Sommary $ MERCHANDISING . Preparing the Financial Accounts Perpetuall y System Example The following balances are extracted from the edge of Local Merchandising Company for the focal period del 2019, Una / Adjustments DO 32.309 Ayo 14.550 19.550 Str.handy $ 10300 $ $ 3.000 $ Street 41,000 S 41.000 Acc e pt Stores qui $ 16.500 $ 2.450 16.000 5 00 26.800 DO $ 10,150 $ 2,144 $ 15,000 $ 1,152 $ 0.00 Nerine yale 12.4 903 7,500 7,300 $ 193,400 $ 7.500 $ $195.400 $ 1.400 185.400 $ 185,400 4.100 65.00 $ $ 2.450 2.144 EMO S - S $ $ 1,15 3.000 wees MO $ 10,300 1,290 100 $ 400 Net 1 IS Complete wieder ein few dari CLOSING JOURNAL will wa c I 2. Fa 3. The 4. A y ed in 1.500 e for the 53.000 s e and do 01/2019 120 is 10od takva posto de d each per day C 6. Preples Complete all the w forma for work of ing ons up to the politie in t ement for the company for desde 2009 S 60 N. 100 g waps 00:45 Supplies 10-20, R Alors pool action STEPS Tre the balances to the recor d e d will delete the mining figure 2 Jom the wi d er the new Completed by the p o lice 4 Pure the Ching Journal, using the powy penting to the descri ts $ Sales commission expense 11,000 $ 11,000 $ 11,000 Salaries expense 29,600 $ 29,600 $ 1,152 30,752 Insurance expense . $ $ 3,000 3.000 Rent expense 24,000 $ 24,000 24,000 Supplies expense. $ 10,300 10,300 Advertising exp 10,200 $ 10.200 10,200 Notes interest expense $ 400 400 Net Income Loss) Totals S 311.973 $ 311.973 318,119 $ 318.119 NOTES Compile the unadjusted trial balance and determine the missing figure for Retained Earnings Record the below adjustments and prepare the adjusted trial balance, by extending the unadjusted and the adjustment balances 1. Supplies still available at year-end is $1,500 2. Expired insurance for the year is $3,000 3. The notes payable was signed and delivered on 2/01/2019 for 120 days, at 8% interest, payable on maturity of the note 4. Annual depreciation expense on store equipment is 10% of book value. 5. Annual depreciation expense on office equipment equipment is 8% of cost. 6. Four employees wages accrued for 3 days work at the rate of $96 each per day. Complete all the remaining columns up to the post-closing trial balance. Prepare a formal multi-step income statement for the company, for period ended 3/31/2019. Distribution of the following costs between selling and administration are as follows: Salaries wapes 60:40: Insurance and Supplies 70:30; Rent 60:40: Notes interest 100% non-operating All other costs are specific allocations E Prepare the Statement of Retained earnings and the Classified Balance Sheet for the company, as at 31/2019, STEPS | Transfer the balances to the two columns headed unadjusted trial balance and determine the missing figure 2 Journalize the six adjustments under the two adjustments columns 3 Compile the adjusted trial balance by extending the previous two sets of balances 4 Prepare the Closing Journal, using the temporary operating accounts, to the income summary and determine the net profit or net loss 5 Prepare the post closing trial balance, using the pending (unused) figures in the adjusted trial balance. Prepare the formal closing journal, multi-step income statement (using instructions in Dabove) and the classified Balance Sheet... MERCHANDISING - Preparing the Financial Accounts Perpetual eventory System ample ACCT. Principles I, FINANCIAL led 31/2019 MTA The Blewing balances are extracted from the ledger of Lacale Merchandising Company for the fiscal period Amount adjusted T/B Adjustments Patung / Closing Entries $ $ $ $ 32.93 19.550 31,930 .500 600 $ 41,000 150 $ 950 $ 16 Hoo $ 12,294 $ 5.000 S $ 400 $ $ 15.000 9.99 # 7.500 195.400 $ 195,400 Cash $ 12.39 $ 32.193 $ 