More info During the fourth quarter of 2024. DLC complote 1) (Click the loon to view the transacions) Read the reguiremonts. The company has three inventory items: desk lamps, table lamps, and foor lamps. DLC usas a perpetual inventory system, FIFO method. DLC owns land with a buiding, which is separated into two parts: office space and warehouse space. Al expensos associated with the office are calegorized as Administrative Expenses. Al expenses associated with the warehouse, which is used for the shipping and receving functions of the compary, are categorized as Selling Expensest. In addition to the land and buildng. DL.C also owns othice furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Data tohla Data table Data table Oct. 1 Purchased lamps on account from Sierra Lights, terms n/30, FOB destination: 7,000 desk lamps at $14 each 9,500 table lamps at $15 each 5,000 floor lamps at $21 each Oct. 12 Sold lamps on account to Farnese Home Fumishings, terms 3/10,n/30 : 5,500 table lamps at $43 each Oct. 15 Sold lamps on account to Carrolton Office Supply, terms 3/10,n/30 : 1,400 desk lamps at $16 each Oct. 20 Received a check from Farnese Home Furnishings for full amount owed on Oct. 12 sale. Oct. 23 Received a check from Carrolton Office Supply for full amount owed on Oct. 15 sale. Oct. 28 Sold lamps on account to Skyway Home Stores, terms 1/10,n/30 : 4,000 table lamps at $43 each 1,300 floor lamps at $67 each Oct. 30 Paid amount due to Sierra Lights from Oct. 1 purchase. Oct. 31 Paid salaries, $42,000 (75\% selling, 25\% administrative). Oct. 31 Paid utilities, $2,400 (70\% selling, 30% administrative). Nov. 1 Sold lamps on account to Carrolton Office Supply, terms 1/10,n/30 : 4,400 desk lamps at $16 each Nov. 5 Purchased lamps on account from Sierra Lights, terms n/30, FOB destination: More info More info Nov. 5 Received a check from Skyway Home Stores for full amount owed on Oct. 28 sale. Nov. 8 Received a check from Carrolton Office Supply for full amount owed on Nov. 1 sale. Nov. 10 Purchased and paid for supplies: $425 for the office; $575 for the warehouse. Nov. 15 Sold lamps on account to Johnson Office Supply, n/30 : 1,600 desk lamps at $16 each Nov. 18 Sold lamps on account to Emporium Discount Stores, terms 3/10,n/30 : 1,500 table lamps at $43 each 1,900 floor lamps at $67 each Nov. 28 Received a check from Emporium Discount Stores for full amount owed on Nov. 18 sale. Nov. 30 Paid salaries, $42,000 (75\% selling, 25\% administrative). Nov. 30 Paid utilities, $2,080 ( 70% selling, 30% administrative). Dec. 5 Paid amount due to Sierra Lights from Nov. 5 purchase. Dec. 15 Received a check from Johnson Office Supply for full amount owed on Nov. 15 sale. Dec. 15 Daubs withdrew $20,000 from the business. Dec. 27 Sold lamps on account to Farnese Home Furnishings, terms 1/10,n/30 : 7,600 desk lamps at $16 each 8,500 table lamps at $43 each Dec. 31 Paid salaries, $42,000 (75\% selling, 25\% administrative). Dec. 31 Paid utilities, $3,300(70% selling, 30% administrative). 1. Open general ledger T-accounts and enter opening balances as of September 30, 2024. 2. Open inventory records for the three inventory items and enter opening balances as of September 30,2024 . Complete the inventory records using the following transactions: Oct. 1,12,15,28; Nov. 1,5,15,18, and Dec. 27. 3. Record the transactions in the general journal. 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31,2024 , and post to the ledger: a. Depreciation, $35,600 (75\% selling, 25\% administrative). b. Supplies on hand: office, $245; warehouse, $625. c. A physical inventory account resulted in the following chunts: desk lamps, 1,978; table lamps, 4,390; and floor lamps, 14,000. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Daubs Lamp Company's multi-step income statement and statement of owner's equity for the year ended December 31, 2024, and a classified balance sheet as of December 31,2024. Requirements balances as of September 30,2024 . Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general journal. 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31,2024 , and post to the ledger: a. Depreciation, $35,600 (75\% selling, 25\% administrative). b. Supplies on hand: office, $245; warehouse, $625. c. A physical inventory account resulted in the following counts: desk lamps, 1,978; table lamps, 4,390; and floor lamps, 14,000. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Daubs Lamp Company's multi-step income statement and statement of owner's equity for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024. 