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Using the information above what should the Worksheet look like? This company uses a Perpetual Inventory System Journalize the following transactions and post to the
Using the information above what should the Worksheet look like?
This company uses a Perpetual Inventory System Journalize the following transactions and post to the T accounts on the right. Then post the balances of the T accounts to the Worksheet under "Adjustments". Merchandise Inventory Accounts Payable The Worksheet already partially done (some other transactions are already posled under Adjustments). 2-Sep-18 Red-Eye, purchases $10,500 of inventory on account. The terms are 3/10, nct 45 FOB Destination. Foo Foo uscs a perpetual inventory system. Accounts Receivable Sales 5-Sep-18 Red-Eye sells half the inventory purchased on 02 Sept 2018 for $23,900 on account to Blue Mark. Foo-Foo offers a discount 2/7, nct 20 (don't forget, two separate journal entries must be made) 7-Sep-18 Blue Mark returns $4,653 worth of merchandise to Red-Eye. Red-Eyc paid $1,000 for that merchandisc (Red-Eye sold it to Bluc Mark for $4,653), Red-Eye plans to sell it to the a future customer. (don't forget, two separate journal entries must be made) Cost of Goods Sold Cash 12-Sep-18 Blue Mark pays Foo-Foo for the merchandise. 13-Sep-18 Red-Eye pays the 02 Sept 2018 invoice. 19-Sep-18 Red-Eye purchascs $3,000 of inventory with cash, FOB shipping point Shipping cost was $58 to be paid on account. Sales Returns Sales Discounts Datc Account Cr post T Account balances under "Adjustments" in the Worksheet Adjust ments Dr Cr Adj usted Trial Balance Dr Cr Balance Sheet Income Statement Statement Owner's Equity Dr Cr Dr Cr 250 400 2,350 790 Unad justed Trial Balance Account Title Dr Cr Cash 82,616 Accounts Receivable 133,000 Merchandise Inventory| 183,194 Notes Receivable 2,300 Prepaid Office Supplies 1,081 Prepaid Insurance 3,690 Office Furniture 5,092 Building 80,000 Accumulated Depreciation 25,990 Land 12,000 Accounts Payable 121,526 Unearned Income 1,000 Salaries Payable Notes Payable 2,200 Capital 330,000 Withdrawals 15,000 Sales 109,000 Sales Discount 2,400 Sales Returns & Allowances 6,400 Cost of Goods Sold 32,843 Salaries Expense 9,500 Insurance Expense Office Supplies Expense Utilities 7,100 Rental Expense 9,200 Maintenance Expense 1,005 Advertising Expense 2,200 Depreciation Expense Misc Expense 1,095 Totals 589,716 589,716 790 400 250 2,350 3,790 3,790 POST THE BALANCES FROM THE T ACCOUNTS INTO THE "ADJUSTMENT" COLUMN AND COMPLETE THE WORKSHEETStep by Step Solution
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