if you cant do all, please do 6-8!!!!
Wallenpaupack Lake Co. is a retail business that uses the perpetual inventory system. The account balances for Wallenpaupack as of May 1, 20Y9 (unless otherwise indicated), are as follows: 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation Store Equipment 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings $ 83,600 233,900 624,400 28,000 16,800 11,400 569,500 $ 135,000 5,069,000 2,823,000 664,800 281,000 312 Dividends 410 Sales 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 56,700 96,600 12,600 382,100 83.700 50,000 100,000 585,300 7,800 During May, the last month of the fiscal year, the following transactions were completed: 1. Paid rent for May, $5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of May 3, $600. 6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. 10. Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. 13. Paid for merchandise purchased on May 3. 15. Paid advertising expense for last half of May, $11,000. 16. Received cash from sale of May 6. 19. Purchased merchandise for cash, $18,700. 19. Paid $33,450 to Buttons Co. on account. 20. Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13.500 and the cost of the returned merchandise was $8,000. 20. Sold merchandise on account to Crescent Co., terms 1/10,n/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000. 21. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. 21. Received $42,900 cash from Gee Co. on account. 21. Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. 24. Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. 26. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. 28. Paid sales salaries of $56,000 and office salaries of $29,000. 29. Purchased store supplies for cash, $2,400. 30. Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the goods sold was $47.000. 30. Received cash from sale of May 20 plus freight paid on May 21. 31. Paid for purchase of May 21, less return of May 24. Complete the following: 1. Prepare journal entries for all May transactions 2. Post journal entries to appropriate ledgers (t-charts) - remember there are starting balances above! 3. Prepare an unadjusted trial balance. 4. Prepare (and post) the adjusting journal entries given the following information: a. Inventory on May 31 = $570,000 b. Insurance expired during the year = $12,000 c. Store supplies on hand on May 31 = $4,000 d. Depreciation for the current year = $14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 5. Prepare an adjusted trial balance. 6. Prepare an Income Statement, Statement of Stockholder's Equity, and Balance Sheet. 7. Prepare and post the closing journal entries. 8. Prepare a post-closing trial balance
