*Accounting Cycle Review 7-01 a 1-f2 Crane Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Crane are indicated in the working papers. Presented below are a series of transactions for Crane Co. for the month of January, Credit sales terms are 2/10,n/30. The cost of all merchandise sold was 60% of the sales price. Account Number 101 112 115 120 January 1 Opening Balance $32,250 12,500 39.000 15,000 1,500 1.800 6,900 1,600 37,000 70,350 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital 126 130 157 158 201 301 Customer R. Beltre B. Santos January 1 Opening Balance 51,600 7,800 3,100 S. Mahay Customer January 1 Opening Balance S. Meek R. Moses 59,000 16,000 12,000 D. Salta Jan. 3 5 Sell merchandise on account to B. Corpas $3,000, Invoice no. 510, and ta ). Revere 51,600, Invoice no. 511. Purchase merchandise from S. Gamel $6.000 and D. Posey $2,800, terms n/30. 7 8 9 10 TU 11 12 42 13 15 15 16 17 . 18 Receive checks from S. Mahay $3,100 and B. Santos $2.000 after discount period has lapsed. Pay freight on merchandise purchased 5245. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $12,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Dally cash sales from January 1 to January 10 total 516,000. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. withdraw ten sich withdraw $800 cash by M. Crane for personal use. M Doct siste Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, 1/30; S. Meek 514,600, terms 2/10, n/30; and S. Gamel 51,500, terms n/30. Pay $700 cash for office supplies. Return $300 of merchandise to 5. Meek and receive credit. Daily cash sales from January 11 to January 20 total $20,600. Make one journal entry for these sales. Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from 5. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,700, Invoice no. 514, and to R. Beltre $2,200, Involce no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3.200, Invoice no. 516, and to J. Revere s6,800, Involce no. 517. Purchase merchandise from D. Saito s14,500, terms 1/10, 1/30; D. Posey $3,300, terms n/30; and S. Gamel $5,200, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total 521,000. Make one journal entry for these sales. Pay sales salaries S4,400 and office salaries S3,200. 20 21 21 22 22 23 25 27 27 28 31 31 Your answer is correct. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Date Account Receivable Dr. Sales Revenue Cr. Account Debited Invoice No. Ref. Cost of Good Sold Dr. Inventory Cr. 1800 Jan. B. Corpas 510 v 3000 Dan. 3 D. Revere 511 11600 960 Dan. 11 R. Beltre 512 720 120g 900 Jan. 11 5. Mahay 512 540 Dan. 22 B. Corpas 514 2700 1620 V Jan. 22 R. Beltre 515 2200 1320 Dan. 25 B. Santos @@e 516 3200 1920 Dan. 25 0. Revere 517 680g 4080 21600 12960 Your answer is correct. Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Date Account Credited Inventory Dr. Accounts Payable cr. Terms Ref. n/30 V 6000 n/30 2800 Jan. 5 6. Game Jan. S D. Posey Jan 16 D. Saito Dan. 16 5. Meer Dan. 16 6. Game 1/10, n/30 15000 2/10, n/30 14600 n/30 1500 Jan. 27) D. Saita 1/10, 1/30 14500 D. Posey n/30 Jan 27 Jan. 27 3300 5200 S. Game n/30 62900 Your answer is correct. Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Date Sales Discounts Dr. Cash Dr. Sales Revenue Cr. Other Accounts Cr. Account Credited Cost of Good Sold Dr. Inventory Cr. Ref. Account Receivable Cr. Dan. 7 V 3100 3100 6. Mahay B. Santos Dan. 7 2000 2000 0 Dan. 10 16000 16000 9600 Dan 13 B. Corpas 2940 60 3000 Jan. 13 Revere V 1274 26 1300 0 lan. 20 20600 O 20600 12260 0 jan. 21 5. Mahay v SEZ 900 0 Dan. 31 21000 21000 12600 67796 104 10300 57600 34560 Your answer is correct. Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Date Other Accounts Dr. Account Debited Accounts Payable Dr. Supplies Dr. Ref. CE. lan. E Inventory Cash Cr. 0 245 180 2820 Inventory 120 2245 Jan. 9 5. Meel 9000 Dan. 9 D. Saito 1 2000 11880 Dan. 12 Co@000001 Rent Expense 729 1400 1400 00000000 Jan. 15 Owner's Drawings 306 0 800 700 Dan. 17 Dan. 23 @@000@o@ D. Saito 150 148 50 15000 14300 Jan. 23 5. Meek 286 14014 Gan. 28 200 200 0 7600 OO Jan. 31 Salaries and wages Expense 627 7600 1004 50300 900 736 60509 Your answer is correct. Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal engles in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dan Sales Returns and Allowances Accounts Receivable (Issued credit for merchandise returned.) ban Inventory 180 500 300 0 180 Cost of Goods Sold (Cost of merchandise returned.) Dan. 18 Accounts Payable 300 300 Inventory (Received credit for retumed goods.) Jan. 21 Accounts Payable 116000 0 O 16000 Notes Payable (Payment of balance due.) Your answer is correct. Post the journals to the general ledger (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Date Ref. Debit Credit Balance Explanation Jan. 1 Balance 0 32250 31 100046 CR1 57796 CP1 O 31 60509 39537 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 12500 34100 31 S1 21600 31 CR1 0 110300 3800 9 300 23500 Date Explanation Ref Debit Credit Balance Jan. 1 Balance O 39000 4.1.1.1.1.1.1.2.6. 1.0 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 15000 0 0 31 17900 31 P1 62900 51 O CR1 0 64940 12960 34560 31 30380 30625 8 CP1 245 31 CP1 O 736 29889 G1 180 30069 18 1> 300 29769 Date Ref. Debit Credit Balance Explanation Jan. 1 Balance 1500 31 CP1900 2400 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 0 U 1800 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 6900 Date Ref. Debit Credit Balance Explanation Jan. 1 Balance 1600 Date Ref. Debit Credit Balance Explanation Jan. 21 G10 16000 16000 Date Ref. Debit Credit Balance Explanation Jan, 1 Balance O 37000 31 P10 62900 99900 31 CP1 50300 49600 18 G1 300 . 49300 21 GI 16000 33300 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 0 70350 Date Explanation Ref. Debit Credit Balance Jan 15 CP1 800 800 Date Explanation Credit Balance Jan. 31 Ref. Debit si o Cri 21600 21600 31 57600 79200 Date Explanation Ref. Debit Credit Balance Jan. 9 G1 300 O 300 Date Explanation Ref. Debit Credit Balance Jan. 31 CR1 104 104 Date Ref. Debit Credit Balance Explanation Jan. 31 Si 12960 12960 31 47520 CR1 34560 G1 O 9 180 47340 Date Explanation Ref. Debit Credit Balance Jan. 31 CP1 7600 7600 Date Explanation Ref. Debit Credit Balance Jan. 12 CP1 1400 0 1400 Accounts Receivable Subsidiary Ledger Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 0 11600 11 S1 1200 2800 22 S1 12200 5000 Date Explanation Ref. Debit Credit Balance Jan. 3 S1 1600 1600 300 1 300 13 G1 CRIO S1 6800 1300 0 6800 25 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 7800 7 CRI 5800 2000 O 25 S1 3200 9000 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 3100 00 7 CR1 3100 104 104 Date Ref. Debit Credit Balance Explanation Jan. 31 Si 12960 12960 31 47520 CR1 34560 G1 O 9 180 47340 Date Explanation Ref. Debit Credit Balance Jan. 31 CP1 7600 7600 Date Explanation Ref. Debit Credit Balance Jan. 12 CP1 1400 0 1400 Accounts Receivable Subsidiary Ledger Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 0 11600 11 S1 1200 2800 22 S1 12200 5000 Date Explanation Ref. Debit Credit Balance Jan. 3 S1 1600 1600 300 1 300 13 G1 CRIO S1 6800 1300 0 6800 25 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 7800 7 CRI 5800 2000 O 25 S1 3200 9000 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 3100 00 7 CR1 3100 11 S1 900 0 300 21 CRIO 900 . Date Explanation Credit Balance Jan. 3 3000 Ref. Debit Si 3000 CRI 0 S1 2700 13 3000 U 22 2700 Accounts Payable Subsidiary