Adjusted Trial Balance Assignment | College Homework Help

+ 0 Mailabil howladerstu.bmx 2020 Spring Term (0) Acco X Borough of Manahattan Comm X “howla/Downloads/Acc1-2%20Spring%202020.pdf 0.03123 H ome/Twitter @ CUNY Loon NBA Streams Red Adjunct instructor: James Gee Semester Spring 2020 Home Goog NFL Streams Redd. Google Sofia Retail Pocketbook Store Adjusted Trial Balance Dec. 31, 2019 Credit Debit $300,000 $58,000 125,000 222,000 98,000 23,000 369,000 90,000 Merchandise Inventory Unearned Sales Revenue Accumulated Depreciation-Building Accounts Receivable Rent Expense Insurance Expense Building Withdrawals-Sofia Accounts Payable Interest Revenue Depreciation Expense Salary Expense Cash Note Payable Cost of Goods Sold Capital-Sofia Sales Revenue Prepaid Insurance Service Revenue 20,000 3,000 27.000 120.000 50,000 35.000 394.000 825,000 591,000 13,000 49,000 Totals S1,706,000 $1,706,000 Problem (1.) From the above prepare the 4 year-end closing journal entries (5 pts. per J/E, total 20 pts.) о в едно те Problem (II.) From the above prepare: (10pts.) A. a list of the Liabilities, no dollars needed-5 pts. B. a list of Assets, no dollars needed – 5 pts. Problem (III.) For the following transactions prepare the journal entry, (5 pt. each, total of 50 pts. Company uses a perpetual inventory system!!!!! 1. Purchased $350,000 of merchandise inventory on account from ABC Manufacturing Co., purchase terms 4/10 n/30, FOB Shipping. 2. Paid a shipping company $1,200 to deliver the above Merchandise Inventory to our store. 3. The business owner took $5.500 of merchandise inventory home to give as a gift to his wife. 4. Purchased $680,000 of merchandise inventory, we paid in cash. 5. Sale to customer Elmo on account $400,000, sales terms 3/15 n/30, cost of goods sold is $195,000. 6. Made a $10,000 sale to Paul/cost of goods is $4.000, but instead of Paul paving us cash we agreed that today he would fix our plumbing at a cost of $10,000. 7. Some of the merchandise purchased from ABC Manufacturing in 1. above was the wrong color, we kept the merchandise BUT ABC Manufacturing agreed to decrease/lower the purchase price by $7,000. 8. We paid ABC Manufacturing Co. the amount due within the 10-day terms. 9. From 5. above Elmo was not totally happy with the sale we made to him & he did not want to return the sale but to keep our customer happy we reduced the sales price by $2,000. 10. From Elmo we received the amount due, he did NOT pay us within the 15-day terms. $2,000. 10. From Elmo we received the amount due, he did NOT pay us within Problem (IV.) Monica Shoe Retail Store (20 pts.) Jan. 1, 2018 beginning merchandise inventory 9,400 shoes at $35 each Jan. 13 2018 Purchased merchandise inventory 3,000 shoes at $38 each Jan. 18 2018 Purchased merchandise inventory 7,000 shoes at $40 each Jan. 26 2018 Purchased merchandise inventory 6,000 shoes at $43 each