Comprehensive Problem 2

Please be sure to conplete all parts and make it easy to understand! Due by 11!

If not pictured, no info neccessary

During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, $1,960. 16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. Sale No. 640. 17 Returned merchandise to Evans Essentials for credit, $150. 18 Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,250, less the credit received on December 17. 19 Sold merchandise on account to Lucy Greene, $620, plus tax of $31. Sale No. 641. 22 Received payment from John Dempsey on account, $1,560. 23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies) 24 Purchased merchandise on account from West Wholesalers, $1,200. Invoice No. 465, dated December 24 , terms n/30. 26 Purchased merchandise on account from Nathen Co., $800. Invoice No. 817, dated December 26, terms 2/10,n/30 27 Issued Check No. 815 to KC Power \& Light (Utilities Expense) for the month of December, $630. 27 Sold merchandise on account to John Dempsey, $2,020, plus tax of $101. Sale No. 642. 29 Received payment from Martha Boyle on account, $2,473. 29 Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28,$1,100 30 Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200 As of December 16,TJ 's account balances were as follows: TJ's also had the following subsidiary ledger balances as of December 16 : At the end of the year, the following adjustments (a)-(i) need to be made: (a, b) Merchandise imventory as of December 31,$19,700 (c, d, e) Jones estimates that customers will be granted $400 in refunds of this year's sales next year, and the merchandise expected to be returned will have a cost of $300 (f) Unused supplies on hand, $525 (g) Unexpired insurance on December 31,$1,000 (h) Depreciation expense on the building for the year, $800. (i) Depreciation expense on the store equipment for the year, $450. (j) Wages earned but not paid as of December 31,$330 1. If you are not using the working papers, open a general fedger, an accounts receivable ledger, and an accounts puyabie ledger as of December 16. Enter the December 16 balance of each of the accounts, with a check mavk in the Posting Reference colurmin 2. Enter transactions for the second half of December in the general joumat. Post ammediatety to the accounits recemable and accounts payable ledgers 3. Post from the joumal to the generat tedger. 4. Prepare schedules of accounts recevable and accounts payable. 6. Jowmatize and post adjusting entries 2. Enter transactions for the second haul of December in the general joumal Enter transactions from December 1627 on page 3, December 2730 on page 4 6. Joumalize and post adjusting entries. REMEDAI IIIDNA! GTERRL LFDGER Acrount Cash Acoount 16. 101 GENERN. LEDGER Account: Cash Account ito. 101 Account: Accounts fecelvable Acoount Ni,122 bat 1. Dec. 16 Batance 2. 3 5. 3. Account: Merchandse inventory Account: Estimated Aetarms liventory Acocent Supplies Account: Prepald inurance Account Land Account Bulding Accounti Mcumelated Depreciation-Bulding Accounts Stare Loqupenent Account: Accimidated Degreciation Saode Lopipment Account: Accounts Payable GERERAL LEDGER Account: Cat: Account 120, 101 Account: Accounts Peceivable Account Ho, 172 Account: Merchandise Inventory Account No. 131 DATt Dec. 15 Balance 1 GENERAL LEDGER Account: Cash Account No. 101 Account: Accounts Recelvable Account No. 122 Account: Merchandise inventory Account No. 131 Account: Estimated Returns Inventory Account Nio. 135 DATE Dec. 16 Balance Account: Suppties Account No. 141 Accourt: Prepaid insurance Account: Land Account: Buldaing Account: Accumulated Depreciation-Euilding Acoount: Store Equipment Account: Accumulated Depreciation.Store Equipment. Account: Acoburits Payable Account Customer Refunds Payable Ncount: Acoounts Recetvable Account No. 127 Account: Merchandise lnventory Account No. 131 Account: Estimatod feturns limentory Account No. 135 Acoountz Supplies Account No, 141 \begin{tabular}{l} DAT \\ 1 Der, 16 Babance \\ \hline \end{tabular} 2 Account: fropaid lesurance Account No. 145 Accoant: Land o rrent- Purilaise Account: Accounts Recelvable Acoount 16. 