Learning Objectives Record basic transactions, adjusting journal entries, and closing entries. Prepare a balance sheet and income statement. Refer to the fiscal year 1999 financial statements of Abercrombie & Fitch Co. Note: Fiscal year 1999" refers to the year that began on February 1, 1998 and ended on January 30, 1999. Process a. Open T-accounts for each balance sheet and income statement line item (i.e., for the permanent accounts: 9 asset T-accounts and 9 liability and owners' equity T-accounts; for the temporary accounts: 5 T-accounts). Enter the January 31, 1998 balance sheet amounts as the opening balance for fiscal 1999 and post the following fiscal 1999 transactions (figures in thousands of dollars): 1. Inventory costing $481,918 was purchased on account during the year. 2. Store Supplies costing $1,000 were purchased on account during the year. 3. Sales of $815,804 were made. Of these, $15,804 were on account 4. The cost of merchandise sold was $465,000. 5. The company collected cash of $13,398 from its customers for sales previously recorded as accounts receivable. 6. Cash of $514,114 was used to pay suppliers for goods, supplies, and property and equipment previously purchased on account. 7. The company collected $23,785 from the Limited in satisfaction of amounts owed by the Limited to A&F. 8. Cash of $50,000 was used to repay principal on long-term debt. 9. Property and equipment were acquired on account (accounts payable) for $39,987. 10. The company paid $908 for shares of its own common stock. This is known as treasury stock. It is recorded at cost as a debit in the owners' equity section of the balance sheet. 11. The following represents a single composite journal entry for all remaining transactions during the year. Record the entry in the appropriate accounts: Other Current Assets 400 General, Admin., and Store Operating Expense 150,652 Provision for Income Taxes (Expense) 68,040 Dr. Deferred Income Taxes 6,978 Dr. Other assets 631 Cr. Cash 151,224 Cr. Income Taxes Payable 17,736 Other Long-Term Liabilities 3,327 Interest Income 3,144 Accrued Expenses 25,054 Common Stock 6 Paid-in Capital 26.170 TOTAL 226,701 226,701 Explanation: to record all other activity for fiscal 1999 Dr. Dr. Dr. Cr