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(Answered) UNDER THE PERIODIC INVENTORY SYSTEM: Instructions Journalize


UNDER THE PERIODIC INVENTORY SYSTEM:

 

Instructions

 

Journalize
More Details:

UNDER THE PERIODIC INVENTORY SYSTEM:,

 

Instructions,

 

Journalize the July transactions for (1) Tramley Company and for (2) Simpson Co.,

 

,

 

PROBLEM E4,

 

Preparation of worksheet,

 

Financial statements, and,

 

Adjusting and closing entries,

 

--- Periodic inventory system,

 

,

 

,

 

The accounts and their balances in the ledger of bait and tackle Co, on December 31, 2003 are as follows:,

 

,

 

Cash $38,000,

 

Accounts Receivable 112,500,

 

Merchandise inventory 180,000,

 

Prepaid insurance 9,700,

 

Store supplies 4,250,

 

Office supplies 2,100,

 

Store equipment 132,000,

 

Accumulated depreciation-store equipment 40,300,

 

Office equipment 50,000,

 

Accumulated depreciation- office equipment 17,200,

 

Accounts payable 66,700,

 

Salaries payable,

 

Unearned rent 1,200,

 

Note payable (final payment,2010) 105,000,

 

Capital stock 25,000,

 

Retained earnings 129,600,

 

Dividends 40,000,

 

Income summary,

 

Sales 915,000,

 

Sales returns and allowances 11,900,

 

Sales discount 7,100,

 

Purchases 540,000,

 

Purchase returns allowances 10,100,

 

Purchase Discounts 4,900,

 

Transport in 6,200,

 

Sales salaries expense 71,400,

 

Advertising expense 25,000,

 

Depriciation Expense---store equipment,

 

Store supplies expense,

 

Miscellaneous selling Expense 1,600,

 

Office salaries expense 44.000,

 

,

 

Rent Expense 26,000,

 

Insurance Expense ,

 

Depreciation Expense-Office Equipment,

 

Office supplies expense,

 

Miscellaneous Adminstrative Expense $ 1,650,

 

Rent Revenue,

 

Interest Expence 11,600,

 

The Data needed for year-end adjustments on December 31 are as follows:,

 

Merchandise Inventory on December 31????????????. $196.000,

 

Insurance expiered during the year??????????????? 5,400,

 

Supplies on hand on December 31:,

 

Store Supplies????????????????????????? 1,300,

 

Office Supplies????????????????????????.. 750,

 

Depriciation for the year:,

 

Store Equipment???????????????????????. 7,500,

 

Office Equipment??????????????????????? 3,800,

 

Salaries Payable on December 31:,

 

Sales salaries?????????????????????????.. $3,850,

 

Office salaries????????????????????????.. 1,150 5,000,

 

Unearned rent on December 31?????????????????. 400,

 

Instructions,

 

1. Prepare a work sheet for the fisical year ended December 31, listing all accounts in the order givein.,

 

2. Prepare the multiple-step income statement.,

 

3. Prepare a retained earnings statement.,

 

4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $15,000.,

 

5. Journalize the adjusting entries.,

 

6. Journalize the closing entries.,

 

,

 


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