Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ive got some right but cant get the rest please help its in for 11:55 T Check My Whod 6. A The journal entries that

ive got some right but cant get the rest image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
please help its in for 11:55
T Check My Whod 6. A The journal entries that bring the arcounts up to date at the end of the accounting poriod are called adiustionentries ant Sataries Payable: linn Toney, Cantu Lynn Jolley, Drawing eater Costet Werchandise Sold 3,026,950 727800 Advertising Expense 292,000 ocpredition Expenter 14,000 Sture Supplies Fuense 9500 12,600 Orce Salares fipense 417,700 inurance fxpense 38,700 5,316,205 685,300 13,600, 17anc 7,200 6,253,155 6253,155 May 19: Puichased merchandise for cash, $18,700 May 19: Paid $33,450 to Euttons Co on account. May 20: Paid Korman Co a cash refund of $5,000 for damaged nerchandese from sale of May of korman Co kept the merchandiw May 20: Paid Korrman Co a cash refund or $5,000 tor damaged merchandise tom sale of May 5 . Korman Co kept the merchandise 2 tnou Cleck My Woik vses remaineo: Part 5: Optional work sheet Enter the unadjusted trial balance on a 10-column end-of penod speadsheet (work shee0, and complete the spreadsheet using the foliowing adjustrnent data. 2. Prepare a statement of owner's equity. May 7: Recelwed 522.300 cash fiom Hastad Co on sccount Part 1: Jounalize the fransactons for Mor, tfie tast menthi of Min sicas yrat below Part 10: You must complete parts 1,2,3,4,6,7,8 and 9 belore attempting to complete part 10 . Part 5 is optonal Prepare a post-closing trial batance. If an amount box does not require an entry, leave it otank Depenses Seling woencins Saies salanes expense V Aiverting eroense Deprocianon expense Shire tanphestixpense Wiscelinacours se ing expense * V fotal sethring expenses Adunistrabe expanse: Clice alanesiexpense: v ficat ixpensin Teatat migenties Wet incuew $26,200 3,582A00 706,45 6. Journalize the adjusting entries, If an amount box does not require an entry, leave it blank. Post the adjussing entries to the attached spreadsheet you used in parts 1 Palisade Creek Ca. End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 20 Y7 Advertising Expense Depreciatan Expense Store Supplies Expense Miscellaneous Seiting Exphise Omce Salaties Expense Rent Expense insurance Expensie Mircoltaneous Adrin histhative Expense May 30: Received cash from sale of May 20 plus freaght paid on May 21 May 31: Paid for purchase of May 21 , less return of May 24 Fieithace Theokn Wis May 26: Refunded cash on sales made for cash, 5800 , The offective merchandise was not refumed by the cusuomer May 2B: Paid sales salanes of $50000 and ofice salanes of $29,000. May 21: For the corvenience of Crescent Co, Dad treight on sale of May 20,$2,300 May 21: Recenved $42,900 cash from Gee Co. on account 3. Prepare a balance sheet. Part 1 and Part 2: indicated), are as bollaws \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{\multicolumn{2}{|c|}{ Description }} & Post. & \multirow{2}{*}{\multicolumn{2}{|c|}{ Debit }} & \multirow{2}{*}{\multicolumn{2}{|c|}{ Credit }} \\ \hline & & Ret. & & & & \\ \hline Merchandiset inventory * & & & 38,000 & x & & \\ \hline Accounts Payablo-Osterman & Co. * & & & & all,000 & x \\ \hline \end{tabular} May 10; Soid merchandise for cash, $54,000. The cost of the merchandise soid was $32,000 May 11: Paid for merchandise purchased on Marr3 If an amount box does not require an entry, leave it blank. May 1: Paid rent for May $5,000. May As Pad theight on burtabe or May x stood May 15: Paid advertsing expense for last half of May, $11,000 May 16: Received cash from sale ot May 6 May 19: Purchasod merchandise for cash, 518,700 Accumulated Depreciation-5tore Equipment Accounts Payable Customer Refunds Payable Salaries Payable L,ymn Talloy, Catitut Lynn Tolley, Drawing Saves Coit of Merchandise Sold Sales Salanes Expanse Advertising Eipense Depreciaton Expense Shore Suppies Expense. Consownestapent Remexthise You must complete parts 1,2,3,4 and 6 before completing part 7 . Pant 5 is the opsonal work sheet Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Part 8: You must complete parts 1,2,3,4,6 and 7 before atempting to complete part 8. Note: part 5 is opsional 1. Prepare an income statement NOTE: You must complete parts 1 and 2 before completing part 3 Prepare an unadjusted tral balance. If an amount box does not require an entry, leave i blank You must complete parts 1,2,3,4,6,7 and 8 before asemping so compiebe part 9 . Part 5 is opsonal Joumatize the clasing entries Then post the pumal to tre general ledget you created in part 1 indicato closed accounts by inserting a line in both the balance columns opposte the closing entry insert me new balance in the owners capital account It an amount box does not requite an entry, leave it blank May 29: Purchased store supplies for cash, $2,400. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May $5,000. May As Pad theight on burtabe or May x stood May 26: Refunded cash on sales made for cash, 5800 , The offective merchandise was not refumed by the cusuomer May 2B: Paid sales salanes of $50000 and ofice salanes of $29,000. NOTE: You must complete parts 1 and 2 before completing part 3 Prepare an unadjusted tral balance. If an amount box does not require an entry, leave i blank Part 5: Optional work sheet Enter the unadjusted trial balance on a 10-column end-of penod speadsheet (work shee0, and complete the spreadsheet using the foliowing adjustrnent data. Part 8: You must complete parts 1,2,3,4,6 and 7 before atempting to complete part 8. Note: part 5 is opsional 1. Prepare an income statement You must complete parts 1,2,3,4,6,7 and 8 before asemping so compiebe part 9 . Part 5 is opsonal Joumatize the clasing entries Then post the pumal to tre general ledget you created in part 1 indicato closed accounts by inserting a line in both the balance columns opposte the closing entry insert me new balance in the owners capital account It an amount box does not requite an entry, leave it blank May 7: Recelwed 522.300 cash fiom Hastad Co on sccount \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{\multicolumn{2}{|c|}{ Description }} & Post. & \multirow{2}{*}{\multicolumn{2}{|c|}{ Debit }} & \multirow{2}{*}{\multicolumn{2}{|c|}{ Credit }} \\ \hline & & Ret. & & & & \\ \hline Merchandiset inventory * & & & 38,000 & x & & \\ \hline Accounts Payablo-Osterman & Co. * & & & & all,000 & x \\ \hline \end{tabular} May 21: For the corvenience of Crescent Co, Dad treight on sale of May 20,$2,300 May 21: Recenved $42,900 cash from Gee Co. on account Part 1 and Part 2: indicated), are as bollaws 6. Journalize the adjusting entries, If an amount box does not require an entry, leave it blank. Post the adjussing entries to the attached spreadsheet you used in parts 1 Advertising Expense Depreciatan Expense Store Supplies Expense Miscellaneous Seiting Exphise Omce Salaties Expense Rent Expense insurance Expensie Mircoltaneous Adrin histhative Expense Accumulated Depreciation-5tore Equipment Accounts Payable Customer Refunds Payable Salaries Payable L,ymn Talloy, Catitut Lynn Tolley, Drawing Saves Coit of Merchandise Sold Sales Salanes Expanse Advertising Eipense Depreciaton Expense Shore Suppies Expense. Consownestapent Remexthise Palisade Creek Ca. End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 20 Y7 Total property plant and equipment Total assets Liabilites Curruntliabibes: Total liabihtes ($2,400. 2. Prepare a statement of owner's equity. You must complete parts 1,2,3,4 and 6 before completing part 7 . Pant 5 is the opsonal work sheet Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Total property plant and equipment Total assets Liabilites Curruntliabibes: Total liabihtes ($60,000 6. Journalite tie idjusting enties tran amount box does not require an entry, loave it Dlank. Post the adjusting entries to the altached spreadthet you used in parts 1 and 2 . May 20: Paid Korrman Co a cash refund or $5,000 tor damaged merchandise tom sale of May 5 . Korman Co kept the merchandise 2 tnou Cleck My Woik vses remaineo: May 15: Paid advertsing expense for last half of May, $11,000 May 16: Received cash from sale ot May 6 May 19: Purchasod merchandise for cash, 518,700 May 30: Received cash from sale of May 20 plus freaght paid on May 21 May 31: Paid for purchase of May 21 , less return of May 24 Fieithace Theokn Wis 3. Prepare a balance sheet. Sataries Payable: linn Toney, Cantu Lynn Jolley, Drawing eater Costet Werchandise Sold 3,026,950 727800 Advertising Expense 292,000 ocpredition Expenter 14,000 Sture Supplies Fuense 9500 12,600 Orce Salares fipense 417,700 inurance fxpense 38,700 5,316,205 685,300 13,600, 17anc 7,200 6,253,155 6253,155 Part 10: You must complete parts 1,2,3,4,6,7,8 and 9 belore attempting to complete part 10 . Part 5 is optonal Prepare a post-closing trial batance. If an amount box does not require an entry, leave it otank T Check My Whod 6. A The journal entries that bring the arcounts up to date at the end of the accounting poriod are called adiustionentries ant May 10; Soid merchandise for cash, $54,000. The cost of the merchandise soid was $32,000 May 11: Paid for merchandise purchased on Marr3 May 19: Puichased merchandise for cash, $18,700 May 19: Paid $33,450 to Euttons Co on account. May 20: Paid Korman Co a cash refund of $5,000 for damaged nerchandese from sale of May of korman Co kept the merchandiw Comprehensive Problem 2 Part 4 and 6: Note You must complete parts 1,2 and 3 betore attempting to complele part 4 and part 6 . Part 5 is an optonal work sheet. 4. At the end of May, the following adjustneht data were assembied Analyze and use these data to complete Part 6. 1. The adpustrient for cuskomer retunds and avowancesis $60,000 6. Journalite tie idjusting enties tran amount box does not require an entry, loave it Dlank. Post the adjusting entries to the altached spreadthet you used in parts 1 and 2 . Depenses Seling woencins Saies salanes expense V Aiverting eroense Deprocianon expense Shire tanphestixpense Wiscelinacours se ing expense * V fotal sethring expenses Adunistrabe expanse: Clice alanesiexpense: v ficat ixpensin Teatat migenties Wet incuew $26,200 3,582A00 706,45

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting concepts and applications

Authors: Albrecht Stice, Stice Swain

11th Edition

978-0538750196, 538745487, 538750197, 978-0538745482

More Books

Students also viewed these Accounting questions

Question

1. Who is your target audience? (everyone cannot be an answer here)

Answered: 1 week ago

Question

What problems have created the client's needs?

Answered: 1 week ago

Question

create simple design pieces exhibiting visual and rhetorical focus.

Answered: 1 week ago