CASH	300,000
ACCOUNTS RECEIVABLE	800,000
ALLOWANCE FOR BAD DEBTS	100,000
SHOE INVENTORY	?
SUPPLIES	50,000
PREPAID INSURANCE	10,000
EQUIPMENT	1,000,000
ACCUMLATED DEPRECIATION - EQUIP	300,000
AUTO	100,000
ACCUMULATED DEPRECIATION-AUTO	50,000
ACCOUNTS PAYABLE	80,000
WAGES PAYABLE	10,000
UNEARNED REVENUE	40,000
NOTE PAYABLE	90,000
JHJ COMMOM STOCK	500,000
RETAINED EARNINGS	?
JHJ DIVIDENDS
SHOE SALES
SHOE SALE RETURNS
COST OF GOODS SOLD
PURCHASE RETURNS
FREIGHT IN
RENT EXPENSE SELLING
SUPPLIES EXPENSE SELLING
INSURANCE EXPENSE ADMINISTRATIVE
DEPRECIATION EXPENSE ADMINISTRATIVE
SALES SALARIES
BAD DEBT EXPENSE
INTEREST EXPENSE

JOURNALIZE THE FOLLOWING TRANSACTIONS:

INVESTED ADDITIONAL $100,000 IN BUSINESS

PAID ACCRUED SALARIES FROM PRIOR YEAR

PAID $30,000 FOR SUPPLIES

PURCHASED 100,000 PAIRS OF SHOES ON MAY 1 ON ACCOUNT FOR $30 EACH

CASH SALES 120,000 PAIRS OF SHOES FOR $50 EACH

PAID SALARIES FOR $ 200,000

PURCHASED ON JULY 1ST, 200,000 PAIRS OF SHOES FOR $40 EACH

SOLD ON ACCOUNT ON AUGUST 1^ST, 150,000 PAIRS OF SHOES AT $ 60 EACH

WITHDREW $ 50,000

CASH SALES 30,000 PAIRS OF SHOES AT $70 EACH

PAID $10,000 ON NOTE PLUS $ 5,000 INTEREST

ENDING SUPPLIES ON HAND $10,000

EQUIPMENT IS DEPRECIATED UTILIZING STRAIGHTLINE METHOD AND HAS 10 YEAR LIFE

AUTO IS NOW TWO YEARS OLD AND IS DEPRECIATED UTILIZING DOUBLE-DECLINING BALANCE WITH 4 YEAR LIFE

BAD DEBT EXPENSE IS ESTIMATED TO BE 10% OF CREDIT SALES

THE COMPANY UTILIZES WEIGHTED AVERAGE IN CALCULATING PERPETUAL INVENTORIES AND BEGINNING INVENTORIES CONSISTED OF:

50,000 PAIRS OF SHOES AT $20 EACH

40,000 PAIRS OF SHOES AT $25 EACH

REQUIRED:

POST TO LEDGER BALANCES FROM PRIOR YEAR

PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER

PREPARE TRIAL BALANCE

PREPARE INCOME STATEMENT

PREPARE STATEMENT OF OWNERS EQUITY

PREPARE BALANCE SHEET

PREPARE CLOSING ENTRIES

PREPARE INVENTORY CHART

PREPARE STATEMENT OF CASH FLOW

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