Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELPPP!!! I CANNOT BALANCE MY TRIAL BALANCE.... AND WHICH ENTRIES ARE ADJUSTING?? Enter beginning balances in the T-accounts from the Beginning Balance Sheet, all accounts

image text in transcribedimage text in transcribed

HELPPP!!! I CANNOT BALANCE MY TRIAL BALANCE.... AND WHICH ENTRIES ARE ADJUSTING??

Enter beginning balances in the T-accounts from the Beginning Balance Sheet, all accounts have normal balances. Common Stock has 200,000 shares issued and outstanding. Additional information: Company uses a perpetual inventory system (discounts and freight are recorded in the inventory account). Suppliers offer a 2% discount; company does not offer discounts to customers. No adjustment for inventory is needed. Record the following summarized August transactions using the general journal provided. Use a blank line between transactions. Use the account titles as shown in the T-accounts, do not any accounts. add Purchased inventory on account, $35,000 b. Paid $3.200 freight fees c. a. Sold inventory on account, $25,000, cogs $12,500 Received payments from customers on account, $35,000 Paid for 6 months of business insurance, $6,000 d. Paid Wages and Salaries, S10,000, includes the amount due from previous month e. t. Cash sales, $110,000, cogs $5.000 g. h. Paid for 1 years rent, $12,000 i. Received cash advance payments from customers $6,000 Paid outstanding accounts payable within the discount period, $38,300 Completed $2,000 of work for customers that paid in advance (use Sales Account) J. k. 4 Post the transactions to the T-accounts; use reference numbers when posting, calculate balance each account after all posting is complete. See T-account page for additional instructions. S. Prepare a trial balance. Note: All trial balances are located in the same tab 6. Journalize and post any necessary adjusting entries; continue using the journal to record the entries. Hint: There are 3 entries. After adjusting entries have been posted all accounts will be used and have normal balances. 7. Additional adjusting entry: Wages earned but not paid totaled $1,000 8. Prepare an adjusted trial balance 9. Prepare a multiple-step Income Statement, a Retained Earnings Statement, and a Classified Balance Sheet 10. Journalize and post your closing entries 11. Prepare a post-closing Trial Balance 12. Remember to include your name and project in the name of the file before submitting account names for a transaction. 13. Your instructor is available to answer GENERAL questions. The instructor will NOT give you t 14. Check Figures: Trial balance before adjustment: Net Income: $57,200 $391,750 dr/cr Group Company, Inc. Balance Sheet July 31, 20xx Cash Accounts Receivable Inventory Fixed Assets ($6,000 per year depreciation) Accum. Depr.(cr. Bal) $142,000 Accounts Payable Wages Payable Common Stock $13,300 1,200 200,000 13,250 40,000 60,000 Retained Earnings 34,750 6,000) Total Liabilities & 25 $249.250 Equity $249.250 Total Assets om. eantr

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Audit Practice Case

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

5th Edition

0912503351, 9780912503356

More Books

Students also viewed these Accounting questions