Strathmere Inc. uses the perpetual inventory system. Strathmere Inc. is owned by Dave Emst. The company had the following transactions for the month of June June 1 Dave Ernst invested $30,000 cash in Strathmere Inc. June 2 Strathmere Inc. rented a portion of their warehouse to Ocean Shore Corp. for $1,500 per month. Ocean Shore paid Strathmere 3 months of rent in advance. June 3 Purchased $30,000 of merchandise inventory on credit., Invoice # 123 dated June 1 from ABC Company, terms 3/10, n/60. Issued check # 519 payable to Cash for a petty cash fund establishment of $500. June 5 June 5 Sold merchandise to Kuhar Inc. for $10,000 on credit, terms 2/10, n/30. Invoice no. 234. Cost of the merchandise sold is $7,200. Purchased $3,000 of store supplies on credit from Danny's inc.. terms 2/10, n/30, Invoice # 356 dated June 5. June 6 June 8 Sold merchandise to Carl Co. for $16,000 with terms 2/10, n/30. Invoice no. 452. Cost of the merchandise sold is $10,000. Issued check # 520 to ABC Company for the June 3rd purchase. June 11 June 13 The cash register's record shows $2,500 at the end of the shift, but the count of cash in the register is $2,504. Cost of the merchandise sold is $1,300. Prepare the journal entry to record the day's cash sales. June 15 Kuhar I paid the balance due from the sale on June 5. June 16 Sold merchandise to Schalick Co. for $5,000, terms 2/10, n/30. Invoice No. 453. Cost of the merchandise sold is $3,500. June 18 Strathmere Inc. signed a short term note payable in the amount of $5,000 with an interest rate of 6% due in 90 days. June 20 June 25 Issued check # 521 payable to Payroll for salaries totaling $6,000. The petty cash balance is $25. Receipts in the drawer show $125 for Transportation In. $150 for postage expense, $130 for delivery expenses, and $50 for office supplies expenses. Replenish petty cash. June 26 Received payment from Carl Co. for the June 8th purchase. June 28 Dave Ernst withdrawals $3,000 for personal use. Check # 522 was issued. June 30 Issued check # 523 for $2.500 payable to Blackman Co. for June's Rent. Strathmere Inc. uses the following Special Journals: Sales, Purchases, Cash Receipts and Cash Disbursements. 1.) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month end. 2.) Complete the unadjusted trial balance columns on the worksheet for Strathmere Inc. as of June 30, 2020 and the Schedules of Accounts Receivable and Accounts Payable. Strathmere Inc. must consider the following for adjusting entry purposes: a) The remaining store supplies available on June 30th had a cost of $2,500. b) A utility bill was received totaling $300 that will be paid in July. c) Interest on the short term note through June 30th has accrued but has not been paid. d) June rent from Ocean Shore Corp. has been earned. e) Bad debt is estimated to be .5% of total net credit sales. f) Salaries have accrued in the amount $200 per day for two days. g) A count of inventory showed remaining inventory had a cost of $6,000. Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet. Prepare Financial Statements for Strathmere, Inc. considering the following: Salaries Expense and Rent Expense are split between selling and general and administrative expenses. Delivery, Bad Debts Expenses and Cash Over/Short are selling expenses Postage and Utilities Expenses are general and administrative expenses Prepare Closing Entries for Strathmere, Inc. Prepare Post Closing Trial Balance for Strathmere, Inc. Complete the Online Quiz for the Accounting Project in eLearning. 4 Chart of Accounts Strathmere Inc. 101 Cash 102 Petty Cash 106 Accounts Receivable 109 Allowance for Doubtful Accounts 119 Merchandise Inventory 125 Store Supplies 201 Accounts Payable 221 Salaries Payable 231 Notes Payable 241 Interest Payable 251 Unearned Revenue 301 D. Ernst, Capital 302 D. Ernst, Withdrawals 403 Sales 408 Rental Revenue 415 Sales Discounts 602 Cost of Goods Sold 621 Salaries Expense 626 Rent Expense 630 Office Supplies Expense 633 Store Supplies Expense 636 Postage Expense 646 Delivery Expense. 