Question
Please provide the income statement for the month of November? I have included The chart of Accounts as well as the Transactions, see below Chart
Please provide the income statement for the month of November?
I have included The chart of Accounts as well as the Transactions, see below
Chart of Accounts
101 Cash
106 Accounts Receivable
124 Office Supplies
128 Prepaid Insurance
129 Prepaid Rent
130 Inventory
173 Building
174 Accumulated Depreciation
201 Accounts Payable
201 Salaries & Wages Payable
301 Investor A, Capital
302 Investor A, Withdrawals
401 Sales Revenue
402 Sales Returns & Allowance
403 Sales Discounts
501 Cost of Goods Sold
622 Salaries & Wages Expense
637 Insurance Expense
640 Rent Expense
650 Office Supplies Expense
670 Depreciation Expense
684 Repairs Expense
688 Telephone Expense
Transactions
1) 1-Nov Investor A invested cash and a warehouse building in the company as follows: Cash $300,000 Building $148,000
2) 1-Nov The company rented office space and prepaid the first two months rent for the following amount: $2,400
3) 2-Nov The company purchased office supplies using cash in the following amount: $2,750
4) 10-Nov The company paid cash for the premium on a 12-month insurance policy, coverage isretro-active to 11/1.The amount of the insurance policy is: $6,000 5) 14-Nov The company paid its employees salary for two weeks' of salary earned as follows: $1,000
6) 14-Nov The company purchased inventory for its new business on credit from Manufacturers' Inc.
The company uses a perpetual inventory system.
There were 10,000 units purchased @ $9/unit.The terms of the purchase were 1/10, n/30.
7) 17-Nov The company returned 100 units from its purchase on 11/14.
8) 25-Nov The company paid the balance due on the invoice for the inventory it purchased from Manufacturers' Inc.
9) 26-Nov The company sold 1,000 units for $19/unit to Customer B on credit with terms 2/15, n/60.
10) 28-Nov The company paid cash for minor repairs for the building as follows: $850
11) 28-Nov The company paid cash for the telephone bill as follows: $400
12) 28-Nov The company paid its employees salary for two weeks' of salary earned as follows: $1,000
13) 28-Nov Customer B paid the balance of the invoice from its purchase on 11/25.
At month-end, the company records the its adjusting entries for the following:
14) 30-Nov One month of insurance policy expired.
15) 30-Nov At the end of the month, the following is amount of supplies are still available: $1,575
16) 30-Nov The month's depreciation on the building is as follows $1,480
17) 30-Nov Employees earned the following in unpaid and unrecorded salary at month-end $100
18) 30-Nov The first month of the prepaid rent was utilized by the company.
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