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16 17 18 24 aprehensive Problem 2 - TK's Farm Shop Directions on page 616 in textbook under the Required". Start with "Required #2, skipping #1 as you are using working papers. Working Pages #WP575 - WP596. During the second half of December 2021, TK's Farm Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, $1,760. + Sold merchandise on account to Kim Fields, S180, plus sales tax of $9. Sale No. 640. Retumed merchandise to Evans Essentials for credit, $170. # Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,340, less the credit received on December 17. 17e 19 Sold merchandise on account to Lucy Greene, 5650, plus tax of $36. Sale No. 641. 22 Received payment from John Dempsey on account, S1,560+ 23 Issued Check No. 814 for the purchase of supplies, 5180. (Debit Supplics) + Purchased merchandise on account from West Wholesalers, S1,500. Invoice No. 465, dated December 24, terms n/30. 26 Purchased merchandise on account from Nathen Co., 51.000. Invoice No. 817, dated + December 26, terms 2/10, n/30. Issued Check No. 815 in payment of utilities expense for the month of Dec. $830.+ 27 Sold merchandise on account to John Dempsey, $2,500, plus tax of $120. Sale+ No. 642. Received payment from Martha Boyle on account, S2,800. + Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, 52,400. 30 Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise $160. x At the end of the year, the following adjustments (a)-() need to be made: (a, b) Merchandise inventory as of December 31, S21,300. (c,d,e) Ted estimates that customers will be granted $350 in refunds of this year's sales next year, and the merchandise expected to be returned will have a cost of $275. (f) Unused supplies on hand as of December 31, 5615. (g) Unexpired insurance on December 31, $1,150. Depreciation expense on the building for the year $750. (i) Depreciation expense on the store equipment for the year, $375. 6) Wages earned but not yet paid as of December 31, $875. 27 29 29 For working paper users and nonusers: 2. Enter transactions for the second half of December in the general journal. Post immediately to the accounts receivable and accounts payable ledgers. 3. Post from the journal to the general ledger. 4. Prepare schedules of accounts receivable and accounts payable. 5. Prepare a year-end spreadsheet, an income statement, a statement of owner's equity, and a balance sheet. The mortgage payable includes $600 that is due within one year 6. Journalize and post adjusting entries. 7. Journalize and post closing entries. (Hint: Close all expense and revenue account balances. Then, close Income Summary and Tom Jones, Drawing to Tom Jones, Capital.) 8. Prepare a post-closing trial balance. 9. Journalize and post reversing entries for the adjustments where appropriate, as of January 1, 20-2. Credit 250 As of December 16, TJ's account balances were as follows: Account Account No. Debit Cash 101 $ 9,705 Accounts Receivable 122 10,256 Merchandise Inventory 131 21,800 Estimated Returns Inventory 135 Supplies 141 1,035 Prepaid Insurance 145 1,380 Land 161 8,750 Building 171 52,000 Accum. Depr.-Building 171.1 Store Equipment 181 28,750 Accum. Depr.Store Equipment 181.1 Accounts Payable 202 Customer Refunds Payable 203 $ 9,200 9,300 3,629 300 Wages Payable 219 Sales Tax Payable 231 Mortgage Payable 1,378 251 Tom Jones, Capital 12,525 311 90.000 Tom Jones, Drawing 312 Income Summary 8.500 313 Sales 401 124,900 Sales Returns and Allowances 401.1 1,430 Purchases 501 64,400 Purchases Returns and Allowances 501.1 460 Purchases Discounts 5012 698 Freight-in 502 175 Wages Expense 511 26,100 Advertising Expense 512 4.700 Supplies Expense 524 Phone Expense 525 2,180 Utilities Expense 533 6,900 Insurance Expense 535 Depr. Expense-Building 540 Dept. Expense-Store Equipment 541 Miscellaneous Expense 549 2.700 Interest Expense 551 1,350 5252361 $252,361 TJ's also had the following subsidiary ledger balances as of December 16: Accounts Receivable Ledger Accounts Payable Lediger Balance Vendor Balance Coyle Evans Essentials Lane 34 Harry Ave. ICT 06117 $3,796 East Hartford, CT 05234 53,600 Irk Nathen Co er Road 1009 Drake Rd 1. CT 06118 2,100 Farmington, CT 06082 mpsey Owen Enterprises bbes De 43 Lucky Land T 06108 1,560 Bristol, CT 06007 West Wholesalers ds 888 Anders Street amilton Ave. d, CT 06117 Newington, CT 06789 reene Mly Lane 2.800 ry, CT 06123 (continued 16 17 18 24 aprehensive Problem 2 - TK's Farm Shop Directions on page 616 in textbook under the Required". Start with "Required #2, skipping #1 as you are using working papers. Working Pages #WP575 - WP596. During the second half of December 2021, TK's Farm Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, $1,760. + Sold merchandise on account to Kim Fields, S180, plus sales tax of $9. Sale No. 640. Retumed merchandise to Evans Essentials for credit, $170. # Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,340, less the credit received on December 17. 