Refer to the fiscal year 1999 financial statements of Abercrombie & Fitch Co. Note: "Fiscal year 1999" refers to the year that began on February 1, 1998 and ended on January 30, 1999. Process a. Open T-accounts for each balance sheet and income statement line item (1.c., for the permanent accounts: 9 asset T-accounts and 9 liability and owners' equity T accounts; for the temporary accounts: 5 T-accounts). Enter the January 31, 1998 balance sheet amounts as the opening balance for fiscal 1999 and post the following fiscal 1999 transactions (figures in thousands of dollars): 1. 2. 3. 4. 5. 6. B. 9. 10 11. Inventory costing $481,918 was purchased on account during the year. Store Supplies costing $1,000 were purchased on account during the year. Sales of $815,804 were made. Of these, $15,804 were on account The cost of merchandise sold was $465,000. The company collected cash of $13,398 from its customers for sales previously recorded as accounts receivable. Cash of $514,114 was used to pay suppliers for goods, supplies, and property and equipment previously purchased on account. The company collected $23,785 from the Limited in satisfaction of amounts owed by the Limited to A&F. Cash of $50,000 was used to repay principal on long-term debt. Property and equipment were acquired on account (accounts payable) for $39.987. The company paid $908 for shares of its own common stock. This is known as treasury stock. It is recorded at cost as a debit in the owners' equity section of the balance sheet. The following represents a single composite journal entry for all remaining transactions during the year. Record the entry in the appropriate accounts: General, Admin and Store Operating Expense Provision for Income Taxes (Expense) Deferred Income Taxes Cash Other Current Assets Dr. Dr. Dr. Dr. Other assels Cr. Cr Cr Dr. Cr. 885888660000 Income Taxes Payable Other Long-Term Liabilities Interest Income Accrued Expenses Common Stock Paid-in Capital TOTAL 400 150,652 68.040 6.975 631 151.264 17.736 3,144 25,054 26.170 226.701 226 701 Explanation to record all other activity for fiscal 1900 b. Prepare an unadjusted trial balance as at January 30, 1999 using the ending balances in the T-accounts obtained in part a. Abercrombie & Fitch Co.--Transactions and Financial Statements Copyright 2006 by Prentice Hall, Inc. All its reserved. No part of mir medication may be reproduced any for purpose d the written permission of the publisher