please peform a Closing Trial Balance to this question and payroll register for biweekly period ended.
capital SI 10,000 current assets $50,000 current liabilities = 2.20 current ratio b. Comprehensive Review Problem You are to record transactions completed by Fabulous Furnishings during February of this year. Beginning balances for the accounts listed below have been provided in your Working Papers. This company is located in Dallas, TX. To gain practice in completing the steps in the accounting cycle, assume that the fiscal period consists of one month. CLGL CHART OF ACCOUNTS Assets (100-199) 111 Cash 112 Petty Cash Fund 113 Accounts Receivable 114 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 122 Equipment 123 Accumulated Depreciation, Equipment CHAPTER 12: FINANCIAL STATEMENTS, CLOSING ENTRIES, AND REVERSING ENTRIESs 26 Recorded the payroll entry, crediting Salaries Payable. Feb. int Issued Ck. No. 7225, $2,335.74, to R. W. Harris. Issued Ck. No. 7226, 26 $1,976.39, to T.L. Newkirk. Use two lines and debit Salaries Payable 26 Ck. No. 7227 voided. 26 Recorded payroll taxes. Assume the following tax rates and taxable earnings for Federal unemployment taxable earnings, $7,000, with a rate of 0.6 percent State unemployment taxable earnings, $7,000, with a rate of 5.4 percent. irk. Issued Ck. No. 7228, $1,035, to JIT Freight Line for transportation charge on 27 merchandise purchased from Kingston Fabrics. 28 Issued Ck. No. 7229, $155.60, payable to Cash to reimburse the petty cash fund. Petty cash payments consist of Supplies, $130.24, and Miscellaneous or Expense, $25.36 28 Cash sales for February 19 through February 28, $8,986.60. 28 Issued Ck. No. 7230, $2,290, to Global Rental Agency for monthly rent. 28 M. L Langdon (owner) withdrew $5,000 for personal use, Ck. No.7231. Required 1 Journalize and post the transactions completed during February, using either a ings: cent nt. dise, general journal or special journals or both. (Your instructor will assign you which one(s) to use.) General Journal. Ignore this section if using CLGL a. Post daily all entries involving customer accounts to the accounts receivable ledger b. Post daily all entries involving creditor accounts to the accounts payable ledger. c. Post daily the general journal entries to the general ledger. Special Journals. Ignore this section if using CLGL a. Post daily the amounts in the Other Accounts columns of the special journals. b. Post daily the general journal. c. Post the totals of the special columns of the special journals at the end of the no. 2. Prepare a schedule of accounts receivable and a schedule of accounts payable. 3. Complete the work sheet for February. Ignore this step if using CLGL Data for the month-end adjustments are as follows: a-b. Merchandise inventory at February 28, $45,484. e no c. Salaries accrued at February 28, $2,084 Insurance expired during February, $210. Depreciation of equipment during February, $1,885. d. e. f. Supplies on hand, $100. 4. Journalize the adjusting entries. If using manual Working Papers, post the adjusting entries to the general ledger S. Prepare an income statement. 6. Prepare a statement of owner's equity. (No additional investment was made during the month.) 7. Prepare a balance sheet. 8. Journalize the closing entries. If using manual Working Papers, post to the general ledger 9. Prepare a post-closing trial balance
