(updated, more info at very end)

Need to prepair (1)Trail Balance, (2) Adjusting Entries, & (3) Closing Entries for

Northridge LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated.

May

1

Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.)

2

Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100).

2

Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.

3

Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29.

4

Purchased the following on credit from Davis Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM.

5

Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount.

8

Issued Check No. 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.

9

Sold store supplies to the merchant next door at their cost of $350 cash.

10

Purchased $4,074 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM.

11

Received payment from Cole Company for the May 2 sale less the discount.

11

Purchased $8,800 of merchandise from Henley, Inc., invoice dated May 10, terms 2/10, n/30.

12

Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10.

15

Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

15

Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)

16

Sold merchandise on credit to Cole Company, Invoice No. 8786, for $3,990 (cost is $1,890).

17

Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60.

19

Issued Check No. 3413 to Henley, Inc., in payment of its May 10 invoice less the discount.

22

Sold merchandise to Crane Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60.

23

Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount.

24

Purchased the following on credit from Davis Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM.

25

Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30.

26

Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,210 (cost is $8,230).

26

Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.

29

The owner Jenny Spark, used Check No. 3416 to withdraw $7,000 cash from the business for personal use.

30

Received payment from Crane Services for the May 22 sale less the discount.

30

Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

31

Cash sales for the last half of the month are $66,052 (cost is $42,500).

________________________________________________________________________________

General Journal
					GENERAL JOURNAL
Date		Account Titles and Explanation					Debit	Credit
May	1	Rent Expense- Selling Space					2968
		Rent Expense- Office Space					742
			Cash					3710
		Paid May's rent
May	2	Accounts Receivable- Cole					6100
			Sales Revenue					6100
		Cost of Goods Sold					4100
			Merchandise Inventory					4100
		Merchandise Sales on credit
May	2	Sale Returns					175
		Accounts Receivable (Mercer Co)						175
		Credit Memorandum Raised
May	3	Accounts Payable (preston Products)					798
		Purchase Returns						798
		Credit Memorandum Raised
May	4	Merchandise					37,072
		Store Supplies					574
		Office Supplies					83
		Account Payable ( Davis Co.)						37,729
		Purchased stock from Davis Co. on Account
May	5	Cash or Bank	(4725-175)*98%				4,459
		Discount (4,725-175)*2%					91
		Accounts Receivable (Mercer Co.)						4,550
		Cash received in settlement of credit sale
May	8	Account Payable (Preston Co.)					6,300
		Bank (7,098-798)*98%						6,174
		Discount received (7,098-798)*2%						126
		Cash paid in settlement of credit Purchase
May	9	Account Reveivable					350
		Sales						350
		Sold store supplies to merchant nedt door for 350
May	10	Office Equipment					4074
		Account Payable ( Davis Sup CO)						4074
		Purchased office equipment on credit
May	11	Cash (6,100)898%					5978
		Disount (6,1000)*98%					122
		Account Reveivable ( Cole CO )						6,100
		Cash received in settlement of credit
May	11	Merchandise					8,800
		Account Payable (Henley Co)						8,800
		Purchased Stock on Credit
May	12	Davis Supply Co. (Account Payable)					854
		Office Equipment						854
		Defective Equipment returned
Mary	15	Sales Salaries					5,320
		Office Salaries					3,150
		Bank	A/c					8,470
		Issued	check for pmt of salaries
May	15	Cash					59,220
		Sales						59,220
		Cash Sales For Half Month
May	16	Account Recevable (Cole Company)					3,990
		Sales						3,990
		Sold merchandise on credit
May	17	Merchandise					13,650
		Account payable (Summit Corp)						13,650
		Purchase merchandise on account
May	19	Account payable (Henley Co)					8,800
		Bank A/c	(8800)*98%					8,624
		Discount received (8800)*2%						176
		Cash paid in settlement of credit Purchase
Mayy	22	Account Receivable (Crane Services)					6,850
		Sales						6,850
		Sale of merchandise on account
May	23	Account Payable (Summit Corp)					13,650
		Bank A/c (13,650)*98%						13,377
		Disount received (13650)*2%						273
		Cash paid in settlement of credit purchase
May	24	Merchandise					8,120
		Store Supplies					630
		Office Supplies					280
		Account Payable (Davis Co)						9,030
		Purchased stock from Davis Co on Account
May	25	Merchandise					3,080
		Account Payable (Preston Co)						3080
		Purchased stock from Davis Co on account
May	26	Account Payable (Crank Corp)					14,210
		Sales						14,210
		Sale of merchandise on account
May	26	Electricity Expense					1,283
		Bank A/c						1,283
		Paid to Perennial power for electricity
May	29	Jenny Spark					7,000
		Bank A/c						7,000
		Cash withdrawn for personal use
May	11	Cash or Bank A/c			(6850)*98%		6,713
		Discount (6850)*98%					137
		Account receivable (Crane Services)						6,850
		Cash received in settlement of credit sale
May	15	Sales Salaries					5,320
		Office Salaries					3,150
		Bank A/c						8,470
		Issued check for pmt of salaries
May	15	Cash					66,052
		Sales						66,052
		Cash sales for half month