Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journalize the routine transactions described on the Journal Tab. Use the Unadjusted Trial Balance and adjusting information provided (See Journal tab) to journalize the 7
- Journalize the routine transactions described on the Journal Tab.
- Use the Unadjusted Trial Balance and adjusting information provided (See Journal tab) to journalize the 7 adjusting entries (a-g.)
- Use the Adjusted Trial Balance provided to prepare an Income Statement (Multi-Step) appropriate to a merchandising business, a Statement of Owner's Equity, and a report form Balance Sheet. These should be completed on the Financial Statements tab.
puring the last month of the year, the following transactions were completed: At the end of December, the following adjustment data were assembled. \begin{tabular}{|c|l|} \hline a & Afteraphysicalcountofinventory,itwasdeterminedthat$127,200ofinventoryexistsatDecember31. \\ \hline b & 1% of sales is expected to be refunded. \\ \hline c & Estimated Cost of Merchandise that will be returned in the next year is $7,500 \\ \hline d & Insurance Expired during the year, $2,800. \\ \hline e & Office supplies on hand at Dec 31,$1,250. \\ \hline f & Depreciation for December is $1,100. \\ \hline g & Sales clerk earned $1,500 of unpaid and unrecorded salary as of Dec 31. \\ \hline \end{tabular} *ABC Company considers these items "Selling Expenses." \# ABC Company considers these items "Administrative Expenses." \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline & & & & \\ \hline & & & \\ \hline & & & & \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started