Northridge LLC Trial Balance April 30, 20XX Debit Credit Cash $58,791 Accounts receivable 18,495 Merchandise inventory 85,221 Store Supplies 2250 Office Supplies' 885 Prepaid Insurance 1659 Office equipment 2500 Accumulated depreciation Office Equipment $658 Store equipment 16580 Accumulated depreciation Store Equipment 2,268 Accounts Payable 50921 J Spark, Capital 132,534 Totals $186,381 $186,381 To get you started in your new role, Mr Jones has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended Use a perpetual inventory system Your debits and credits should equal and the entries should have proper impact on the accounts that are being used Your journal entries should be written in proper format Do not abbreviate account names Always indent the name of the accounts being credited Every entry must have a brief description Northridge LLC operates with monthly accounting periods All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances Terms for all credit sales are 2 10, n 30, unless otherwise stated May 1 Issued Check No 3410 to Q R Management Co in payment of the May rent, $3,710 (Use two lines to record the transaction Charge 80 of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space ) 2 Sold merchandise on credit to Cole Company, Invoice No 8785, for $6,100 (cost is $4,100) 2 Issued a $175 credit memorandum to Mercer Co for defective (worthless) merchandise sold on April 28 and returned for credit The total selling price (gross) was $4,725 3 Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29 4 Purchased the following on credit from Davis Supply Co merchandise, $37,072 store supplies, $574 and office supplies, $83 Invoice dated May 4, terms n 10 EOM 5 Received payment from Mercer Co for the balance from the April 28 sale less the May 2 return and the discount 8 Issued Check No 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2 discount 9 Sold store supplies to the merchant next door at their cost of $350 cash 10 Purchased $4,074 of office equipment on credit from Davis Supply Co , invoice dated May 10, terms n 10 EOM 11 Received payment from Cole Company for the May 2 sale less the discount 11 Purchased $8,800 of merchandise from Henley, Inc , invoice dated May 10, terms 2 10, n 30 12 Received an $854 credit memorandum from Davis Supply Co for the return of defective office equipment received on May 10 15 Issued Check No 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150 Cashed the check and paid the employees 15 Cash sales for the first half of the month are $59,220 (cost is $38,200) (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries ) 16 Sold merchandise on credit to Cole Company, Invoice No 8786, for $3,990 (cost is $1,890) 17 Purchased $13,650 of merchandise from Summit Corp , invoice dated May 14, terms 2 10, n 60 19 Issued Check No 3413 to Henley, Inc , in payment of its May 10 invoice less the discount 22 Sold merchandise to Crane Services, Invoice No 8787, for $6,850 (cost is $4,990), terms 2 10, n 60 23 Issued Check No 3414 to Summit Corp in payment of its May 14 invoice less the discount 24 Purchased the following on credit from Davis Supply Co merchandise, $8,120 store supplies, $630 and office supplies, $280 Invoice dated May 24, terms n 10 EOM 25 Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2 10, n 30 26 Sold merchandise on credit to Crank Corp , Invoice No 8788, for $14,210 (cost is $8,230) 26 Issued Check No 3415 to Perennial Power in payment of the May electric bill, $1,283 29 The owner Jenny Spark, used Check No 3416 to withdraw $7,000 cash from the business for personal use 30 Received payment from Crane Services for the May 22 sale less the discount 30 Issued Check No 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150 Cashed the check and paid the employees 31 Cash sales for the last half of the month are $66,052 (cost is $42,500) Week 5 Trial Balance, Adjustments, Closing Entries worksheet using the following information for accounting adjustments the columns for the below adjusting entries, income statement, and balance sheet Also, record the required closing entries Add any lines as necessary Expired insurance, $553 Ending store supplies inventory, $2,632 Ending office supplies inventory, $504 4 Depreciation of store equipment, $567 Depreciation of office equipment, $329

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Northridge LLC Trial Balance April 30, 20XX Debit Credit Cash $58,791 Accounts receivable 18,495 Merchandise inventory 85,221 Store Supplies 2250 Office Supplies' 885 Prepaid Insurance

Northridge LLC

Trial Balance

April 30, 20XX

Debit

Credit

Cash

$58,791

Accounts receivable

18,495

Merchandise inventory

85,221

Store Supplies

2250

Office Supplies'

885

Prepaid Insurance

1659

Office equipment

2500

Accumulated depreciation-Office Equipment

$658

Store equipment

16580

Accumulated depreciation-Store Equipment

2,268

Accounts Payable

50921

J. Spark, Capital

132,534

Totals

$186,381

To get you started in your new role, Mr. Jones has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used. Your journal entries should be written in proper format. Do not abbreviate account names.Always indent the name of the accounts being credited.Every entry must have a brief description.

Northridge LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated.

May

Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.)

Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100).

Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.

Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29.

Purchased the following on credit from Davis Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM.

Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount.

Issued Check No. 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.

Sold store supplies to the merchant next door at their cost of $350 cash.

Purchased $4,074 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM.

Received payment from Cole Company for the May 2 sale less the discount.

Purchased $8,800 of merchandise from Henley, Inc., invoice dated May 10, terms 2/10, n/30.

Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10.

Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)

Sold merchandise on credit to Cole Company, Invoice No. 8786, for $3,990 (cost is $1,890).

Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60.

Issued Check No. 3413 to Henley, Inc., in payment of its May 10 invoice less the discount.

Sold merchandise to Crane Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60.

Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount.

Purchased the following on credit from Davis Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM.

Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30.

Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,210 (cost is $8,230).

Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.

The owner Jenny Spark, used Check No. 3416 to withdraw $7,000 cash from the business for personal use.

Received payment from Crane Services for the May 22 sale less the discount.

Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

Cash sales for the last half of the month are $66,052 (cost is $42,500).

Week 5: Trial Balance, Adjustments, Closing Entries

worksheet using the following information for accounting adjustments.

the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.