Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sunland Co, uses a perpetual imventory system and both an accounts receivable and an accounts payable subsidiary ledger, Balances related to both the general ledger

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Sunland Co, uses a perpetual imventory system and both an accounts receivable and an accounts payable subsidiary ledger, Balances related to both the general ledger and the subsidiary ledgers for Sunland are indicated in the working papers presented below. Also following are a series of transactions for Sunland Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60s of the sales price. 158201301AccumulatedDepreciation-Equip.AccountsPayableOwnersCapital1,60035,50076,300 Schedule of Accounts Recelvable (from accounts recelvable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,700 13. Santos 7.500 5. Mahay 4,190 Schedule of Accounts Payable Jan. 3. Sell merchandise on account to B Corpas $3,700, invoice no. 510 , and to 1. Revere $1,500, invoice no, 511 . 5. Purchase merchandise from 5 Gamei $5,000 and D. Posey $2,500, terms n/30. 7 Receive checks from S. Mahay $4,100 and B,5antos$2,000 after discount period has lapsed. 8 Pay freightonmerchandise purchased $230 9 Send checkstoS. Meek for S8,500 less 24ickh discount and to 0.5 sito for $10.000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total \$15,500. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1.200, invoice no. 512 , and to $. Mahay $900, invoice no. 513 . 12. Pay rent of $1,400 for danuary. 13. Receive payment in full from B. Corpas and . Revere less cash discounts. 15. Withdraw $800 cash by M. Sunland for personal use. 15. Post all entries to the subsidiary ledisers. 16. Purchase merchandise from D. Saito $15.000, terms 1/10,1/30.5, Meek $14.600, terms 2/10, n/30, and 5,63me1 51,500 , terms n/30, 17. Pay 5800 cash for office supplies. 18: Return $400 of merchandise to 5.Meekand receive credit. 20 Daily cash sales from January 11 to January 20 total 520200 Make one journal entry for these salek. 21. Isue $17,000 note, maturing in 90 dars, to R. Mores in parment of balance due 21 Issue $17.000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Recelve payment in full from S, Mahay less cash discount: 22 Sell merchandise on account to B. Corpas $2,700, invoice no. 514 , and to R. Beltre $2,100, invoice no. 515 . 22. Post ali entries to the subsidiary ledgers. 23 Send checks to D, Saito and S. Meek for full payment iess cash discounts. 25 Sell merchandise on account to B. Santos $4,000, invoice no. 516 , and to J Revere $6,900, imvice no, 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10,n/30; D. Posey $3,500, terms n/30, and $,Game1$5,100, terms n/30 27. Post all entries to the subsidiaryledgers 28 Pay $200 cash for otfice supplies. 31. Dally cath sales from Jamuary 21 to January 31 total $23,100. Make one joumal entry for these sates. 31. Pav sales salaries $4,400 and otfice sataries $3,000 Prepare a trial balance at January 31. 2022, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1. Otfice supplies at January 31 total $900. 2. Insurance coverage expires on October 31, 2022. 3. Annual depreciation on the equipment is $1,500, 4. Interest of $50 has accrued on the note payable. Accum. Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals interest Payable Supplies Expense: Insurance Expense Depreciation Expense Interest Expense Totals Interest Expense Totals Net Income Totals Prepare a multiple-step income statement. 111+25 Prepare a owner's equity statement for January. (Lst items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (I.st Current Assets in order of fiquldity) Sunland Co, uses a perpetual imventory system and both an accounts receivable and an accounts payable subsidiary ledger, Balances related to both the general ledger and the subsidiary ledgers for Sunland are indicated in the working papers presented below. Also following are a series of transactions for Sunland Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60s of the sales price. 158201301AccumulatedDepreciation-Equip.AccountsPayableOwnersCapital1,60035,50076,300 Schedule of Accounts Recelvable (from accounts recelvable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,700 13. Santos 7.500 5. Mahay 4,190 Schedule of Accounts Payable Jan. 3. Sell merchandise on account to B Corpas $3,700, invoice no. 510 , and to 1. Revere $1,500, invoice no, 511 . 5. Purchase merchandise from 5 Gamei $5,000 and D. Posey $2,500, terms n/30. 7 Receive checks from S. Mahay $4,100 and B,5antos$2,000 after discount period has lapsed. 8 Pay freightonmerchandise purchased $230 9 Send checkstoS. Meek for S8,500 less 24ickh discount and to 0.5 sito for $10.000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total \$15,500. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1.200, invoice no. 512 , and to $. Mahay $900, invoice no. 513 . 12. Pay rent of $1,400 for danuary. 13. Receive payment in full from B. Corpas and . Revere less cash discounts. 15. Withdraw $800 cash by M. Sunland for personal use. 15. Post all entries to the subsidiary ledisers. 16. Purchase merchandise from D. Saito $15.000, terms 1/10,1/30.5, Meek $14.600, terms 2/10, n/30, and 5,63me1 51,500 , terms n/30, 17. Pay 5800 cash for office supplies. 18: Return $400 of merchandise to 5.Meekand receive credit. 20 Daily cash sales from January 11 to January 20 total 520200 Make one journal entry for these salek. 21. Isue $17,000 note, maturing in 90 dars, to R. Mores in parment of balance due 21 Issue $17.000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Recelve payment in full from S, Mahay less cash discount: 22 Sell merchandise on account to B. Corpas $2,700, invoice no. 514 , and to R. Beltre $2,100, invoice no. 515 . 22. Post ali entries to the subsidiary ledgers. 23 Send checks to D, Saito and S. Meek for full payment iess cash discounts. 25 Sell merchandise on account to B. Santos $4,000, invoice no. 516 , and to J Revere $6,900, imvice no, 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10,n/30; D. Posey $3,500, terms n/30, and $,Game1$5,100, terms n/30 27. Post all entries to the subsidiaryledgers 28 Pay $200 cash for otfice supplies. 31. Dally cath sales from Jamuary 21 to January 31 total $23,100. Make one joumal entry for these sates. 31. Pav sales salaries $4,400 and otfice sataries $3,000 Prepare a trial balance at January 31. 2022, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1. Otfice supplies at January 31 total $900. 2. Insurance coverage expires on October 31, 2022. 3. Annual depreciation on the equipment is $1,500, 4. Interest of $50 has accrued on the note payable. Accum. Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals interest Payable Supplies Expense: Insurance Expense Depreciation Expense Interest Expense Totals Interest Expense Totals Net Income Totals Prepare a multiple-step income statement. 111+25 Prepare a owner's equity statement for January. (Lst items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (I.st Current Assets in order of fiquldity)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and managerial accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

1st edition

111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114

More Books

Students also viewed these Accounting questions

Question

Why are notes to statements necessary?

Answered: 1 week ago