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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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