I am confused about how to do problem 1 cpp in the Horngren's accounting book 12 edition I don't really understand how to do the first two parts.

HUU UMESS unting / accounting solutions manuals/homgren's accounting / 12th edition / chapter 6 / problem Horngren's Accuunting (12th Edition) Chapter 6. Problem 1CPP 0 1 Bookmark Show all steps: ON Problem The Davis Lamp Company (DLC), owned by Jenny Davis, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpenal inventory system, FIFO method. DLC owns land with a building, which is separated in iwo parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, DLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. The trial balance for DLC as of September 30, 2018 follows: DAVIS LAMP COMPANY Trial Balance September 30, 2018 Balance Debit Credit $ 457,000 Account Cash Accounts Receivable Merchandise Inventory Office Supplies 126,000 275 o pi $ $ Chapter 6. Problem 10 0 1 Bookmark Show all steps: ON 5 457,000 126,000 275 350 20,000 780,000 125,000 260,000 $ 194,000 Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Davis, Capital Davis, Withdrawals Sales Revenue Cost of Good cold Salaries Expense-Selling Utilities Expense--Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative Total 398,925 2,654,150 1,061,450 270,000 32,000 90,000 25,000 $ 3,247,075 $ 3,247,075 O BI ** ON Chapter 6, Problem 1CPP 0 1 Bookmark Show all steps: Merchandise Inventory ast t ember 30 consists of the following lamps: Item Quantity Unit Cost Total Cost Desk Lamp 2,500 $ 8 $ 20,000 Table Lamp 3,000 54,000 Floor Lamp 2,000 52,000 Total $ 126,000 During the fourth quarter of 2018, DLC completed the following transactions: Oct. 1 Purchased lamps on account from Blue Ridge Lights, terms V30, FOB destination 5,000 desk lamps at 59 each 7,500 table lamps at $19 each 2,500 floor lamps at $25 each 12 Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30: 4,000 table lamps at $45 each 15 Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30: 1,00desk lamps at $20 each 20 Received a check from Atlas Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Hiawassee Office Supply for full amount owed on Oct. 15 sale. 28 Sold lamps on account to Parkway Home Stores, terms 2/10, 1/30: 3,500 table lamps at $45 each 1,500 floor lamps at $65 each 30 Paid amount due to Blue Ridge Lights from Oct. 1 purchase. 31 Paid salaries, 540,000 (75% selling. 25% administrative). 31 Paid utilities, $2,500 (60% selling, 40% administrative). -negg Study Textbook Solutions Expert Q&A Practice Sear Chapter 6. Problem 1CHP 1 Bookmark Show all steps: ON Nov. 1 5 5 8 Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30: 3,000 desk lamps at $20 each Purchased lamps on account from Blue Ridge Lights, terms 1/30, FOB destination: 5,000 desk lamps at $10 each 10,000 table lamps at $21 each 5,000 floor lamps at $27 each Received a check from Parkway Home Stores for full amount owed on Oct. 28 sale. Received a check from Hiawassee Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $325 for the office; 5675 for the warehouse. Sold lamps on account to Anderson Office Supply, V30: 2,000 desk lamps at $20 each Sold lamps on account to Go-Mart Discount Stores, terms 1/10, 30. 2,000 table lamps at $45 each 2,000 floor lamps at $65 each Received a check from Go-Mart Discount Stores for full amount owed on Nov. 18 sale. 10 15 18 28 30 30 Dec. 5 15 Paid salaries, $40,000 (75% selling. 25% administrative). Paid utilities, $2,670 (60% selling. 40% administrative). Paid amount due to Blue Ridge Lights from Nov. 5 purchase. Received a check from Anderson Office Supply for full amount owed on Nov. 15 sale. Davis withdrew $50,000 from the business. Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30: 4,500 desk lamps at $20 each 5,000 table lamps at $45 each 15 27 9 Chapter 6, Problem 1CPP 0 0 1 Bookmark Show all steps: ON 31 Paid salaries, 540,000 (75% selling. 25% administrative). 31 Paid utilities, $3,200 (60% selling, 40% administrative). Requirements 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018. 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. Complete the inventory records using the following transact Oct. 1, 12. 15, 28; Nov. 1, 5, 15, 18, and Dec. 27 3. Record the transactions in the general journal. 4. Post transactions to the general ledger 5. Prepare adjusting entries for the year ended December 31, 2018, and post to the ledger: a. Depreciation, $48,500 (75% selling, 25% administrative). b. Supplies on hand: office, $200; and warehouse, $650. C. A physical inventory account resulted in the following counts: desk lamps, 1,990, table lamps, 5,995, and floor lamps, 6,000. Update the inventory records. 