17e 19 Sold merchandise on account to Lucy Greene, 5650, plus tax of $36. Sale No. 641. 22 Received payment from John Dempsey on account, S1,560+ 23 Issued Check No. 814 for the purchase of supplies, 5180. (Debit Supplics) + Purchased merchandise on account from West Wholesalers, S1,500. Invoice No. 465, dated December 24, terms n/30. 26 Purchased merchandise on account from Nathen Co., 51.000. Invoice No. 817, dated + December 26, terms 2/10, n/30. Issued Check No. 815 in payment of utilities expense for the month of Dec. $830.+ 27 Sold merchandise on account to John Dempsey, $2,500, plus tax of $120. Sale+ No. 642. Received payment from Martha Boyle on account, S2,800. + Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, 52,400. 30 Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise $160. x At the end of the year, the following adjustments (a)-() need to be made: (a, b) Merchandise inventory as of December 31, S21,300. (c,d,e) Ted estimates that customers will be granted $350 in refunds of this year's sales next year, and the merchandise expected to be returned will have a cost of $275. (f) Unused supplies on hand as of December 31, 5615. (g) Unexpired insurance on December 31, $1,150. Depreciation expense on the building for the year $750. (i) Depreciation expense on the store equipment for the year, $375. 6) Wages earned but not yet paid as of December 31, $875. 27 29 29 For working paper users and nonusers: 2. Enter transactions for the second half of December in the general journal. Post immediately to the accounts receivable and accounts payable ledgers. 3. Post from the journal to the general ledger. 4. Prepare schedules of accounts receivable and accounts payable. 5. Prepare a year-end spreadsheet, an income statement, a statement of owner's equity, and a balance sheet. The mortgage payable includes $600 that is due within one year 6. Journalize and post adjusting entries. 7. Journalize and post closing entries. (Hint: Close all expense and revenue account balances. Then, close Income Summary and Tom Jones, Drawing to Tom Jones, Capital.) 8. Prepare a post-closing trial balance. 9. Journalize and post reversing entries for the adjustments where appropriate, as of January 1, 20-2. Credit 250 As of December 16, TJ's account balances were as follows: Account Account No. Debit Cash 101 $ 9,705 Accounts Receivable 122 10,256 Merchandise Inventory 131 21,800 Estimated Returns Inventory 135 Supplies 141 1,035 Prepaid Insurance 145 1,380 Land 161 8,750 Building 171 52,000 Accum. Depr.-Building 171.1 Store Equipment 181 28,750 Accum. Depr.Store Equipment 181.1 Accounts Payable 202 Customer Refunds Payable 203 $ 9,200 9,300 3,629 300 Wages Payable 219 Sales Tax Payable 231 Mortgage Payable 1,378 251 Tom Jones, Capital 12,525 311 90.000 Tom Jones, Drawing 312 Income Summary 8.500 313 Sales 401 124,900 Sales Returns and Allowances 401.1 1,430 Purchases 501 64,400 Purchases Returns and Allowances 501.1 460 Purchases Discounts 5012 698 Freight-in 502 175 Wages Expense 511 26,100 Advertising Expense 512 4.700 Supplies Expense 524 Phone Expense 525 2,180 Utilities Expense 533 6,900 Insurance Expense 535 Depr. Expense-Building 540 Dept. Expense-Store Equipment 541 Miscellaneous Expense 549 2.700 Interest Expense 551 1,350 5252361 $252,361 TJ's also had the following subsidiary ledger balances as of December 16: Accounts Receivable Ledger Accounts Payable Lediger Balance Vendor Balance Coyle Evans Essentials Lane 34 Harry Ave. ICT 06117 $3,796 East Hartford, CT 05234 53,600 Irk Nathen Co er Road 1009 Drake Rd 1. CT 06118 2,100 Farmington, CT 06082 mpsey Owen Enterprises bbes De 43 Lucky Land T 06108 1,560 Bristol, CT 06007 West Wholesalers ds 888 Anders Street amilton Ave. d, CT 06117 Newington, CT 06789 reene Mly Lane 2.800 ry, CT 06123 (continued