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Sunny's Emporium had the following transactions in April, 2 0 2 3 , the final month in their fiscal year: TRANSACTIONS April 1 Sold fully
Sunny's Emporium had the following transactions in April, the final month in their fiscal year:
TRANSACTIONS
April Sold fully depreciated cash register and point of sale system for $originally recorded as store equipment
April A new point of sale system is delivered and installed at a total cost of $ The system
has an expected useful life of years, no residual value and will be depreciated using the straight line method.
The company made a downpayment of $ and issued a year note for the balance.
Interest and of the principal is due on March and
April Had a $ balance in notes payable with day note issued on March
Paid the interest due and refinanced the principle with a new day note at
April Petty cash on hand was $ Replenished the petty cash fund for the following disbursements,
each evidenced by a petty cash receipt:
Store supplies, $
Express charges on merchandise sold, $Delivery Expense
Office supplies, $
Repair to office file cabinet lock, $Miscellaneous Administrative Expense
April Sold a year bond, semiannual interest at when market interest rate was
April The cash sales for the month, according to the cash register records, totaled $ including sales
tax of $ The actual cash received from these cash sales was $ Cost of goods sold related to
these sales was $
Required: ROUND ALL CALCULATIONS TO THE WHOLE DOLLAR!!!!
Journalize the transactions and post them to the general ledger.
Assume a day year for all transactions related to interest calculations.
Complete the worksheet. The information you need for the adusting entries is:
a Evaluation of the years sales indicated that warranties related to current years sales
were $
b The note receivable in the general ledger is an note received January and due is on June
c There are two notes in the notes payable balance one from April st and one from April th Interest rates and dates issued are in
the transactions above. Calculate interest separately but record together
d The insurance policy is an annual policy purchased on June
e Office supplies on hand at April were $ and store supplies on hand were $
f Depreciation on the building is calculated using straight line with a year life and $ residual value.
g Depreciation for the office equipment is calculated using double declining balance method, has a five year
life and was purchased three years ago.
Information related to the depreciation calculation for the store equipment is in the transactions above.
h Payroll for April is going to be paid in early May. Salaries earned were $ The FICA rate is
and is paid by both the employee and the employer. Employee income taxes are withheld at a rate of
Journalize and post the adjusting entries.
Prepare a multiplestep income statement.
Prepare a statement of stockholders equity.
Prepare a balance sheet.
Journalize and post the closing entries.
Prepare a postclosing trial balance.
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