Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please make and fill in the charts for me and do the journal entries. fill in the chart for the journal entries, income statement, stock
please make and fill in the charts for me and do the journal entries. fill in the chart for the journal entries, income statement, stock holders's equity, balance sheet and journalize the closing entries then post the closingentries to the general ledger. prepare a post closing trial balance if you can. please help me this is the last assignment for the quarter.
Required: 1. The unadjusted trial balance has been entered on a 10-column end-of-period spreadsheet (work sheet) for you. Complete the spreadsheet using the following adjustment data a Physcial inventory count on June 30 Amount $165,000 b Store supplies used during the month. 2,000 c Insurance expired during the Month 1,000 d Depreciation for the current month 1,150 e Accrued salaries on June 30: Sales salaries $5,2504,2509,500 Office salaries Total f The adjustment for customer returns and allowances is $4,500 for sales with $2,600 in related cost of goods sold. g The Company uses the percent of credit sales method of estimated uncollectible accounts expense. Based on past history and industry averages, 2% of credit sales are expected to be uncollectible. For this part of the scenario, assume all sales are credit sales. 2. Journalize the adjusting entries. Post the adjusting entries to the general Ledger 3. Prepare a multiple-step income statement. 4. Prepare a statement of stockholders' equity. 5. Prepare a balance sheet. Report receivables net of the allowance as demonstrated on page 428 of the text. 5. Journalize the closing entries. Then post the closing entries to the general ledger . 7. Prepare a post-closing trial balance. (bonus points)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started