Fargo homework assignment

Name: Fargo Homework Assignment This assignment focuses on account analysis. You have Fargo's adjusted trial balance and are asked to analyze the activity in selected accounts to determine information about beginning balances, ending balances and activity during the period. We will discuss how to get started with this exercise in class on Monday, January 30. Bring your copy of the case to class. This is a hand-in assignment you are to work independently. I will check your work on Monday, February6and Monday, March 20 (these will count as two separate homework checks) The completed assignment is due April 10 (hard copy). The July 31, 2014 adjusted trial balance of Fargo Company is presented below. Notice that the total debits and credits for each account are listed (including the beginning balances) rather than the usual account ending balance. Fargo's fiscal year end is June 30, All adjusting entries have been made for the month of July 2014, except the adjustment for invento DEBIT ACCOUNT Cash 68,500 54,600 58,000 54,400 Accounts Receivable Allowance for Credit Losses 7000 1100 60,000 inventory Prepaid Advertising 1,200 office supplies 2,200 1,300 22,000 1,500 Office Equipment Accumulated Depreciation 7,600 Accounts Payable 31.900 40,000 Salaries Payable Interest Payable 100 Dividends Payable 3,500 8,200 Notes Payable 3,000 30,000 Common Stock 14,200 APIC CIS 20,000 Retained Earnings 7,200 19,900 Sales Revenue 61,000 Sales Returns 2,200 Sales Discounts Purchases 42,000 Purchase Returns and Allowances Purchase Discounts Salaries Expense 9,200 Office Supplies Expense 1,300 Insurance Expense 7000 Advertising Expense Bad Debt Expense 500 Miscellaneous Expense Depreciation Expense Interest Expense Gain/Loss on Sale of Equipment 200 Totals