Ledger Date Explanation Ref. Debit Credit Balance Jan. 5 P1 2800 2800 00 27 P1 3300 6100 Ref. Debit Credit Balance Date Explanation Jan. 1 Balance alance O 9000 9 CP1 9000 16 P1 U 14600 1.4600 1B G1 sod 14300 23 CP1 14300 0 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 16000 00 21 GL 16000 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance n 12000 9 CP1 12000 16 P1 O 1500C 15000 23 CP1 15000 O 27 P1 14500 14500 Date Explanation Ref. Debit Credit Balance Jan. 5 P1 5000 6000 16 P1 000 1500 7500 27 P1 5200 12700 Your answer is partially correct. Try again. Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional Information. 1. Office supplies at January 31 total $1,000. 2. Insurance coverage expires on October 31, 2020. 3. Annual depreciation on the equipment is $1,800. 4. Interest of $50 has accrued on the note payable. Trial Balance For the Month Ended January 31, 2020 Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. Balance Sheet Income statement Dr. Cr Account Titles Dr. Cr. Dr. Cr. Cash 39537 19537 Accounts Recelvable 23500 29537 23500 39000 23500 Notes Receivable 39000 39000 Inventory 29769 29769 29769 Supplies 2400 1400 Prepaid Insurance 1800 180 1000 1620 6900 1000 1620 6900 Equipment 6900 Accum. Depreciation-Equipment 100 190.000000 BDO 100 : 1700 1700 0 1600 0 16000 33300 00000000000000000 0000000 BIDO000 000000000000000 Notes Payable 10000000000000000 0001.0000 0 0000000 16000 Accounts Payable 33300 16000 33300 50 70350 Interest Payable 50 0 70350 70350 Owner's Capital Owner's Drawings Bod D O BOD Sales Revenue 300 0 0 79200 3DO 79200 79200 Sales Retums and Allowances sod Sales Discounts 104 104 104 Cost of Goods Sold 47340 47340 O 17340 Salaries and Wages Expense 0 7600 7600 0 0 7600 1400 Rent Expense 0 1400 11400 0 Totals 200450 200456 Supplies Expense 1400 0 1400 D 1400 O Insurance Expense O O 180 180 O 0 Depreciation Expense 1600 O 1600 O 1600 O Interest Expense 0 50 0 50 0 Totals 3430 202300 202300 19026 Net Income 19026 Totals 79200 79200 142126 142126 x Your answer is incorrect. Try again Prepare a multiple-step income statement 1010 id ll Q0000 00 00 * Your answer is incorrect. Try again. Prepare a owner's equity statement for January. (List items that increase owner's equity first.) s x your answer is incorrect. Try again. Prepare a classified balance sheet at the end of January (List Current Assets in order of liquidity.) Assets I Liabilities and Owner's Equity gol * Your answer is incorrect. Try again. Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) * Your answer is incorrect. Try again. Prepare closing entries. (Credit account bitles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To close revenue account) (To close expense accounts) (To close net incarna) 5 (To close drawings) Your answer is partially correct. Try again. Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) Ref. Debit Credit Balance Date Explanation Jan. 1 Balance V 32,250 31 CR1 67,796 100, 046 39,537 31 CP1 60,509 Ref. Debit Credit Date Explanation Jan. 1 Balance 31 51 21,600 Balance 12,500 34,100 23,800 23,500 31 CR1 10,300 9 G1 300 Ref. Debit Credit Date Explanation Jan. 1 Balance Balance 39,000 Ref. Debit Credit Balance 15,000 V Date Explanation Jan. 1 Balance 31 31 31 P1 62,900 S1 12,960 34,560 CR1 77,900 64.940 30,380 30,625 29,889 8 CP1 245 31 CP1 736 9 G1 180 30,069 29.769 18 G1 300 Ref. Debit Credit Date Explanation Jan. 1 Balance V Balance 1,500 2,400 31 Adj. entry CP1 900 31 Adj. entry G1 Ref. Debit Credit Date Explanation Jan. 1 Balance Balance 1,800 V 31 Adj. entry G1 Ref. Debit Credit Balance Date Explanation Jan. 1 Balance 6,900 Ref. Debit Credit Date Explanation Jan. 1 Balance Balance 1,600 31 Adj. entry G1 O O Date Explanation Debit