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PLZ KINDLY SOLVE THE WHOLE QUESTION. PLZ SOLVE ALL THE 6 QUESTIONS. DO NOT SKIP ANY ONE OF THEM. ITS URGENT. Smallville Company was organized
PLZ KINDLY SOLVE THE WHOLE QUESTION. PLZ SOLVE ALL THE 6 QUESTIONS. DO NOT SKIP ANY ONE OF THEM. ITS URGENT.
Smallville Company was organized on January 1, 2020. It is authorized to issue 116000 shares of $120 par value common stock At the beginning of April, the ledger of Smallville Company carried the following balances to their respective accounts. Cash-S57000, Merchandise Inventory- $75200, Prepaid Insurance-54000, 10% Notes Payable-$25700, Equipment $140000. Accumulated Depreciation Equipment 53800, Common Stock-$125000, Paid in capital in excess of par valur Common Stock-$25000, and Retained Earings-597600 The following transactions took place in Smallville Company during April of the current year (2020) April 1 - swedi 2400 new shares of common stock for $346000 April 3 - Purchased merchandise of 58000 an account from Prescott Co, terms FOB destination, 2/10 11/30. The appropriate party paid the freight charge of $200. April 4 - Sold merchandise for cash $26800. The cost of the merchandise sold was 547000 April 5 - Purchased merchandise an account from Stafford Co. $22000, terms FOB shipping point 2/10, 1/30. The appropriate paid the freight charge of $720 April 6 - Returned $S20 cf merchandise purchased on April 3 from Prescott Co. April 13 - Paid Prescott Coon account for purchase of April 3. April 15 - Paid Stafford Co. on account for purchase of April 5. April 17 - Purchased merchandise for cash $1700. April 20 - Received refund for poor quality merchandise from supplier on cash purchase $190. REQUIREMENTS: download the excel file given at the link below and answer the follow questions and then upload the completed excel file via link given at the bottom of the page (1) Journalize the transactions for the month of April. Assume tinat the company folkwa perpetual inventory system) (2) Post the April joumal entries to the ledger. (Remember, the ledger accounts should start with the beginning balances (if any) (3) Prepare a trial balance on April 30, 2020. Additional Information an Smallville Company A review of the lediger of Smallville Company at April 20, 2020, produces the following data pertaining to the preparation of monthly acjusting entries. (a) Nastes Payable $25700. This balance consists of a neste for 6 months at an annual interest rate of 15%, dated January 1, 2020 (b) There are five workers in Smallville Company who are paid wages weekly. The five workers are paid 5830 each for a 5-day work week (Monday to Friday, April 30 is a Tuesday and workers are paid on Fridays (c) Annual depreciation is $12100 an equipment. (d) Physical check reveals inventory actually on hand on April 30, 2020 is 556920.4. (4) Journalize the adjusting entries at April 30, 2020 (5) Prepare an adjusted trial balance ( Using the balances from the acjusted trial balance, prepare a multi-stepi cwner's equity statement for the one month ended April 20. (Assume that the company falls under 40% tax bracket statement andStep by Step Solution
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