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Given (Additional) Info: Unadjusted Trial Balance: Adjusted Journal Entries: Complete the following: 1. Prepare journal entries for

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Complete the following: 1. Prepare journal entries for all May transactions 2. Post journal entries to appropriate ledgers (t

Given (Additional) Info:

Wallenpaupack Lake Co. is a retail business that uses the perpetual inventory system. The account balances for Wallenpaupack

19. Purchased merchandise for cash, $18,700. 19. Paid $33,450 to Buttons Co. on account. 20. Paid Korman Co. a cash refund of

Unadjusted Trial Balance:

Unadjusted Trial Balance Debit Credit Cash $84,500 Accounts receivable $245,875 Inventory $583,950 Estimated returns inventor

Adjusted Journal Entries:

  Date May 31 Credit General Journal Cost of Merchandise Sold Merchandise Sold (Inventory Shrinkage) (S583950 - $570000] Debit

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Complete the following: 1. Prepare journal entries for all May transactions 2. Post journal entries to appropriate ledgers (t-charts) - remember there are starting balances above! 3. Prepare an unadjusted trial balance. 4. Prepare (and post) the adjusting journal entries given the following information: a. Inventory on May 31 = $570,000 b. Insurance expired during the year = c. Store supplies on hand on May 31 = $4,000 d. Depreciation for the current year = $14,000 $12,000 %3! e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 5. Prepare an adjusted trial balance. 6. Prepare an Income Statement, Statement of Stockholder's Equity, and Balance Sheet. 7. Prepare and post the closing journal entries. 8. Prepare a post-closing trial balance. Complete the following: 1. Prepare journal entries for all May transactions 2. Post journal entries to appropriate ledgers (t-charts) - remember there are starting balances above! 3. Prepare an unadjusted trial balance. 4. Prepare (and post) the adjusting journal entries given the following information: a. Inventory on May 31 = $570,000 b. Insurance expired during the year = c. Store supplies on hand on May 31 = $4,000 d. Depreciation for the current year = $14,000 $12,000 %3! e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 5. Prepare an adjusted trial balance. 6. Prepare an Income Statement, Statement of Stockholder's Equity, and Balance Sheet. 7. Prepare and post the closing journal entries. 8. Prepare a post-closing trial balance.

Expert Answer:

Answer rating: 100% (QA)

Answer Prepare journal entries as follows Date Account Titles Debit Credit May 01 Rent Expense 5000 Cash 5000 May 03 Merchandise Inventory 36000 Accou... View the full answer


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Related Book For  answer-question
Introduction to Accounting An Integrated Approach

Introduction to Accounting An Integrated Approach

ISBN: 978-0078136603

6th edition

Authors: Penne Ainsworth, Dan Deines

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