i Reference -X Sparkle Time Cleaning Post-Closing Trial Balance November 30, 2018 Balance Account Title Debit Credit Cash $ 84,650 Accounts Receivable 1,600 Cleaning Supplies 120 Prepaid Rent 2,100 Prepaid Insurance 2,200 Equipment 7,000 Truck 4,000 Accumulated Depreciation 183 Accounts Payable 3,290 Unearned Revenue 31,625 Interest Payable 20 Notes Payable 24,000 Common Stock 40,000 Retained Earnings 2,552 $ Total 101,670 $ 101,670 $ Print Done i More Info - Purchased 300 units of inventory for $1,500 on account from Gleam Cube Company on Dec. 2 terms, 4/10, n/20 Purchased 500 units of inventory from Glam on account with terms 5/10, n/30. The total Dec. 5 invoice was for $4,000, which included a $200 freight charge. Dec. 7 Returned 100 units of inventory to Gleam Cube from the December 2 purchase. Dec. 9 Paid Glam Dec. 11 Sold 150 units of goods to Merry Cleaners for $1,800 on account with terms n/30. Dec. 12 Paid Gleam Cube. Dec. 15 Received 50 units with a sales price of $600 of goods back from customer Merry Cleaners. Dec. 21 Received payment from Merry Cleaners, settling the amount due in full. Dec. 28 Sold 150 units of goods to Annelyse, Inc. on account for $2,400. Terms 1/15, n/30. Dec. 29 Paid cash for utilities of $400. Dec. 30 Paid cash for Sales Commission Expense of $143. Dec. 31 Received payment from Annelyse, Inc., less discount. Dec. 31 Information for the adjusting entries includes: a. Physical count of inventory on December 31 showed 400 units of goods on hand. b. Depreciation, $183. c. Accrued salaries expense of $1,200. d. Estimated sales returns of $800, with cost of $320. e. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information from November to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $120. (Click to view the November adjustment information.) Print Done i More Info - X Nov. 2 The business paid $2,800 to Pricey Properties for November through February rent. (Debited Prepaid Rent) Nov. 3 Paid $2,400 for a business insurance policy for the term November 1, 2018 through October 31, 2019. (Debited Prepaid Insurance) Nov. 16 Received $33,000 for a 1-year contract beginning November for cleaning services to be provided. Contract begins November 16, 2018, and ends November 15, 2019. (Credit Unearned Revenue) Nov. 20 Borrowed $24,000 from bank with interest rate of 3% per year. Print Done - - X i Requirements 1. Prepare perpetual inventory records for December for Sparkle Time Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a.) Round per unit costs to two decimal places. 2. Journalize the transactions for December 11th, 28th, and 31st (adjusting entry a only) using the perpetual inventory record created in Requirement 1. Print Done Sparkle Time Cleaning's post-closing trial balance at November 30, 2018, is as follows: (Click the icon to view the post-closing trial balance.) Sparkle Time Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Sparkle Time uses the perpetual inventory system. During December 2018, Sparkle Time completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare perpetual inventory records for December for Sparkle Time Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a.) Round per unit costs to two decimal places. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. Complete the first half of the schedule in this step, and the remaining half in the next step. (Enter the oldest inventory layers first. Enter a decrease in quantities and total costs for Purchases and for Cost of Goods Sold with a minus sign or parentheses. Round all unit cost amounts to two decimal places, X.XX, and all total cost amounts to the nearest whole dollar.) Purchases Cost of Goods Sold Inventory on Hand Units Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 2 5 7 9 11