Final Comprehensive Problem

Please complete all parts and Make easy to understand! Due by 11!

At the end of December, TJs Specially Shopshowed the following ledger balances after adpusting entries have been made At the end of December, TSs Specialty Shop showed the following ledger balances after adiusting entries have been made GENERAL LEDGER Account Ho, 101 Acoount: Cash Account: Accounts flecelvable Account: Merchandise Imventory GENERAL LEDGER Account: Cash Account 1ho. 101 Accounte Accounts Receivablet Account Ho. 122 Accaunt: Merchandise Inventory Account Hov 111 Account: Fatimated Aeturn inwertory Accoknt 1to. 135 ITEM Accmant tho. 141 Account: Supptien Acrount th. 145 Account Prepald Insarance Account tho. 16si Account: Accounts Recelvable Account: Merchandise Inventory Acoount: Estinated Returms Inventory Accounte Supplies 1. Account No. 145 Account: Prepald Insurance Account No. 161 - Account: Land GENERAL LEDGER Account Nio, 101 Acoount:- Gash Accoust tha. 127 Acciunti Acoounts fecotvable Accoust ita. 131 Recount: Merchandise lowentory Account tin. 135 Acocunt: fuimated Returm lnventory Accountr Supplies Account: Popaid lmourance Account Prepsid limurance. Account: Land Accouit: Merchandise liveritory Account: Estimated Returns inmertory Account No. 135 Account Na. 141 Account: Supplies Acownt Ho. 145 Account: Prepaid Insurance Account No, 161 Accoust: Land Qate meM Der 16 Behince Account 10,171 Account: Bulliding Account: Acoumulatod Depreciation-Bulliding Account: Store Equipment Account: Accumblated Depreciation-Store Equlpment Accounte Accounts Payable Account: Estimated Returns Inventory Account Na, 135 Account: Supplies Aceount Ho. 141 Account: frepaid lnsurance. Account Ho, 145 Account:- Land Account Ho, 161 Account: Euriding Account 1lo, 171 Account: Accumblated Depreciation-fuilding Account No. 171,t Acowent No, 181 Account: Store Equipment Account: Accumulated Depreciation Eullding Account Stare Equipment Account No, 181 Account: tand Accountt Buildine Acoount: Accumulated Depreciation flullding Accomit: Store Equlpment: ox/E Decif Balance Account No. 181,1 Acoount: Accumulated Deprociation Store Equipment Accoint 14o. 202 Account: Accounts Payable Account Ho. 203 Final Comprehensive Problem - Spri Account: Accumulatod Depreciation-Stone Equipment. Account Nio. 181.1 Account: Accumulated Deprectution-Store Equipment Aocoknt Ho. teri,t Acount 10.70 . 7 - Accountt Accounts Payable Account: Custonser Refunds Payable Accowit Ho. 201 coount: Accurnulated Depreciation-Store Equipment Account No. 181.1 coounts Accounts Payable Account No, 202 ccount: Customer Refunds Payable Account No. 203 coount: Wages Paryable Account No. 219 Account Ho. 219 Account: Wages Payable Account: Sales Tax Payable Acouunt Ho. 23t Account: Sales Tax Paryable Acceunt No. 231 Account: Mortgage Payable Account: Tom Jones, Capital Account the. 311 Account: Tom Jones, Drawing Account Ho, 312 Account: Sales Lax Payable Account: Mortgage Payablo Account: Iom Jones, Capitat BNIL (1) Der. 16 Balance Accouint: Tom Jonen, Drawing Account tio. 312 Account: Income Summary Account: Tom Jones, Capital Account No, 311 Account: Tom Jones, Drawing Account No. 312 Account: Income Summary Account No. 313 Account: Salos Account No. 401 Account: Tom Jones, Drawing Account No.312 Account: incoine Summary Account 10. 313 Accoint: Sates Account 1io. 40H Aocount No. 311 Acoount: Tom Jones, Capital Account tio. 312 Account: Tom Jones, Drawing Account No: 313 Account: Income Summary Account Ne. 401 Acoount: Sales Account Ho. 401. 