Question 1

The following is the Alpha Dog Company adjusted Trail Balance.

Alpha Dog Company

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

181,860

Supplies

36,255

Stock Investment

130,500

Equipment

295,285

Accumulated Depreciation

$236,260

Accounts Payable

72,555

Wages Payable

10,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

898,105

Interest Income

1,500

Rent Expense

66,000

Wages Expense

537,260

Supplies Expense

42,520

Depreciation Expense

164,595

Dividends

6,840

________

Totals

$1,549,565

$1,549,565

Prepare only the Asset section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.

Alpha Dog Company

Balance Sheet (partial)

Question 2

The following is a partial Adjusted Trial Balance for Alpha Company for the month:

Alpha Company

Adjusted Trial Balance (partial)

January 31, 2016

Accounts

Debit

Credit

Inventory

$2,750

Sales

$11,500

Sales Discounts

200

Sales Returns & Allowances

1,200

Purchases

4,000

Purchases Discounts

150

Purchase Returns & Allowances

450

Freight In

50

Advertising Expense

150

Depreciation Expense

130

Freight Out

70

Income Tax Expense

500

Salaries Expense

550

Utilities Expense

100

Additionally, Inventory for December 31, 2015 was $2,600. Prepare multiple-step income statement. Prepare partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.

Partial Income Statement:

Alpha Company

Income Statement (partial)

Question 3

Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:

Date

Activity

a.

Jan. 3

Purchased on account 350 widgets for $11 each.

b.

Jan. 5

Sold on account 500 widgets for $30 each. Paid freight out with petty cash of $150.

c.

Jan. 10

Purchased on account 650 widgets for $12 each.

d.

Jan. 11

Shipping cost for the January 10 purchased merchandise was $400 was paid with achequeby Alpha directly to the freight company.

e.

Jan. 12

Returned 50 widgets received from Jan. 10 purchase as they were not the correct item ordered.

f.

Jan. 13

Paid for the purchases made on Jan. 3.

g.

Jan. 21

Sold on account 550 widgets for $30 each. Paid freight out with petty cash of $250.

h.

Jan. 22

Authorize credit without return of goods for 50 widgets sold on Jan. 21 when customer advised that they were received in defective condition.

i.

Jan. 25

Received payment for the sale made on Jan. 5.

j.

Jan. 26

Paid for the purchases made on Jan. 10.

k.

Jan. 31

Received payment for the sale made on Jan. 21.

Use this information to prepare the General Journal entries (without explanation) for the January events. If no entry is required then enter the date and write "No EntryRequired."

Question 1 The following is the Alpha Dog Company adjusted Trail Balance. Alpha Dog Company Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 181,860 Supplies 36,255 Stock Investment 130,500 Equipment 295,285 Accumulated Depreciation Credit $236,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 898,105 Interest Income 1,500 Rent Expense 66,000 Wages Expense 537,260 Supplies Expense 42,520 Depreciation Expense Dividends Totals 164,595 6,840 ________ $1,549,565 $1,549,565 Prepare only the Asset section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations. Alpha Dog Company Balance Sheet (partial) Question 2 The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company Adjusted Trial Balance (partial) January 31, 2016 Accounts Inventory Debit $2,750 Credit Sales Sales Discounts $11,500 200 Sales Returns & Allowances 1,200 Purchases 4,000 Purchases Discounts 150 Purchase Returns & Allowances 450 Freight In 50 Advertising Expense 150 Depreciation Expense 130 Freight Out 70 Income Tax Expense 500 Salaries Expense 550 Utilities Expense 100 Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income statement. Prepare a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit. Partial Income Statement: Alpha Company Income Statement (partial) Question 3 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date Activity a. Jan. 3 Purchased on account 350 widgets for $11 each. b. Jan. 5 Sold on account 500 widgets for $30 each. Paid freight out with petty cash of $150. c. Jan. 10 Purchased on account 650 widgets for $12 each. d. Jan. 11 Shipping cost for the January 10 purchased merchandise was $400 was paid with a cheque by Alpha directly to the freight company. e. Jan. 12 Returned 50 widgets received from Jan. 10 purchase as they were not the correct item ordered. f. Jan. 13 Paid for the purchases made on Jan. 3. g. Jan. 21 Sold on account 550 widgets for $30 each. Paid freight out with petty cash of $250. h. Jan. 22 Authorize credit without return of goods for 50 widgets sold on Jan. 21 when customer advised that they were received in defective condition. i. Jan. 25 Received payment for the sale made on Jan. 5. j. Jan. 26 Paid for the purchases made on Jan. 10. k. Jan. 31 Received payment for the sale made on Jan. 21. Use this information to prepare the General Journal entries (without explanation) for the January events. If no entry is required then enter the date and write "No Entry Required." General Journal: Date a. b. Accounts Debit Credit c. d. e. f. g. h. i. j. k