Ref. G1 Credit 16,000 Balance 16,000 Jan. 21 Date Explanation Ref. Debit Credit Balance 37,000 Jan. 1 Balance 31 P1 62,900 31 CP1 50,300 99,900 49,600 49,300 33,300 18 G1 300 21 G1 16,000 Date Explanation Ref. Debit Credit Balance Jan. 31 Adj. entry G1 O Ref. Debit Credit Balance Date Explanation Jan. 1 Balance 70, 350 31 Clos. antry G1 31 Clos. antry G1 o 0 Date Explanation Ref. Debit Credit Balance Jan 15 CP1 800 800 31 Clas, entry Gin 0 Date Explanation Ref. Debit Credit Balance O Jan. 31 Clos. entry G1 31 Clos, entry G1 O 31 Clos entry G1 0 O Date Explanation Ref. Debit Credit Jan. 31 si 21.600 Balance 21,600 79,200 31 CR1 57,600 31 Clos. entry G1 0 Explanation Ref. Debit Credit Balance Date Jan. 9 G1 300 300 31 Clos. antry G1 Explanation Ref. Debit Credit Balance Date Jan. 31 CR1 104 104 31 Clos entry Gi 0 Date Explanation Ref. Credit Debit 12,960 Balance 12.960 51 Jan. 31 311 CR1 34,560 47,520 47,340 9 G1 180 31 Clos. entry G1 0 Date Explanation Ref. Credit Balance Debit 7,600 Jan. 31 CP1 7,600 31 Clas, entry G1 Date Explanation Ref. Debit Credit Balance Jan. 31 Adj. entry G1 0 31 Clos. entry G1 Date Explanation Ref. Debit Credit Balance Jan. 31 G1 50 50 31 Clos. entry G1 o Ref. Debit Credit Balance Explanation Jan. 31 G1 180 180 31 Clos. entry G1 o Date Explanation Ref. Debit Credit Balance non Jan. 31 Adj. entry G1 31 Clos. entry G1 O Explanation Credit Balance Date Jan. 12 Ref. CP1 Debit 1,400 1.400 31 Clos. entry G1 O X Your answer is incorrect. Try again. Prepare a post-closing trial balance. Debit Credit bullilll||II) buildilib11i0 Totals * Your answer is incorrect. Try again. Determine whether the subsidiary ledgers agree with the control accounts in the general ledge Accounts Receivable balance Accounts Receivable Subsidiary Ledger Il Accounts Payable balance O Subsidiary account balances . IND Question Attempts: Unlimited CooL *Accounting Cycle Review 7-01 a 1-f2 Crane Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Crane are indicated in the working papers. Presented below are a series of transactions for Crane Co. for the month of January, Credit sales terms are 2/10,n/30. The cost of all merchandise sold was 60% of the sales price. Account Number 101 112 115 120 January 1 Opening Balance $32,250 12,500 39.000 15,000 1,500 1.800 6,900 1,600 37,000 70,350 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital 126 130 157 158 201 301 Customer R. Beltre B. Santos January 1 Opening Balance 51,600 7,800 3,100 S. Mahay Customer January 1 Opening Balance S. Meek R. Moses 59,000 16,000 12,000 D. Salta Jan. 3 5 Sell merchandise on account to B. Corpas $3,000, Invoice no. 510, and ta ). Revere 51,600, Invoice no. 511. Purchase merchandise from S. Gamel $6.000 and D. Posey $2,800, terms n/30. 7 8 9 10 TU 11 12 42 13 15 15 16 17 . 18 Receive checks from S. Mahay $3,100 and B. Santos $2.000 after discount period has lapsed. Pay freight on merchandise purchased 5245. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $12,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Dally cash sales from January 1 to January 10 total 516,000. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. withdraw ten sich withdraw $800 cash by M. Crane for personal use. M Doct siste Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, 1/30; S. Meek 514,600, terms 2/10, n/30; and S. Gamel 51,500, terms n/30. Pay $700 cash for office supplies. Return $300 of merchandise to 5. Meek and receive credit. Daily cash sales from January 11 to January 20 total $20,600. Make one journal entry for these sales. Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from 5. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,700, Invoice no. 514, and to R. Beltre $2,200, Involce no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3.200, Invoice no. 516, and to J. Revere s6,800, Involce no. 517. Purchase merchandise from D. Saito s14,500, terms 1/10, 1/30; D. Posey $3,300, terms n/30; and S. Gamel $5,200, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total 521,000. Make one journal entry for these sales. Pay sales salaries S4,400 and office salaries S3,200. 20 21 21 22 22 23 25 27 27 28 31 31 Your answer is correct. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Date Account Receivable Dr. Sales Revenue Cr. Account Debited Invoice No. Ref. Cost of Good Sold Dr. Inventory Cr. 1800 Jan. B. Corpas 510 v 3000 Dan. 3 D. Revere 511 11600 960 Dan. 11 R. Beltre 512 720 120g 900 Jan. 11 5. Mahay 512 540 Dan. 22 B. Corpas 514 2700 1620 V Jan. 22 R. Beltre 515 2200 1320 Dan. 25 B. Santos @@e 516 3200 1920 Dan. 25 0. Revere 517 680g 4080 21600 12960 Your answer is correct. Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Date Account Credited Inventory Dr. Accounts Payable cr. Terms Ref. n/30 V 6000 n/30 2800 Jan. 5 6. Game Jan. S D. Posey Jan 16 D. Saito Dan. 16 5. Meer Dan. 16 6. Game 1/10, n/30 15000 2/10, n/30 14600 n/30 1500 Jan. 27) D. Saita 1/10, 1/30 14500 D. Posey n/30 Jan 27 Jan. 27 3300 5200 S. Game n/30 62900 Your answer is correct. Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Date Sales Discounts Dr. Cash Dr. Sales Revenue Cr. Other Accounts Cr. Account Credited Cost of Good Sold Dr. Inventory Cr. Ref. Account Receivable Cr. Dan. 7 V 3100 3100 6. Mahay B. Santos Dan. 7 2000 2000 0 Dan. 10 16000 16000 9600 Dan 13 B. Corpas 2940 60 3000 Jan. 13 Revere V 1274 26 1300 0 lan. 20 20600 O 20600 12260 0 jan. 21 5. Mahay v SEZ 900 0 Dan. 31 21000 21000 12600 67796 104 10300 57600 34560 Your answer is correct. Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Date Other Accounts Dr. Account Debited Accounts Payable Dr. Supplies Dr. Ref. CE. lan. E Inventory Cash Cr. 0 245 180 2820 Inventory 120 2245 Jan. 9 5. Meel 9000 Dan. 9 D. Saito 1 2000 11880 Dan. 12 Co@000001 Rent Expense 729 1400 1400 00000000 Jan. 15 Owner's Drawings 306 0 800 700 Dan. 17 Dan. 23 @@000@o@ D. Saito 150 148 50 15000 14300 Jan. 23 5. Meek 286 14014 Gan. 28 200 200 0 7600 OO Jan. 31 Salaries and wages Expense 627 7600 1004 50300 900 736 60509 Your answer is correct. Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal engles in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dan Sales Returns and Allowances Accounts Receivable (Issued credit for merchandise returned.) ban Inventory 180 500 300 0 180 Cost of Goods Sold (Cost of merchandise returned.) Dan. 18 Accounts Payable 300 300 Inventory (Received credit for retumed goods.) Jan. 21 Accounts Payable 116000 0 O 16000 Notes Payable (Payment of balance due.) Your answer is correct. Post the journals to the general ledger (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Date Ref. Debit Credit Balance Explanation Jan. 1 Balance 0 32250 31 100046 CR1 57796 CP1 O 31 60509 39537 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 12500 34100 31 S1 21600 31 CR1 0 110300 3800 9 300 23500 Date Explanation Ref Debit Credit Balance Jan. 1 Balance O 39000 4.1.1.1.1.1.1.2.6. 1.0 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 15000 0 0 31 17900 31 P1 62900 51 O CR1 0 64940 12960 34560 31 30380 30625 8 CP1 245 31 CP1 O 736 29889 G1 180 30069 18 1> 300 29769 Date Ref. Debit Credit Balance Explanation Jan. 1 Balance 1500 31 CP1900 2400 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 0 U 1800 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 6900 Date Ref. Debit Credit Balance Explanation Jan. 1 Balance 1600 Date Ref. Debit Credit Balance Explanation Jan. 21 G10 16000 16000 Date Ref. Debit Credit Balance Explanation Jan, 1 Balance O 37000 31 P10 62900 99900 31 CP1 50300 49600 18 G1 300 . 