Question
The Dallas Lamp Company (DLC), owned by Josie is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. Requirement
The Dallas Lamp Company (DLC), owned by Josie is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores.
Requirement 2 and Requirement 5c. 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. For the year ended December 31, 2018, a physical inventory account resulted in the following counts: desk lamps, 1,980; table lamps, 4,189; and floor lamps, 4,100. Update the inventory records.
Begin with the inventory record for desk lamps, then table lamps and finally floor lamps.
iData Table Dallas Lamp Company Trial Balance September 30, 2018 Balance Account Debit Credit Cash 395,000 Accounts Receivable C Merchandise Inventory 120,300 Office Supplies 345 Warehouse Supplies 480 Land 15,000 Building 710,000 Office Furniture and Equipment 130,000 Warehouse Fixtures 240,000 Accumulated Depreciation 216,000 Accounts Payable 0 Dallas, Capital 512,300 Dallas, Withdrawals Sales Revenue 2,392,325 Cost of Goods Sold 1,068,500 Salaries Expense-Selling 293,000 Utilities Expense-Selling 35,000 Supplies ExpenseSelling C Depreciation Expense-Selling C Salaries ExpenseAdministrative 89,000 24,000 Utilities Expense-Administrative Supplies Expense-Administrative C Depreciation Expense Administrative 3,120,625 $ $ 3,120,625 Total Print Done Data Table Item Quantity Unit Cost Total Cost Desk Lamp 1,500 $ 11 $ 16,500 Table Lamp 2,200 S 21 46,200 57,600 Floor Lamp 2,400 $ 24 120,300 Total Print Done X iMore Info Oct. 1 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 5,500 desk lamps at $5 each 8,500 table lamps at $16 each 1,500 floor lamps at $26 each 12 Sold lamps on account to Gala Home Furnishings, terms 1/10, n/30 3,500 table lamps at $50 each 15 Sold lamps on account to Decatur Office Supply, terms 1/10, n/30 800 desk lamps at $21 each 20 Received a check from Gala Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Decatur Office Supply for full amount owed on Oct. 15 sale 28 Sold lamps on account to Beltway Home Stores, terms 3/10, n/30 5,000 table lamps at $50 each 1,100 floor lamps at $60 each 30 Paid amount due to Carpathian Lights from Oct. 1 purchase. 31 Paid salaries, $41,000 (70% selling, 30% administrative) 31 Paid utilities, $2,000 (60% selling, 40% administrative) Nov. 1 Sold lamps on account to Decatur Office Supply, terms 2/10, n/30: 3,700 desk lamps at $21 each 5 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 5 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 5,500 desk lamps at $8 each 11,000 table lamps at $19 each 3,000 floor lamps at $28 each 5 Received a check from Beltway Home Stores for full amount owed on Oct. 28 sale 8 Received a check from Decatur Office Supply for full amount owed on Nov. 1 sale 10 Purchased and paid for supplies: $220 for the office; $580 for the warehouse 15 Sold lamps on account to Jackson Office Supply, n/30: 2,300 desk lamps at $21 each 18 Sold lamps on account to Plaza Discount Stores, terms 3/10, n/30: 2,100 table lamps at $50 each 1,700 floor lamps at $60 each 28 Received a check from Plaza Discount Stores for full amount owed on Nov 18 sale 30 Paid salaries, $41,000 (70% selling, 30% administrative) 30 Paid utilities, $2,080 (60% selling, 40% administrative) Dec. 5 Paid amount due to Carpathian Lights from Nov. 5 purchase 15 Received a check from Jackson Office Supply for full amount owed on Nov. 15 sale. 15 Received a check from Jackson Office Supply for full amount owed on Nov. 15 sale. 15 Dallas withdrew $35,000 from the business 27 Sold lamps on account to Gala Home Furnishings, terms 3/10, n/30: 3,700 desk lamps at $21 each 6,900 table lamps at $50 each 31 Paid salaries, $41,000 (70% selling, 30% administrative) 31 Paid utilities, $3,600 (60% selling, 40% administrative) Print Done iData Table Dallas Lamp Company Trial Balance September 30, 2018 Balance Account Debit Credit Cash 395,000 Accounts Receivable C Merchandise Inventory 120,300 Office Supplies 345 Warehouse Supplies 480 Land 15,000 Building 710,000 Office Furniture and Equipment 130,000 Warehouse Fixtures 240,000 Accumulated Depreciation 216,000 Accounts Payable 0 Dallas, Capital 512,300 Dallas, Withdrawals Sales Revenue 2,392,325 Cost of Goods Sold 1,068,500 Salaries Expense-Selling 293,000 Utilities Expense-Selling 35,000 Supplies ExpenseSelling C Depreciation Expense-Selling C Salaries ExpenseAdministrative 89,000 24,000 Utilities Expense-Administrative Supplies Expense-Administrative C Depreciation Expense Administrative 3,120,625 $ $ 3,120,625 Total Print Done Data Table Item Quantity Unit Cost Total Cost Desk Lamp 1,500 $ 11 $ 16,500 Table Lamp 2,200 S 21 46,200 57,600 Floor Lamp 2,400 $ 24 120,300 Total Print Done X iMore Info Oct. 1 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 5,500 desk lamps at $5 each 8,500 table lamps at $16 each 1,500 floor lamps at $26 each 12 Sold lamps on account to Gala Home Furnishings, terms 1/10, n/30 3,500 table lamps at $50 each 15 Sold lamps on account to Decatur Office Supply, terms 1/10, n/30 800 desk lamps at $21 each 20 Received a check from Gala Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Decatur Office Supply for full amount owed on Oct. 15 sale 28 Sold lamps on account to Beltway Home Stores, terms 3/10, n/30 5,000 table lamps at $50 each 1,100 floor lamps at $60 each 30 Paid amount due to Carpathian Lights from Oct. 1 purchase. 31 Paid salaries, $41,000 (70% selling, 30% administrative) 31 Paid utilities, $2,000 (60% selling, 40% administrative) Nov. 1 Sold lamps on account to Decatur Office Supply, terms 2/10, n/30: 3,700 desk lamps at $21 each 5 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 5 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 5,500 desk lamps at $8 each 11,000 table lamps at $19 each 3,000 floor lamps at $28 each 5 Received a check from Beltway Home Stores for full amount owed on Oct. 28 sale 8 Received a check from Decatur Office Supply for full amount owed on Nov. 1 sale 10 Purchased and paid for supplies: $220 for the office; $580 for the warehouse 15 Sold lamps on account to Jackson Office Supply, n/30: 2,300 desk lamps at $21 each 18 Sold lamps on account to Plaza Discount Stores, terms 3/10, n/30: 2,100 table lamps at $50 each 1,700 floor lamps at $60 each 28 Received a check from Plaza Discount Stores for full amount owed on Nov 18 sale 30 Paid salaries, $41,000 (70% selling, 30% administrative) 30 Paid utilities, $2,080 (60% selling, 40% administrative) Dec. 5 Paid amount due to Carpathian Lights from Nov. 5 purchase 15 Received a check from Jackson Office Supply for full amount owed on Nov. 15 sale. 15 Received a check from Jackson Office Supply for full amount owed on Nov. 15 sale. 15 Dallas withdrew $35,000 from the business 27 Sold lamps on account to Gala Home Furnishings, terms 3/10, n/30: 3,700 desk lamps at $21 each 6,900 table lamps at $50 each 31 Paid salaries, $41,000 (70% selling, 30% administrative) 31 Paid utilities, $3,600 (60% selling, 40% administrative) Print DoneStep by Step Solution
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