Dec. 2 Purchased 300 units of inventory for $1,500 from Mr. Glow, Co., on terms, 4/10,...

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Dec. 2 Purchased 300 units of inventory for $1,500 from Mr. Glow, Co., on terms, 4/10, n/20. 5 Purchased 900 units of inventory from Dust Free on account with terms 6/5, n/30. The total invoice was for $10,800, which included a $300 freight charge. 7 Retured 100 units of inventory to Mr. Glow from the December 2 purchase. 9 Paid Dust Free. 11 Sold 150 units of goods to Merry Cleaners for $3,000 on account with terms 5/10. n/30. 12 Paid Mr. Glow. 15 Received 90 units with a retail price of $1,800 of goods back from customer Merry Cleaners. 21 Received payment from Merry Cleaners, settling the amount due in full. 28 Sold 150 units of goods to Annelyse, Inc., for cash of $3.150. 29 Paid cash for Utilities of $500. 30 Paid cash for Sales Commission Expense of $215. 31 Recorded the following adjusting entries: a. Physical count of inventory on December 31 showed 800 units of goods on hand b. Depreciation, $220 c. Accrued salaries expense of $600 d. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information from November to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $70. Print Done Clear Up Cleaning Post-Closing Trial Balance November 30, 2015 Account Title Cash Accounts Receivable Cleaning Supplies Prepaid Rent Prepaid Insurance Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Interest Payable Notes Payable Common Stock Retained Earnings Total Print Balance Debit $ 50,800 2,100 70 Done 1,800 1,100 6,200 7,000 $ Credit 220 3,020 4,600 80 32,000 27,000 2,150 $ 69,070 $ 69,070 Clear Up Cleaning's post-closing trial balance at November 30, 2015, is as follows: (Click the icon to view the post-closing trial balance.) Clear Up Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clear Up uses the perpetual inventory system. During December 2015. Clear Up completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare perpetual inventory records for December for Clear Up using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st.) Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Enter a decrease in quantities and total costs for Purchases and for Cost of Goods Sold with a minus sign or parentheses. Round all unit cost amounts to the nearest cent and all total cost amounts to the nearest whole dollar) Date Dec. 2 5 Quantity Purchases Units Cost To Total Cost 300 $ 5.00 1.500 900 $ 12.00 $ 10,800 Cost of Goods Sold Units Cost Quantity (100)) $ 5.00 S (500) Enter any number in the edit fields, then click Check Answer. Total Cost Inventory on Hand Unit Quantity Cost 300 $ 300 $ 900 $ 200 Is Total Cost 5.00 $ 1,500 5.00 $ 1.500 12.00 $ 10,800 5.00 S 1 000 Clear Up Cleaning's post-closing trial balance at November 30, 2015, is as follows: (Click the icon to view the post-closing trial balance.) Clear Up Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clear Up uses the perpetual inventory system. During December 2015, Clear Up completed the following transactions: (Click the icon to view the transactions.) Read the requirements. 5 7 9 11 12 15 900 $ 12.00 $ 10,800 (100) S 5.00 $ $ $ (500) (630) (40) 150 $ 5.00 $ Enter any number in the edit fields, then click Check Answer. 750 300 $ 5.00 $ 1,500 900 S 12.00 $ 10,800 200 $ 5.00 $ 1,000 900 $12.00 $ 10,800 5.00 $ 1,000 11.30 $ 10,170 5.00 $ 250 11.30 $ 10,170 4.20 $ 210 11.30 $ 10,170 200 $ 900 $ 50 S 900 $ 50 $ 900 $ 12 Clear Up Cleaning's post-closing trial balance at November 30, 2015, is as follows: (Click the icon to view the post-closing trial balance.) Clear Up Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clear Up uses the perpetual inventory system. During December 2015, Clear Up completed the following transactions: (Click the icon to view the transactions.) Read the requirements. 11 12 15 28 31 Totals 1,100 $ (40) $11,130 150 $ (90) $ 5.00 $ 750 5.00 $ 90 $ 5.00 $ 50 $ 4.20 $ 10 $ 11.30 $ 90 $ 11.30 $ 300 (450) 450 210 113 1.017 $ 2,090 Choose from any or enter any number in the impot fields, then click Check Answer. 50 $ 5.00 $ 250 900 $11.30 $ 10,170 4.20 $ 210 11.30 $ 10,170 5.00 $ 450 4.20 $ 210 11.30 S 10,170 50 $ 900 S 90 $ 50 $ 900 S 890 $ 11.30 $ 800 S 11.30 $ 800 $ 10,057 9,040 9.040 Dec. 2 Purchased 300 units of inventory for $1,500 from Mr. Glow, Co., on terms, 4/10, n/20. 