I need these answers, I've got general entry and general ledgers, but I do not have the others
WN All credit sales are on terms 2/10, net 30 and are recorded at the gross amount. Credit purchase terms vary depending on the vendor. Record purchases at gross amount. Recognize discounts at the time of receipt or payment; amounts are rounded to the nearest dollar. 4. The Company uses a perpetual inventory system. Emporia Corporation Chart of Accounts Account Account Title Account Account Title Number Number 101 Cash 280 Mortgage Payable 110 Accounts Receivable 300 Common Stock 111 Allowance for Doubtful Accounts 310 Retained Earnings 120 Notes Receivable 313 Accumulated Other Comprehensive Income 125 Interest Receivable 315 Treasury Stock 130 Inventory 320 Dividends 140 Prepaid Insurance 330 Income Summary 141 Supplies 400 Sales Revenues 145 Long Term Invest. Available for Sale 410 Sales Returns and Allowances Securities 146 Fair Value Adjustment 420 Sales Discounts 150 Land 470 Interest Revenue 160 Building 480 Rent Revenue 161 Accumulated Depreciation - Building 490 Gain on Sale of Fixed Asset 195 Unrealized Holding Gain 170 Equipment 600 Cost of Goods Sold 171 Accumulated Depreciation - Equipment 610 Salaries Expense 210 Accounts Payable 611 Payroll Taxes Expense 220 Salaries Payable 612 Income Tax Expense 221 Fed. Withholding Taxes Payable 613 Interest Expense 222 FICA Taxes Payable 614 Supplies Expense 223 Fed. & State Unemployment Taxes Pay. 615 Insurance Expense 230 Health Insurance Premium Payable 616 Bad Debt Expense 240 Interest Payable 520 Depreciation Expense: Building 250 Income Tax Payable 621 Depreciation Expense: Equipment 260 Dividend Payable 590 Loss on Sale of Fixed Asset 695 Unrealized Holding lossEMPORIA CORPORATION POST-CLOSING TRIAL BALANCE December 31, 2019 Balance Account Number Account Titles Dr. Cr. 101 Cash $ 100.000 110 Accounts Receivable (See note #1) 67,000 111 Allowance for Doubtful Accounts $ 6,000 120 Notes Receivable 50.000 125 Interest Receivable 3.000 130 Inventory 200,000 140 Prepaid Insurance 26.000 141 Supplies 9.000 145 Long Term Investments - Available for Sale Securities 50,000 146 Fair Value Adjustment 3.000 150 Land 66.000 160 Building 200.000 161 Accumulated Depreciation-Building 30,000 170 Equipment 100.000 171 Accumulated depreciation-Equipment 48,000 210 Accounts Payable (See Note #2) 47,000 220 Salaries Payable 40,000 270 Unearned Rent Revenue 17,000 280 Mortgage Payable 200,000 300 Common Stock (40,000 shares @ $10 per share) 400.000 310 Retained Earnings 93,000 318 Accumulated Other Comprehensive Income 3,000 Total $ 884,000 $ 884,000 1 A/R include M&M: $35,000; Chase Company: $25,000; and Smith & Smith: $7,000. 2 A/P include Kansas Retail: $12,000; Hanson's Shop: $10,000; and Village Shop: $25,000.PRACTICE SET REQUIREMENTS Prepare journal entries to record the transactions for the month of January 2020. {Do not include explanations.) Post the transactions 'om the jom'nal to general ledger and subsidiary ledgers as appropriate. Prepare a trial balance by entering the general ledger balances in the rst two columns of the worksheet. Prepare adjusting entries. Place the adjusting entries in columns 3 & 4 of the worksheet. Record them in the general journal and post them to the general ledger. The items requiring adjustment at January 31, 2020 are the following: A. Record the depreciation on the building and equipment- The building was purchased on 1f1/2015, and is being depreciated using the straight-line method with a useful life of 30 years and salvage value of $20,000. The equipment was purchased on 1I'1I2016 with estimated life of 8 years and has a salvage value of $4,000. Use the straight-line method to depreciate the equipment. There is no depreciation on the computer purchased on January 31. Supplies on hand at January 31 are $7,000. Insurance expired in January, $4,000. Estimated uncollectible accounts are 3 of Accounts Receivable. Of the unearned rent revenue, $4,000 was earned as of January 31, 2020. The mortgage payment is made annually on December 31. The interest rate on the mortgage is 12% annually. Accrue interest for January 2020 The fair market value of the Available-for-Sale Securities on January 31 is $57,000 (See Ch. 4 of Kieso). Record gain net of tax (25%). H. Emporia Corporation records income taxes monthly at the rate of 25% of income before taxes. (Income before income tax must be determined before income tax expense is computed.) WWUOW FD Complete the worksheet. Prepare accounts receivable and accounts payable schedules. Prepare a multi-step income statement, a statement of comprehensive income (two statement approach), statement of retained earnings, and a classied balance