cts, which uses the perpetual inventory system, has the following account balances (in alphabetical order) on May 31, 2020 view the account balances.) operating expenses have been summarized in the account Operating Expenses. view the additional data.) - X Account balances $ 77,000 ing and closing entries that would be required on May 31, 2020. i sten income statement and statement of owner's cauit for the vear ended May 31 2020 and the classified balance shed 68,000 126,000 - X Additional data 14,400 324,200 200 of sul 64,000 Additional data at May 31, 2020: a. A physical count of items showed $17,200 of supplies on hand. (Hint: Use the account Operating Expenses in the adjusting journal entry.) b. An inventory count showed inventory on hand at May 31, 2020, of $248,000. c. The equipment is expected to last five years and have no value at the end of this time. (Hint: Use the account Operating Expenses in the adjusting journal entry.) d. Unearned sales of $11,000 were earned by May 31, 2020. Accounts Payable Accounts Receivable Accumulated Amortization-Equipment Cash C. Sammer, Capital C. Sammer, Withdrawals Cost of Goods Sold Equipment Interest Earned Inventory Operating Expenses Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Unearned Sales Revenue 791,000 342,000 4,200 266,000 549,000 50,000 64.000 Print Done 1,660,000 29,000 46,000 cts, which uses the perpetual inventory system, has the following account balances (in alphabetical order) on May 31, 2020 view the account balances.) operating expenses have been summarized in the account Operating Expenses. view the additional data.) - X Account balances $ 77,000 ing and closing entries that would be required on May 31, 2020. i sten income statement and statement of owner's cauit for the vear ended May 31 2020 and the classified balance shed 68,000 126,000 - X Additional data 14,400 324,200 200 of sul 64,000 Additional data at May 31, 2020: a. A physical count of items showed $17,200 of supplies on hand. (Hint: Use the account Operating Expenses in the adjusting journal entry.) b. An inventory count showed inventory on hand at May 31, 2020, of $248,000. c. The equipment is expected to last five years and have no value at the end of this time. (Hint: Use the account Operating Expenses in the adjusting journal entry.) d. Unearned sales of $11,000 were earned by May 31, 2020. Accounts Payable Accounts Receivable Accumulated Amortization-Equipment Cash C. Sammer, Capital C. Sammer, Withdrawals Cost of Goods Sold Equipment Interest Earned Inventory Operating Expenses Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Unearned Sales Revenue 791,000 342,000 4,200 266,000 549,000 50,000 64.000 Print Done 1,660,000 29,000 46,000
