Accounts from Hakans Gourmet Food Corporations post-closing trial balance as of March 1, 2022, the end of the current fiscal year, follow.

Debit Credit

Cash 33,000

Accounts Receivable 45,000 Accounts Payable 25,000

Inventory 50,000 Salaries and Wages Payable 15,000

Supplies 10,000 Share CapitalOrdinary 100,000

Prepaid Insurance 12,000 Retained Earnings 10,000

TOTAL 150,000 TOTAL 150,000

Hakans Gourmet Food Corporation engaged in the following transactions in April 2022. The business uses a perpetual inventory system.

Apr 1 Paid 15,000 for salaries and wages due employees for March 2022 salaries and wages payable.

Salaries and wages expense 15000

cash 15000

1 Purchased office equipment costing 40,000, paid 10,000, signed a 6-month, 6%, 30,000 note payable for the balance.

Equipment 40000

cash 10000

Account payable 30000

2 Purchased merchandise on credit from Can Kuruyemi, terms 1/10, n/30, FOB shipping point,

20,000.

inventory 20000

Account payable 20000

3 Paid Gtr Kargo for shipping charges on merchandise purchased on April 2, 800.

Freight-out 800

cash 800

4 Was granted an allowance of 2,000 by Can Kuruyemi for low-quality merchandise purchased on April 2.

Account payable 2000

inventory 2000

5 Sold merchandise on credit to Ylmaz Kuruyemi, terms 3/15, n/45, FOB destination, 60,000 (cost, 35,000).

6 Paid Gtr Kargo for shipping charges on merchandise sold on April 7, 1,000.

7 Accepted a return from Ylmaz Kuruyemi on account for goods sold on April 5 (selling price 3,000, cost 1,750).

12 Paid Can Kuruyemi in full, less the allowance and the discount.

15 Paid 600 for the utilities.

20 Received collections in full, less the return and the discount, from Ylmaz Kuruyemi billed on April 5.

25 Sold merchandise, terms 2/10, n/30, FOB shipping point, 50,000 (cost, 25,000).

15 Paid 8,000 cash dividends to shareholders.

Adjustment data:

1) 1,000 of the prepaid insurance has expired.

2) One month of interest expense related to the note payable has accrued and will be paid October 1, 2022.

Accrued Interest = 30,000*0.06/12 = 150

3) Accrued salaries and wages payable 17,000.

4) The equipment purchased on April 1, 2022 has an estimated useful life of 60 months and estimated salvage value of 4,000.

Depreciation for the Current Month = (40,000-4,000)/60 = 600

5) An inventory count shows 5,500 of supplies on hand at April 30.

6) An inventory count shows 10,000 of merchandise inventory on hand at April 30.

NOTE the credit and the debit most be balance

Instructions

a) Prepare journal entries to record each of the events listed. (Omit explanations. Use the templates for journal entries)

b) Post the journal entries to T-accounts (Use the provided T-account template. DO NOT IGNORE BEGINNING BALANCES OF STATEMENT OF FINANCIAL POSITION ACCOUNTS!

c) Prepare an unadjusted trial balance as of April 30, 2022 (Use the provided Trial Balance template).

d) Journalise the adjusting entries (Use the templates for adjusting entries)

e) Prepare the adjusted trial balance as of April 30, 2022 (Use the provided Adjusted Trial Balance template).

f) Prepare the multistep income statement (operating expenses are reported by type), the statement of retained earnings, and the statement of financial position (Use the provided templates for the statements).

g) Journalise the closing entries.