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Please help me to answer required C and F The Trial Balance of Maurice Trading Company contained the following accounts at November 30, 2020; Accounts
Please help me to answer required C and F
The Trial Balance of Maurice Trading Company contained the following accounts at November 30, 2020; Accounts Debit Credit Cash 12.500 Accounts Receivable 64.300 93.000 Inventory Supplies 8.500 Prepaid Insurance 18.000 Land 80.000 120.000 Buildings Accumulated Dep.-Building 48.000 165.000 70.000 74.000 Equipments Accumulated Dep.-Equipments Accounts Payables Salaries And Wages Payable Notes Payables Share Capital-Ordinary 100.000 120.000 Retained Earnings 190.000 Sales Revenue 293.300 Sales Return & Allowances 15.000 Sales Discounts 34.000 Cost of Goods Sold 137.000 Salaries and Wages Expense 45.000 Insurance Expense Supplies Expense Utilities Expense Sales Commission Expense 21.000 40.000 Freight-out 22.000 Depreciation Expense Dividends 20.000 Income Summary Total 895.300 895.300 There are only limited transaction on December 2020 due to lock-down policy set by the government to control covid-19 virus. These transaction are; 1. The company purchase merchandise inventory for $12,000 2/10, n/30, fob shipping point, freight expense $150 paid by the seller. 2. The company paid above transaction on the period of discount. 3. The company sold mercandise inventory for $28,000 with the Cost of Good sold of$16,000. terms 5/15, n/30, fob shipping point, freight expense $200 paid by the buyer. 4. The buyer paid the transaction (no.3 above) in the period of discount. 5. the buyer return the merchandise on above transaction $7,000 after transaction no.4. Required: Prepare above journal entries to record all above transaction! A. (20%) Adjustments data: 1 Prepaid Insurance covering Oct 20 - September 21 2 Inventory actually on hand is $91,000 3 Remaining Supplies at the end of period $5,000 4 Salaries and Wages of December 2020 will be paid on January 2121 for $ 11,000 5 Depreciation Expense for the period: Buildings = 10,000, Equipments = 18,000 B. (20%) C. (10%) D. (20%) Prepare all above Adjustment entries! Prepare Adjusted Trial Balance ! Prepare Statement of Profit or Loss for the Year ended at 31 December 2020! Prepare Statement of Financial Position 31 December 2020 Prepare Closing entries at 31 December 2020! + E. (20%) F. (10%)Step by Step Solution
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