do the beginning journals help?

what other information do you need?

Prepare the necessary joumal entries for Drake Company SERIAL PROBLEM: KATE'S CARDS Mole. This is a continuation of the Serial Problem: Kate's Cards de Chapters / through 4.) SP5. Kate was a little worried about some of the practices of Fred Abholl, the CEO of Sentiments, and cided that an association with Sentiments could damage the reputation of her own company. Kate is ve concerned that her business be viewed only responsible and any damage to her reputation and carly stage could prove very difficult to overcome. She therefore decided to concentrate her effort producing a quality product that consumers would be proud to purchase and send to their loved ones As expected. November saw a boom in Kate's greeting card business. She invested in addition computer graphics equipment, which she partially funded with a bank loan of $15,000 and an addition investment of her own funds into the business. The loan carries an interest rate of six percent with interest payments required semiannually. The entire principal balance is due in one balloon paymer in two years. Kate uses a perpetual inventory system. As of December 2, 2018, Kate's Cards had the following account balances: Cash........ Accounts receivable... Inventory.... Other current assets. ... Computer equipment ........ $11,900 16,800 16,000 3,600 38,900 Accumulated depreciation ........ Accounts payable..... Other current liabilities .. Long-term note payable ... Common stock ..., Retained earnings. S 1.600 13,800 900 15.000 25,000 30.900 The company had the following transactions during December 2018: Dec 1 Paid $1,200 rent for the month. 7 Paid $1.800 to employees. Of this amount, $900 was for an amount owed from November Wages due to employees at the end of each month are recorded as Other Current Liabilities. 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14 Purchased additional inventory totaling $7,000 on account with terms of 2/10, 1/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10,n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19 31 Depreciation for the month totaled $900. 31 A physical count of inventory and supplies revealed that $13,000 and $2.000, respectively, were on hand at year-end. Assume that Other Current Assets consists only of the cost or supplies. General Journal Posting eferenc Description Debit Credit 1 No entry necessary 2 Cash 450 Teaching Revenue Money earned from teaching 3 Accounts Receivable Sales Revenue 3,500 3,500 Greeting card delivery 4 Utilities Expense Cash 250 250 Paid Business portion of utility bill 500 5 Cash Unearned Sales Revenue 500 Prepaid for a new card design 200 6 Wages Expense Cash 200 Paid assistant for work done in October 100 7 Wages Expense Wages Payable 100 Additional hours worked by assistant 1,000 Supplies Inventory cash Ch 3 Ch 5 Ch 6 1,000 | Ch 2 Ch7 Ch 8 Ch 9 Ch 1 Supplies Inventory 1,000 cash 1,000 Purchased Supplies 800 800 9 Cost of Goods Sold Supplies Inventory Cost of Goods sold for the month Insurance Expenses Prepaid Insurance 10a 100 100 10b Depreciation expense 100 Accumulated Depreciation Depreciation and insurance expense for the month 1,000 11 Wages Expense Cash 1,000 Pays herself October Salary 1,200 12 Rent Expense Cash 1,200 Paid October rent 13 Utilities Expense Accounts Payable Received utility bill for part of October 100 14 Dividends Cash 100 Paid cash to herself b T-accounts PR Accounts receivable 250 Cash Beg Balance $19 450 500 Her. 8 Supplies inventory 100 1 ,000 20.0 3,500 8 1,000 1.000 1,200 100 14 Prepaid insurance Equipment 4,800 1.100 100 10b Beg, Beg End 1,000 Accounts payable Wages payable Accumulated depreciation 100 100 200 Beg, Bal 101 End Beg Bal 13 Beg, Bal 85 100 Sales revenue Teaching revenue Dividends 100 - Beg. Bal 5,000 Beg, Bal. 3,500 3 450 2 Consulting expense Insurance expense Beg Beg. 100 9 Cost of goods sold 1,750 800 2,550 10b 100 End S 200 Utilities expense Depreciation expense 100 Ch 11 Ch 13 Ch 12 Beg Ch 8 Ch 9 Wages expense 1,200 Ibegel beg. JIK 100 10a 200 End Dividends Sales revenue Teaching revenue 100 Beg Bal. 5,000 3,500 Beg Bal. - 3 450 Cost of goods sold Consulting expense 50 Insurance expense 100 Beg 1,750 Beg. 10b 100 800 2,550 50 200 Wages expense Utilities expense Depreciation expense 100 100 200 Beg 100 beg. beg. 6 1,200 200 250 $ 100 1,000 2,300 13 $ end 335 end $ Unearned Sales Revenue Beg. Common