9. Calculate the following ratios for DLC as of December 31, 2024: gross profit percentage, inventory turnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance. More info During the fourth quarter of 2024. DLC complote 1) (Click the loon to view the transacions) Read the reguiremonts. The company has three inventory items: desk lamps, table lamps, and foor lamps. DLC usas a perpetual inventory system, FIFO method. DLC owns land with a buiding, which is separated into two parts: office space and warehouse space. Al expensos associated with the office are calegorized as Administrative Expenses. Al expenses associated with the warehouse, which is used for the shipping and receving functions of the compary, are categorized as Selling Expensest. In addition to the land and buildng. DL.C also owns othice furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Data tohla Data table Data table Oct. 1 Purchased lamps on account from Sierra Lights, terms n/30, FOB destination: 7,000 desk lamps at $14 each 9,500 table lamps at $15 each 5,000 floor lamps at $21 each Oct. 12 Sold lamps on account to Farnese Home Fumishings, terms 3/10,n/30 : 5,500 table lamps at $43 each Oct. 15 Sold lamps on account to Carrolton Office Supply, terms 3/10,n/30 : 1,400 desk lamps at $16 each Oct. 20 Received a check from Farnese Home Furnishings for full amount owed on Oct. 12 sale. Oct. 23 Received a check from Carrolton Office Supply for full amount owed on Oct. 15 sale. Oct. 28 Sold lamps on account to Skyway Home Stores, terms 1/10,n/30 : 4,000 table lamps at $43 each 1,300 floor lamps at $67 each Oct. 30 Paid amount due to Sierra Lights from Oct. 1 purchase. Oct. 31 Paid salaries, $42,000 (75\% selling, 25\% administrative). Oct. 31 Paid utilities, $2,400 (70\% selling, 30% administrative). Nov. 1 Sold lamps on account to Carrolton Office Supply, terms 1/10,n/30 : 4,400 desk lamps at $16 each Nov. 5 Purchased lamps on account from Sierra Lights, terms n/30, FOB destination: More info More info Nov. 5 Received a check from Skyway Home Stores for full amount owed on Oct. 28 sale. Nov. 8 Received a check from Carrolton Office Supply for full amount owed on Nov. 1 sale. Nov. 10 Purchased and paid for supplies: $425 for the office; $575 for the warehouse. Nov. 15 Sold lamps on account to Johnson Office Supply, n/30 : 1,600 desk lamps at $16 each Nov. 18 Sold lamps on account to Emporium Discount Stores, terms 3/10,n/30 : 1,500 table lamps at $43 each 1,900 floor lamps at $67 each Nov. 28 Received a check from Emporium Discount Stores for full amount owed on Nov. 18 sale. Nov. 30 Paid salaries, $42,000 (75\% selling, 25\% administrative). Nov. 30 Paid utilities, $2,080 ( 70% selling, 30% administrative). Dec. 5 Paid amount due to Sierra Lights from Nov. 5 purchase. Dec. 15 Received a check from Johnson Office Supply for full amount owed on Nov. 15 sale. Dec. 15 Daubs withdrew $20,000 from the business. Dec. 27 Sold lamps on account to Farnese Home Furnishings, terms 1/10,n/30 : 7,600 desk lamps at $16 each 8,500 table lamps at $43 each Dec. 31 Paid salaries, $42,000 (75\% selling, 25\% administrative). Dec. 31 Paid utilities, $3,300(70% selling, 30% administrative). 1. Open general ledger T-accounts and enter opening balances as of September 30, 2024. 2. Open inventory records for the three inventory items and enter opening balances as of September 30,2024 . Complete the inventory records using the following transactions: Oct. 1,12,15,28; Nov. 1,5,15,18, and Dec. 27. 3. Record the transactions in the general journal. 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31,2024 , and post to the ledger: a. Depreciation, $35,600 (75\% selling, 25\% administrative). b. Supplies on hand: office, $245; warehouse, $625. c. A physical inventory account resulted in the following chunts: desk lamps, 1,978; table lamps, 4,390; and floor lamps, 14,000. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Daubs Lamp Company's multi-step income statement and statement of owner's equity for the year ended December 31, 2024, and a classified balance sheet as of December 31,2024. Requirements balances as of September 30,2024 . Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general journal. 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31,2024 , and post to the ledger: a. Depreciation, $35,600 (75\% selling, 25\% administrative). b. Supplies on hand: office, $245; warehouse, $625. c. A physical inventory account resulted in the following counts: desk lamps, 1,978; table lamps, 4,390; and floor lamps, 14,000. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Daubs Lamp Company's multi-step income statement and statement of owner's equity for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024. 9. Calculate the following ratios for DLC as of December 31, 2024: gross profit percentage, inventory turnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance