Question
I don't know how to solve this qustion Please help me for solve this qustion NOTE:For simplicity, all operating expenses have been summarized in the
I don't know how to solve this qustion
Please help me for solve this qustion
NOTE:For simplicity, all operating expenses have been summarized in the account Operating Expenses.
Additional data at July 31, 2020:
- A physical count of items showed $3,000 of supplies on hand. (Hint: Use the account Operating Expenses in the adjusting journal entry.)
- An inventory count showed inventory on hand at July 31, 2020, of $140,000.
- The equipment has an estimated useful life of eight years and is expected to have no scrap or residual value at the end of its life. (Hint: Use the account Operating Expenses in the adjusting journal entry.)
- Unearned sales revenue of $5,600 was earned by July 31, 2020.
- Record all adjustments and closing entries that would be required on July 31, 2020.
- Need to do the multi-step income statement and statement of owner's equity for the year ended July 31, 2020, and the classified balance sheet in report format as at July 31, 2020.
Accounts Payable........................................$21,600
Accounts Receivable.................................................23,200
Accumulated AmortizationEquipment..............................64,600 Cash...................................................................................8,400
Cost of Goods Sold...........................................................687,000
E. Bueno, Capital.................................................................402,000
E. Bueno, Withdrawals..............................................................92,000
Equipment..............................180,000
Interest Earned..........................................................................4,000
Inventory..............................................................................143,000
Operating Expenses..............................................................355,000
Sales Discounts..........................................................................10,300
Sales Returns and Allowances................................................32,900
Sales Revenue......................................................................1,045,200
Supplies......................................................................................14,600
Unearned Sales Revenue..........................................................9,000
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