Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ACCOUNT: Store Equipment ACCOUNT NO: 1 2 3 table [ [ DATE , , ITEM, table [ [ POST ] , [ REF
ACCOUNT: Store Equipment ACCOUNT NO: tableDATEITEM,tablePOSTREFDEBIT,CREDIT,BALANCEDEBIT,CREDITYMayBalance,sqrt ACCOUNT: Accumulated Depreciation, Store Equipment ACCOUNT NO: tableDATEITEM,tablePOSTREFDEBIT,CREDIT," BALANCEDEBITCREDITYMayBalance,sqrt ACCOUNT: Accounts Payable ACCOUNT NO: tableDATEITEM,tablePOSTREFDEBIT,CREDITYMayBalance,sqrt tableBALANCEDEBITCREDIT ACCOUNT: Salaries Payable ACCOUNT NO: tableDATEITEM,tablePOSTREFDEBIT,CREDIT,BALANCEDEBITCREDIT ACCOUNT: Customers Refunds Payable ACCOUNT NO: tableDATEITEM,tablePOSTREFDEBIT,CREDIT,,DEBITCREDITYMayBalance,sqrt ACCOUNT: Common Stock ACCOUNT NO: ACCOUNT: Retained Earnings ACCOUNT NO: ACCOUNT: Dividends ACCOUNT NO: ACCOUNT: Sales ACCOUNT NO: ACCOUNT: Cost of Goods Sold ACCOUNT NO:ACCOUNT: Advertising Expense ACCOUNT NO: ACCOUNT: Depreciation Expense ACCOUNT NO: ACCOUNT: Store Supplies Expense ACCOUNT NO: ACCOUNT: Miscellaneous Selling Expense ACCOUNT NO: Transactions: May Paid rent for May, $ May Sold merchandise on account to Korman Co terms FOB shipping point, $ The cost of the goods sold was $ May Purchased merchandise on account from Martin Co terms n FOB shipping point, $ May Paid freight on purchase of May $ May Sold merchandise with a list price of $ to customers who used VISA and who redeemed $ of pointofsale coupons. The cost of the goods sold was May Paid for merchandise purchased on May May Paid advertising expense for last half of May, $ May Received cash from sale of May May Paid Korman Co a cash refund of $ for returned merchandise from sale of May The cost of the returned merchandise was $ May Sold merchandise on account to Crescent Co terms neom FOB shipping point, $ The cost of the goods sold was $ May For the convenience of Crescent Co paid freight on sale of May $ May Purchased merchandise on account from Osterman Co terms n FOB destination, $ May Returned damaged merchandise purchased on May receiving a credit memo from the seller for $ May Paid sales salaries of $ and office salaries of $ May Purchased store supplies for cash, $ May Received cash from sale of May plus freight. May Paid for purchase of May less return of May Required: Journalize the transactions for May, the last month of the fiscal year. Post the journal entries to the general ledger. Enter the unadjusted trial balance on a column endofperiod spreadsheet work sheet and complete the spreadsheet using the following adjustment data At the end of May, the following adjustment data were assembled: Item Description a Physcial inventory count on May b Insurance expired during the year c Store supplies on hand on May d Depreciation for the current year e Accrued salaries on May : Sales salaries Office salaries Total Amount $ $ f The adjustment for customer returns and allowances is $ for sales and $ for cost of goods sold. Journalize the adjusting entries. Post the adjusting entries to the general Ledger Prepare a multiplestep income statement. Prepare a statement of stockholders' equity. Assume that additional common stock of $ was issued in January Prepare a balance sheet. Journalize the closing entries. Then post the closing entries to the general ledger Prepare a postclosing trial balance.
ACCOUNT:
Store Equipment
ACCOUNT NO:
tableDATEITEM,tablePOSTREFDEBIT,CREDIT,BALANCEDEBIT,CREDITYMayBalance,sqrt
ACCOUNT: Accumulated Depreciation, Store Equipment
ACCOUNT NO:
tableDATEITEM,tablePOSTREFDEBIT,CREDIT," BALANCEDEBITCREDITYMayBalance,sqrt
ACCOUNT: Accounts Payable
ACCOUNT NO:
tableDATEITEM,tablePOSTREFDEBIT,CREDITYMayBalance,sqrt
tableBALANCEDEBITCREDIT
ACCOUNT:
Salaries Payable
ACCOUNT NO:
tableDATEITEM,tablePOSTREFDEBIT,CREDIT,BALANCEDEBITCREDIT
ACCOUNT:
Customers Refunds Payable
ACCOUNT NO:
tableDATEITEM,tablePOSTREFDEBIT,CREDIT,,DEBITCREDITYMayBalance,sqrt ACCOUNT:
Common Stock
ACCOUNT NO:
ACCOUNT:
Retained Earnings
ACCOUNT NO:
ACCOUNT:
Dividends
ACCOUNT NO:
ACCOUNT:
Sales
ACCOUNT NO:
ACCOUNT:
Cost of Goods Sold
ACCOUNT NO:ACCOUNT: Advertising Expense
ACCOUNT NO:
ACCOUNT:
Depreciation Expense
ACCOUNT NO:
ACCOUNT:
Store Supplies Expense
ACCOUNT NO:
ACCOUNT: Miscellaneous Selling Expense
ACCOUNT NO:
Transactions:
May Paid rent for May, $
May Sold merchandise on account to Korman Co terms FOB shipping point, $ The cost of
the goods sold was $
May Purchased merchandise on account from Martin Co terms n FOB shipping point, $
May Paid freight on purchase of May $
May Sold merchandise with a list price of $ to customers who used VISA and who redeemed
$ of pointofsale coupons. The cost of the goods sold was
May Paid for merchandise purchased on May
May Paid advertising expense for last half of May, $
May Received cash from sale of May
May Paid Korman Co a cash refund of $ for returned merchandise from sale of May The cost
of the returned merchandise was $
May Sold merchandise on account to Crescent Co terms neom FOB shipping point, $ The
cost of the goods sold was $
May For the convenience of Crescent Co paid freight on sale of May $
May Purchased merchandise on account from Osterman Co terms n FOB destination, $
May Returned damaged merchandise purchased on May receiving a credit memo from the seller for $
May Paid sales salaries of $ and office salaries of $
May Purchased store supplies for cash, $
May Received cash from sale of May plus freight.
May Paid for purchase of May less return of May
Required:
Journalize the transactions for May, the last month of the fiscal year.
Post the journal entries to the general ledger.
Enter the unadjusted trial balance on a column endofperiod spreadsheet work sheet and complete the spreadsheet using
the following adjustment data
At the end of May, the following adjustment data were assembled:
Item Description
a Physcial inventory count on May
b Insurance expired during the year
c Store supplies on hand on May
d Depreciation for the current year
e Accrued salaries on May :
Sales salaries
Office salaries
Total
Amount
$
$
f The adjustment for customer returns and allowances is $ for sales and $ for cost of goods sold.
Journalize the adjusting entries. Post the adjusting entries to the general Ledger
Prepare a multiplestep income statement.
Prepare a statement of stockholders' equity. Assume that additional common stock of $ was issued in January
Prepare a balance sheet.
Journalize the closing entries. Then post the closing entries to the general ledger
Prepare a postclosing trial balance.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started