Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chart Everything Please. 1. Invested 5400,000 into JHU Shoe Store 2. Furchased 520,000 in applies on account 3. Purchased 2,000 shoes at $10 each 4.

image text in transcribed
Chart Everything Please.
1. Invested 5400,000 into JHU Shoe Store 2. Furchased 520,000 in applies on account 3. Purchased 2,000 shoes at $10 each 4. Purchased 4,000 shoes at 520 each 5. Purchased 6,000 sboes at $30 each 6. Prarchased 5200,000 in equipment with a 4-year life, paying 520,000 in cash and placed the remaining balance on a note. Equipment salvage is estimated to be 520,000 7. Cash sales of 3,000 shoes at 3200 each 8. Sales on account, 6,000 pairs of shoes at $200.00 each 9. Lournaline adyasting entry for equipment deprociation, straight-line mechod 10. Ending supplies $2,000, make adjusting cniry 11. Paid 520,000 in dividends 12. Collections on sales on ascount $200,000 13. Payment on acseant payable $200,000 14. Payment on eote payable, 520,000 interest and 520,000 principal 15. Paid salary expense $200.000 *IIIE STORE UIIIZES FIFO INVENTORY METIOD* REOTIRED 1. PREPARE RNVENIORY CHART 2. PRZPARE 30 UKNAL FNTRIFS AND POST ALI. INTREIES TO LEDGER 3. PRFPARE TRIAL THA ANCE 4. PREPARE DOCOME STATEMENT 5. PRAPART STATEMANT OF RFIAINED EARNINGS 6. PREAARI BAI:ANCESIIIIT 7. PPFPNRE CTOEING ENTRIES AND POSI 8. PFA PARI CASH FLOW STATEMINT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions