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Below is the T account as well as the income statement and trail balance for January 2018. thanks sold to Eric's Bike Shop, CGS is
Below is the T account as well as the income statement and trail balance for January 2018.
thanks
sold to Eric's Bike Shop, CGS is $ 15,000 $ 15 $ February Date 2 5 8 12 14 15 15 15 20 25 27 Transaction Purchased inventory on account Sale on account Purchased radio time in March Received accounts receivable customer payment Paid supplier (accounts payable] Paid monthly administrative salaries Paid monthly sales salaries Paid lanuary sales commissions Sale on account Paid February utilities Purchased inventory on account 50.000 25.000 15 000 20.000 40.000 10.000 5000 9 .100 40000 1.500 $ $ lenore payroll taxes tenore payroll taxes lmgre payroll taxes Sold to Dicks Sporting Goods, COGSIS S S $ 22,000 5 $ 35.000 Complete the following 1. Prepare journal entries for each February event. 2. Post the journal entries to "T" accounts (see note below). 3. Prepare the February YTD (Year-To-Date) trial balance 4. Prepare the February YTD income statement Note: You will continue to use the same "T" accounts established in January. The February entries will simply be added to the existing balances from January (eiving you February YTD balances). 548,00 $48.000 al for the month of lanuary 2018 2018 Prepaid Rent Cash 1/2/2018 Office Equipment Cash 1/2/2018 Inventory Account payable 1/3/2018 Supplies Expense Cash 560,000 $60,000 572,000 $72,000 $3,000 $3,000 1/7/2018 Advertising Expense Cash $7,000 $7,000 1/12/2018 Cash Sales $10,000 $10,000 Cost of goods sold Inventory $6,000 $6,000 1/13/2018 Account Receivable sales $20.000 $20,000 Cost of goods sold Inventory $12,000 $12,000 1/14/2018 Administrative salaries Sales salaries Cash are experto $5,000 Ada $2,500 $7,500 1/17/2018 Account Receivable Sales $18,000 $18,000 $10,800 Cost of goods sold Inventory $10,800 1/18/2018 Cash $30,000 Sales $30,000 $18,000 Cost of goods sold Inventory $18,000 $2,500 1/20/2018 Legal Fee Expense Cash $2,500 no expense admin) 1/28/2018 Administrative Salaries Solares e pense Sale Salaries Cash $5,000 $2,500 $7,500 1/30/2018 Account Receivable $15,000 Sales $15,000 Cost of goods sold Inventory $9,000 $9,000 1/31/2018 Utility Expense $1,000 $1,000 V/ VI V018 SO ,00 V2/2018 ,000 30,000 2013 $1,000 1/2018 57,000 1/14/2018 $7.500 1/20/2018 $2.500 1/28/2018 $7,500 1/31/2018 $1.000 S403,500 5136,500 5273,100 End bal. Account Receivable 1/12/2018 $20,000 1/17/2018 $18.00 1/30/2018 $15.000 End bal. $53,000 $53,000 Prepaid Rent 1/1/2018 $48.000 1/31/2018 $4,000 $48.000 $44,000 $4.000 End Bal. Inventory 1/2/2018 $72,000 1/12/2018 $6.000 1/18/2018 $12,000 1/17/2018 $10,800 1/10/2018 $18,000 1/30/2018 $9,000 $72,000 $16,200 $55,800 End bal Office Equipment 1/2/2018 $60,000 End Bal. $60.000 $60,000 Common Stock 5369,600 Indbal $369,600 $369,600 1/12/2018 1/13/2018 1/27/2018 1/18/2018 1/10/2018 $10,000 $20,000 $18,000 SAD 000 $15,000 1/17/2018 1/18/2018 $10,000 $18,000 S55 ADO Endbal $90,000 1/3/2016 Supplies Expense ,000 Endball $3,000 Advertising Epens 1/7/2013 $7,000 $7,000 55.000 1/14/2018 1/28/2018 End bal $10,000 1/24/2018 1/28/2018 $2,500 $2.500 Endbal 1/26/2018 $2,500 End bal $2.500 1/31/2018 Utilities Expense $1.000 End bal. $1,000 Rent Expense 1/31/2018 End bal $4,000 $4,000 Depreciation Expena End bal Wav3 500 500 500 Rolling River Company Trial Balance January, 31, 2018 Accounts Debit Credit Cash $273,100 Account Receivable 53,000 Inventory 16,200 Prepaid Rent 44,000 Office Equipment 60,000 Accumulated Depreciation Account Payable 72,000 Common Stock 369,600 Sales 93,000 Cost of goods sold 55,800 Administrative salaries 10,000 Sales Salaries 5,000 Supplies Expense 3,000 Advertising Expense 7,000 Legal Fee Expense 2,500 Utility Expense 1,000 Rent Expense 4,000 Depreciation Expense 500 Total $535,100 $535,100 Rolling River Company Income Statement For the month of January 2018 Sales Cost of goods sold Gross profit $93,000 55,800 37,200 5,000 7,000 12,000 Selling and Administrative Expenses Selling Expense Sales Salaries Expense Advertising Expense Total Selling expense Administrative Expense Salaries Expense Rent Expense Supplies Expense Legal Fee Expense Utilities Expense Depreciation Expense Total Administrative Expense Total selling and admiistrative expense 10,000 4,000 3,000 2,500 1,000 500 21,000 33,000 Net Income 4,200Step by Step Solution
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