Merchandising Transactions Non-Merchandising Transactions Requirements 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Wicked Wild Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $1,876. b. The company estimated sales returns will be $60 with a cost of $30. c. Office supplies used, $80. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, \$40. f. Rent of one month has been used. (On December 1 , the company prepaid $2,700 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $900.) g. Monthy depreciation on the building amounts to $1,000. h. Monthy depreciation on the canoes amounts to $145. 3. Prepare the month ended January 31, 2025, single step income statement of Wicked Wild Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo. and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Wicked Wild Company. Wicked Wid Company is a service based company that rents canoes for use on local lakes and rivers. At the beginning of the new year. Wicked Wild Company decided to carry and sell T-shirts with its logo printed on them. Wicked Wild Company uses the perpetual inventory system to account for the inventory. During January 2025 , Wicked Wild Company completed these merchandising transactions, and posted the merchandising transactions to the ledger accounts. Wicked Wild Company does not typically prepare adjusting and closing entries each month, but the company is surprised at how popular the shirts are and wishes to know the net income for January and would also like to understand how to prepare the closing entries for a merchandising company. During January 2025 , Wicked Wild Company completed the following non-merchandising transactions: (i) (Click the icon to view the non-merchandising transactions.) Read the requirements. Jan. 20: Received bills for utilities (\$330) and telephone (\$240) which will be paid later. (Prepare a single compound journal entry for this transaction.) \begin{tabular}{c||c||c||c||c|} & Date & Accounts & \\ \hline \hline \end{tabular} Jan. 23: Paid various accounts payable, $1,400. Jan. 30: Paid employee, $700 Review the journal entries you prepared above. Activate Windows Go to Settings to activate Windows. Requirement 3. Prepare the month ended January 31, 2025, single step income statement of Wicked Wild Company. Wicked Wild Company Income Statement Month Ended January 31, 2025 Revenues: Net Sales Revenue Canoe Rental Revenue Total Revenues Expenses: \begin{tabular}{l} \hline Cost of Goods Sold \\ \hline Rent Expense \\ \hline Wages Expense \\ \hline Utilities Expense \\ \hline Telephone Expense \\ \hline Supplies Expense \\ \hline Depreciation Expense-Building \\ \hline Depreciation Expense_Canoes \\ \hline Interest Expense \\ Total Expenses \\ Income (Loss) \end{tabular} Begin by journalizing the closing entries. Omit explanations. (Record debits first, then credits. Exclude explanations from any joumal entries.) Start by closing revenues. Close expenses for the month. \begin{tabular}{l||l|l|} \multicolumn{1}{c|}{ Date } & \multicolumn{1}{c}{ Accounts } \\ Clo. (2) & Income Summary \\ \hline \hline \end{tabular} Close Income Summary. Requirement 5 . Compute the gross profit percentage for January for Wicked Wild Company. (Round the gross profit percentage to the nearest tenth of a percent, X.X\%.) ==Grossprofit%% Ledger Print Done Merchandising Transactions Non-Merchandising Transactions Requirements 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Wicked Wild Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $1,876. b. The company estimated sales returns will be $60 with a cost of $30. c. Office supplies used, $80. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, \$40. f. Rent of one month has been used. (On December 1 , the company prepaid $2,700 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $900.) g. Monthy depreciation on the building amounts to $1,000. h. Monthy depreciation on the canoes amounts to $145. 3. Prepare the month ended January 31, 2025, single step income statement of Wicked Wild Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo. and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Wicked Wild Company. Wicked Wid Company is a service based company that rents canoes for use on local lakes and rivers. At the beginning of the new year. Wicked Wild Company decided to carry and sell T-shirts with its logo printed on them. Wicked Wild Company uses the perpetual inventory system to account for the inventory. During January 2025 , Wicked Wild Company completed these merchandising transactions, and posted the merchandising transactions to the ledger accounts. Wicked Wild Company does not typically prepare adjusting and closing entries each month, but the company is surprised at how popular the shirts are and wishes to know the net income for January and would also like to understand how to prepare the closing entries for a merchandising company. During January 2025 , Wicked Wild Company completed the following non-merchandising transactions: (i) (Click the icon to view the non-merchandising transactions.) Read the requirements. Jan. 20: Received bills for utilities (\$330) and telephone (\$240) which will be paid later. (Prepare a single compound journal entry for this transaction.) \begin{tabular}{c||c||c||c||c|} & Date & Accounts & \\ \hline \hline \end{tabular} Jan. 23: Paid various accounts payable, $1,400. Jan. 30: Paid employee, $700 Review the journal entries you prepared above. Activate Windows Go to Settings to activate Windows. Requirement 3. Prepare the month ended January 31, 2025, single step income statement of Wicked Wild Company. Wicked Wild Company Income Statement Month Ended January 31, 2025 Revenues: Net Sales Revenue Canoe Rental Revenue Total Revenues Expenses: \begin{tabular}{l} \hline Cost of Goods Sold \\ \hline Rent Expense \\ \hline Wages Expense \\ \hline Utilities Expense \\ \hline Telephone Expense \\ \hline Supplies Expense \\ \hline Depreciation Expense-Building \\ \hline Depreciation Expense_Canoes \\ \hline Interest Expense \\ Total Expenses \\ Income (Loss) \end{tabular} Begin by journalizing the closing entries. Omit explanations. (Record debits first, then credits. Exclude explanations from any joumal entries.) Start by closing revenues. Close expenses for the month. \begin{tabular}{l||l|l|} \multicolumn{1}{c|}{ Date } & \multicolumn{1}{c}{ Accounts } \\ Clo. (2) & Income Summary \\ \hline \hline \end{tabular} Close Income Summary. Requirement 5 . Compute the gross profit percentage for January for Wicked Wild Company. (Round the gross profit percentage to the nearest tenth of a percent, X.X\%.) ==Grossprofit%% Ledger Print Done