Comp6-1 (similar to) Question Help The Hughes Lamp Company (HLC) is a wholesale company that purchases lamps from the manufacturer The trial balance for HLC as of September 30, 2018 follows and resells them to retail stores. The company has three inventory thems: desk lamps, table lamps and (Click the icon to view the trial balance) floor lamps. HLC uses a perpetual inventory system FIFO method. HLC owns and with a building, which is separated to two parts office space and warehouse space. Al expenses associated with the office are Merchandise Inventory as of September 30 consists of the following arros categorized as Administrative Expenses. Al expenses associated with the warehouse, which is used for the Click the icon to view the Merchandise Inventory) shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the and and building, HLC also owns fumiture and equipment and warehouse Matures. The company During the fourth quarter of 2018, HLC completed the following transactions uses one cumulated depreciation account for all the depreciable Click the icon to view the transactions) Read the moment Requirement 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018. (Enter a won the normal side of the Taccount for accounts with a zero balance as of September 30, 2018 Abbreviation used: Dep depreciation) Accounts Payable Sales Revenue Cash Accounts Receivable Common Stock Cost of Goods Sold Accounts Receivable Common Stock Cost of Goods Sold Merchandise Inventory Retained Earnings Salaries Expense-Selling Office Supplies Dividends Utilities Expense-Selling Warehouse Supplies Supplies Expense Selling Phone Land Depreciation Expense-Selling Building Salaries Expense-Administrative Office Furniture and Equipment Utilities Expense-Administrative Warehouse Fixtures Supplies Expense-Administrative Choose from any list or enter any number in the inne Accumulated Depreciation Depr. Expense-Administrative SISTS OT Hughes Lamp Company ntory.) ed the foll Trial Balance September 30, 2018 Balance Account Debit Credit Cash $ 536,000 0 Accounts Receivable Merchandise Inventory 108,600 120 Office Supplies Warehouse Supplies 340 Land 14,000 810,000 Building Office Furniture and Equipment 115,000 1018 sists 320,000 entor $ 249,000 ed the 0 Warehouse Fixtures Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Dividends 120,000 356,900 0 Sales Revenue 2,576,760 1,054,600 195,000 34,000 Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies ExpenseSelling Depreciation Expense-Selling Salaries Expense-Administrative 0 0 88,000 Retained Earnings 356,900 Dividends 0 2,576,760 1,054,600 195,000 34,000 Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative 0 0 88,000 27,000 0 0 Depreciation Expense-Administrative $ 3,302,660 $ 3,302,660 Total Item Quantity Unit Cost Total Cost Desk Lamp 1,800 $ 7 $ 12,600 Table Lamp 2,400 19 45,600 50,400 Floor Lamp 1,800 28 $ 108,600 Total More Info Oct. 1 as Oct. 12 Purchased lamps on account from Cascade Lights, terms n/30, FOB destination: 3,000 desk lamps at $14 each 9,500 table lamps at $18 each 1,500 floor lamps at $29 each Sold lamps on account to Strabo Home Furnishings, terms 2/10, n/30: 5,500 table lamps at $40/each Sold lamps on account to Marietta Office Supply, terms 2/10, n/30: 1,400 desk lamps at $17 each Received a check from Strabo Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Marietta Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Channel Home Stores, terms 1/10, n/30: 4,000 table lamps at $40 each Oct. 15 Oct. 20 Oct. 23 Oct. 28 Oct. 28 Oct. 30 Oct. 31 Oct. 31 Nov. 1 Sold lamps on account to Channel Home Stores, terms 1/10, n/30: 4,000 table lamps at $40 each 1,300 floor lamps at $60 each Paid amount due to Cascade Lights from Oct. 1 purchase. Paid salaries, $44,000 (70% selling, 30% administrative). Paid utilities, $2,600 (60% selling, 