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i'm sorry I know it's blurry this is the best that I can do there's a journal entry a ledger's account and also a financial
i'm sorry I know it's blurry this is the best that I can do there's a journal entry a ledger's account and also a financial statement as well thank you!!
Reference a) Date 2-Jan b) 8-Jan c) d) 16-Jan 24 Jan Transactions - January 2021 On January 2nd, Auggie Gear purchased and received 3,000 t-shirts, purchased on account with plans of selling the shirts to the campus book store. The t-shirts cost $3 each. On January 8th, Augle Gear purchased and received another 1,750 t-shirts on account that you plan to sell to customers throughout the year. The t-shirts cost $ each On January 16th, you paid employees of Auggie Gear their wages of 56,200 for the pay period from 1/1/21 - 1/15/21. On January 24th, Augge Gear purchased and received 600 more t shirts on account that they plan to sell to customers throughout the year, The T-shirts cost $5.75 each. On January 30th, sold 1,000 t-shirts on account for $15 per shirt, Auggie Gear uses LIFO as their inventory costing method On January 31st Auggie Gear sold an additional 2,000 t-shirts for $15 per shirt. The customer paid 5500 cash on the date of purchase, and will pay the remaining balance due on February 28th You owe your employees wages for the pay period from 1/16/21 through 1/31/21 totalin $6,350. The wages will be paid on February 2nd, 2021 ge 30 Jan 31-Jan 31 Jan 1) 25-Jan Auggie Gear management elects to utilize the Percentage of Credit Sales" method to estimate their bad debt each month. Based on her history with a similar business, your manager estimates that you ultimately won't collect 2.0% of sales made on account during the month -ies Ledger Accounts (T-Accounts) Balance Sheet Accounts 1) First, record the necessary journal entry (utilize the "Chart of Accounts" below) 2) After recording each entry, post the effects of the Journal Entry to the appropriate T-accounts. 3) Utilizing the ending balances in each T-account to complete the financial statements on the second ta Reference a) Date 2-Jan b) 8-Jan c) d) 16-Jan 24-Jan Chart of Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Rent Inventory Accounts Payable Deferred Revenue Wages Payable Notes Payable Common Stock Retained Earnings Sales Revenue Service Revenue Cost of Goods Sold Bad Debt Expense Supplies Expense Wage Expense Transactions - January 2021 On January 2nd, Auggie Gear book store. The t-shirts cost On January 8th, Augie Gearp year. The t-shirts cost $5 eac On January 16th, you paid er On January 24th, Auggie Gea The T-shirts cost $5.75 each. On January 30th, sold 1,000 On January 31st Auggie Gear will pay the remaining balang You owe your employees was 2021 e) f) 30-Jan 31.Jan B) 31.Jan h) 25-Jan Auggie Gear management ele history with a similar busines 2 Journal Entries Debit Credit Date Account Description 2. Jan Bee b) 8-Jan c) 16-Jan 1 2 3 4 5 d) 24-Jan e) 30-Jan Beg 96 57 58 59 60 61 62 63 64 - 31-Jan 65 66 67 68 69 70 71 72 73 74 ) 31-Jan h) 31-Jan 75 76 77 78 79 Debit/Credit Balance Check Bo 11 OPQ T U V ZA AS Ledger Accounts (T-Accounts) Balance Sheet Accounts Income Statement Accounts Cr ASSES Cr LATES Cree STOCIOLDERS LOUNY DER Cred REVENDE DE Ce BASIS De C. De Account we 10.500 SO Ball Acer 2.000 Nowance for De Ae 1000 WP 1.000 W Newbie 5.000 Auggie Gear, Inc. Income Statement For the Month Ended January 31, 2021 Sales Reverse m. Cost of Goods Sold Gross Prot Operating Total Operating pen Net Income Auscle Gear, Inc. Statement of Retained Earnings For the Month Ended January 31, 2021 Coman ned farings 600 5,800 Bee 1,2023 January En B1, 2021 600 5,800 B Auggie Gear, Inc. Balance Sheet As of January 31, 2021 Assets Current Assets Cash Inventory Accounts Receivable Less: Allowance for Doubtful Accounts Total Current Assets Total Assets Liabilities & Stockholders' Equity Liabilities Current Liabilities Total Current Liabilities Long-Term Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Step by Step Solution
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