1 Account: Sales Returs and Allowances Acoount: Tom Jones, Drawing Account Ho, 312 Account: Income Summary Account No. 313 Account: Sales Account No. 401 Account: Sales fleturns and Mlowances Account No. 401.1 Account No. 501 Account: Sales Account No. 401 Account: Sales Returns and Alowances Account: Purchases - Accountr Purchases Poturns and Allowances Account: Purchases Account No. 501 Account: Purchases Roturns and Allowances Account Na. 501.1 Account: Purchases Discounts Account No. 501.2 Dart it Dect 16 Balance: Account: Froight-in Account: Sales Returns and Allowances Account No. 401,1 Account: Purchases Rccount No. 301 Acoount: Purchases Roturm and Allowances Account No. 501.1 Account: Purchases Discounts Account No: 501.2 Account: Freight in - Accounti Freight do 1. Date Dec. 16 Balance. Account: Wages Egpense Account ho. 511 Account: Advertising Expense Acrount hio. 512 Account: Parchaber fteturns and Alowances Accoent: Purchases Discounts Account: Freight-in Account Wages Expende Account Ho. 51 t Account: Atrerthine Expense Account: Purchases Discounts Account Ho. 501.2 Acoount freight-in Accounte Wages Expense Account: Advertising Expense Account: Advertising Expenso Account 1is, 524 Account: Suppties Expense Account Ho. 575 Account: Wagns Expense Account No. 512 Account Advertising Expense Account No. 524 Account: Supplies Exporse. 1= Des. 31 Arcount Ma. 525 Account: Phone Expense Account Na. 533 Account: - Utilities Expense- Aecount No. 535 Account: Advertising Expense Account No. 524 Account: Suppliss Expense Aceount Fio. 525 Account: Phone Expense \begin{tabular}{l} DAtE \\ \hline 1 Dec 16 Balance \\ \hline \end{tabular} Account: Utilities Expense Account: Insurance Experse Account: Depreciation Expense-Buldding Account Ho. 540 Account No. 541 Account No, 524 Account: Suppties Expense Acoount Hlo. 575 Account: Phone Expense Account No. 533 Account: Utilities Expense \begin{tabular}{l} bure \\ Dec. 16 Balance \\ \hline \end{tabular} Account No. 515 Account: Insurance Expense Account: Depreciation Expense Dluilding fcocunt: Phone Expence Account: Utilities Experse Account: Inourance Bepente 1 Date Dec 51 . Account: Depreciation Expense-buitding Mccount: Depreciation Eppense Store Equipment Account: Mircetlaneou Expense Account: Insurance Expense Account: Depreciation Expense-Building Account Ho. 541 Account: Depreciation Expense. Store Equipment. Account No. 549 Account:- Insurance Expense Account: Depreciation Experse-Building Account: Depreciation Expenso-Store Equipment 1. Datr Account thi. 549 Account: Miscellanoous Expense Accounts Interest Experse Account: Depreciation Expense-Store Equipment Account: Miscellanoous Experse Accoum tho. 549 Account: Interest Eypenser Account: Interent Exponse Account Nio. 551 Comprehensive Problem - Sprii GENERAL JOURNAL GENERAL JOURNAL GENERAL JOURNAL 101 Cash 401 Sales 122 Accounts Receivable 401.1 Sales Retums and Allowances 131 Merchandise Inventory 135 Estimated Returns Inventory EXPENSES 141 Supplies 501 Purchases 145 Prepaid Insurance 501.1 Purchases Returns and Allowances 161 Land 501.2 Purchases Discounts 171 Building 502 Freight-1n 171.1 Accumulated Depreciation-Building 511 Wages Expense 181 Store Equipment 512 Advertising Expense 181.1 Accumulated Depreciation-Store Equipment 524 Supplies Expense 525 Phone Expense LIABILITIES 533 Utilities Expense 202 Accounts Payable 535 Insurance Expense 203 Customer Refunds Payable 540 Depreciation Expense-Building 219 Wages Payable 541 Depreciation Expense-Store Equipment 