49300 21 GI 16000 33300 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 0 70350 Date Explanation Ref. Debit Credit Balance Jan 15 CP1 800 800 Date Explanation Credit Balance Jan. 31 Ref. Debit si o Cri 21600 21600 31 57600 79200 Date Explanation Ref. Debit Credit Balance Jan. 9 G1 300 O 300 Date Explanation Ref. Debit Credit Balance Jan. 31 CR1 104 104 Date Ref. Debit Credit Balance Explanation Jan. 31 Si 12960 12960 31 47520 CR1 34560 G1 O 9 180 47340 Date Explanation Ref. Debit Credit Balance Jan. 31 CP1 7600 7600 Date Explanation Ref. Debit Credit Balance Jan. 12 CP1 1400 0 1400 Accounts Receivable Subsidiary Ledger Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 0 11600 11 S1 1200 2800 22 S1 12200 5000 Date Explanation Ref. Debit Credit Balance Jan. 3 S1 1600 1600 300 1 300 13 G1 CRIO S1 6800 1300 0 6800 25 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 7800 7 CRI 5800 2000 O 25 S1 3200 9000 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 3100 00 7 CR1 3100 104 104 Date Ref. Debit Credit Balance Explanation Jan. 31 Si 12960 12960 31 47520 CR1 34560 G1 O 9 180 47340 Date Explanation Ref. Debit Credit Balance Jan. 31 CP1 7600 7600 Date Explanation Ref. Debit Credit Balance Jan. 12 CP1 1400 0 1400 Accounts Receivable Subsidiary Ledger Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 0 11600 11 S1 1200 2800 22 S1 12200 5000 Date Explanation Ref. Debit Credit Balance Jan. 3 S1 1600 1600 300 1 300 13 G1 CRIO S1 6800 1300 0 6800 25 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 7800 7 CRI 5800 2000 O 25 S1 3200 9000 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 3100 00 7 CR1 3100 11 S1 900 0 300 21 CRIO 900 . Date Explanation Credit Balance Jan. 3 3000 Ref. Debit Si 3000 CRI 0 S1 2700 13 3000 U 22 2700 Accounts Payable Subsidiary Ledger Date Explanation Ref. Debit Credit Balance Jan. 5 P1 2800 2800 00 27 P1 3300 6100 Ref. Debit Credit Balance Date Explanation Jan. 1 Balance alance O 9000 9 CP1 9000 16 P1 U 14600 1.4600 1B G1 sod 14300 23 CP1 14300 0 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 16000 00 21 GL 16000 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance n 12000 9 CP1 12000 16 P1 O 1500C 15000 23 CP1 15000 O 27 P1 14500 14500 Date Explanation Ref. Debit Credit Balance Jan. 5 P1 5000 6000 16 P1 000 1500 7500 27 P1 5200 12700 Your answer is partially correct. Try again. Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional Information. 1. Office supplies at January 31 total $1,000. 2. Insurance coverage expires on October 31, 2020. 3. Annual depreciation on the equipment is $1,800. 4. Interest of $50 has accrued on the note payable. Trial Balance For the Month Ended January 31, 2020 Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. Balance Sheet Income statement Dr. Cr Account Titles Dr. Cr. Dr. Cr. Cash 39537 19537 Accounts Recelvable 23500 29537 23500 39000 23500 Notes Receivable 39000 39000 Inventory 29769 29769 29769 Supplies 2400 1400 Prepaid Insurance 1800 180 1000 1620 6900 1000 1620 6900 Equipment 6900 Accum. Depreciation-Equipment 100 190.000000 BDO 100 : 1700 1700 0 1600 0 16000 33300 00000000000000000 0000000 BIDO000 000000000000000 Notes Payable 10000000000000000 0001.0000 0 0000000 16000 Accounts Payable 33300 16000 33300 50 70350 Interest Payable 50 0 70350 70350 Owner's Capital Owner's Drawings Bod D O BOD Sales Revenue 300 0 0 79200 3DO 79200 79200 Sales Retums and Allowances sod Sales Discounts 104 104 104 Cost of Goods Sold 47340 47340 O 17340 Salaries and Wages Expense 0 7600 7600 0 0 7600 1400 Rent Expense 0 1400 11400 0 Totals 200450 200456 Supplies Expense 1400 0 1400 D 1400 O Insurance Expense O O 180 180 O 0 