On December 1, 2022, Divine Distributing Company had the following account balances. Cash Accounts Receivable Note...
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On December 1, 2022, Divine Distributing Company had the following account balances. Cash Accounts Receivable Note Receivable Inventory Supplies Prepaid Rent Equipment Debit 15,200.00 6,750.00 Accumulated Depreciation-Equipment 5,500.00 Accounts Payable 13,150.00 Unearned Service Revenue 2,350.00 Salaries and Wages Payable 14,400.00 Common Stock 75,000.00 Retained Earnings 132,350.00 During December, the company completed the following transactions. Dec. Adjustment data: Credit 15,000.00 7,750.00 2,400.00 2,200.00 60,000.00 45,000.00 132,350.00 6 Paid $3700 for salaries and wages due employees, of which $2,200 was accrued in November to salaries and wages payable and rest is December's expense. 7 $600 of defective merchandise was returned from a November 30, 2022 sale on account 8 Received $3,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $10,200. The cost of the merchandise sold was $5,800. (2 entries required) 13 Purchased merchandise on account from Hecht Co. $5,300, terms 2/10, n/30. 15 Purchased supplies for cash $2,600.00 18 Sold merchandise on account $18,500, terms 3/10, n/30. The cost of the merchandise sold was $9,900. 20 Paid salaries and wages $3,600. 21 Paid $2,880 in advance for next year's annual insurance 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. 28 Received $2,000 from customers for services to be preformed in the future 29 Purchase Equipment on account for $18,000 1. Accrued salaries and wages payable were $1,100 at the end of December. 2. Depreciation was $1025 per month. 3. Supplies on hand were $1,250 4. One month of interest income should be recorded on the $5,500 Note Receivable at an APR of 6% (round up to nearest dollar) 5. Services were preformed to satisfy $1900 of the unearned revenue 6. December's prepaid rent has been used (annual amount was $14,400 as recorded in Prepaid Rent). Required: Complete each tab of this Excel Worksheet: General Journal (all transactions in December), map into T Accounts (add any if necessary), prepare the adjusting entries (1-6 above) then prepare Trial Balance Using the adjusted trial balance Prepare Financial Statements in good form (multi-step income statement, statement of retained earnings, balance sheet) prepare the closing entries, prepare the required ratio computations On December 1, 2022, Divine Distributing Company had the following account balances. Cash Accounts Receivable Note Receivable Inventory Supplies Prepaid Rent Equipment Debit 15,200.00 6,750.00 Accumulated Depreciation-Equipment 5,500.00 Accounts Payable 13,150.00 Unearned Service Revenue 2,350.00 Salaries and Wages Payable 14,400.00 Common Stock 75,000.00 Retained Earnings 132,350.00 During December, the company completed the following transactions. Dec. Adjustment data: Credit 15,000.00 7,750.00 2,400.00 2,200.00 60,000.00 45,000.00 132,350.00 6 Paid $3700 for salaries and wages due employees, of which $2,200 was accrued in November to salaries and wages payable and rest is December's expense. 7 $600 of defective merchandise was returned from a November 30, 2022 sale on account 8 Received $3,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $10,200. The cost of the merchandise sold was $5,800. (2 entries required) 13 Purchased merchandise on account from Hecht Co. $5,300, terms 2/10, n/30. 15 Purchased supplies for cash $2,600.00 18 Sold merchandise on account $18,500, terms 3/10, n/30. The cost of the merchandise sold was $9,900. 20 Paid salaries and wages $3,600. 21 Paid $2,880 in advance for next year's annual insurance 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. 28 Received $2,000 from customers for services to be preformed in the future 29 Purchase Equipment on account for $18,000 1. Accrued salaries and wages payable were $1,100 at the end of December. 2. Depreciation was $1025 per month. 3. Supplies on hand were $1,250 4. One month of interest income should be recorded on the $5,500 Note Receivable at an APR of 6% (round up to nearest dollar) 5. Services were preformed to satisfy $1900 of the unearned revenue 6. December's prepaid rent has been used (annual amount was $14,400 as recorded in Prepaid Rent). Required: Complete each tab of this Excel Worksheet: General Journal (all transactions in December), map into T Accounts (add any if necessary), prepare the adjusting entries (1-6 above) then prepare Trial Balance Using the adjusted trial balance Prepare Financial Statements in good form (multi-step income statement, statement of retained earnings, balance sheet) prepare the closing entries, prepare the required ratio computations
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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