Requirement 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018. (Enter a "0" on the normal side of the T-account for accounts with a zero balance as of September 30, 2018. Abbreviation used: Depr. = depreciation.)

The Harris Lamp Company (HLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. HLC uses a perpetual inventory system, FIFO method. HLC owns land with a building, which is separated into two parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, HLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. The trial balance for HLC as of September 30, 2018 follows: (Click the icon to view the trial balance.) Merchandise Inventory as of September 30 consists of the following lamps: (Click the icon to view the Merchandise Inventory.) During the fourth quarter of 2018, HLC completed the following transactions: i (Click the icon to view the transactions). Read the requirements. Requirement 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018. (Enter a "0" on the normal side of the T-account for accounts with a zero balance as of September 30, 2018. Abbreviation used: Depr. = depreciation.) Cash Accounts Payable Sales Revenue Accounts Receivable Common Stock Cost of Goods Sold Merchandise Inventory Retained Earnings Salaries Expense-Selling Office Supplies Dividends Utilities Expense-Selling Warehouse Supplies Supplies Expense-Selling Land Depreciation Expense-Selling Building Salaries Expense-Administrative Office Furniture and Equipment Utilities Expense-Administrative Warehouse Fixtures Supplies Expense-Administrative Accumulated Depreciation Depr. Expense-Administrative Harris Lamp Company Trial Balance September 30, 2018 Balance Account Credit Debit 524,000 Cash $ 125,600 Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies 180 410 Land 25,000 850,000 Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation 145,000 250,000 $ 249,000 140,000 326,300 0 2,738,290 Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative Total 1,093,400 293,000 33,000 0 88,000 26,000 0 $ 3,453,590 $ 3,453,590 Item Desk Lamp Table Lamp Quantity Unit Cost Total Cost 1,800 $ 6 $ 10,800 3,800 16 60,800 1,800 30__ 54,000 125,600 Floor Lamp Total Oct. 1 Oct. 12 Oct. 15 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 3,500 desk lamps at $8 each 8,000 table lamps at $15 each 3,500 floor lamps at $20 each Sold lamps on account to Harmony Home Furnishings, terms 1/10,n/30: 5,500 table lamps at $47 each Sold lamps on account to Valdosta Office Supply, terms 2/10, n/30: 1,400 desk lamps at $21 each Received a check from Harmony Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Valdosta Office Supply for full amount owed on Oct 15 sale. Sold lamps on account to Beltway Home Stores, terms 1/10, n/30: 2,500 table lamps at $47 each 1,300 floor lamps at $63 each Paid amount due to Carpathian Lights from Oct. 1 purchase. Paid salaries, $42,000 (75% selling, 25% administrative). Oct. 20 Oct. 23 Oct. 28 Oct. 30 Oct. 31 Oct. 31 Nov. 1 Nov. 5 Nov. 5 Paid utilities, $2,300 (60% selling, 40% administrative). Sold lamps on account to Valdosta Office Supply, terms 3/10, n/30: 1,100 desk lamps at $21 each Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 3,500 desk lamps at $10 each 10,500 table lamps at $18 each 7,000 floor lamps at $22 each Received a check from Beltway Home Stores for full amount owed on Oct. 28 sale. Received a check from Valdosta Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $450 for the office: $480 for the warehouse. Sold lamps on account to Carter Office Supply, n/30: 1,800 desk lamps at $21 each Sold lamps on account to Gallery Discount Stores, terms 3/10, n/30: 2,100 table lamps at $47 each 2,400 floor lamps at $63 each Nov. 8 Nov. 10 Nov. 15 Nov. 18 Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 Dec. 15 Dec. 27 Received a check from Gallery Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $42,000 (75% selling, 25% administrative). Paid utilities, $3,050 (60% selling, 40% administrative). Paid amount due to Carpathian Lights from Nov. 5 purchase Received a check from Carter Office Supply for full amount owed on Nov. 15 sale. Paid dividends, $70,000. Sold lamps on account to Harmony Home Furnishings, terms 2/10, n/30: 2,000 desk lamps at $21 each 6,400 table lamps at $47 each Paid salaries, $42,000 (75% selling, 25% administrative) Paid utilities, $3,800 (60% selling, 40% administrative). Dec. 31 Dec. 31 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018. 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general journal. 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31, 2018, and post to the ledger: a. Depreciation, $42,500 (75% selling, 25% administrative). b. Supplies on hand: office, $380; warehouse, $490. c. A physical inventory account resulted in the following counts: desk lamps, 2,485; table lamps, 5,790; and floor lamps, 8,600. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error 8. Prepare Harris Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31, 2018, and a classified balance sheet as of December 31, 2018. 9. Calculate the following ratios for HLC as of December 31, 2018: gross profit percentage, inventory turnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance