Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Credit Debit $37,700 33 700 43,000 8,800 105,000 35,000 38,000 6,000 Cash Accounts Receivable Merchandise Inventory Stores Supplies Store Equipment Accumulated Depreciation- Store Equipment Delivery
Credit Debit $37,700 33 700 43,000 8,800 105,000 35,000 38,000 6,000 Cash Accounts Receivable Merchandise Inventory Stores Supplies Store Equipment Accumulated Depreciation- Store Equipment Delivery Equipment Accumulated Depreciation- Store Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Sales Returns and Allowances Cost Of Goods Sold Salaries Expense Advertising Expenses Utilities Expenses Repair Expenses Delivery Expenses Rent Expenses Total 65,000 19,800 80,000 30,000 12.000 757,200 6,200 505,400 110,000 26,400 14,000 12,100 16,700 24,000 993,000 993,000 Additional Information 1. A count of store supplies revealed a total of $3,500 supplies on hand 2. Depreciation for the year is $12,000 on the store equipment 3. The note bears interest at 8% per annum and has been outstanding since July 1" 2013 4. The income tax due and unpaid at December 31" is 3,000 5. $3,000 of the Note payable is due for payment next year Required Journalize the adjusting journal entries Prepare an adjusted trial balance Prepare a multi-step income statement and a statement of returned earnings for the year ended December 31" 2013 Prepare a classified balance sheet as at December 31" 2013
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started