32.390 As roche $ 19.550 $ 19.550 $ 19550 Merchandise intory 11.030 $ 21.990 $ 2930 Supplies 11.000 $ 11.800 $ 10,300 $ 1500 Prapadimance 1.400 $ 3.600 $ 3.000 $ 500 Sloween 41,000 $ 41,000 41000 Accumulated Shores op 16,500 $ 16,500 $ 2,450 Office p m 26,100 $ 26,00 $ 26.800 Ac ade .Otice pip $ 10,150 $ 10,150 $ 2,144 $ 12,254 Ac payah 15,000 $ 15,00 $ 15 000 Salaries payable $ 1.152 $ 1152 Nos payable $ 30.000 $ 30.000 $ 30.000 Neintrest payale $ 400 Crick $ 35,000 $ 15,00 $ 35.000 Hatinalarnings $ 9,923 $ 1923 Dividend $ 7.500 $ 7.500 $ 7500 195.400 $ 193,400 $ 195.400 Sales 4,100 $ 4,100 4100 Sales return allowance 1,100 $ 2.900 2.900 Cowl of SED 65.400 $ wel 65,000 The Steps $ 2450 2,450 Depreciation expense-Office equip $ - $ $ 2.144 214 Sales 11,000 y TODO $ 11,000 29.400 $ $ 29,00 Salaries expense 1.152 30752 $ $ 3.000 Insurance expire 3.000 $ Rent expense 14.000 $ $ MODO 24.000 $ $ 10,300 10300 Supplies expense Advertising exp $ 10,100 $ 10.200 400 $ $ . interest Expense 400 . Net Income S01.973 5 311.973 11119 $ 31119 Totals NOTES Copile the unadjusted trial balance and determine the missing figure for Randarin ladanthat h ane stad trial balan, by extending the Rand the belowustments and prepare the 1. Supplies still available at your and is 51,500 2. Expired insurance for the year is $3,000 ir pa m atythe The e pye was signed and delivered on 2/01/2019 for 120 days, requipment is 10% of back va 4 Annual de practice expense on o font Anna decat o expedice open c achper day R employees wapos accrued for 3 days work at the re 4,100 $ 2.900 $ 65.000 2.450 $ 2.144 11.000 $ 30.752 $ 3.000 $ 24,000 $ 10,300 $ 10.200 $ 400 $ $ $ 4.100 2.000 65.600 2.450 2.144 11,000 30,752 3.000 24.000 10,300 10,200 $ $ $ 28,554 195,400 195.400 $ 151,273 5 151273 N CLOSING JOURNAL otes interest expense $ 400 400 $ 400 et Income Loss) mtals $ 311,973 $ 311,973 318,119 $ 318,119 OTES Compile the unadjusted trial balance and determine the missing figure for Retained Earnings B Record the below adjustments and prepare the adjusted trial balance, by extending the unadjusted and the adjustment balances. 1. Supplies still available at year-end is $1,500 2. Expired insurance for the year is $3,000 3. The notes payable was signed and delivered on 2/01/2019 for 120 days, at 8% interest, payable on maturity of the note. 4. Annual depreciation expense on store equipment is 10% of book value. 5. Annual depreciation expense on office equipment equipment is 8% of cost. 6. Four employees wages accrued for 3 days work at the rate of $96 cach, per day. C Complete all the remaining columns up to the post-closing trial balance. D Prepare a formal multi-step income statement for the company, for period ended 3/31/2019. Distribution of the following costs between selling and administration are as follows: Salaries/wages 60:40; Insurance and Supplies 70:30; Rent 60:40: Notes interest 100% non-operating All other costs are specific allocations. E Prepare the Statement of Retained earnings and the Classified Balance Sheet for the company, as at 3/31/2019. EPS 1 Transfer the balances to the two columns headed unadjusted trial balance and determine the missing figure. 2 Journalize the six adjustments under the two adjustments columns 3 Compile the adjusted trial balance by extending the previous two sets of balances, 4 Prepare the Closing Journal, using the temporary operating accounts, to the income summary and determine the net profit or net loss 5 Prepare the post closing trial balance, using the pending (unused) figures in the adjusted trial balance, repare the formal closing journal, multi-step income statement (using instructions in D above), and the classified Balance Sheet