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(11) Record and post closing entries as of January 31.
(12) Prepare an income statement for the month of January. All salaries are sales salaries.
(13) Prepare a statement of owners equity for the month of January.
(14) Prepare a January 31,balance shhet.
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This is worksheet
You have now completed the accounting cycle for o merchondising pieces together in this comprehensive problem. Firm and are reody to put all of the You are keeping the accounting records for Kathy Modell, owh the accountine begin with the balances in her accounts and go through the horting Goods Store. You accounting cycle for one month. DIRECTIONS: (1) Open accounts in the general ledger with the following January 1, 2011. balances as of Account No. Account Name 6,560 2,955 113 114 115 116 121 121.1 Accounts Receivable Office Supplies Store Supplies Merchandise Inventory Prepaid Insurance Office Equipment Accumulated Depreciation 1,915 9,500 Office Equipment 16,600 Store Equipment 4,000 Accumulated Depreciation Store Equipment 13,000 Delivery Equipment 7,000 Accumulated Depreciation Delivery Equipment 3,880 Accounts Payable Kathy Modell, Capital Kathy Modell, Drawing Income Summary Sales Sales Returns and Allowances 211 311 48,165 411 Sales Discounts 413 511 512 513 514 611 612 613 614 615 616 617 618 619 Purchases Returns and Allowances Purchase Discounts Freight in Salaries Expense Rent Expense Utilities Expense Office Supplies Expense Store Supply Expense Insurance Expense Depreciation-Expense Office Equipment Depreciation- Expense Store Equipment Depreciation- Expense Delivery Equipment Open accounts in the Accounts Receivable Subsidiary Ledger with the following balances as o January 1, 2011 (2) Customer Name Henry Galvin Lee Maddox Neagle Co Smitz, Inc Balance $1,025 755 1,175 of Open accounts in the accounts payable subsidiary ledger with the following balances as January 1, 2011: as of (3) Balance Creditor Name W. Bedford Co. Jones Co. Lemke Brothers Wohlers, Inc $1,365 1, 540 975 All credit journal, a five-column cash receipts journal, a four-column cash payments journal. sales carry terms of 2/10, n/30. Freight on all purchases is charged to the Freight-In account. (4) Record the january transactions in a general journal, a one column sales journal, a purchased 2011 e RO Jan 2 Paid rent for the month, $1,070, Check No.234 2 Sold merchandise to Smit, Inc, $765, Invoice No. 176. 4 Collected the balance due from Henry Galvin, les 2% discount. 5 6 ct) G13 Sold merchandise to Henry Galvin, S1.670, invoice No. 177 Collected the balance due from Neagle Co., less 2% discount. Issued a credit memorandum to Henry Galvin for the return of defective merchandise sold on January 5, $210. P7Purchased merchandise from Lemke Brothers, S1,045; terms 2/10, n/30, Invoice No. 187 8 Paid W. Bedford Co. the balance due, less 2% discount; Check No. 235. Paid Wohlers, Inc., the balance due, less 1% discount; Check No. 236. Returned defective merchandise purchased on January 7 from Lemke Brothers, credit memorandum for $10 collected the balance due from, Lee Maddox, less 2% discount. C? > 9 10 receiving a , 10 11 Paid Lemke Brothers the January 1 balance; no discount, Check No 237 12 Received a check from Smitz, Inc, for the amount due from sale of ?") 14 Purchased merchandise from Jones and Co., $2,550, terms, 2/10, n/30, Invoice No. 188. 15 Received a check from Henry Galvin for the amount due from sale of of January 7 the amount due from sale of January 5, less the return Recorded cash sales for the first half of January, Suss 15 1s Kathy nvwested an additional $3,000cash in the firm G16 Purchased orice equipment from Wohler's, Inc., S4A00, terms, 2/30, n/60 Invoice No. 189 S3 17 Sold merchandse to Lee Maddox, $950, Inwoice No. 178. same amount due from the purchase of January 7, less the return of Paid Lemke Brothers the January 10; Check No. 238 CP"317 G18 Purchased office supplies from W. Bedford Co ,$860, terms, n/30, Inwoice No. 1 G2 19 Returned defective office supplies to W. Bedford Co, receiving a P 20 Purchased store supplies from Jones Co., S555; terms, n/30; Invoice No. 191. ro 22 Cindy invested a used truck valued at $4,700 in the business. credit memorandum for $110. 23 Sold merchandise to Neagle Co. S820, Invoice No. 179. CPD 24 Paid the balance due to Jones Co. from the purchase of January 14; Check No. 239. G1) 24 Kathy wrote check No. 240 to pay her home phone bill, $205 $9 25 Sold merchandise to Smitz, Inc., S 1.995, Invoice No. 180. > 26 Sold store supplies to another firm at cost for cash, $110. (27 Issued a credit memorandum to Smit, inc., for a shortage from the sale of January 25,S75. P27 Purchased merchandise from Jones Co., S750; term, 2/10n/30, Invoice No. 192. ep 29 Paid January'selectric bill, S595, check No. 241. CP 31 Recorded cash sales for the second half of January, $2,445. ep31 Paid freight on January's purchases, Saso, check No. 242. CP 31 Paid Salaries for lanuary, 54,450, Check No. 243. (5) Total all special Journals. (6) Post all items that need to be posted (7) Prepare a trial balance on a 10 column worksheet as of January 31, 2011. (8) Prepare schedules of accounts receivable and accounts payable. (9) Complete the worksheet. Adjustment data for January 31 is as follows: a) Office supplies on hand $830 b) Store supplies on hand, $750 c) Insurance expired $20 d) Depreciation of office equipment, 590. e) Depreciation of store equipment, $125. f) Depreciation of delivery equipment, $250. g) Beginning merchandise inventory, $13,540. h) Ending merchandise inventory, $12,210. (10) Record and post adjusting entries as of January 31 (11) Record and Post closing entries as of January 31. (12) Prepare an income statement for the month of January. All salaries are sales (13) Prepare a statement of owner's equity for the month of January (14) Prepare a January 31, balance sheet. salaries. You have now completed the accounting cycle for o merchondising pieces together in this comprehensive problem. Firm and are reody to put all of the You are keeping the accounting records for Kathy Modell, owh the accountine begin with the balances in her accounts and go through the horting Goods Store. You accounting cycle for one month. DIRECTIONS: (1) Open accounts in the general ledger with the following January 1, 2011. balances as of Account No. Account Name 6,560 2,955 113 114 115 116 121 121.1 Accounts Receivable Office Supplies Store Supplies Merchandise Inventory Prepaid Insurance Office Equipment Accumulated Depreciation 1,915 9,500 Office Equipment 16,600 Store Equipment 4,000 Accumulated Depreciation Store Equipment 13,000 Delivery Equipment 7,000 Accumulated Depreciation Delivery Equipment 3,880 Accounts Payable Kathy Modell, Capital Kathy Modell, Drawing Income Summary Sales Sales Returns and Allowances 211 311 48,165 411 Sales Discounts 413 511 512 513 514 611 612 613 614 615 616 617 618 619 Purchases Returns and Allowances Purchase Discounts Freight in Salaries Expense Rent Expense Utilities Expense Office Supplies Expense Store Supply Expense Insurance Expense Depreciation-Expense Office Equipment Depreciation- Expense Store Equipment Depreciation- Expense Delivery Equipment Open accounts in the Accounts Receivable Subsidiary Ledger with the following balances as o January 1, 2011 (2) Customer Name Henry Galvin Lee Maddox Neagle Co Smitz, Inc Balance $1,025 755 1,175 of Open accounts in the accounts payable subsidiary ledger with the following balances as January 1, 2011: as of (3) Balance Creditor Name W. Bedford Co. Jones Co. Lemke Brothers Wohlers, Inc $1,365 1, 540 975 All credit journal, a five-column cash receipts journal, a four-column cash payments journal. sales carry terms of 2/10, n/30. Freight on all purchases is charged to the Freight-In account. (4) Record the january transactions in a general journal, a one column sales journal, a purchased 2011 e RO Jan 2 Paid rent for the month, $1,070, Check No.234 2 Sold merchandise to Smit, Inc, $765, Invoice No. 176. 4 Collected the balance due from Henry Galvin, les 2% discount. 5 6 ct) G13 Sold merchandise to Henry Galvin, S1.670, invoice No. 177 Collected the balance due from Neagle Co., less 2% discount. Issued a credit memorandum to Henry Galvin for the return of defective merchandise sold on January 5, $210. P7Purchased merchandise from Lemke Brothers, S1,045; terms 2/10, n/30, Invoice No. 187 8 Paid W. Bedford Co. the balance due, less 2% discount; Check No. 235. Paid Wohlers, Inc., the balance due, less 1% discount; Check No. 236. Returned defective merchandise purchased on January 7 from Lemke Brothers, credit memorandum for $10 collected the balance due from, Lee Maddox, less 2% discount. C? > 9 10 receiving a , 10 11 Paid Lemke Brothers the January 1 balance; no discount, Check No 237 12 Received a check from Smitz, Inc, for the amount due from sale of ?") 14 Purchased merchandise from Jones and Co., $2,550, terms, 2/10, n/30, Invoice No. 188. 15 Received a check from Henry Galvin for the amount due from sale of of January 7 the amount due from sale of January 5, less the return Recorded cash sales for the first half of January, Suss 15 1s Kathy nvwested an additional $3,000cash in the firm G16 Purchased orice equipment from Wohler's, Inc., S4A00, terms, 2/30, n/60 Invoice No. 189 S3 17 Sold merchandse to Lee Maddox, $950, Inwoice No. 178. same amount due from the purchase of January 7, less the return of Paid Lemke Brothers the January 10; Check No. 238 CP"317 G18 Purchased office supplies from W. Bedford Co ,$860, terms, n/30, Inwoice No. 1 G2 19 Returned defective office supplies to W. Bedford Co, receiving a P 20 Purchased store supplies from Jones Co., S555; terms, n/30; Invoice No. 191. ro 22 Cindy invested a used truck valued at $4,700 in the business. credit memorandum for $110. 23 Sold merchandise to Neagle Co. S820, Invoice No. 179. CPD 24 Paid the balance due to Jones Co. from the purchase of January 14; Check No. 239. G1) 24 Kathy wrote check No. 240 to pay her home phone bill, $205 $9 25 Sold merchandise to Smitz, Inc., S 1.995, Invoice No. 180. > 26 Sold store supplies to another firm at cost for cash, $110. (27 Issued a credit memorandum to Smit, inc., for a shortage from the sale of January 25,S75. P27 Purchased merchandise from Jones Co., S750; term, 2/10n/30, Invoice No. 192. ep 29 Paid January'selectric bill, S595, check No. 241. CP 31 Recorded cash sales for the second half of January, $2,445. ep31 Paid freight on January's purchases, Saso, check No. 242. CP 31 Paid Salaries for lanuary, 54,450, Check No. 243. (5) Total all special Journals. (6) Post all items that need to be posted (7) Prepare a trial balance on a 10 column worksheet as of January 31, 2011. (8) Prepare schedules of accounts receivable and accounts payable. (9) Complete the worksheet. Adjustment data for January 31 is as follows: a) Office supplies on hand $830 b) Store supplies on hand, $750 c) Insurance expired $20 d) Depreciation of office equipment, 590. e) Depreciation of store equipment, $125. f) Depreciation of delivery equipment, $250. g) Beginning merchandise inventory, $13,540. h) Ending merchandise inventory, $12,210. (10) Record and post adjusting entries as of January 31 (11) Record and Post closing entries as of January 31. (12) Prepare an income statement for the month of January. All salaries are sales (13) Prepare a statement of owner's equity for the month of January (14) Prepare a January 31, balance sheet. salaries
