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I need help with a trial balance for this assignment Assume there is a small shoe store in your neighborhood with a single owner. The
I need help with a trial balance for this assignment
Assume there is a small shoe store in your neighborhood with a single owner. The owner started the
business on December and sells two types of shoes: a comfortable sneaker that is something
athletes would purchase, and a comfortable dress shoe that looks dressy but has the comfort of a
sneaker. The name of the business is The Shoe Horn. Complete tasks A and B that follow, using the
detailed instructions for each. Following is a list of all transactions that occurred during December
a Dec Jack Simmons, the owner contributed a $ check from his personal account, which he
deposited into an account opened in the name of the business, to start the business.
b Dec He rented space that had previously been used by a shoe store and wrote check no for
$ for the first six months rent.
c Dec He paid for installation and phone usage $check no
d Dec He paid for advertising in the local paper $check no The ads will all run in December.
e Dec He purchased $ of office supplies check no
f Dec He paid $ for insurance for three months December January and February using
check no
g Dec He purchased pairs of sneakers at $ a pair on account from Nike using purchase order
no Payment terms were net Assume the shoe store uses the perpetual inventory system.
h Dec He purchased pairs of dress shoes from Footwear Corp. on account for $ a pair using
purchase order no Payment terms were net
i Dec He made a sale on account of pairs of sneakers at $ a pair, to a local University
Highland University sales invoice number for their basketball team. Payment terms were net
j Dec He made a sale on account of pairs of dress shoes at $ a pair sales invoice no to a
local charity, US Veterans, that intended to raffle them off at one of their events.
k Dec He made a sale on account to The Jenson Group of pairs of dress shoes at $ a pair, to
use as part of an employee uniform. Payment terms were net
l Dec He made a cash sale for sneakers at $ each and pair of shoes for $
m Dec He paid the amount owed to Footwear Corp check no
n Dec Highland University returned pairs of sneakers they had previously purchased on account.
o Dec He received a check from Highland University in full payment of their balance.
p Dec He made a cash sale to Charles Wilson of three pairs of sneakers at $ each and pair of
dress shoes at $
q Dec He made a partial payment to Nike for $check number
r Dec Received a $ utility bill which will be paid in January.
s Dec Received a check from The Jenson Group in the amount of $
t Dec He paid $ of his balance to Nike check number
Chart of Accounts
Cash
Accounts Receivable
Merchandise Inventory
Prepaid Insurance
Prepaid Rent
Office Supplies
Accounts Payable
Jack Simmons, Capital
Jack Simmons, Drawing
Sales
Sales Returns and Allowances
Sales Discounts
Cost of Goods Sold
Rent Expense
Advertising Expense
Telephone Expense
Utilities Expense
Office Supplies Expense
Insurance Expense
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