40% administrative). Sold lamps on account to Marietta Office Supply, terms 3/10, n/30: 600 desk lamps at $17 each Purchased lamps on account from Cascade Lights, terms n/30, FOB destination: 3,000 desk lamps at $16 each 12,000 table lamps at $19 each 3,000 floor lamps at $31 each Received a check from Channel Home Stores for full amount owed on Oct. 28 sale. Nov. 5 Nov. 5 More Info bany einy FON Dace sso tega uip! Nov. 8 epre Nov. 10 Nov. 15 Nov. 18 Received a check from Marietta Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $525 for the office; $460 for the warehouse. Sold lamps on account to Nelson Office Supply, n/30: 2,100 desk lamps at $17 each Sold lamps on account to Market Discount Stores, terms 3/10, n/30: 1,700 table lamps at $40 each 1,700 floor lamps at $60 each Received a check from Market Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $44,000 (70% sling, 30% administrative). Paid utilities, $2,260 (60% selling, 40% administrative). Paid amount due to Cascade Lights from Nov. 5 purchase. Received a check from Nelson Office Supply for full amount owed on Nov. 15 sale. Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 it fie Print Done 7,700 table lamps at $40 each 1,700 floor lamps at $60 each Received a check from Market Discount Stores for full amount owed on Nov. 28 Nov. 18 sale. Nov. 30 Paid salaries, $44,000 (70% selling, 30% administrative). Nov. 30 Paid utilities, $2,260 (60% selling, 40% administrative). Dec. 5 Paid amount due to Cascade Lights from Nov. 5 purchase. Received a check from Nelson Office Supply for full amount owed on Nov. Dec. 15 15 sale. Dec. 15 Paid dividends, $35,000. Dec. 27 Sold lamps on account to Strabo Home Furnishings, terms 2/10, n/30: 1,700 desk lamps at $17 each 6,800 table lamps at $40 each Dec. 31 Paid salaries, $44,000 (70% selling, 30% administrative). Dec. 31 Paid utilities, $2,900 (60% selling, 40% administrative). Print Done Comp6-1 (similar to) Question Help The Hughes Lamp Company (HLC) is a wholesale company that purchases lamps from the manufacturer The trial balance for HLC as of September 30, 2018 follows and resells them to retail stores. The company has three inventory thems: desk lamps, table lamps and (Click the icon to view the trial balance) floor lamps. HLC uses a perpetual inventory system FIFO method. HLC owns and with a building, which is separated to two parts office space and warehouse space. Al expenses associated with the office are Merchandise Inventory as of September 30 consists of the following arros categorized as Administrative Expenses. Al expenses associated with the warehouse, which is used for the Click the icon to view the Merchandise Inventory) shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the and and building, HLC also owns fumiture and equipment and warehouse Matures. The company During the fourth quarter of 2018, HLC completed the following transactions uses one cumulated depreciation account for all the depreciable Click the icon to view the transactions) Read the moment Requirement 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018. (Enter a won the normal side of the Taccount for accounts with a zero balance as of September 30, 2018 Abbreviation used: Dep depreciation) Accounts Payable Sales Revenue Cash Accounts Receivable Common Stock Cost of Goods Sold Accounts Receivable Common Stock Cost of Goods Sold Merchandise Inventory Retained Earnings Salaries Expense-Selling Office Supplies Dividends Utilities Expense-Selling Warehouse Supplies Supplies Expense Selling Phone Land Depreciation Expense-Selling Building Salaries Expense-Administrative Office Furniture and Equipment Utilities Expense-Administrative Warehouse Fixtures Supplies Expense-Administrative Choose from any list or enter any number in the inne Accumulated Depreciation Depr. Expense-Administrative