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Use the attached comprehensive problem (attached) for Dalhani Distributors to complete all the following requirements, considering the following adjustments/recommendations: Required: 1. Using the listing of accounts on page 4, open ledger accounts for each account using the account numbers and July 31 balances provided. . You may use either three-column ledger accounts (example below) or T-accounts as we have used in class. EXAMPLE ONLY - LEDGER ACCOUNT FORMAT Acct. No. 101 Journal Ref. Debits Balance Cash Date Item Credits 2. Journalize the August transactions from page 3 in a GENERAL JOURNAL Dalhani makes all credit sales on terms 2/10,n30. Descriptions are required for journal entries. Journal Entries must be then posted to the ledger accounts made in #1 See footnote at bottom of the page for Aug 2 and 12 transactions 3. Prepare a Trial Balance 4. Use the information provided under Requirement #4 on page 4 to journalize and post adjusting entries a. through h. 5. Prepare an Adjusted Trial Balance 6. Prepare Dalhani's multi-step Income Statement and Statement of Owners Equity for August 2020. Prepare the Classified Balance Sheet (in report format) at August 31, 2020 Use proper format as per the examples in your textbook. 7. Journalize and post the closing entries 8. Prepare a post-closing trial balance at August 31, 2020. 4 4 5 5 6 11 Daihani Distributors closes its books and prepare financial statements at the end of each month. Dalhani uses the perpetual inventory system. The company completed the following transactions during August 2020 1 Issued cheque no. 682 for August office rent $2,000. (Debit Rent Expense.) 2 Issued cheque no. 683 to pay salaries of $3,240, which includes salary payable of $930 from July 31. Dalhani does not use reversing entries. 2 Issued invoice no. 503 for sale on account to R.T. Loeb, $600. Daihani's cost of this merchandise was $190. 3 Purchased inventory on credit terms of 1/15, n/60 from Grant Ltd., $1,400 Received net amount of cash on account from Fullam Corp., 54,116, within the discount period. Sold inventory for cash, $2,330 (cost, $1,104). Received from Park-Hee Inc. merchandise that had been sold earlier for $550 (cost $174). The wrong merchandise had been sent. Issued cheque no 684 to purchase supplies for cash. $780. Collected interest revenue of $1,100. 7 Issued invoice no. 504 for sale on account to KD Skipper Inc., 52,400 (cost, 5760) 8 Issued cheque no. 685 to pay Fayda Corp. $2,600 of the amount owed at July 31. This payment occurred after the end of the discount period. Issued cheque no. 686 to pay Grant Ltd. the net amount owed from August 3. 12" Received cash from R.T. Loeb in full settlement of her account from August 2. R.T. Loeb notified Dalhani that only one-quarter of the goods ordered had been received, but agreed to pay now it Dalhani held the remaining goods in his warehouse until September. 16 Issued cheque no, 687 to pay salary expense of $1,240 19 Purchased inventory for cash, $850, issuing cheque no. 688 Purchased furniture on credit terms of 3/15, n/60 from Beaver Corporation, $510. Sold inventory on account to Fullam Corp., issuing invoice no. 505 for $9,966 (cost $3,152). Received half the July 31 amount receivable from K.D. Skipper Inc. after the end of the discount period. Issued cheque no. 689 to pay utilities, $2,432. Purchased supplies on credit terms of 2/10, 1/30 from Fayda Corp. $180 Returned damaged inventory to company from whom Dalhani made the cash purchase on August 19, receiving cash of $850 Granted a sales allowance of $176 to K.D. Skipper Inc. 31 Purchased inventory on credit terms of 1/10, 1/30 from Suncrest Supply Ltd., 510,330 31 Issued cheque no. 690 to Jack West, owner of Dalhani, for $1,700. *Dalhani Distributors sold inventory on account to R.T. Loeb on August 2 and collected in full on August 12. Loeb indicated that the shipment was incomplete and arranged with Dalhani that he would ship the goods to Loeb in September. At August 31, $450 of unearned sales revenue needs to be recorded and the cost of this merchandise ($142) needs to be removed from Cost of Goods Sold and returned to Inventory 22 23 24 25 26 30 30 General Ledger: 101 102 104 105 109 117 140 160 161 201 204 207 $4,490 24,560 0 41,800 1.340 2.200 11,000 37,270 10.550 10.600 930 4320 0 42.000 54,260 0 0 0 208 220 Cash Accounts Receivable Interest Receivable Inventory Supplies Prepaid Insurance Note Receivable, Long Term Furniture Accumulated Amortization - Furniture Accounts Payable Salary Payable Interest Payable Unearned Sales Revenue Note Payable, Long-term Jack West, Capital Jack West, Withdrawals Income Summary Sales Revenue Sales Discounts Sales Returns and Allowances Interest Revenue Cost of Goods Sold Salary Expense Rent Expense Amortization Expense - Furniture Insurance Expense Utilities Expense Supplies Expense Interest Expense 301 303 400 401 402 403 410 501 O 0 0 0 510 513 514 516 517 519 0 523 Requirement #4 information: a. Accrued interest revenue, $1,000 b. Supplies on hand, 5990 Prepaid insurance expired, SSSO d. Amortization expense, $230 e Accrued salary expense, $1,030 f. Accrued interest expense, 51,320 & Unearned sales revenue, $450 (refers to August 2 transaction) h. Inventory on hand, 547,700 Accounts Receivable balance on July 31 from page 4 is $24,560. This balance is made up of the following customer balances (normal debit balances): o Fullam Corp $4,200 o Park-Hee Inc $11,590 K.D. Skipper Inc. $8,770 Use the above balances as applicable for the August 4 and August 24 transactions. Accounts Receivable balance on July 31 from page 4 is $24,560. This balance is made up of the following customer balances (normal debit balances): o Fullam Corp $4,200 o Park-Hee Inc $11,590 K.D. Skipper Inc. $8,770 Use the above balances as applicable for the August 4 and August 24 transactions
