Calibri (Body) EMerge&CentreceWrapText$%Text fx Received $22,300 cash from Halstad Co. on account. A B Y28 Paid sales salaries of $56,000 and office salaries of $29,000. Purchased store supplies for cash, $2,400. Sold merchandise on account to Turner C0, terms n/30, FOB shipping point, $78,750. The cost of the goods sold war $47,000. Received cash from sale of May 21 plus freight. Paid for purchase of May 21, less return of May 24. quired: 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 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data At the end of May, the frlsw Wing adjustment data were assembled: Item Description a Physcial inventory count on May 31 b Insurance expired during the year c Store supplies on hand on May 31 d Depreciation for the current year e Accrued salaries on May 31: Sales salaries Otfice salaries Total Amount $570,000 12,000 4,000 14,000 f. Theadjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. . Journalize the adjusting entries, Post the adjusting entries to the general Ledger 5. Prepare a multiplestep income statement. 5. Preparea statement of stockholders' equiry. Assume that additional common stock of $10,000 was issued in lanuary 20 Y 6 . 7. Preparea balance sheet. 3. Journalize the closing entries. Then post the closingentries to the general ledger. 2. Preparea post-closing trial balance. Ready FAccessibility: Good to go Calibri (Body) EMerge&CentreceWrapText$%Text fx Received $22,300 cash from Halstad Co. on account. A B Y28 Paid sales salaries of $56,000 and office salaries of $29,000. Purchased store supplies for cash, $2,400. Sold merchandise on account to Turner C0, terms n/30, FOB shipping point, $78,750. The cost of the goods sold war $47,000. Received cash from sale of May 21 plus freight. Paid for purchase of May 21, less return of May 24. quired: 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 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data At the end of May, the frlsw Wing adjustment data were assembled: Item Description a Physcial inventory count on May 31 b Insurance expired during the year c Store supplies on hand on May 31 d Depreciation for the current year e Accrued salaries on May 31: Sales salaries Otfice salaries Total Amount $570,000 12,000 4,000 14,000 f. Theadjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. . Journalize the adjusting entries, Post the adjusting entries to the general Ledger 5. Prepare a multiplestep income statement. 5. Preparea statement of stockholders' equiry. Assume that additional common stock of $10,000 was issued in lanuary 20 Y 6 . 7. Preparea balance sheet. 3. Journalize the closing entries. Then post the closingentries to the general ledger. 2. Preparea post-closing trial balance. Ready FAccessibility: Good to go
