Question
Purchases Returns and Allowances 3,200 Purchase Discounts 6,755 Freight-in 4,750 Bad Debt Expense 2,670 Insurance Expense 1,600 Interest Expense 21,800 Repairs and Maintenance Expense 7,100
Purchases Returns and Allowances | 3,200 | ||||||
Purchase Discounts | 6,755 | ||||||
Freight-in | 4,750 | ||||||
Bad Debt Expense | 2,670 | ||||||
Insurance Expense | 1,600 | ||||||
Interest Expense | 21,800 | ||||||
Repairs and Maintenance Expense | 7,100 | ||||||
Salaries Expense | 35,200 | ||||||
Advertising Expense | 5,700 | ||||||
Depreciation Expense | 11,815 | ||||||
Depletion Expense | 1,200 | ||||||
Amortization Expense | 4,000 | ||||||
Utilities Expense | 12,710 | ||||||
Rent Revenue |
| 3,600 | |||||
11,25,675 | 11,25,675 |
Other data:
(1) Inventory on hand at December 31, 2020 (i.e., ending inventory) is $94,750
(5) Portion of Notes Payable payable in the next year: $25,000
(6) Missy Mops contributions to the business in 2020 were $5,250
Prepare Classified Balance Sheet, Multi-step Income Statement, Statement of Owner's Equity and Closing Entries
2 Cr. 3,450 16,865 2 Missy Mops, Inc. 3 Adjusted Trial Balance 4 December 31, 2020 5 6 7 Dr. 8 Cash 32,425 9 Accounts Receivable 34,740 10 Allowance for Doubtful Accounts 11 Merchandise Inventory (beginning) 56,725 12 Prepaid Insurance 14,700 13 Land 1,20,000 14 Office Equipment 46,000 15 Accumulated Depreciation Office Equipment 16 Buildings 3,50,000 17 Accumulated Depreciation-Buildings 18 Timber 17,000 19 Accumulated Depletion-Timber 20 Patent 12,500 21 Accounts Payable 22 Salaries Payable 23 Interest Payable 24 Customer Refunds Payable 25 Unearned Rent 26 Notes Payable 27 Capital, Missy Mops 28 Missy Mops, Drawings 7,400 29 Sales 30 Purchases 3,25,640 31 Purchases Returns and Allowances 48,125 2,700 36,800 6,200 1,500 6,150 2,000 2,50,000 2,55,430 4,82,900 3,200Step by Step Solution
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