Journalize, Trial balance and statements

PROBLEM 1-9 JHJ ATHLETIC SHOE STORE 2012 LACCOUNTS WITBALANCES CASH ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS 800,000 RE 100,000 SUPP SHOE INVENTORY SUPPLIES 50,000 10,000 1,000,000 PREPAID INSURANCE EQUIPMENT ACCUMLATED DEPRECIATION EQUIP STAR 4 00,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 75.000 ACCOUNTS PAYABLE JOURNA 37. IN 2 38.P. 39.PI 80,000 WAGES PAYABLE TO $ 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMON STOCK JHJ RETAINED EARNINGS 90,000 2,000,000 440.C 541.P. 6 42.P 743. 1,500,000 JHJ DIVIDENDS SHOE SALES SHOE SALE RETURNS COST OF GOODS SOLD 44.P 945.C 46. V 11 47.c 248. (3 49. E U 50. PURCHASE RETURNS FREIGHT IN RENT EXPENSE - SELLING SUPPLIES EXPENSE -SELLING INSURANCE EXPENSE ADMINISTRATIVE DEPRECIATION EXPENSE - ADMINISTRATIVE SALES SALARIES BAD DEBT EXPENSE INTEREST EXPENSE JOURNALIZE FOLLOWING TRANSACTIONS 37. INVESTED ADDITIONAL S200.000 IN BUSINESS 2 38. PAID $40,000 FOR SUPPLIES 3 39. PURCHASED 100,000 PAIRS OF SHOES ON MAY 1 ON ACCOUNT FOR $30 EACH 440. CASH SALES 120,000 PAIRS OF SHOES FOR $50 EACH 541. PAID SALARIES FOR $ 3,000,000 42. PURCHASED ON JULY 1ST, 200,000 PAIRS OF SHOES FOR $40 EACH 743. SOLD ON ACCOUNT ON AUGUST 1,150,000 PAIRS OF SHOES AT S60 EACH 9 44. PAID S 500,000 IN DIVIDENDS 745. COLLECTIONS ON ACCOUNTS RECEIVABLE $4,000,000 10 46. WRITE-OFF OF UNCLLLECTIBLE ACCOUNTS $90,000 11 47. CASH SALES 30,000 PAIRS OF SHOES AT $70 EACH 1248. PAID $20,000 ON NOTE PLUS S 10,000 INTEREST 3 49. ENDING SUPPLIES ON HAND $20,000 50. ACCRUED SALARIES END OF YEAR 300,000 127 Page LIZING STRAIGHTLIN UTLINE MEN IND IS DEPRECIATED UT BALANCE WITH 4 YEAR LIFE IS 51. EQUIPMENT IS DEPRECIATED UTILIZIN AND HAS 10 YEAR LIFE 1. 52. AUTO IS NOW 3 YEARS OLD AND IS DE DOUBLE-DECLINING BALANCE WITH H 53. BAD DEBT EXPENSE IS ESTIMATED TO BE STIMATED TO BE 20% OF CREDITS VERAGE IN CALCULA TACCOUNT GINVENTORIES I 54. THE COMPANY UTILIZES WEIGHTED AVERA PERPETUAL INVENTORIES AND BEGINNING INVEX CONSISTED OF: 50,000 PAIRS OF SHOES AT $20 EACH ACCO ALLOW 40.000 PAIRS OF SHOES AT $25 EACH ACCUN REQUIRED: 19. POST TO LEDGER BALANCES FROM PRIOR YEAR (3 points 20. PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO (5 points) 21. PREPARE TRIAL BALANCE (2 points) 22. PREPARE INCOME STATEMENT (2 points) 23. PREPARE STATEMENT OF OWNERS EQUITY (1 point) ACCUN 24. PREPARE BALANCE SHEET (2 points) 25. PREPARE CLOSING ENTRIES (3 points) 26. PREPARE INVENTORY CHART (2points) 27. PREPARE STATEMENT OF CASH FLOW