231 Sales Tax Payable 549 Miscellaneous Expense 251 Mortgage Payable 551 Interest Expense EQUITY 311 Tom Jones, Capital 312 Tom Jones, Drawing 313 Income Summary bels and Amount Descriptions Amount Descriptions Cost of goods sold Cost of goods purchased Current portion Decrease in capital Estimated returns inventory, January 1 Estimated returns inventory, December 31 Goods available for sale Gross profit Increase in capital Income from operations Mortgage payable (Current portion) Merchandise inventory, January 1 Merchandise inventory, December 31 Net income Net loss Net sales Net purchases Total operating expenses Tom Jones, capital, January 1, 20-1 Tom Jones, capital, December 31, 20-1 Total current assets Total property, plant, and equipment Total operating expenses Tom Jones, capital, January 1, 20-1 Tom Jones, capital, December 31, 20-1 Total current assets Total property, plant, and equipment Total assets Total current liabilities Total liabilities Total liabilities and owner's equity Withdrawals for year End of Period Spreadaheet For The Year Ended December 31, 20-4 ACCOUNTTIL 3.CaH 4. Acourts Receivable Mectundive lmentary Estimsted Reture lavetary 1 supptics 1. Prepid lnarcike 1 Lind 16 Pliilding II Acourndated Depreciation Building 17. Stowe Equpwnert 13. Actumdated Depredalon Store Equlpmet 14. Arowints Pagale 13. Gustomes hinos Papble i1. Wages Paypbie if) Soles bu Pryitle in Sales Tar Payable is Motgage Pryable 34 Tam lones Capita. ve Tom lones, Dhawing 21 Incone Siatmary (3) 13 Salis 3t Sules ketiens and Niswons on Pactares 3. Autune fletins and Nimares Rntuves Dhecuet: Frivete in Wixes fyquise wi Mominimg Ifyewe ai Secplies Lejerse (14) Phere I symuer 1) Wirfien tesente Imusaver Injenter Depreiation Logeme Basing 4) Mivefarou tronet ii Utilties Expense 4. Insurance Experse 15. Depreciation Experse-Balding 4. Depreciation Experse-Siore Equapment (1) Miscellaneous Expense it interes Experee (13) 45 42. Net income TJ's Specalty Shop Income Statement For The Year Ended December 31, 20-1 i. Revenue from sales: 1 3 4 5 Cost of goods sold: 6 1 , 10 n1 (2) 35 u is. 16 y) is \begin{tabular}{|l|} \hline i4 \\ is \\ is \\ \hline iz \\ in \\ is Openting opense: \end{tabular} Statement of Owner's Equity Prepare the statement of owner's equity Statement of Owner's Equity Instructions TJ's Specialty Shop Balance Sheet December 31,201 Assets Gurrent assets: 3 4 5 6 7 8 3 10 Propetyplant, and equipment: 11 12 13 14 15 16 15 16 17 18 Liabilities (tabei) 20 21 22 23 .24 25 (Qabec) 27 21. 73 Owner's Equity 31 At the end of December, TJs Specially Shopshowed the following ledger balances after adpusting entries have been made At the end of December, TSs Specialty Shop showed the following ledger balances after adiusting entries have been made GENERAL LEDGER Account Ho, 101 Acoount: Cash Account: Accounts flecelvable Account: Merchandise Imventory GENERAL LEDGER Account: Cash Account 1ho. 101 Accounte Accounts Receivablet Account Ho. 122 Accaunt: Merchandise Inventory Account Hov 111 Account: Fatimated Aeturn inwertory Accoknt 1to. 135 ITEM Accmant tho. 141 Account: Supptien Acrount th. 145 Account Prepald Insarance Account tho. 16si Account: Accounts Recelvable Account: Merchandise Inventory Acoount: Estinated Returms Inventory Accounte Supplies 1. Account No. 145 Account: Prepald Insurance Account No. 161 - Account: Land GENERAL LEDGER Account Nio, 101 Acoount:- Gash Accoust tha. 127 Acciunti Acoounts fecotvable Accoust ita. 131 Recount: Merchandise lowentory Account tin. 135 Acocunt: fuimated Returm lnventory Accountr Supplies Account: Popaid lmourance Account Prepsid limurance. Account: Land Accouit: Merchandise liveritory Account: Estimated Returns inmertory Account No. 135 Account Na. 141 Account: Supplies Acownt Ho. 145 Account: Prepaid Insurance Account No, 161 Accoust: Land Qate meM Der 16 Behince Account 10,171 Account: Bulliding Account: Acoumulatod Depreciation-Bulliding Account: Store Equipment Account: Accumblated Depreciation-Store Equlpment Accounte Accounts Payable Account: Estimated Returns Inventory Account Na, 135 Account: Supplies Aceount Ho. 141 Account: frepaid lnsurance. Account Ho, 145 Account:- Land Account Ho, 161 Account: Euriding Account 1lo, 171 Account: Accumblated Depreciation-fuilding Account No. 171,t Acowent No, 181 Account: Store Equipment Account: Accumulated Depreciation Eullding Account Stare Equipment Account No, 181 Account: tand Accountt Buildine Acoount: Accumulated Depreciation flullding Accomit: Store Equlpment: ox/E Decif Balance Account No. 181,1 Acoount: Accumulated Deprociation Store Equipment Accoint 14o. 202 Account: Accounts Payable Account Ho. 203 Final Comprehensive Problem - Spri Account: Accumulatod Depreciation-Stone Equipment. Account Nio. 181.1 Account: Accumulated Deprectution-Store Equipment Aocoknt Ho. teri,t Acount 10.70 . 7 - Accountt Accounts Payable Account: Custonser Refunds Payable Accowit Ho. 201 coount: Accurnulated Depreciation-Store Equipment Account No. 181.1 coounts Accounts Payable Account No, 202 ccount: Customer Refunds Payable Account No. 203 coount: Wages Paryable Account No. 219 Account Ho. 219 Account: Wages Payable Account: Sales Tax Payable Acouunt Ho. 23t Account: Sales Tax Paryable Acceunt No. 231 Account: Mortgage Payable Account: Tom Jones, Capital Account the. 311 Account: Tom Jones, Drawing Account Ho, 312 Account: Sales Lax Payable Account: Mortgage Payablo Account: Iom Jones, Capitat BNIL (1) Der. 16 Balance Accouint: Tom Jonen, Drawing Account tio. 312 Account: Income Summary Account: Tom Jones, Capital Account No, 311 Account: Tom Jones, Drawing Account No. 312 Account: Income Summary Account No. 313 Account: Salos Account No. 401 Account: Tom Jones, Drawing Account No.312 Account: incoine Summary Account 10. 313 Accoint: Sates Account 1io. 40H Aocount No. 311 Acoount: Tom Jones, Capital Account tio. 312 Account: Tom Jones, Drawing Account No: 313 Account: Income Summary Account Ne. 401 Acoount: Sales Account Ho. 401. 1 Account: Sales Returs and Allowances Acoount: Tom Jones, Drawing Account Ho, 312 Account: Income Summary Account No. 313 Account: Sales Account No. 401 Account: Sales fleturns and Mlowances Account No. 401.1 Account No. 501 Account: Sales Account No. 401 Account: Sales Returns and Alowances Account: Purchases - Accountr Purchases Poturns and Allowances Account: Purchases Account No. 501 Account: Purchases Roturns and Allowances Account Na. 501.1 Account: Purchases Discounts Account No. 501.2 Dart it Dect 16 Balance: Account: Froight-in Account: Sales Returns and Allowances Account No. 401,1 Account: Purchases Rccount No. 301 Acoount: Purchases Roturm and Allowances Account No. 501.1 Account: Purchases Discounts Account No: 501.2 Account: Freight in - Accounti Freight do 1. Date Dec. 16 Balance. Account: Wages Egpense Account ho. 511 Account: Advertising Expense Acrount hio. 512 Account: Parchaber fteturns and Alowances Accoent: Purchases Discounts Account: Freight-in Account Wages Expende Account Ho. 51 t Account: Atrerthine Expense Account: Purchases Discounts Account Ho. 501.2 Acoount freight-in Accounte Wages Expense Account: Advertising Expense Account: Advertising Expenso Account 1is, 524 Account: Suppties Expense Account Ho. 575 Account: Wagns Expense Account No. 512 Account Advertising Expense Account No. 524 Account: Supplies Exporse. 