SISTS OT Hughes Lamp Company ntory.) ed the foll Trial Balance September 30, 2018 Balance Account Debit Credit Cash $ 536,000 0 Accounts Receivable Merchandise Inventory 108,600 120 Office Supplies Warehouse Supplies 340 Land 14,000 810,000 Building Office Furniture and Equipment 115,000 1018 sists 320,000 entor $ 249,000 ed the 0 Warehouse Fixtures Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Dividends 120,000 356,900 0 Sales Revenue 2,576,760 1,054,600 195,000 34,000 Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies ExpenseSelling Depreciation Expense-Selling Salaries Expense-Administrative 0 0 88,000 Retained Earnings 356,900 Dividends 0 2,576,760 1,054,600 195,000 34,000 Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative 0 0 88,000 27,000 0 0 Depreciation Expense-Administrative $ 3,302,660 $ 3,302,660 Total Item Quantity Unit Cost Total Cost Desk Lamp 1,800 $ 7 $ 12,600 Table Lamp 2,400 19 45,600 50,400 Floor Lamp 1,800 28 $ 108,600 Total More Info Oct. 1 as Oct. 12 Purchased lamps on account from Cascade Lights, terms n/30, FOB destination: 3,000 desk lamps at $14 each 9,500 table lamps at $18 each 1,500 floor lamps at $29 each Sold lamps on account to Strabo Home Furnishings, terms 2/10, n/30: 5,500 table lamps at $40/each Sold lamps on account to Marietta Office Supply, terms 2/10, n/30: 1,400 desk lamps at $17 each Received a check from Strabo Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Marietta Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Channel Home Stores, terms 1/10, n/30: 4,000 table lamps at $40 each Oct. 15 Oct. 20 Oct. 23 Oct. 28 Oct. 28 Oct. 30 Oct. 31 Oct. 31 Nov. 1 Sold lamps on account to Channel Home Stores, terms 1/10, n/30: 4,000 table lamps at $40 each 1,300 floor lamps at $60 each Paid amount due to Cascade Lights from Oct. 1 purchase. Paid salaries, $44,000 (70% selling, 30% administrative). Paid utilities, $2,600 (60% selling, 40% administrative). Sold lamps on account to Marietta Office Supply, terms 3/10, n/30: 600 desk lamps at $17 each Purchased lamps on account from Cascade Lights, terms n/30, FOB destination: 3,000 desk lamps at $16 each 12,000 table lamps at $19 each 3,000 floor lamps at $31 each Received a check from Channel Home Stores for full amount owed on Oct. 28 sale. Nov. 5 Nov. 5 More Info bany einy FON Dace sso tega uip! Nov. 8 epre Nov. 10 Nov. 15 Nov. 18 Received a check from Marietta Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $525 for the office; $460 for the warehouse. Sold lamps on account to Nelson Office Supply, n/30: 2,100 desk lamps at $17 each Sold lamps on account to Market Discount Stores, terms 3/10, n/30: 1,700 table lamps at $40 each 1,700 floor lamps at $60 each Received a check from Market Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $44,000 (70% sling, 30% administrative). Paid utilities, $2,260 (60% selling, 40% administrative). Paid amount due to Cascade Lights from Nov. 5 purchase. Received a check from Nelson Office Supply for full amount owed on Nov. 15 sale. Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 it fie Print Done 7,700 table lamps at $40 each 1,700 floor lamps at $60 each Received a check from Market Discount Stores for full amount owed on Nov. 28 Nov. 18 sale. Nov. 30 Paid salaries, $44,000 (70% selling, 30% administrative). Nov. 30 Paid utilities, $2,260 (60% selling, 40% administrative). Dec. 5 Paid amount due to Cascade Lights from Nov. 5 purchase. Received a check from Nelson Office Supply for full amount owed on Nov. Dec. 15 15 sale. Dec. 15 Paid dividends, $35,000. Dec. 27 Sold lamps on account to Strabo Home Furnishings, terms 2/10, n/30: 1,700 desk lamps at $17 each 6,800 table lamps at $40 each Dec. 31 Paid salaries, $44,000 (70% selling, 30% administrative). Dec. 31 Paid utilities, $2,900 (60% selling, 40% administrative). Print Done