Depreciation Expense 1600 O 1600 O 1600 O Interest Expense 0 50 0 50 0 Totals 3430 202300 202300 19026 Net Income 19026 Totals 79200 79200 142126 142126 x Your answer is incorrect. Try again Prepare a multiple-step income statement 1010 id ll Q0000 00 00 * Your answer is incorrect. Try again. Prepare a owner's equity statement for January. (List items that increase owner's equity first.) s x your answer is incorrect. Try again. Prepare a classified balance sheet at the end of January (List Current Assets in order of liquidity.) Assets I Liabilities and Owner's Equity gol * Your answer is incorrect. Try again. Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) * Your answer is incorrect. Try again. Prepare closing entries. (Credit account bitles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To close revenue account) (To close expense accounts) (To close net incarna) 5 (To close drawings) Your answer is partially correct. Try again. Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) Ref. Debit Credit Balance Date Explanation Jan. 1 Balance V 32,250 31 CR1 67,796 100, 046 39,537 31 CP1 60,509 Ref. Debit Credit Date Explanation Jan. 1 Balance 31 51 21,600 Balance 12,500 34,100 23,800 23,500 31 CR1 10,300 9 G1 300 Ref. Debit Credit Date Explanation Jan. 1 Balance Balance 39,000 Ref. Debit Credit Balance 15,000 V Date Explanation Jan. 1 Balance 31 31 31 P1 62,900 S1 12,960 34,560 CR1 77,900 64.940 30,380 30,625 29,889 8 CP1 245 31 CP1 736 9 G1 180 30,069 29.769 18 G1 300 Ref. Debit Credit Date Explanation Jan. 1 Balance V Balance 1,500 2,400 31 Adj. entry CP1 900 31 Adj. entry G1 Ref. Debit Credit Date Explanation Jan. 1 Balance Balance 1,800 V 31 Adj. entry G1 Ref. Debit Credit Balance Date Explanation Jan. 1 Balance 6,900 Ref. Debit Credit Date Explanation Jan. 1 Balance Balance 1,600 31 Adj. entry G1 O O Date Explanation Debit Ref. G1 Credit 16,000 Balance 16,000 Jan. 21 Date Explanation Ref. Debit Credit Balance 37,000 Jan. 1 Balance 31 P1 62,900 31 CP1 50,300 99,900 49,600 49,300 33,300 18 G1 300 21 G1 16,000 Date Explanation Ref. Debit Credit Balance Jan. 31 Adj. entry G1 O Ref. Debit Credit Balance Date Explanation Jan. 1 Balance 70, 350 31 Clos. antry G1 31 Clos. antry G1 o 0 Date Explanation Ref. Debit Credit Balance Jan 15 CP1 800 800 31 Clas, entry Gin 0 Date Explanation Ref. Debit Credit Balance O Jan. 31 Clos. entry G1 31 Clos, entry G1 O 31 Clos entry G1 0 O Date Explanation Ref. Debit Credit Jan. 31 si 21.600 Balance 21,600 79,200 31 CR1 57,600 31 Clos. entry G1 0 Explanation Ref. Debit Credit Balance Date Jan. 9 G1 300 300 31 Clos. antry G1 Explanation Ref. Debit Credit Balance Date Jan. 31 CR1 104 104 31 Clos entry Gi 0 Date Explanation Ref. Credit Debit 12,960 Balance 12.960 51 Jan. 31 311 CR1 34,560 47,520 47,340 9 G1 180 31 Clos. entry G1 0 Date Explanation Ref. Credit Balance Debit 7,600 Jan. 31 CP1 7,600 31 Clas, entry G1 Date Explanation Ref. Debit Credit Balance Jan. 31 Adj. entry G1 0 31 Clos. entry G1 Date Explanation Ref. Debit Credit Balance Jan. 31 G1 50 50 31 Clos. entry G1 o Ref. Debit Credit Balance Explanation Jan. 31 G1 180 180 31 Clos. entry G1 o Date Explanation Ref. Debit Credit Balance non Jan. 31 Adj. entry G1 31 Clos. entry G1 O Explanation Credit Balance Date Jan. 12 Ref. CP1 Debit 1,400 1.400 31 Clos. entry G1 O X Your answer is incorrect. Try again. Prepare a post-closing trial balance. Debit Credit bullilll||II) buildilib11i0 Totals * Your answer is incorrect. Try again. Determine whether the subsidiary ledgers agree with the control accounts in the general ledge Accounts Receivable balance Accounts Receivable Subsidiary Ledger Il Accounts Payable balance O Subsidiary account balances . IND Question Attempts: Unlimited CooL