5 Purchased 900 units of inventory from Dust Free on account with terms 6/5, n/30. The total invoice was for $10,800, which included a $300 freight charge. 7 Retured 100 units of inventory to Mr. Glow from the December 2 purchase. 9 Paid Dust Free. 11 Sold 150 units of goods to Merry Cleaners for $3,000 on account with terms 5/10. n/30. 12 Paid Mr. Glow. 15 Received 90 units with a retail price of $1,800 of goods back from customer Merry Cleaners. 21 Received payment from Merry Cleaners, settling the amount due in full. 28 Sold 150 units of goods to Annelyse, Inc., for cash of $3.150. 29 Paid cash for Utilities of $500. 30 Paid cash for Sales Commission Expense of $215. 31 Recorded the following adjusting entries: a. Physical count of inventory on December 31 showed 800 units of goods on hand b. Depreciation, $220 c. Accrued salaries expense of $600 d. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information from November to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $70. Print Done Clear Up Cleaning Post-Closing Trial Balance November 30, 2015 Account Title Cash Accounts Receivable Cleaning Supplies Prepaid Rent Prepaid Insurance Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Interest Payable Notes Payable Common Stock Retained Earnings Total Print Balance Debit $ 50,800 2,100 70 Done 1,800 1,100 6,200 7,000 $ Credit 220 3,020 4,600 80 32,000 27,000 2,150 $ 69,070 $ 69,070 Clear Up Cleaning's post-closing trial balance at November 30, 2015, is as follows: (Click the icon to view the post-closing trial balance.) Clear Up Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clear Up uses the perpetual inventory system. During December 2015. Clear Up completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare perpetual inventory records for December for Clear Up using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st.) Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Enter a decrease in quantities and total costs for Purchases and for Cost of Goods Sold with a minus sign or parentheses. Round all unit cost amounts to the nearest cent and all total cost amounts to the nearest whole dollar) Date Dec. 2 5 Quantity Purchases Units Cost To Total Cost 300 $ 5.00 1.500 900 $ 12.00 $ 10,800 Cost of Goods Sold Units Cost Quantity (100)) $ 5.00 S (500) Enter any number in the edit fields, then click Check Answer. Total Cost Inventory on Hand Unit Quantity Cost 300 $ 300 $ 900 $ 200 Is Total Cost 5.00 $ 1,500 5.00 $ 1.500 12.00 $ 10,800 5.00 S 1 000 Clear Up Cleaning's post-closing trial balance at November 30, 2015, is as follows: (Click the icon to view the post-closing trial balance.) Clear Up Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clear Up uses the perpetual inventory system. During December 2015, Clear Up completed the following transactions: (Click the icon to view the transactions.) Read the requirements. 5 7 9 11 12 15 900 $ 12.00 $ 10,800 (100) S 5.00 $ $ $ (500) (630) (40) 150 $ 5.00 $ Enter any number in the edit fields, then click Check Answer. 750 300 $ 5.00 $ 1,500 900 S 12.00 $ 10,800 200 $ 5.00 $ 1,000 900 $12.00 $ 10,800 5.00 $ 1,000 11.30 $ 10,170 5.00 $ 250 11.30 $ 10,170 4.20 $ 210 11.30 $ 10,170 200 $ 900 $ 50 S 900 $ 50 $ 900 $ 12 Clear Up Cleaning's post-closing trial balance at November 30, 2015, is as follows: (Click the icon to view the post-closing trial balance.) Clear Up Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clear Up uses the perpetual inventory system. During December 2015, Clear Up completed the following transactions: (Click the icon to view the transactions.) Read the requirements. 11 12 15 28 31 Totals 1,100 $ (40) $11,130 150 $ (90) $ 5.00 $ 750 5.00 $ 90 $ 5.00 $ 50 $ 4.20 $ 10 $ 11.30 $ 90 $ 11.30 $ 300 (450) 450 210 113 1.017 $ 2,090 Choose from any or enter any number in the impot fields, then click Check Answer. 50 $ 5.00 $ 250 900 $11.30 $ 10,170 4.20 $ 210 11.30 $ 10,170 5.00 $ 450 4.20 $ 210 11.30 S 10,170 50 $ 900 S 90 $ 50 $ 900 S 890 $ 11.30 $ 800 S 11.30 $ 800 $ 10,057 9,040 9.040

Answer rating: 100% (QA)

Solution General Journal Particulars Date Dec2 Inventory Accounts Pay... View the full answer