122 Account: Merchandlise lmentory Acrount No, 131 Account: Etimated Returrs inventory Nocount Ho. 135 Account: Supplies Account No, t41 Account: Prepaid Insurance Acecant Ho. 145 Account: Land Account 140. 161 Acookt: Bulldine Account Ho. 171 Account: Accumulated Depreciation-buldding Aecount Ho. 171.1 Account: Store Equipment Account: Accumulated Depreciation-Store Equipment Account: Accounts Payable Account: Cuntomer Plefunds Payable Accountz Wages Payable Accountz Sales Tax Payable Account No. 231 Account: Mortgage Payable Account tho. 251 Account: Eitimated Returms Inventory Account No. 135 Account: Supplien Account lin. 141 Account: Precaid lnsurance Accounti Land Account: Dullding Account: Accumilated Depreciation-Building Mcoount Store tquipment Account: Accumutated Deprociation Store Loploment Accoant: Accononts Payable Account: Customer Rofunds Payablet Account: Wapes Pryable Account: Sales Tax Payable Account: Mortgage Payable Acoounti Tom Jones, Capital Account: Torn Jones, Orawing Accounti Income Sumnary Account: Bullding Account tio. 171 Account: Accumulated Depreciation-fuilding Account Ho. 171.1 Account: Store Equiponent Account tio. 181 Account: Accumulated Depreciation-Store Equipment Ascount No. 181.1 DATE: Dec-16 Balance Account: Accounts Payable Aecount No. 202 Account: Customer Aefunds Payable Aceount Ho. 203 Account: Wages Payable Account Mo. 219 Account: Accumulated Depreciation-Building Account No, 171.1 Acoount: Store Equipment Account Ho. 181 Account: Accumulated Depreciation-Store Equipment Account Ho. 181.1 Account: Accounts Payable Account tha 202 3 5 Account:-Accurivilated Depreciation-Store Lquipment Account: Accounts Payable Account: Custoner Psfunds Fonyable Account: Accumilated Deprectation-Store Equipment Account: Acoounts Fayable Accovint:-Customer Pofiuds Payable Account Whges Payable st Aocoint Bio. 211 Mecount: Sales tau Payable Acrount: Mortgage fayable Aceant Hin. 251 Meciant Pio. It1 Account Accounts Payable Account: Cuntomer Refunds Payable Account: Wages Payable Accounte Soles Tax Paryable (1) Dext 2. 13 4 Account: Morteage Payable Account: Tom dooes, Capital Accountr Jom sones, Drawirns Account: income Summary Accountz Sales Account: Sales Peturm and Aliowances Account: Parduran Acconant: Purchases fleturn and Allowances Account: Purchases Dtwoounts Account: freight in Account: Mortgase Payable Account: Tom Jones, Capital Account: Tom Jones, Drawing Account Ho, 313 Account: income Summary 1 1 3 Acrant No. ABt Acoount: Salen Account Ho, 401,t Account: Salers feturro and Alowances Account Nh. 501 Mocount: Purchaves Account tha, 501.1 Account: Aurdaues Roturns and Alowances Acceunt 14. 