656 Utilities Expense 659 Interest Expense 661 Bad Debts Expense 686 Cash Over and Short Sales Journal Date Purchases Journal Date Cash Receipts Journal Date Account Credited Cash Disbursements Journal Date Check No. Account Debited Account Explanation Invoice Number Date of Invoice PR TERMS TERMS Cash Dr. Account Debited Page 1 PR Accounts Receivable Or Sales Cr Accounts Payable Cr PR Sales Discount Or PR Cash Cr Cost of Goods Sold Dr. Inventory Cr. Inventory Dr. Accounts Receivable Cr C Page Office Other Supplies Dr Accounts Dr. Cost of Good Sold Dr. Accounts Cr. inventory Cr Other Sales Cr Page Other Accounts Accounts Dr. Payable Dr. Page 3 Date GENERAL JOURNAL Account Titles and Explanation PR Debit Page 1 Credit Cash General Ledger (Partial Listing) PR Debit PR Debit PR Debit PR Debit PR Debit PR Debit Date Petty Cash Date Accounts Receivable Date Allowance for Doubtful Accounts Date Merchandise Inventory Date Store Supplies Date Explanation Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Balance Balance 101 102 Balance 106 Balance Balance Balance 109 119 125 Accounts Payable Date Salaries Payable Date Notes Payable Date Interest Payable Date Unearned Revenue Date D. Ernst, Capital Date D. Ernst, Withdrawals Date Explanation Explanation PR Debit PR Debit PR Debit PR Debit PR Debit PR Debit PR Debit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Balance Balance 231 Balance Balance Balance Balance Balance 241 251 302 301 201 221 Sales Date Rental Revenue Date Sales Discounts Date Cost of Goods Sold Date Salaries Expense Date Rent Expense Date Office Supplies Expense Date PR Debit PR Debit PR Debit PR Debit PR Debit PR Debit PR Debit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Balance Balance Balance 408 Balance 403 415 Balance 602 Balance Balance 621 626 630 nish Line: Shoes, S... My Cart | View Cart... OTOEFL Questions PR PR Debit PR Debit PR Debit PR Debit PR Debit PR Debit PR Debit Store Supplies Expense Date Postage Expense Date Delivery Expense Date Utilities Expense Date Interest Expense Date Bad Debts Expense Date Cash Over and Short Date Income Summary Date Debit TOEFL Practice Test... Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Acct. No. Credit Balance Balance Balance Balance Balance Balance Balance Balance 659 686 901 633 636 646 656 661 Date Date Date Accounts Receivable Ledger PR Debit Credit PR PR Debit Debit Credit Credit Balance Balance Balance Date Date PR PR Accounts Payable Ledger Debit Credit Debit Credit Balance Balance Schedule of Accounts Receivable Schedule of Accounts Payable Date GENERAL JOURNAL Account Titles and Explanation PR Debit Page 2 Credit 101 Cash 102 Petty Cash 100 Accounts Receivable 109 Allowance for Doubtful Accounts 119 Merchandise inventory 125 Store Supplies 201 Accounts Payable 223 Salaries Payable 233 Notes Payable 243 terest Payable 251 Uneamed Revenue 3010 Emst, Capital 302 0 Ernet Withdrawals 403 Sales 408 Rental Revenue 415 Sales Discounts 50 Cost of Goods said 623 Salaries Experie 426 Dent Expense 430 Omer Supplies Expense 633 More Supplies Expense 640 Delivery Expense 654 Utdinies Expense 453 Interest Expense 661 Bad Debts Expense 66 Cash Over and Short Totall Income Unadjusted Trial Balance Detit Credit Work Sheet Adjustments Debit 104 13148 Credit Adjusted Trial Balance Income Statement Debit Credit Debit Credit wwwwwwww WWW.NAMA INILA 1951 WAHAKAN PRAM ABPWN BRAN BRENOVER TINA Balance Sheet and Statement of Owner's Equity Cred Debit Income Statement Statement of Owner's Equity Balance Sheet Date GENERAL JOURNAL Account Titles and Explanation PR Debit Page 3 Credit Post-Closing Trial Balance Debit Credit