Required: 19-27

300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE 800,000 100,000 ALLOWANCE FOR BAD DEBTS SHOE INVENTORY ? 50,000 SUPPLIES PREPAID INSURANCE 10,000 EQUIPMENT 1,000,000 ACCUMLATED DEPRECIATION EQUIP 300,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 50,000 ACCOUNTS PAYABLE WAGES PAYABLE 80,000 10.000 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMOM STOCK RETAINED EARNINGS JHJ DIVIDENDS 90.000 500,000 SHOE SALES SHOE SALE RETURNS COST OF GOODS SOLD 120 | Page PURCHASE RETURNS FREIGHT IN RENT EXPENSE -SELLING SUPPLIES EXPENSE -SELLING INSURANCE EXPENSE - ADMINISTRATIVE DEPRECIATION EXPENSE - ADMINISTRATIVE SALES SALARIES BAD DEBT EXPENSE INTEREST EXPENSE JOURNALIZE THE FOLLOWING TRANSACTIONS 33. INVESTED ADDITIONAL $100.000 IN BUSINESS 34. PAID ACCRUED SALARIES FROM PRIOR YEAR 35. PAID $30,000 FOR SUPPLIES 36. PURCHASED 100,000 PAIRS OF SHOES ON MAY 1 ON ACCOUNT FOR $30 EACH T 37. CASH SALES 120.000 PAIRS OF SHOES FOR $50 EACH 38. PAID SALARIES FOR $ 200,000 PURCHASED ON JULY IST, 200,000 PAIRS OF SHOES FOR $40 EACH* SOLD ON ACCOUNT ON AUGUST 1ST, 150,000 PAIRS OF SHOES AT S 60 EACH 41. PAID S 50,000 IN DIVIDENDS CASH SALES 30,000 PAIRS OF SHOES AT $70 EACH AID $10,000 ON NOTE PLUS $ 5,000 INTEREST 121 Page $10,000 44. ENDING SUPPLIES ON HAND LINE METHOD AND 45. EQUIPMENT IS DEPRECIATED UTILIZING STRAIGHTLINE METH HAS 10 YEAR LIFE 46. AUTO IS NOW TWO YEARS OLD AND IS DEPRECIATED UTILIZING DOUBLE-DECLINING BALANCE WITH 4 YEAR LIFE 47. BAD DEBT EXPENSE IS ESTIMATED TO BE 10% OF CREDIT SAL EG 48. THE COMPANY UTILIZES WEIGHTED AVERAGE IN CALCULATING PERPETUAL INVENTORIES AND BEGINNING INVENTORIES CONSISTED OF: 50,000 PAIRS OF SHOES AT $20 EACH 40,000 PAIRS OF SHOES AT $25 EACH REQUIRED: 19. POST TO LEDGER BALANCES FROM PRIOR YEAR 20. PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER 21. PREPARE TRIAL BALANCE 22. PREPARE INCOME STATEMENT 24. PREPARE BALANCE SHEET E STATEMENT OF OWNERS EQUITY 25. PREPARE CLOSING ENTRIES 26. PREPARE INVENTORY CHART 27. PREPARE STATEMENT OF CASH FLOW TEMENT OF CASH FLOW L AND SURI