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

1. Expired insurance, $553.
2. Ending store supplies inventory, $2,632.
3. Ending office supplies inventory, $504.
4. Depreciation of store equipment, $567.
5. Depreciation of office equipment, $329.

I have already completed all the steps above. I need help with the last question.

Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners equity, and classified balance sheet. You should use the information completed in prior weeks.

Prepare the income statement, where net income will be carried through to the statement of owners equity as one of the adjustments to the final balance in the equity account.

You will then need to prepare the balance sheet, where you will show the updated owners equity balance.

Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner's equity, and a May 31, (xxxx), classified balance sheet.

Prepare a post-closing trial balance.

ENERAL JO 3 4 5 6 Date 7 May 8 9 Credit Account Titles and Explanation 1 Rent Expense- Selling Space Rent Expense- Office Space Cash Paid May's rent Debit 2968 742 3710 6100 6100 2 Accounts Receivable- Cole Sales Revenue Cost of Goods Sold Merchandise Inventory Merchandise Sales on credit 4100 4100 175 12 May 13 14 15 16 17 18 May 19 20 21 22 May 23 24 25 26 May 27 28 29 2 Sales Return (Defective Merchandise) Accounts Receivable Mercer Co. Credit 175 798 3 Accounts Payable (Preston Products) Merchandise Inventory Return of Merchandise Credit 798 4 Merchandise Inventory Store Supplies Office Supplies Accounts Payable Merchandise Purchase on Credit 37072 574 83 37729 4459 31 B2 May 33 34 35 91 5 Cash Sales Discount Accounts Receivable Mercer Co Payment 4550 A 7 May 6300 B 8 Accounts Payable Cash Purchase Discount Payment to Preston Products Check No. 3411 6174 126 9 Cash 350 350 Store Supplies Store Supplies Sold 4074 10 Office Equipment Accounts Payable Davis Supply Co Purchase 4074 5978 122 11 Cash Sales Discount Accounts Receivable Cole Payment 6100 8 9 0 1 2 May 3 4 5 6 May 7 8 9 0 May 1 2 3 4 5 May 6 7 8 9 May 0 1 2 3 May 4 5 6 7 8 May 9 0 1 8800 11 Merchandise Inventory Accounts Payable Henley Merchandise Purchase 8800 854 12 Accounts Payable Merchandise Inventory Davis Supply Co Credit 854 5320 3150 15 Salaries Expense- Sales Salaries Expense-Office Cash Check No. 3412 to Payroll 8470 15 Cash Sales Revenue Merchandise Inventory Cost of Goods Sold Gonoral lournal 1 Morechoot 59220 59220 38200 38200 Income statement TAAL G H 3990 A -4 May 5 -6 7 3990 B D 16 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory Sold Merchandise on Credit to Cole 1890 1890 13650 17 Merchandise Inventory Accounts Payable Summit Corp Merchandise Purchase 13650 9 30 May 1 2 3 4 May 5 6 =7 8 =9 May 4074 19 Accounts Payable Cash Purchase Discount Henley Payment Check No. 3413 3993 81 6850 6850 22 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory Merchandise Sold to Crane Services 4990 4990 2 13 4 15 May ON LOON 0085 13650 23 Accounts Payable Cash Purchase Discount Summit Corp Payment Check No. 3414 13377 273 8 19 20 May 21 02 03 04 05 26 May 07 28 24 Merchandise Inventory Store Supplies Office Supplies Accounts Payable Merchandise Purchase on Credit- Davis 8120 630 280 9030 3080 25 Merchandise Inventory Acccounts Payable Preston Products Merchandise Purchase General Journal T-Acounts Worksheet 3080 Income Statement H J B C D E F G Preston Products Merchandise Purchase A 18 19 o May 1 2 14210 14210 26 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory Sold Merchandise on Credit- Crank Corp 8230 8230 co 0000 0 ANO CO 1283 4 5 6 May 7 8 9 May -1 26 Utility Expense Cash Perrenial Power Payment Check No. 3415 1283 7000 29 (J. Spark) Owner Withdrawal Cash Personal Use Check No. 3416 7000 -4 May -5 6713 137 30 Cash Sales Discount Accounts Receivable Crane Services Payment 6850 -9 May 5320 3150 30 Salaries Expense- Sales Salaries Expense-Office Cash Check No. 3417 to Payroll NOOO O O O O O O O 1 2 3 -4 May 5 8470 66052 66052 31 Cash Sales Revenue Merchandise Inventory Cost of Good Sold Cash Sales for Last Half of Month 42500 42500 1 ADJUSTING ENTRIES CLOSING ENTRIES Credit Date Credit Account Titles and Explanation Insurance Expense Prepaid Insurance Debit 553 Account Titles and Explanation Income Summary Insurance Expense Debit 553 553 553 472 472 Store Supplies Expense Store Supplies beginning 2250 +854 purch- 472 2632 ending=472 Income Summary Supplies Expense 472 774 774 Office Supplies Expense Office Supplies beginning 885+363 - 774 purch-ending office supplies 504 Income Summary Office Supplies Expense 774 567 567 Depreciation Expense-Store Equipment Accumulated Depreciation-Store Equipment Income Summary Depreciation Expense-Store Equipment 567 567 329 329 Depreciation Expense-Office Equipment Accumulated Depreciation Office Equipment Income Summary Depreciation Expense-Office Equipment 329 329 B D E F G H Unadjusted Trial Balance Dr. Cr. J K Balance Sheet & Statement of Owner's Equity Dr. Cr. Adjusted Trial Balance Dr. Cr. Adjustments Dr. Cr. Income Statement Dr. Cr. 5 7 3 Account Titles 0 Cash 1 Accounts receivable 2 Merchandise inventory 3 Store supplies 4 Office supplies 5 Prepaid insurance 6 Office equipment 7 Accumulated depreciation Office Equipment 8 Store Equipment 9 Accumulated depreciation Store Equipment 0 Accounts payable 1 J. Spark, Capital 2 J. Spark, Withdrawls 3 Sales revenue 4 Sales returns and allowances 5 Sales discounts 6 Cost of Goods Sold 7 Depreciation expense - Office Equipment 8 Depreciation expense - Store Equipment 9 Store supplies expense 0 Office supplies expense -1 Insurance expense 2 Rent expense -Selling space 3 Rent expense - Office space 4 Salaries expense- Sales 5 Salaries expense-Office 6 Utilities expense - Electric 7 General Journal T-Acounts Worksheet Income Statement Balance Sheet Post Closing TB