Please help me. Here is the question, this is the fisrt part.

Question 9, PSF5-52 (similar to)

Question content area top

Part 1

Shine KingCleaning's post-closing trial balance at November 30,

2024,is as follows: Shine King Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Shine King uses the perpetual inventory system. During December 2024, Shine King completed the following transactions:Question content area bottom

Part 1

Requirement 1. Journalize and post the

December

transactions. Omit explanations. The T-accounts in the ledger have been opened for you. Compute each account balance, and denote the balance as

Bal.

Identify each accounts payable and accounts receivable with the vendor or customer name.

Begin by journalizing the

December

transactions. (Round to the nearest whole dollar. Record debits first, then credits. Exclude explanations from any journal entries. Assume the company records sales at the net amount.)

Dec.

2: Purchased

300

units of inventory for

$1,500

on account from

Mr. Glow

Company on terms,

4/10,

n/20.

Date	Accounts	Debit	Credit
Dec. 2	Merchandise Inventory	1,500
	Accounts PayableMr. Glow		1,500

Part 2

Dec.

5: Purchased

500

units of inventory from

Dirt Buster

on account with terms

5/10,

n/30. The total invoice was for

$4,000,

which included a

$200

freight charge.

Date	Accounts	Debit	Credit
Dec. 5	Merchandise Inventory	4,000
	Accounts PayableDirt Buster		4,000

Part 3

Dec.

7: Returned

100

units of inventory to

Mr. Glow

from the

December

2 purchase (cost

$500).

Date	Accounts	Debit	Credit
Dec. 7	Accounts PayableMr. Glow	500
	Merchandise Inventory		500

Part 4

Dec.

9: Paid

Dirt Buster.

Date	Accounts	Debit	Credit
Dec. 9	Accounts PayableDirt Buster	4,000
	Cash		3,810
	Merchandise Inventory		190

Part 5

Dec.

11: Sold

150

units of goods to

Clean Crew

for

$2,850

on account with terms n/30.

Shine King's

cost of the goods was

$750.

Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.

Date	Accounts	Debit	Credit
Dec. 11	Accounts ReceivableClean Crew	2,850
	Sales Revenue		2,850

Part 6

Now journalize the expense related to the

December

11

saleSold

150

units of goods to

Clean Crew

for

$2,850

on account with terms n/30.

Shine King's

cost of the goods was

$750.

Date	Accounts	Debit	Credit
Dec. 11	Cost of Goods Sold	750
	Merchandise Inventory		750

Part 7

Dec.

12: Paid

Mr. Glow.

Date	Accounts	Debit	Credit
Dec. 12	Accounts PayableMr. Glow	1,000
	Cash		960
	Merchandise Inventory		40

Part 8

Dec.

15: Received

50

units with a retail price of

$950

back from customer

Clean Crew.

The goods cost

Shine King

$250.

Start by preparing the entry to record the sales return and decrease to the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following step.

Date	Accounts	Debit	Credit
Dec. 15	Refunds Payable	950
	Accounts ReceivableClean Crew		950

Part 9

Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise. The goods cost

Shine King

$250.

Date	Accounts	Debit	Credit
Dec. 15	Merchandise Inventory	250
	Estimated Returns Inventory		250

Part 10

Dec.

21: Received payment from

Clean Crew,

settling the amount due in full.

Date	Accounts	Debit	Credit
Dec. 21	Cash	1,900
	Accounts ReceivableClean Crew		1,900

Part 11

Dec.

28: Sold

150

units of goods to

Beverly,

Inc. on account for

$3,450

(cost

$841).

Terms

2/15,

n/30.

Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.

Date	Accounts	Debit	Credit
Dec. 28	Accounts ReceivableBeverly	3,381
	Sales Revenue		3,381

Part 12

Now journalize the expense related to the

December

28 sale. Sold

150

units of goods to

Beverly,

Inc., for cash of

$3,450

(cost

$841).

Terms

2/15,

n/30.

Date	Accounts	Debit	Credit
Dec. 28	Cost of Goods Sold	841
	Merchandise Inventory		841

Part 13

Dec.

29: Paid cash for utilities of

$640.

Date	Accounts	Debit	Credit
Dec. 29	Utilities Expense	640
	Cash		640

Part 14

Dec.

30: Paid cash for Sales Commission Expense of

$158.

Date	Accounts	Debit	Credit
Dec. 30	Sales Commissions Expense	158
	Cash		158

Part 15

Dec.

31:

Received payment from

Beverly,

Inc., less discount.

Date	Accounts	Debit	Credit
Dec. 31	Cash	3,381
	Accounts ReceivableBeverly		3,381

Part 16

The T-accounts, along with their beginning balances have been opened for you. Post the

December

transactions to the general ledger accounts. (Note that customer and vendor names are not used for the General Ledger accounts.) Compute each account balance, and denote the balance as

Bal.

(For any accounts with a zero balance after posting, select a "Bal." reference and enter a "0" on the normal side of the account.)

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the icon to view the journal entries you prepared above.)

Cash

Accounts Payable

Service Revenue

Bal.

43,600

3,220

Bal.

0

Bal.

Accounts Receivable

Salaries Payable

Sales Revenue

Bal.

1,500

0

Bal.

0

Bal.

Merchandise Inventory

Interest Payable

Cost of Goods Sold

Bal.

0

79

Bal.

Bal.

0

Estimated Returns Inventory

Refunds Payable

Salaries Expense

Bal.

0

0

Bal.

Bal.

0

Cleaning Supplies

Unearned Revenue

Sales Commissions Expense

Bal.

70

11,500

Bal.

Bal.

0

Prepaid Rent

Notes Payable

Utilities Expense

Bal.

1,800

24,000

Bal.

Bal.

0

Prepaid Insurance

Common Stock

Depreciation Expense

Bal.

550

20,000

Bal.

Bal.

0

Equipment

Retained Earnings

Rent Expense

Bal.

9,200

1,701

Bal.

Bal.

0

Truck

Income Summary

Insurance Expense

Bal.

4,000

0

Bal.

Bal.

0

Accumulated Depreciation

Dividends

Interest Expense

220

Bal.

Bal.

0

Bal.

0

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