501.2. Acoounti Furctases Drscounts Accant th. 50 . Acoount: freight in Account th. 511 Account: Wieges Erpense Account tin. 51 ? Account: Mfvertiding Lpense Account Ho. 324 Account: Mortgage Payable Account: Tom Jones, Capital Account:- Tom Jones, Drawing Account: Income Summary Account: Sales Accoxint: Tom Jones, Drawing Account 14o, 317 Account: Income Summary Account Ho. 313 Acconint: Sates Account 1to. 401 Account: Sales Perturns and Alowances: Account No. 401.t DATE Dec 16 Balance Account No, 501 Account: Purchases Account: Purchases Returns and Alowances Account: Purchases Discounts Accouant: Iam Jones, Drawing Accocint lixcoine Suimmary Acianit: Sales Mcocunt Soles feturns and Allowances Acoount Purchases Mccount Ha,501 DATE Der, 16 Balanoe Account: Purchases Anturns and Allowancis Account: Purchases DSscounts Account: Freight-In Account: Wages Expense Account No. 501,1 Account No, 501.2 Account No. 502 Account No. 511 Account No. 512 Account No, 353: Acmunt: Incorne Summary Account tho. 40t Account: Sales Account No. 401. Account: Sales Returns and Alowances Account No. 501 Accovint: Purchases Account No. 501.1 Account: Purchases fleturns and Allowances Accouint: Purchases Returms and Allowances Mcootant No. Sti:1 Account4 Puchases Discounts Acoount Ha. 501.2 . Acepunt: Freight-in Account Hios, 50 . Rocount: Waces Expepse Account Hio. 511 Account: Purchases Aceocnt Pyrchawes Ploturns and Mlowances Accouat: Purchases Discouits Account: Freight in Account Ho, 511 hocourti Wages Expermet Acowant to. 51? Account: Adrertising Expense Accounti Suppties Expense Acrivent 7io, 524 bart mes postide | octir 1 Acount No. 575 Account: thone Expense Ascount: Utaities Expense Acoount: Irourance Expenet - Account: Wages Expenge Account Ho. 511 Acoonnt: Advertising Expense Accourt to. 512 Account: Suppties Experise Account No. 524 Acowint: Phone Experse Account H6. 525 Account: Uthaties Experse Account Ho. 533 \begin{tabular}{|l|l|} \hline DML \\ \hline Dec. 16 Batance \\ \hline 1 \end{tabular} 2 Acooant: Inuuance Expense Account Ho. 5.15 Account No. 540 - Account: Deoreciation Expeose-Bulidiog Account: Advertising Expense Account 140. 512 Account: Supplies Expense Account 30.574 Account Phane Experise Account 16. 575 Account: Utilitios Eeperse Acceunt 120,533 Account: Insurance Experse Account Ho. 535 Account No. 540 Account: Degreciation Expense-Burlding Account: Depreciation Eqpense-Store Equipenent Account tio, 541 Account Ho. 549 Account: Miscellaneour Expense Acocunt: Autvertising Expense Accocint: Supplies Experise Account Ho, 524 Account: Phone Experse Account Nio. 525 Account Ho, 533 Acconint Utilities Expense Accont: Insurance Experwe Acrount tio, 535 Account: Deprectation Expense-fullding Account Ho, 5%0 DATE IIEM POST, RER Desit CFEOI 1 Aecount Ho. 541 Account: Dopreciation Erpense-Store Equipment Account Hod. 549 Account: Insurance Expense Accounte Depreciation Experse Burliding Accounti Depreciation Expense-Store Equipment DNE 1 Account No. 549 Account: Miscellaneous Expense Acpount No. 551 Accounti Interest Expense 2. Post trom the poumal to the accounts receivable kedger Accounts Reccivable Ledoge Instructions Accounts Reckivable Ledoer Instuctions ACCOUNTS RECEIVABLE LEDGER Account: Martha Boyle Account Ho. 122.1 Accounte Ame Clark. Account Ha 122.2 Account: John Dempecy Account No. 122.3 Account: Kim Fields Account lla. 122.4. Account: Lucy Greene Account Ho. 122.5 Accovints Receivable Ledoor instructions. 2. Post trem the purnal to the accounts payabic ledger: Accounts Payabie Leoberinstructions ACCOUNIS PAYABLE LEDGER Account: Evars Essentiats Account tha. 202.1 Account: Nathen Co. Account No. 202.2 DaE ITEM POSt. FES. DERT CFFDIT BALAYCE 1 Account: West Wholesalers Account No. 202.4 ACCOUNIS PAYABL LEDGER. Account: Evars Essontiats Account Ho. 202.1 Account: kathen Co. Account Ho. 202.2 Accounti Werst Wholesalers Account Ho. 202,4 DAF ITEM ost. F5. 1 4. Prepare schedules of accounts receivable and accounts payable TJ's Specialty Shop Schedule of Accounts Receivable December 31,201 1 2 3 4 5 6 TJ's Specialty Shop Schedule of Accounts Payable December 31, 20-1 1 2 3 4