The Rogers Lamp Company (RLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three Inventory tems desk lamps, table lamps, and floor lamps. RLC uses a perpetual Invertory system, FIFO method: RLC owns land with a building, which is separated into two parts office space and warehouse space. Al expernes associated with the office are categorized as Administrative Expenses. All expenses socialed with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, RLC also owns office fumiture and equipment and warehouse fxtures. The company uses one accumulated depreciation account for all the depreciable ass The trial balance for PLC as of September 30, 2004 follows: (Click the loon to view the balance) Merchandise Inventory as of September 30 consists of the blowing lamps Click the icon to view the Merchandise inventory) During the fourth quarter of 2004, RLC completed the following transaction (Click the loan to view the b Requirement 1. Open general ledger Taccounts and enter opening balances as of September 30, 2004. (Enter a "on the normal side of the Taccount for accounts with a balance as of September 30, 2004 Abbrev Cash Accounts Payable Sales Revenue Amunds Revable Common Stock Cost of Goods Sold Marchandery Clear all Check answer Data table Rogers Lamp Company Trial Balance September 30, 2024 Balance Account Debit Credit Cash 436,000 Accounts Receivable 0 Merchandise Inventory 143,300 Office Supplies 410 Warehouse Supplies 450 Land 10,000 Building 680,000 Office Furniture and Equipment 130,000 St Warehouse Fixtures 350,000 Accumulated Depreciation $ 232,000 Accounts Payable 0 Common Stock Retained Earnings 50,000 326,300 Earr Dividends Print Done Data table - X ith a ze Item Quantity Unit Cost Total Cost Desk Lamp 2,800 $ 11 $ 30,800 Table Lamp 2,500 14 35,000 77,500 Floor Lamp 2,500 31 $ 143,300 Total More info Oct. 1 Oct. 12 Oct. 15 Oct. 20 Oct. 23 Oct. 28 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 6,000 desk lamps at $10 each 5,000 table lamps at $16 each 4,500 floor lamps at $30 each Sold lamps on account to Harmony Home Furnishings, terms 3/10, n/30: 4,200 table lamps at $50 each Sold lamps on account to Kennesaw Office Supply, terms 1/10, n/30: 700 desk lamps at $15 each Received a check from Harmony Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Kennesaw Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Pike Home Stores, terms 2/10, n/30: 800 table lamps at $50 each 1,400 floor lamps at $61 each Oct. 30 Paid amount due to Carpathian Lights from Oct. 1 purchase. Oct. 31 Paid salaries, $44,000 (65% selling, 35% administrative). Oct. 31 Nov. 1 Nov. 5 Paid utilities, $2,400 (60% selling, 40% administrative). Sold lamps on account to Kennesaw Office Supply, terms 2/10, n/30: 4,800 desk lamps at $15 each Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 6.000 desk lamps at $12 each Requirements er in mm ine 1. Open general ledger T-accounts and enter opening balances as of September 30, 2024. 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general journal. 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31, 2024, and post to the ledger: a. Depreciation, $45,500 (65% selling, 35% administrative). b. Supplies on hand: office, $680; warehouse, $575. c. A physical inventory account resulted in the following counts: desk lamps, 975; table lamps, 4,492; and floor lamps, 12,500. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Rogers Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024. 9. Calculate the following ratios for RLC as of December 31, 2024: gross profit percentage, inventory turnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance. Oct. 31 Paid utilities, $2,400 (60% selling, 40% administrative). Nov. 1 Sold lamps on account to Kennesaw Office Supply, terms 2/10, n/30: Nov. 5 4,800 desk lamps at $15 each Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 6,000 desk lamps at $12 each 7,500 table lamps at $18 each 9,000 floor lamps at $32 each Nov. 5 Received a check from Pike Home Stores for full amount owed on Oct. 28 sale. Nov. 8 Nov. 10 Nov. 15 Nov. 18 Nov. 28 Received a check from Kennesaw Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $420 for the office; $575 for the warehouse. Sold lamps on account to Stewart Office Supply, n/30: 1,700 desk lamps at $15 each Sold lamps on account to Market Discount Stores, terms 3/10, n/30: 1,700 table lamps at $50 each 2,100 floor lamps at $61 each Received a check from Market Discount Stores for full amount owed on Nov. 18 sale. Nov. 30 Paid salaries, $44,000 (65% selling, 35% administrative). Nov. 30 Paid utilities, $2,480 (60% selling, 40% administrative). Dec. 5 Paid amount due to Carpathian Lights from Nov. 5 purchase. Dec. 15 Received a check from Stewart Office Supply for full amount owed on Nov. 15 sale. wwwwwww Nov. 5 Nov. 8 Nov. 10 Nov. 15 Received a check from Pike Home Stores for full amount owed on Oct. 28 sale. Received a check from Kennesaw Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $420 for the office; $575 for the warehouse. Nov. 18 Nov. 28 Sold lamps on account to Stewart Office Supply, n/30: 1,700 desk lamps at $15 each Sold lamps on account to Market Discount Stores, terms 3/10, n/30: 1,700 table lamps at $50 each 2,100 floor lamps at $61 each Received a check from Market Discount Stores for full amount owed on Nov. 18 sale. Nov. 30 Paid salaries, $44,000 (65% selling, 35% administrative). Nov. 30 Paid utilities, $2,480 (60% selling, 40% administrative). Dec. 5 Dec. 15 Dec. 15 Dec. 27 Paid amount due to Carpathian Lights from Nov. 5 purchase. Dec. 31 Dec. 31 Received a check from Stewart Office Supply for full amount owed on Nov. 15 sale. Paid dividends, $55,000. Sold lamps on account to Harmony Home Furnishings, terms 1/10, n/30: 6,600 desk lamps at $15 each 3,800 table lamps at $50 each Paid salaries, $44,000 (65% selling, 35% administrative). Paid utilities, $3,700 (60% selling, 40% administrative)