6. Prepare an adjusted trial balance. HUU UMESS unting / accounting solutions manuals/homgren's accounting / 12th edition / chapter 6 / problem Horngren's Accuunting (12th Edition) Chapter 6. Problem 1CPP 0 1 Bookmark Show all steps: ON Problem The Davis Lamp Company (DLC), owned by Jenny Davis, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpenal inventory system, FIFO method. DLC owns land with a building, which is separated in iwo parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, DLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. The trial balance for DLC as of September 30, 2018 follows: DAVIS LAMP COMPANY Trial Balance September 30, 2018 Balance Debit Credit $ 457,000 Account Cash Accounts Receivable Merchandise Inventory Office Supplies 126,000 275 o pi $ $ Chapter 6. Problem 10 0 1 Bookmark Show all steps: ON 5 457,000 126,000 275 350 20,000 780,000 125,000 260,000 $ 194,000 Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Davis, Capital Davis, Withdrawals Sales Revenue Cost of Good cold Salaries Expense-Selling Utilities Expense--Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative Total 398,925 2,654,150 1,061,450 270,000 32,000 90,000 25,000 $ 3,247,075 $ 3,247,075 O BI ** ON Chapter 6, Problem 1CPP 0 1 Bookmark Show all steps: Merchandise Inventory ast t ember 30 consists of the following lamps: Item Quantity Unit Cost Total Cost Desk Lamp 2,500 $ 8 $ 20,000 Table Lamp 3,000 54,000 Floor Lamp 2,000 52,000 Total $ 126,000 During the fourth quarter of 2018, DLC completed the following transactions: Oct. 1 Purchased lamps on account from Blue Ridge Lights, terms V30, FOB destination 5,000 desk lamps at 59 each 7,500 table lamps at $19 each 2,500 floor lamps at $25 each 12 Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30: 4,000 table lamps at $45 each 15 Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30: 1,00desk lamps at $20 each 20 Received a check from Atlas Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Hiawassee Office Supply for full amount owed on Oct. 15 sale. 28 Sold lamps on account to Parkway Home Stores, terms 2/10, 1/30: 3,500 table lamps at $45 each 1,500 floor lamps at $65 each 30 Paid amount due to Blue Ridge Lights from Oct. 1 purchase. 31 Paid salaries, 540,000 (75% selling. 25% administrative). 31 Paid utilities, $2,500 (60% selling, 40% administrative). -negg Study Textbook Solutions Expert Q&A Practice Sear Chapter 6. Problem 1CHP 1 Bookmark Show all steps: ON Nov. 1 5 5 8 Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30: 3,000 desk lamps at $20 each Purchased lamps on account from Blue Ridge Lights, terms 1/30, FOB destination: 5,000 desk lamps at $10 each 10,000 table lamps at $21 each 5,000 floor lamps at $27 each Received a check from Parkway Home Stores for full amount owed on Oct. 28 sale. Received a check from Hiawassee Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $325 for the office; 5675 for the warehouse. Sold lamps on account to Anderson Office Supply, V30: 2,000 desk lamps at $20 each Sold lamps on account to Go-Mart Discount Stores, terms 1/10, 30. 2,000 table lamps at $45 each 2,000 floor lamps at $65 each Received a check from Go-Mart Discount Stores for full amount owed on Nov. 18 sale. 10 15 18 28 30 30 Dec. 5 15 Paid salaries, $40,000 (75% selling. 25% administrative). Paid utilities, $2,670 (60% selling. 40% administrative). Paid amount due to Blue Ridge Lights from Nov. 5 purchase. Received a check from Anderson Office Supply for full amount owed on Nov. 15 sale. Davis withdrew $50,000 from the business. Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30: 4,500 desk lamps at $20 each 5,000 table lamps at $45 each 15 27 9 Chapter 6, Problem 1CPP 0 0 1 Bookmark Show all steps: ON 31 Paid salaries, 540,000 (75% selling. 25% administrative). 31 Paid utilities, $3,200 (60% selling, 40% administrative). Requirements 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018. 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. Complete the inventory records using the following transact Oct. 1, 12. 15, 28; Nov. 1, 5, 15, 18, and Dec. 27 3. Record the transactions in the general journal. 4. Post transactions to the general ledger 5. Prepare adjusting entries for the year ended December 31, 2018, and post to the ledger: a. Depreciation, $48,500 (75% selling, 25% administrative). b. Supplies on hand: office, $200; and warehouse, $650. C. A physical inventory account resulted in the following counts: desk lamps, 1,990, table lamps, 5,995, and floor lamps, 6,000. Update the inventory records. 6. Prepare an adjusted trial balance