Beginning balances of Evergreen Company's accounts as of January 1, 2012 as given below:- Balance Account...
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Beginning balances of Evergreen Company's accounts as of January 1, 2012 as given below:- Balance Account Title Cash Accounts Receivable Supplies Prepaid Rent Inventory Equipment Accumulated Depreciation Accounts Payable Salary Payable Unearned Service Revenue Capital Sales Revenue Sales Returns& Allowances Sales Discounts Cost of Goods Sold Rent Expense Debit $18,200 25,000 12,000 7,500 30,000 Credit 16,000 21,000 10,000 1,200 44,500 Depreciation Expense Supplies Expense During January 2012, Evergreen completed the following transactions: ► Jan 2: Purchased 50 units of inventory on account, $6,500. Jan 4: Prepaid three months' office rent, $3,300. > Jan 7: Sold 70 units on cash, $10,500. > ➤ > Jan 10: Paid on account, $5,000. Jan 15: Purchased 40 units on account, $5,400. Jan 20: Sold 30 units on account, $4,500 ($150 each). Credit terms of 2/10, n/30. Jan 22: Customer returned 10 units of the damaged inventory sold on Jan 20. Jan 25: Customer paid on account for the remaining balances of Jan 20 sales. (Note: You need to calculate remaining balance from Jan 20 sales because there is sales return on Jan 22. Take into consideration the discount because it is paid within discount period) On January 31, 2012 Evergreen completed following adjusting entries: Expiration of prepaid rent, $1,100. Depreciation for the month, $1,000. Supplies on hand, $8,000 . Unearned sales revenue still unearned, $400. . . Requirements: 1. Journalize end post the January transactions using the perpetual inventory record.. (Open T- accounts for each of the accounts given in trial balance, do not forget to write beginning balances) at 2. Prepare LIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 7, and 20". (Beginning inventory as of January 1 include 60 units $125 each which totals $7,500 as given) 3. Prepare unadjusted trial balance as of January 31, 2012. 4. Journalize and post the adjusting entries. 5. Prepare adjusted trial balance as of January 31, 2012. 6. Journalize closing entries. Beginning balances of Evergreen Company's accounts as of January 1, 2012 as given below:- Balance Account Title Cash Accounts Receivable Supplies Prepaid Rent Inventory Equipment Accumulated Depreciation Accounts Payable Salary Payable Unearned Service Revenue Capital Sales Revenue Sales Returns& Allowances Sales Discounts Cost of Goods Sold Rent Expense Debit $18,200 25,000 12,000 7,500 30,000 Credit 16,000 21,000 10,000 1,200 44,500 Depreciation Expense Supplies Expense During January 2012, Evergreen completed the following transactions: ► Jan 2: Purchased 50 units of inventory on account, $6,500. Jan 4: Prepaid three months' office rent, $3,300. > Jan 7: Sold 70 units on cash, $10,500. > ➤ > Jan 10: Paid on account, $5,000. Jan 15: Purchased 40 units on account, $5,400. Jan 20: Sold 30 units on account, $4,500 ($150 each). Credit terms of 2/10, n/30. Jan 22: Customer returned 10 units of the damaged inventory sold on Jan 20. Jan 25: Customer paid on account for the remaining balances of Jan 20 sales. (Note: You need to calculate remaining balance from Jan 20 sales because there is sales return on Jan 22. Take into consideration the discount because it is paid within discount period) On January 31, 2012 Evergreen completed following adjusting entries: Expiration of prepaid rent, $1,100. Depreciation for the month, $1,000. Supplies on hand, $8,000 . Unearned sales revenue still unearned, $400. . . Requirements: 1. Journalize end post the January transactions using the perpetual inventory record.. (Open T- accounts for each of the accounts given in trial balance, do not forget to write beginning balances) at 2. Prepare LIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 7, and 20". (Beginning inventory as of January 1 include 60 units $125 each which totals $7,500 as given) 3. Prepare unadjusted trial balance as of January 31, 2012. 4. Journalize and post the adjusting entries. 5. Prepare adjusted trial balance as of January 31, 2012. 6. Journalize closing entries.
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TAccounts Account Title Debit Credit Cash 18200 10500 Accounts Receivable 3510 Supplies 12000 4000 P... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
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