PS6-40
Streak Free Cleaning's post-closing trial balance at November 30, 2018, is as follows:
Streak Free Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Streak Free uses the perpetual inventory system.
PS6-40 (similar to) Question Help straak Claaning past-dasing trial balancA at Novambar 30 2018, IAR"allows During Dacmber 2018, Straak Fraa complatad the tollowing transactions Cick the icon to view the post-clsing ial balanos ) Sues F'ee Cleering ties ecided th , ssion to prov d ng ueemng ser oes it nil bel deenru products. Stresk Freuves tht p lCick the ioon to view the transactions ) Raad the rcquiementa pelual inventory Requirement 1. para r at lin er r ran s tr llecem ar for raak Fraa Cleaning using the FIHI n entn cas ng mathad Nat Yn" miist cal data tha c st of da sold on the 11th, 2 th and 31st ad sting entry a Haund par unit cast tot wo deci al pla AS nter th ansections in ch on 10 kal a der c cu n ne w inventan on hand bal ees afier each ansac on o oe all of trans cons have been entered ito t wpetual e ord ca ai - the int halt at na schadula in thista ana t ra nalning halt in ha nAX ste (kna r tha ald st Inv n r lavars Enter a dacraas in quantities and total costs r Purchases and ar C stof Gaads mounts to the nearest whola dallar n and 1 tal C st of ald with a mi o hand i ento puro aaed so an on hand at th-e of w o nost amountstw omp4 he r parenthe AG und al un d mal plaCAS X XX and all to a st Cost of Goods Sold Inventory on Hand lotal Cost Cost QuantityCostCost Date QuantityCost Cost Requirements Streak Free Cleaning Post-Closing Trial Balance November 30, 2018 Dec. 2 1. Prepare perpelusl inventory recorde for December For Streak Free Cleening using the FIFO inventory coating method (Note You must cekculate the coet at 0ds sald on 1ha 11th 78th and 31st (adusting entry ) > Round par unit coats to two dacimal placas Account Title Cash Accounts Rocewabla Cleaning Supplies Prepaid Rent Prepsid Insurance 128 500 1,000 100 900 4,950 6,100 13,000 2. Journala tha transacions tar Decamhar 11th, 28th, and 3t (adjusing antry a only) using tha parpatual Invantory record craated in Raquiramant PintDone Truck S 318 2000 23,750 Accounts Payable Uncarned Revenuc Interest Payable Notes Payable Haber Captal Total 90,000 33.260 5 151,30 131.300 Enter any number in the edt fields and then click Check Answer Peaing Clear All Click the icon to view the transactions.) ry More Info st So Dec. 2 Purchased 1,000 units of inventory for $4,000 on account from Shiney Company and on terms, 5/10, n/20 5 Purchased 1,200 units of inventory from Dirt Buster on account with terms 4/10 n/30. The total invoice was for $6,000, which included a $300 freight charge 7 Returned 300 units of inventory to Shiney from the December 2 purchase 9 Paid Dirt Buster 11 Sold 500 units of goods to Clean Crew for $7,000 on account with terms n/30 12 Paid Shiney 15 Received 100 units with a sales price of $1,400 of goods back from customer Clean Crew 21 Received payment from Clean Crew, settling the amount due in full 28 Sold 500 units of goods to Allyson, Inc. on account for $8,000. Terms 2/15, n/30 29 Paid cash for utilities of $400 30 Paid cash for Sales Commission Expense of $538 31 Received payment from Allyson, Inc., less discount. 31 Recorded the following adjusting entries a. Physical count of inventory on December 31 showed 900 units of goods on b. Depreciation, $318 c. Accrued salaries expense of $700 d. Estimated sales returns of $1,900, with cost of $760 e. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information from November to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $100 Print Done
