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Need help please! Gradebook ORION 0ownloadable eTextbook Accounting Cycle Review 7-01 a1-42 (Part Level Submission) are a series of transactions for Pharoah Co. for the
Need help please!
Gradebook ORION 0ownloadable eTextbook Accounting Cycle Review 7-01 a1-42 (Part Level Submission) are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n and both an accounts recevable and an accounts payable subs dary ledger. Balances elated toboth the general ledger and the Nbs dary ledger for phenah are nd ated in ong papers-ented below GENERAL LEDGER Account Title 38.250 12.300 2.000 15500 1.500 101 Cash 112 Accounts Receivable 115 Notes Receivable 20 Inventory 26 Supplies 130 Prepeid Insurance 157 Equipment 2.000 .700 .600 37,000 91.630 201 Accounts Payable 301 Owner's Capital January Opening Balance R. Beltre B Santos S. Mahay $1.600 7.300 .400 January 1 Opening Balance S. Meek R. Moses D. Saito $9,000 17,000 11,000 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $2,000, invoice no. 511 Jan. 3 5 7 8 Purchase merchandise from S. Gamel $6,000 and D. Posey $2.900, terms n/30. Receive checks from S. Mahay $3,400 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $225. Send checks to s. Meek for S9.000 less 2% cash discount, and to D. Saito for S11.000 less 1% cash discount. 9 Issue credit of $300 to 3. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $17,500. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513 12 Pay rent of $1.400 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Pharoah for personal use 15 Post all entries to the subsidiary ledgers 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30: 5. Meek $14,600, terms 2/10, n/30: and S. Gamel $1.600, terms n/30 17 Pay $400 cash for office supplies 18 Return $300 of merchandise to S. Meek and receive credit 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $22,100. Make one journal entry for these sales. 21 Issue $17,000 note, maturing in 90 days, to R. Moses in payment of balance due 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,900, invoice no. 516, and to J. Revere $6,100, invoice no. 517. 27 Purchase merchandise from D. Saito $15,000, terms 1/10, n/30: D. Posey $3,300, terms n/30; and S. Gamel $5,700, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $23,700. Make one journal entry for these sales 31 Pay sales salaries $4,900 and office salaries $3,800. (c) Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1. Office supplies at January 31 total $1,000. 2. Insurance coverage expires on October 31, 2020 Annual depreciation on the equipment is $1.800 4. Interest of $50 has accrued on the note payable. PHAROAH COMPANY January 31, 2020 Adjustecd Trial Balance Income Statement Trial Balance Account Titles Dr Cr Dr. Cr Dr. Dr Dr. Cr 3825 Accounts Receivable Notes Receivable Supplies Prepaid Insurance Accum. Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals Supplies Expense Insurance Expense Interest Expense Totals Net Income TotalsStep by Step Solution
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