sheet. Record the closing entries in the general journal and post to the ledger. Prepare a post-closing trial balance. During January of 2020, the following transactions occurred: January 2 Make any necessary reversing entries. January 3 Issued check in full payment of salaries payable. January 3 Cash sales for the week totaled $15,000. The cost of the merchandise to Emporia Corporation was $8,000. January 6 Purchased merchandise on account from Dale & Clark $80,000, terms 2/10, net 30. January 7 Sold merchandise on account to McBryan Company for $20,000. The cost of the merchandise to Emporia Corporation was $12,000. January 8 Received a check from Chase Company for a payment on account, $25,000. January 8 Sold merchandise on account to Imports Company for $40,000. The cost of the merchandise to Emporia Corporation was $27,000. January 9 Purchased merchandise on account from Silver Ranch for $30,000, terms 1/10, net 20. January 9 Sold merchandise on account to Glamour, Inc. for $60,000. The cost of the merchandise to Emporia Corporation was $40,000. January 10 Imports Company returned $5,000 of merchandise because it did not meet specifications. The cost of the merchandise to Emporia Corporation was $2,000. January 10 Received a check from McBryan Company for full payment of January 7 transaction. January 10 Cash sales for the week totaled $85,000. The cost of the merchandise to Emporia Corporation was $47,000. January 10 Declared a $.50 per share dividend. January 13 Returned defective merchandise costing $4,000 to Silver Ranch. January 14 Issued check payable to Dale & Clark for the January 6 transaction. January 15 Total payroll for the first half of January is $60,000. Payroll deductions include 7.65% for FICA; 20% federal income tax, 5% health insurance. Employer also records 6.2% federal and state unemployment tax as well as a matching amount for FICA. Issued a check for the net pay. January 16 Received a check from Imports Company for full payment of January 8 transaction. January 17 Issued check payable to Silver Ranch for full payment of January 9 transaction. January 17 Cash Sales for the week were $75,000. The cost of the merchandise was $41,000.January 21 Issued check payable to Kansas Retail in full payment of our account. January 21 Sold merchandise on account to M&M for $12,000. The cost of the merchandise to Emporia Corporation was $5,000. January 22 Purchased $18,000 supplies on account from Staples, Inc. January 22 Our customer, Smith and Smith, filed for bankruptcy. The balance of their account is written off. January 22 Sold one-half of the land to the City of Emporia for $40,000 to be converted into a parking lot. Received cash in full payment. January 23 Glamour, Inc. returned merchandise worth $3,000. The cost of the merchandise to Emporia Corporation was $1,000. January 23 Issued check for $7,500 to Hanson's Shop, Inc. in partial payment of a purchase made during December 2019. January 24 Purchased merchandise on account from Village Shop for $30,000, terms 2/10, net 30. January 24 $40,000. Cash sales for the week totaled $85,000. The cost of the merchandise to Emporia Corporation was January 27 Received a check from Glamour, Inc. for full payment of January 9 transaction. January 27 Purchased merchandise on account from Dale & Clark for $30,000, terms 1/10, net 30. January 28 Sold merchandise on account to Chase Co. for $50,000. The cost of the merchandise to Emporia Corporation was $22,000 January 29 Collection of cash from M&M for January 21 transaction. January 29 Paid the cash dividend declared on January 10. January 29 Purchased 500 shares of treasury stock at $12.00 per share. January 31 Received a check for $63,600 in payment of a $60,000 6-month, 12% (annual rate) note receivable plus interest ($3,600). The note was dated on August 1, 2019. January 31 Purchased a computer for $23,000 to use in converting the accounting records from a manual system to a computerized system. January 31 The total payroll for the second half of January is $80,000. Payroll deductions include 7.65% for FICA, 20% federal income tax, 5% health insurance. Employer also records 6.2% federal and state unemployment tax as well as a matching amount for FICA. A check was issued for the net pay. January 31 Cash Sales for January 27 - 31 totaled $65,000. The cost of the merchandise to Emporia Corp. was $42,000.EWORIA CORPORATION - Check Figures Spring 2020 Work Sheet Trial Balance Total $1,476,200 Income Tax 9,455 Net Income 28,365 Income Statement Gross Prot $2 16,660 EPS 0.718 Comprehensive Income Statement Comprehensive Income $31,364 Balance Sheet Total Assets $ 896,420 Total Liabilities 395,055 PostClosing Trial Balance Total $984,470
