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The unadjusted trial balance for Lamb Company at December 3 1 , 2 0 2 5 is as follows: LAMB COMPANY Unadjusted Trial Balance Year
The unadjusted trial balance for Lamb Company at December is as follows:
LAMB COMPANY
Unadjusted Trial Balance
Year Ended December
Debit Credit
Accounts Receivable $
Supplies
Prepaid rent
Equipment
Accumulated depreciation equipment $
Bank overdraft
Accounts Payable
Note Payable
Unearned revenue
K Lamb, capital
K Lamb, drawings
Service revenue
Promotion expense
Insurance expense
Rent expense
Salaries expense
Maintenance expense
Totals $ $
The following information was prepared by Lamb Companys controller to help prepare the December adjusting entries:
The company has earned revenue totaling $ that has not been invoiced.
The expired portion of prepaid rent is $
The earned portion of the Unearned revenue at December is $
Depreciation expense for the Equipment has been calculated as $
Employees have earned but have not been paid salaries of $
Required:
a Prepare the adjusting entries that Lamb Company should record at the year ended December
b Prepare the appropriate reversing entries relating to the adjustments made in a above.
Question :
Martin Sports Equipment sells a variety of sports items. The following data relates to Martins inventory of golf club sets. On March Martin had sets of clubs in inventory at a cost of $ each. During March, the following transactions occurred:
Mar. Sold seven sets of clubs on account to Flex Golf Club for $ each, cost of goods sold is $ Terms n
Martin Sports paid cash of $ to ship clubs to Flex Gold Club.
Flex Golf Club returned two sets of clubs. Martin returned the clubs to inventory.
Flex Golf Club paid the account in full.
Purchased eight sets of clubs from Taylor Sports Canada at $ terms n
Freight of $ on the purchase from Taylor was FOB destination and was paid by the appropriate party.
Sold six sets of clubs at $ each for cash, and gave a discount to the customer for paying cash. Each set of clubs cost $
Purchased sets of clubs from Lopez Golf for $ each, terms n
Returned one set of clubs to Lopez Golf because they were defective.
Paid the Lopez Golf account.
Required:
a Using the perpetual inventory system, prepare the journal entries to record the transactions for the month of March.
b Prepare each entry that is different under a periodic inventory system. if you include entries that are not different in your journal marks will be deducted
Question :
The adjusted account balances of Johanna Ltd at December are as follows:
Accounts receivable $ Accounts payable $
Notes receivable Unearned revenue
Merchandise inventory Notes payable
Equipment Accumulated depreciation
Depreciation expense equipment
J Johanna, drawings Sales
Utilities expense Rent revenue
Sales discounts J Johanna, capital
Cost of goods sold
Sales returns and allowances
$ $
Required:
a Prepare a multistep income statement for the year ended December
b Prepare closing entries for December
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