Stock 10,000 Rent expense 1,200 1,200 121 500 Beg. Bal 5 end 2,400 Kate's Cards Trial Balance September 30, 2019 Kate's Cards Trial Balance September 30, 2019 Credit Debit 2,100 3,500 300 1,000 4,800 200 85 100 500 10,000 Cash Accounts Receivable Supplies Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Wages Payable Unearned Sales Revenue Common Stock Retained Earnings Dividends Sales Revenue Service Revenue Cost of Goods sold Wages Expense Insurance Expenses Depreciation Consulting Expenses Utilities Expense Rent Expense 100 8,500 450 2,550 2,300 200 200 50 335 2,400 Totals 19,835 19,835 Augnment Number Styles D 63 Pald cash to herself 66 d Kate's Cards Income Statement For the Two Months Ended October 31, 2019 Common Stock Retained Farnings Dividends Sales Revenue Service Revenue Cost of Goods sold Wages Expense Insurance Expenses Depreciation Consulting Expenses Utilities Expense Rent Expense 2,550 2.300 200 200 50 335 2.400 ISCO (2,550) 5,950 Revenue Sales Revenue Cost of goods sold Gross Profit Operating Expenses Wage Expenses Insurance Expenses Depreciation Consulting Expenses Utilities expenses Rent Expense Totals $ 19,835 19.835 2,300 200 200 50 335 1.200 Kate's Cards Statement of Stockholders' Equity For the Two Months Ended October 31, 2019 4,285 Operating Income Service Revenue Net Income 450 2.115 Common stock Total Retained earnings - $ Balance, September 1, 2019 Issue of common shares Net Income Dividends Balance, October 31, 2019 10,000 2.115 (100) 10,000 2,115 (100) 2,015 S $ $ 12,015 93 | Ch 2 ch 3 5 Ch 6 7 8 9 11 ( 13 120 Cambridge Business Publishers Chapter 5 Accounting for Merchandising Operation Required a. Prepare journal entries for the December transactions. b. Prepare a classified income statement for the month of December 2018. c. Calculate Kate's gross profit percentage and return on sales ratio for December 2018. ART Cards Serial Problem Ch. 2 General Journal osting ferenc Description Credit Debit 10,000 1 Cash Common Stock 10,000 To record issuance of common stock for cash 2 No entry necessary 50 3 Consulting Expense Cash 50 Paid cash for brochure critiquing 4,800 4 Equipment Cash 4,800 computer purchase 350 5 Supplies Inventory Accounts payable KINN 350 To record purchase of office supplies on account 6 No entry required 7 No entry required 1,500 8 Supplies Inventory Accounts Payable 1,500 Ch 2 Ch 3 Ch 5 Ch 6 To record nurchase of nffice sunnlies on account Ch 7 Ch 8 Ch 9 Ch 11 Ch 13 Ch 12 to record purchase or office supplies on dccount 6 No entry required 7 No entry required 1,500 8 Supplies Inventory Accounts Payable 1,500 To record purchase of office supplies on account 9 Cash Sales Revenue 5,000 5,000 To record the sale of greeting cards 1,750 10 Cost of goods sold Supplies Inventory 1.750 Cost of goods sold 1,850 11 Accounts Payable Cash 1,850 Paid Accounts Payable in Full Ins De 12 Prepaid Insurance Insurance Expense Cash 1,100 100 wa 1,200 Purchases 1 year insurance policy Rer 100 13 Depreciation Expense Accumulated Depreciation Equipment Monthlu denrerintion evnense for pruinment CLC CCC 100 Tot 5,000 9 Cash Sales Revenue 5,000 To record the sale of greeting cards 1,750 10 Cost of goods sold Supplies Inventory 1,750 Cost of goods sold 1,850 11 Accounts Payable Cash 1,850 Paid Accounts Payable in Full 12 Prepaid Insurance Insurance Expense Cash 1,100 100 1,200 Purchases 1 year insurance policy 100 13 Depreciation Expense Accumulated Depreciation Equipment Monthly depreciation expense for equipment 100 1,000 14 Wages Expense Cash 1,000 Paid herself one month salary 1,200 15 Rent Expense Cash 1,200 Paid rent for the month of September T-accounts PR Cash 10,000 5,000 Supplies Inventory 350 1,500 Prepaid Insurance 1,200 1,75010 100 5013 4,800 4 1.850 11 1.200 12 1.000 14 1,200 15 Accumulated Depreciation -- Equipment Equipment 4,800 4,900 100 Common stock Sales revenue Accounts payable 1,850 350 5 10.000 1 5,000 91 1,5008 Consulting expense Insurance expense Cost of goods sold 1,750 100 Rent expense Depreciation expense 100 Wages expense 1.000 14 15 1.200 NO Kate's Cards Trial Balance September 30, 2019 Credit Debit 4,900 100 1,100 4,800 100 10,000 Cash Supplies Inventory Prepaid Insurance Equipment Accumulated Depreciation Common Stock Sales Revenue Cost of Goods sold Consulting Expense Insurance Expense Depreciation Expense Wages Expense 5,000 1,750 50 100 100 1,000 Rent Expense 1,200 Totals $ 15,100 $ 15,100