PLEASE HELP

1) QTR 2 Understanding of Chapter 7 is required prior to starting these transactions.

16 4/6/2015 Collected $137,000 from customers from sales made on account.

17 4/8/2015 A sale was made for $70,000 on account, and $34,000 worth of inventory was shipped out.

18 4/13/2015 Wrote off a receivable that amounted to $2,400 against the allowance.

19 4/29/2015 Paid $60,000 to vendors (who were getting very angry that Behrend Corp was taking so long to pay), plus $4,000 of utilities that had been accrued.

20 4/30/2015 The company paid $49,000 of operating expenses, including utilities, insurance and wages.

21 5/7/2015 Inventory was purchased for $87,000, on account.

22 5/11/2015 A sale was made for $93,000 on account, and $47,000 worth of inventory was shipped out.

23 5/12/2015 Collected $95,000 from customers from sales made on account.

24 5/20/2015 Inventory was purchased for $63,000, on account.

25 5/29/2015 $23,000 was paid for operating expenses, including utilities, insurance and wages.

26 6/3/2015 Paid $109,700 on accounts payable.

27 6/13/2015 A sale was made for $110,000 on account, and $56,000 worth of inventory was shipped out.

28 6/17/2015 $27,800 was paid for operating expenses including insurance and wages for June.

29 6/27/2015 Recorded the adjustment to recognize the use of the second quarter's rent, which was prepaid.

30 6/28/2015 Paid dividends to the common stockholders in the amount of $5,000.

Date General Journal Debit Credit

4/6/2015

4/8/2015

4/13/2015

4/29/2015

4/30/2015

5/7/2015

5/11/2015

5/12/2015

5/20/2015

5/29/2015

6/3/2015

6/13/2015

6/17/2015

6/27/2015

6/28/2015

SECOND QUARTER CHECK

2)

Trial Balance Beg Debit Bal Beg Credit Bal Debit Credit End Debit Bal End Credit Bal

Cash 48,400 48,400

Accounts Receivable 165,500 165,500

Allowance for Doubtful Accounts 5,000 5,000

Inventory 43,200 43,200

Prepaid Rent 4,000 4,000

Land - -

Building - -

Accumulated Depreciation - -

Accounts Payable 140,700 140,700

Utilities Payable 4,000 4,000

Interest Payable - -

Line of Credit (short-term) - -

Note Payable (long-term) - -

Common Stock 50,000 50,000

Preferred Stock - -

Additional Paid in Capital - PS - -

Treasury Stock - -

Additional Paid in Capital - TS - -

Retained Earnings 68,000 68,000

Sales Revenue 235,000 235,000

Cost of Goods Sold 128,800 128,800

Operating Expense 112,800 112,800

Interest Expense - -

Dividends - -

SECOND QUARTER CHECK 502,700 502,700 - - 502,700 502,700

3)

Financial Statements

Income Statement Income Statement

Qtr Ended 6/30/15 Year to Date 6/30/15

Net Sales - 235,000

Cost of Goods Sold

Gross Margin - 235,000

Operating Expenses

Operating Income - 235,000

Interest Expense

Net Income - 235,000

Statement of Changes Statement of Changes

in Retained Earnings in Retained Earnings

Qtr Ended 6/30/15 Year to Date 6/30/15

Beginning Retained Earnings 61,400 68,000

Plus: Net Income

Less: Dividends

Ending Retained Earnings 61,400 68,000

Balance Sheet Balance Sheet

As of 6/30/15 As of 6/30/15

Cash

Accounts Receivable - NRV

Inventory

Prepaid Rent

Land

Building - Net of A/D

Total Assets - -

Accounts Payable

Utilities Payable

Interest Payable

Line of Credit (short-term)

Note Payable (long-term)

Total Liabilities - -

Common Stock - no par

Preferred Stock - $30 par

Additional Paid in Capital - PS

Retained Earnings

Less: Treasury Stock

Total Equity - -

Total Liabilities and Equity - -

CHECK: - -