Following are the events for STL Appliance Outlet during 2 0 2 1 . a ) Jan.
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Following are the events for STL Appliance Outlet during
a Jan. STL Appliance Outlet paid the salaries payable from
b Jan. STL Appliance Outlet purchased appliances for later sale at a cost of $ The appliances were purchased on account with the terms n
c Jan. The company paid $ cash for supplies to be used by the business.
d Jan. The company acquired an additional $ cash from the issue of common stock.
e Jan. STL Appliance Outlet decided to pay $ of its accounts payable balance from event b before the discount period expired, so STL Appliance Outlet first applied the discount to the $ amount so it could reduce its accounts payable balance note: the actual payment is described in event f below After applying this discount, STL Appliance Outlets inventory cost was $ for each item.
f Jan. STL Appliance Outlet paid cash to settle parts of its accounts payable balance as described in event e
g Feb. The company provided $ of appliance repair services. The services were billed to the customers.
h Feb. The company sold appliances for a total price of $ Sales of $ were on account, while $ were cash sales.
i Feb. The cost to STL Appliance Outlet of each product sold in event h was $
j Feb. The company paid the workers a total of $ in salaries.
k Feb. Paid cash to settle additional accounts payable in the amount of $ The payment was made after the discount period expired.
l Mar. STL Appliance Outlet rented a business van, paying $ in advance for a one year rental.
m Mar. Collected $ of accounts receivable.
n Apr. STL Appliance Outlet performed $ worth of appliance repair services for a local college; $ was on account and $ was for cash.
o May. Paid $ for one years rent on office space in advance.
p May. STL Appliance Outlet purchased, and paid cash, for appliances for later sale at a cost of $ each.
q May. The company paid accounts payable of $ but not within the discount period the company uses the gross method
r Jun. STL Appliance Outlet rented a larger building; paid $ for months rent in advance.
s Jun. STL Appliance Outlet purchased, and paid cash, for appliances for later sale at a cost of $ each.
t Jun. STL Appliance Outlet purchased appliances for later sale at a cost of $ each. The purchase was on account.
u Jun. The company sold appliances for a total price of $ Sales of $ were on account, while $ were cash sales.
v Jun. Record the cost of goods sold related to the sale from event u using the perpetual FIFO method.
w Jul. Paid employees a total of $ cash for salaries employees earned during the current period.
x Jul. Made a full refund to a dissatisfied customer who returned an appliance. The sale had been a cash sale for $ with a cost of $ Record the revenue part of the event.
y Jul. Made a full refund to a dissatisfied customer who returned an appliance. The sale had been a cash sale for $ with a cost of $ Record the cost part of the event.
z Aug. Provided $ of appliance repair services during the year. The services were billed to the customers.
aa Sep. Recognized $ of service revenue earned during the first nine months of the year; it had been collected in the prior year.
bb Oct. Sold a contract for additional future appliance repair services worth $ for one years service, starting immediately. The customers paid cash for the full amount.
cc Nov. Paid an additional $ to settle some accounts payable; the payment was made after the discount period expired.
dd Nov. Collected $ of accounts receivable.
ee Dec. Paid $ of utilities expense for the year.
ff Dec. Paid a cash dividend of $ to the shareholders.
gg Dec. Paid $ of advertising expense during the year.
hh Dec. Paid $ of other operating expense for the year.
ii Dec. There was $ of supplies on hand at the end of the year.
jj Dec. Recognized revenue for the current year earned from event bb
kk Dec. Accrued salaries at December were $
ll Dec. Recognized the expired rent from the prior year, van event l office space event o and the building event r for the year.
prepaid
adjusted trial balance
financial statement
grid excel
Below is worksheet to analyze the cost of inventory and the cost of goods sold.
Remember, STL Appliance Outlet uses the FIFO inventory method.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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