JOURNALIZE THE FOLLOWING TRANSACTIONS

Invested $$100,000$ into JHJ Shoe Store

Purchased $$10,000$ in supplies on account

Purchased $1,000$ shoes at $$10$ each

Purchased $3,000$ shoes at $$20$ each

Purchased $5,000$ shoes at $$30$ each

Purchased $$100,000$ in equipment with a $4-$year life, paying $$20,000$ in cash and placed the remaining balance on a note. Equipment salvage is estimated to be $$10,000$

Cash sales of $3,000$ shoes at $$100$ each

Sales on account, $5,000$ pairs of shoes at $$100,00$ each

Journalize adjusting entry for equipment depreciation, straight$-$line method

Ending supplies $$1,000$; make adjusting entry

Paid $$10,000$ in dividends

Collections on sales on account $$150,000$

Payment on account payable $$200,000$

Payment on note payable, $$10,000$ interest and $$10,000$ principal

Paid salary expense $$100,000$

"THE STORE UTILIZES FIFO INVENTORY METHOD$*$

RFOUIRED:

PREPARE INVENTORY CHART

PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER

PREPARE TRIAL BALANCE

PREPARE INCOME STATEMENT

PREPARE STATEMENT OF RETAINED EARNINGS

PREPARE BALANCE SHEET

PREPARE CLOSING ENTRIES AND POST

PREPARE CASH FLOW STATEMENT