A. Record the January transactions in sales journal, a single column purchase journal, a cash reciepts journal,
Question:
A. Record the January transactions in sales journal, a single column purchase journal, a cash reciepts journal, a cash payments journal, & a two column general journal
B. Post the journals to the general ledger
C. Prepare the trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information:
1. Office supplies at January 31 total $850
2. Insurance coverage expires on Oct. 31, 2020
3. Annual Depreciation on the equipment is $1,500
4. Interest of $50 has accrued on the note payable
D. Prepare a multistep income statement and a owners equity statement for January and a classified balance sheet at the end of January.
E. Prepare the post adjusting and closing entries
F. Prepare a post closing trial balance and determine whether the subsidiary ledgers agree with the control accounts in the ledger
G. Calculate the following ratios. Include the written formula in words in addition to your calculations and your final answers:
1. Inventory Turnover
2. Days in Inventory
3. Gross Profit Rate
4. Working Capital
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta