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COMPREHENSIVE PROBLEM 2 - The following ledger accounts appear below,
COMPREHENSIVE PROBLEM 2 | |||||||||||||
- The following ledger accounts appear below, in this order: | |||||||||||||
Cash, Accounts Receivable, Inventory, Estimated Returns Inventory, Prepaid Insurance, | |||||||||||||
Store Equipment, Accumulated Depreciation—Store Equipment, Accounts Payable, Salaries Payable, | |||||||||||||
Customers Refunds Payable, Common Stock, Retained Earnings, Dividends, Income Summary | |||||||||||||
- The remaining accounts are found on the next page. | |||||||||||||
The entries in the ledgers will not grade or mark correct or incorrect. | |||||||||||||
LEDGERS - Balance Sheet accounts | |||||||||||||
Cash | 110 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 83,600 | ||||||||||
5/1 | Paid Rent May | 5,000 | 78,600 | ||||||||||
Accounts Receivable | 112 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 233,900 | ||||||||||
Inventory | 115 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 624,400 | ||||||||||
Estimated Returns Inventory | 116 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 28,000 | ||||||||||
Prepaid Insurance | 117 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 16,800 | ||||||||||
Store Supplies | 118 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 11,400 | ||||||||||
Store Equipment | 123 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 569,500 | ||||||||||
Accumulated Depreciation—Store Equipment | 124 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 56,700 | ||||||||||
Accounts Payable | 210 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 96,600 | ||||||||||
Salaries Payable | 211 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
Customers Refunds Payable | 212 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 50,000 | ||||||||||
Common Stock | 310 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 100,000 | ||||||||||
Retained Earnings | 311 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 585,300 | ||||||||||
Dividends | 312 | ||||||||||||
Post | Balance | ||||||||||||
Date | Item | Ref. | Dr. | Cr. | Dr. | Cr. | |||||||
5/1 | Balance | ? | 135,000 | * | |||||||||
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