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The Novack Group makes custom furniture and their transactions for the month of September are below: Sept 1. Purchased merchandise on account from Colony Supply

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The Novack Group makes custom furniture and their transactions for the month of September are below: Sept 1. Purchased merchandise on account from Colony Supply Co. $12,300 terms 3/10, 1/30. 1. Paid September rent for storage facility 1710. 2 Received rent from industrial tenant S40,000 3 Sold merchandise on account $18,000, terms 2/10, n/30. The cost of the merchandise sold was S13,700 5. Paid S700 freight on the September 3" sale. 6. Purchased supplies with cash for $2200 8. Received credit from Colony Supply Co. for merchandise returned $800. 10. Paid Colony Supply Co. in full, less discount 12. Received collections in full, less discounts, from customers billed on September 34 14. Purchased merchandise for on Account from Acme Distributors 14,500 terms 2/15, 130 16. Paid freight on Sept. 14 purchase for $580. 18. Received refund from Acme for returned merchandise on Sept. 14" purchase of $1,650. 20. Paid salaries to employee of $6200, of which 2000 was due from August and the rest for September, 22 Sold merchandise for cash or S9000. The cost of the merchandise sold was $4500. 23 Sold merchandise on account for $37,300. Terms 1/10 n30. The merchandise cost 16000. 24 Granted an Allowance of $900 for merchandise not exactly to specifications from cash purchase above. 27. Paid Acme Distributors in full, less discount. 29. Made refunds to cash customers for returned merchandise S1600. The returned merchandise had a cost of $850. 30. Received Interest revenue of $6710 on bond. 30. Dividends of S500 were declared and paid Year-end Adjustments: 1. Salaries were accrued but not paid in the amount of $5300. 2. $ 5000 of the note payable is due next year. 3. One year of interest for the long-term note accrued and is payable. Loan is for 10 years and the original amount was $50,000 and the interest rate is 6%. (.06) 4. Prepaid insurance was purchased on July 1 for $6000. It is paid quarterly. One quarter has expired and is payable. 5. The ending balance of Supplies on hand is 3500. 6. Depreciation for Buildings per month is $500 and for Buildings $350 7. The income tax payable due is 25% of net income before tax (Hint DO the Income Statement First. Round to the nearest dollar. Prepare a multi step Income Statement, Statement of Retained Earnings and Balance Sheet

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