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Accounting Cycle Review 7-01 a1-f2 Pharoah Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Pharoah are indicated in the working papers. Presented below are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number 101 112 115 120 126 130 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $38,250 12.300 42,000 15,500 1,500 2,000 8,700 1,600 157 158 37,000 201 301 81,650 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,600 B. Santos 7,300 S. Mahay 3,400 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $9.000 R. Moses 17,000 D. Saito 11,000 Jan. 3 5 8 9 9 10 11 12 13 15 15 16 17 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $2,000, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey S2,900, terms n/30. Receive checks from S. Mahay $3,400 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $225. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $11,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $17,500. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January, Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw 5800 cash by M. Pharoah for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $1,600, terms n/30. Pay $400 cash for office supplies. Return $300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $22,100. Make one journal entry for these sales. Issue $17,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,900, invoice no. 516, and to 3. Revere 56,100, invoice no. 517. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $23,700. Make one journal entry for these sales. Pay sales salaries $4,900 and office salaries $3,800. 18 20 21 21 22 22 23 25 27 27 28 31 31 PHAROAH COMPANY Worksheet For the Month Ended January 31, 2020 V Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr Dr. Cr. Cash 5352: 53521 53521 Accounts Receivable 23900 23900 23900 Notes Receivable 42000 42000 12000 Inventory 25029 25029 26029 Supplies 2100 1100 1000 1000 Prepaid insurance 2000 200 1800 1800 Equipment 8700 8700 8700 Accum. Depreciation-Equipment 1600 150 1750 1750 Notes Payable 17000 17000 17000 Accounts Payable 34500 31500 34500 Interest Payable 50 50 50 Owner's Capital 81650 81650 81650 Owner's Drawings 800 800 800 Sales Revenue 86600 86600 86600 Sales Returns and Allowances 300 300 300 Sales Discounts 120 120 120 Cost of Goods Sold 51280 51780 51780 Salaries and Wages Expense 8700 3700 8700 Rent Expense 1400 1400 1400 Totals 221350 221350 Supplies Expense 1100 1100 1100 Insurance Expense 200 200 200 Depreciation Expense 150 150 150 Interest Expense SO 50 SO Totals 1500 1500 221550 221550 63800 86600 157750 134950 Net Income 228001 22800 Totals 86600 86600 157750 157750 For the Month Ended January 31, 2020 Sales Sales Revenues Less Sales Returns and Allowances Sales Discounts LD DDDD Net Sales Revenue Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Insurance Expense Salaries and Wages Expense Depreciation Expense DDDD Supplies Expense Rent Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Net Incomer (Loss) Your answer is partially correct. Try again. Prepare a owner's equity statement for January. (List items that increase owner's equity first.) PHAROAH CO. Owner's Equity Statement For the Month Ended January 31, 2020 X Owner's, Capital, January 31, 2020 82350 x Add Net Income /(Loss) 19190 101540 Less Drawings Owner's, Capital, January 31, 2020 LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) PHAROAH CO. Balance Sheet Assets Current Assets Cash Accounts Receivable Notes Receivable idildi Inventory Supplies Prepaid Insurance Total Current Assets Property, plant and Equipment V Equipment V Accumulated Depreciation Equipment Total Assets Liabilities and Owner's Equity Current Lsabilities Notes Payable Accounts Payable ITO Interest Payable Total Liabilities Owner's Equity Owner's Capital 01 Total abilities and Owner's Equity Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 31 v Supplies Expense X Supplies (To adjust supplies) Jan. 31 Insurance Expense x Prepaid Insurance (To adjust insurance expense) Jan. 31 Depreciation Expense Accumulated Depreciation Equipment (To adjust depreciation expense) Jan. 31 Interest Expense - Interest Payable (To adjust interest expense) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 31 Sales Revenue 78400 LX Income Summary 78400 (To close revenue account) x Jan. 31 Income Summary 59209 X Insurance Expense 250 Rent Expense Supplies Expense x Salaries and Wages Expense x Cost of Goods Sold X Depreciation Expense Interest Expense Sales Returns and Allowances XE Sales Discounts (To close expense accounts) Jan. 31 Income Summary Owner's Capital (To close net income) Jan. 31 Owner's Capital Owner's Drawings