Journalize the following entries for Oglala Supplies:

1-Jan Oglala purchases $100,000 of merchandise from Loopy and Co., terms 1/10,net 30

3-Jan Oglala returns $10,000 to Loopy for full credit

4-Jan Oglala sells $40,000 of merchandise to Doody and Co., cost $24,000 terms 2/15, net 45

6-Jan Oglala pays Loopy amount due

10-Jan Oglala receives return of $8,000, cost $4800 of merchandise from Doody from Jan 4.

13-Jan Doody pays amount due transaction

15-Jan Oglala pays freight on Loopy purchase to Fed Ex, $400

16-Jan Oglala pays freight to Fed Ex on Doody sale, $800

Prepare an income statement, statement of owners equity and balance sheet for Green Day Co. as of 12-31

Sales 7,500,000.00

Salary Expense 450,000.00

Cash 700,000.00

Accts Receivable 500,000.00

Equipment 420,000.00

Accumulated Depreciation Equipment 60,000.00

Building 620,000.00

Mortgage Payable 360,000.00

Drawing 50,000.00

Advertising Expense 1,400,000.00

Rent Expense 350,000.00

Accumulated Depreciation Building 90,000.00

Accts Payable 200,000.00

Note Payable ?

Capital 1/1 900,000.00

Cost of Mdse Sold 4,600,000.00

Prepaid Rent 80,000.00

Supplies 50,000.00

Land 200,000.00

Depreciation Expense 20,000.00

Supply Expense 100,000.00

Sales Returns, Allowance 37,500.00

Sales Discounts 75,000.00

Prepare closing entries for Happy Dooty Enterprises as of 12/31of the current year based on the following information from selected accounts from the adjusted trial balance. What is the net income and ending capital balance?

Supplies 40,000

Prepaid Rent 7,000

Equipment 90,000

Capital 1/1 106,000

Drawing 4,000

Revenue 84,000

Wages Expense 32,000

Rent Expense 5,000

Depreciation Expense 8,000

Supply Expense 4,000

Insurance Expense 7,000

Cash 24,000

Accts Receivable 12,000

Accum Depreciation - Equipment 16,000

Accts Payable 5,000

Wages Payable 4,000

Note Payable 18,000

The following information pertains to Jooners on 12/31/10

Sales during year 800,000 cash

1,400,000 credit

2,200,000 Total

Accts Receivable 12/31 860,000

Allowance for Doubtful Accounts 7,000 credit balance

Outstanding Accounts

Not due 688,000

1-30 past 86,000

31-60 past 51,600

61-90 past 25,800

Over 90 8,600

% Uncollectible

Not due 2%

1-30 past 5%

31-60 past 9%

61-90 past 15%

Over 90 25%

Prepare the following entries

Adjusting entry on 12/31 after doing an aging of accounts receivable assuming the company uses the percentage of receivables approach for bad debt expense

Entry to record bad debt of $1200 from Smith Company that has gone bankrupt on 1/30

Assume the company uses % of credit sales and determines that 2% of credit sales are uncollectible prepare the adjusting entry

Prepare a bank reconciliation for XYZ on 11/30

Balance per books 11/30 9,920

Balance per bank 11/30 12,170

Deposit in Transit 1,500

Outstanding Checks 1,710

Bank Service Charge 190

Note Collected by bank 2,230