for the year. ii) Pec 31, 2021 - There was $820 of supplies on hand at the end of the year. 1) Dec. 31,2021-Recognized revenue for the current year earned from event (bb). (it) Dec 31,2021-Accrued salaries at December 31 were $1,560. ii) Pec. 31,2021 -Recognized the expired rent from the prior year, van [event (0)), office space (event (o)). and the building levent (r)] for the year. A Bulnim iciworksheet to analyze the cost of inventory and the cost of goods sold. Wue the worksheet below to prepure the appropriate transaction and adjustins journal antries for STL. fopliance Outiet. For all journal entries, you must only use account names from the Chart of Accounts in 21 5elly 12 thre 125, und you muat only use Accounting Lquation impact codes from the list in calis K2 thru K7. a) ja \begin{tabular}{|c|c|c|c|c|} \hline Dite & \begin{tabular}{l} Aceouning \\ Eg Impacts \end{tabular} & Account Names & Debits & Crediss \\ \hline \multirow[t]{3}{*}{1/3/21} & L. & Selaries Poyable & 1,350 & \\ \hline & A. & cosb & & 1,350 \\ \hline & & campleted as an example & & \\ \hline \end{tabular} 4). lan 6,20215. Appliance Outlet purchaned 40 appliances for later ale at a cost of 516,450 , The 7 apelinices were purchased os acciount with the terms 1/10,n/10. 8 \begin{tabular}{|c|c|c|c|c|} \hline Ovis: & \begin{tabular}{l} Retbunting \\ fin Impacts \end{tabular} & Actount Names & Debits & Credits \\ \hline & & & & \\ \hline & & + & & \\ \hline & & & & \\ \hline \end{tabular} c) 24 3 80 sen t. Beg TE Events: Gria Inwentory J.Es Eston A B E pe the workseet below to prepare the appropriate transaction and adjusting journai entriestorsiL. ppliance Outiet. For all journal entries, you must only use account names from the Chart of Accounts in Eells 12 thru 125 , and you must anly use Accounsing Equation impact codes from the list in cells 2 thru K7. amount so it could reduce itsaccounts payable balance (notes the actual payment is described in event I) Jan 15, 2021-5TL Appliance Outlet paid cash to settle parts of its accounts payabre nanance as described 7 28 29 30 31. 32 d) Fet, 9,2021-The company peovided 546,300 of appliance repair services. The services were billed to 35 36 h) Fob. 12, 2021-The company sold 25 appliances for a total price of $23,400. Sales of $16,900 were on 37 accourt, wevile 56,500 were cash salec Use the worksheet below to prepare the appropriate transaction and adjosting journal entries for STL. Appliance Outlet. For all joumal entries, you must anly use account names from the Chart of Accounts in celfa 12 thru 125, and you must only use Accounting Equation Impact codes from the list incells 2 thru K7. k) Feb, 26,2021-Paid cach to settle additional accounts payable in the amount of 52,140, The payment was made after the discount period expired. 1) hevear n) colletei515, 600 was on arcoumt Appliance Outbet. For all journal entries, you must only use account names from the Chart of Accounts in celis 12t o) May, 5, 2021-5TL Appliance Outlet purchased, and paid cash, for 20 appliances for later sale at a cost of q) May. 21, 2021-The company paid accounts payable of $1,370, but not within the discount period fthe 82 (09) as (us 82 0 69 90 st en 3) Jun, 3, 2021-5TL Appliance Ontbet purchased, and paid cauh, for 10 appliances for later sale at a cost of 5415 each Use the worksheet below to prepare the appropriate transaction and adjustincjournal entries forsiL. Appliance Outlet. For all journal entries, you munt only use account names from the Chart of Accounts in cells 12 thru 125, and you must enly use Accountirie Equation impact codes from the list in celis K2 thru K7. 1) Jun 8, 2021 - STL Appliance Outlet purchased, and pald cash, for 10 appliances for later ale at a cost of t) Jun. 9, 2021-5TL Appliance Outlet purchased 5 appliances for later sale at a cost of S420 each. The V) Jun. 16, 2021 - Plecerd the cost of goods sold related to the sale from event (u) using the perpetual ufo ivi 103 199 10 1i1 w) Jut 1,2021 - Paid employesera total of 514,300 cah for sataries employees earned during the current Shet below to prepare the appropriate transaction and adjusting journal entries for SIL Appilance Outlet. For alt joumal entries, you must only use account names from the Chart of Accounts in cellsi2 thru 125 , and you must only use Accounting Equation Impact codes from the list in cells K2 thru K7. a) Sep.30, 2021-Recognized \$1.040 of service revenue earned during the first nine months of the year; it bb) Oct. 1,2021-Sold a contract for additional future appliance repair services worth $520 for one year's senvice, startine immediatelv. The customers oaid cach for the full amount. ce) movio, zUZI Pad an additional $7,150 to settle some accounts payable; the payment was made after the discount period expired. Shet below to prepare the appropriate transaction and adjusting journal entries for SIL Appilance Outlet. For alt joumal entries, you must only use account names from the Chart of Accounts in cellsi2 thru 125 , and you must only use Accounting Equation Impact codes from the list in cells K2 thru K7. a) Sep.30, 2021-Recognized \$1.040 of service revenue earned during the first nine months of the year; it bb) Oct. 1,2021-Sold a contract for additional future appliance repair services worth $520 for one year's senvice, startine immediatelv. The customers oaid cach for the full amount. ce) movio, zUZI Pad an additional $7,150 to settle some accounts payable; the payment was made after the discount period expired. Use the workseet below to prepare the appropriate transaction and adjusting journal entries for STL. Appliance Outlet. For all joumat entries, you must only use account names from the Chart of Accounts in cellsid ii) A B C. D E journal entries for STL only use account names from the Chart of Accounts in Appliance Outlet. For al journal entries, you must on ill Deci:31, 2021-Recognized revenue for the current vear earned from event (bb). Z (event (o)), Use the worksheet below to prepare the Adjusted Trial Balance for STL Appliance Outlet. STL Appliance Outlet, Inc. Adjusted Trial Balance as of December 31, 2021 Account Debit Credit Cash Accounts receivable Supplies Prepaidrent inventory Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends declared Service revenue Productsales Cost of goods sold Supplies expense Salaries expense Rent axpense Utilities expense Advertising expense Other operating expenses TOTALS 531 NozuanuI pus squan 816 30918 tage suoponysuy botres iy A