ACCTG 211 Accounting Cycle Project 150 Points Wallenpaupack Lake Co. is a retail business that uses the perpetual inventory system. The account balances for Wallenpaupack as of May 1, 20Yo (unless otherwise indicated). are as follows: $ 81,600 $135.000 So.000 2.823,000 624 400 28.000 281 000 11.400 560.500 l ah 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Stove Equipment 124 Accumulated Depreciation Store Equipment 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings 312 Dividends 410 Sales 510 Cost of Goods Sold 520 Sales Sales Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 56.700 382,100 83.700 6600 50.000 100.000 585.300 7,800 During May, the last month of the fiscal year, the following transactions were completed: 1. Paid rent for May, $5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of May 3. $600. 6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. 10. Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. 13. Paid for merchandise purchased on May 3. 15. Paid advertising expense for last half of May, $11,000. 16. Received cash from sale of May 6. 19. Purchased merchandise for cash, $18,700. 19. Paid $33,450 to Buttons Co. on account. 20. Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13.500 and the cost of the returned merchandise was $8,000. 20. Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000. 21. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. 21. Received $42,900 cash from Gee Co. on account. ACCTG 211 Accounting Cycle Project 150 Points Wallenpaupack Lake Co. is a retail business that uses the perpetual inventory system. The account balances for Wallenpaupack as of May 1, 20Yo (unless otherwise indicated). are as follows: $ 81,600 $135.000 So.000 2.823,000 624 400 28.000 281 000 11.400 560.500 l ah 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Stove Equipment 124 Accumulated Depreciation Store Equipment 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings 312 Dividends 410 Sales 510 Cost of Goods Sold 520 Sales Sales Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 56.700 382,100 83.700 6600 50.000 100.000 585.300 7,800 During May, the last month of the fiscal year, the following transactions were completed: 1. Paid rent for May, $5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of May 3. $600. 6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. 10. Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. 13. Paid for merchandise purchased on May 3. 15. Paid advertising expense for last half of May, $11,000. 16. Received cash from sale of May 6. 19. Purchased merchandise for cash, $18,700. 19. Paid $33,450 to Buttons Co. on account. 20. Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13.500 and the cost of the returned merchandise was $8,000. 20. Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000. 21. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. 21. Received $42,900 cash from Gee Co. on account