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The following adjusted account information, in alphabetical order, was taken from the work sheet of John's Electronics for the month ended April 30, 2011. A
The following adjusted account information, in alphabetical order, was taken from the work sheet of John's Electronics for the month ended April 30, 2011. A physical count on April 30, 2011, revealed a merchandise inventory balance actually on hand of 52,460. Debit Credit $ 2,118 14,200 $ 4,600 640 130 30,300 9,200 6,200 Account 201 Accounts payable... 154 Accumulated depreciation, trucks 101 Cash 611 Depreciation expense, delivery trucks 633 Interest expense.. 301 John Yu, capital.. 302 John Yu, withdrawals 119 Merchandise inventory 507 Purchase discounts... 506 Purchase returns and allowances. 505 Purchases.... 413 Sales 414 Sales returns and allowances. 688 Telephone expense, office.. 689 Telephone expense, store... 508 Transportation in 153 Trucks 623 Wages expense, office. 624 Wages expense, selling Totals... 28 110 16,676 33,700 1,740 150 340 380 29,600 2,800 8,000 $80,456 580,456 Required a. Calculate net sales. b. Calculate cost of goods sold. c. Prepare a classified multiple-step income statement for the month ended April 30, 2011. d. Prepare closing entries. e. Calculate the post-closing balance in the capital account at April 30, 2011
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