Question 1 Monty Warehouse Store has an August 31 fiscal year end and uses a perpetual Inventory system. An alphabetical list of its account balances at 31, 2017 follows All accounts have normal balances. Accounts payable Accounts recevable Accumulated depreciation-equipment $30,500 19,000 26,560 Cash Cost of goods sold Depreciation experise Equipment Freight out Insurance expense Interest expense Interest receivable 13,500 565,500 6,640 66,400 4,700 3,000 2,300 Interest revenue Merchandise inventory Notes payable Notes receivable Rent expense Sales Sales discounts Sales returns and allowances Supplies expense Unearned revenue V. Monty, capital V. Monty, drawings $920 59,000 31,490 32,000 16,000 705,000 4,200 14,400 6,109 6,100 72,700 60,300 230 Additional information: 1. All adjustments have been recorded and posted except for the inventory adjustment. According to the inventory count, the company has 557,000 of merchandise hand. 2. Last year Monty Warehouse Store had a gross profit margin of 20% and a profit margin of 119 Question 1 Monty Warehouse Store has an August 31 fiscal year end and uses a perpetual Inventory system. An alphabetical list of its account balances at 31, 2017 follows All accounts have normal balances. Accounts payable Accounts recevable Accumulated depreciation-equipment $30,500 19,000 26,560 Cash Cost of goods sold Depreciation experise Equipment Freight out Insurance expense Interest expense Interest receivable 13,500 565,500 6,640 66,400 4,700 3,000 2,300 Interest revenue Merchandise inventory Notes payable Notes receivable Rent expense Sales Sales discounts Sales returns and allowances Supplies expense Unearned revenue V. Monty, capital V. Monty, drawings $920 59,000 31,490 32,000 16,000 705,000 4,200 14,400 6,109 6,100 72,700 60,300 230 Additional information: 1. All adjustments have been recorded and posted except for the inventory adjustment. According to the inventory count, the company has 557,000 of merchandise hand. 2. Last year Monty Warehouse Store had a gross profit margin of 20% and a profit margin of 119