Hello Could someone please help me to understand ? I don't know where my errors came from ,,
The unadjusted trial balance Colada Enterprises for the year ended lows: PINA COLADA ENTERPRISES Trial Balance December 31, 2017 Debit Credit Cash $15,000 Accounts receivable 19,200 Merchandise inventory 37,050 Prepaid insurance 3,000 Supplies 2,950 Equipment 150,000 Accumulated depreciation-equipment $35,000 Furniture 45,000 Accumulated depreciation-furniture 18,000 Accounts payable 33,200 Unearned revenue 4,000 Mortgage payable 125,000 S. Kim, capital 46,200 S. Kim, drawings 48,000 Sales 265,000 Sales returns and allowances 2,500 Sales discounts 3,275 Cost of goods sold 153,000 Interest expense 6,875 Salaries expense 35,450 Utilities expense 3,100 $526,400 $526,400 Additional information: 1. There is $760 of supplies on hand on December 31, 2017. 2. The one-year insurance policy was purchased on March 1, 2017. 3. Depreciation expense for the year is $10,800 for the equipment and $4,500 for the furniture. 4. Accrued interest expense at December 31, 2017, is $800. Unear d revenue of $900 is still unear r 31, 2017.( that v ear s sold was $2,050.1. There is $760 of supplies on hand on December 31, 2017. 2. The one-year insurance policy was purchased on March 1, 2017. 3. Depreciation expense for the year is $10,800 for the equipment and $4,500 for the furniture. 4. Accrued interest expense at December 31, 2017, is $800. 5. Unearned revenue of $900 is still unearned at December 31, 2017. On the sales that were earned, cost of goods sold was $2,050. 6. A physical count of merchandise inventory indicates $32,350 on hand on December 31, 2017. Prepare the adjusting journal entries assuming they are prepared annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2. Dec. 31 3. Dec. 31 v 4. Dec. 31 v 5. Dec. 31 (To record revenue)Problem 5-8A Magna International Inc. is a leading global supplier of technologically advanced automotive components, systems, and modules. Selected financial information (dollars in US millions) follows: 2014 2013 2012 Sales $36,641 $34,835 $30,837 Cost of goods sold 31,623 30,287 27,019 Profit 1,882 1,561 1,433 Current assets 10,007 9,923 9,135 Current liabilities 7,611 7,309 6,684 (a) Calculate the gross profit margin, profit margin, and current ratio for each year. ( Round Gross profit margin to 1 decimal place, e.g. 52.7 and all other answers to 2 decimal places, e.g. 52.75.) 2014 2013 2012 Gross profit margin Profit margin Current ratio 1Problem 5-10A Concord Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Concord Warehouse uses a periodic inventory system and at the end of June its inventory consisted of 28 suitcase purchased at $42 each. During the month of July, the following merchandising transactions occurred: July 1 Purchased 50 suitcases on account for $42 each from Trunk Manufacturers, terms n/30, FOB destination. 2 The correct company paid $130 freight on the July 1 purchase. 4 Received $210 credit for five suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $42 each to Satchel World for $55 each on account. 12 Issued a $275 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to inventory. 15 Purchased 60 additional suitcases from Trunk Manufacturers for $32.50 each, terms n/30, FOB shipping point. 18 The company paid $165 freight on the July 15 purchase. 21 Sold 54 suitcases that cost $30 each to Fly-By-Night for $55 each on account. 23 Gave Fly-By-Night a $110 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers. 30 Paid Trunk Manufacturers for the July 1 purchase. 31 Received balance owing from Satchel World. Record the July transactions for Concord Warehouse. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit v v