1= Des. 31 Arcount Ma. 525 Account: Phone Expense Account Na. 533 Account: - Utilities Expense- Aecount No. 535 Account: Advertising Expense Account No. 524 Account: Suppliss Expense Aceount Fio. 525 Account: Phone Expense \begin{tabular}{l} DAtE \\ \hline 1 Dec 16 Balance \\ \hline \end{tabular} Account: Utilities Expense Account: Insurance Experse Account: Depreciation Expense-Buldding Account Ho. 540 Account No. 541 Account No, 524 Account: Suppties Expense Acoount Hlo. 575 Account: Phone Expense Account No. 533 Account: Utilities Expense \begin{tabular}{l} bure \\ Dec. 16 Balance \\ \hline \end{tabular} Account No. 515 Account: Insurance Expense Account: Depreciation Expense Dluilding fcocunt: Phone Expence Account: Utilities Experse Account: Inourance Bepente 1 Date Dec 51 . Account: Depreciation Expense-buitding Mccount: Depreciation Eppense Store Equipment Account: Mircetlaneou Expense Account: Insurance Expense Account: Depreciation Expense-Building Account Ho. 541 Account: Depreciation Expense. Store Equipment. Account No. 549 Account:- Insurance Expense Account: Depreciation Experse-Building Account: Depreciation Expenso-Store Equipment 1. Datr Account thi. 549 Account: Miscellanoous Expense Accounts Interest Experse Account: Depreciation Expense-Store Equipment Account: Miscellanoous Experse Accoum tho. 549 Account: Interest Eypenser Account: Interent Exponse Account Nio. 551 Comprehensive Problem - Sprii GENERAL JOURNAL GENERAL JOURNAL GENERAL JOURNAL 101 Cash 401 Sales 122 Accounts Receivable 401.1 Sales Retums and Allowances 131 Merchandise Inventory 135 Estimated Returns Inventory EXPENSES 141 Supplies 501 Purchases 145 Prepaid Insurance 501.1 Purchases Returns and Allowances 161 Land 501.2 Purchases Discounts 171 Building 502 Freight-1n 171.1 Accumulated Depreciation-Building 511 Wages Expense 181 Store Equipment 512 Advertising Expense 181.1 Accumulated Depreciation-Store Equipment 524 Supplies Expense 525 Phone Expense LIABILITIES 533 Utilities Expense 202 Accounts Payable 535 Insurance Expense 203 Customer Refunds Payable 540 Depreciation Expense-Building 219 Wages Payable 541 Depreciation Expense-Store Equipment 231 Sales Tax Payable 549 Miscellaneous Expense 251 Mortgage Payable 551 Interest Expense EQUITY 311 Tom Jones, Capital 312 Tom Jones, Drawing 313 Income Summary bels and Amount Descriptions Amount Descriptions Cost of goods sold Cost of goods purchased Current portion Decrease in capital Estimated returns inventory, January 1 Estimated returns inventory, December 31 Goods available for sale Gross profit Increase in capital Income from operations Mortgage payable (Current portion) Merchandise inventory, January 1 Merchandise inventory, December 31 Net income Net loss Net sales Net purchases Total operating expenses Tom Jones, capital, January 1, 20-1 Tom Jones, capital, December 31, 20-1 Total current assets Total property, plant, and equipment Total operating expenses Tom Jones, capital, January 1, 20-1 Tom Jones, capital, December 31, 20-1 Total current assets Total property, plant, and equipment Total assets Total current liabilities Total liabilities Total liabilities and owner's equity Withdrawals for year End of Period Spreadaheet For The Year Ended December 31, 20-4 ACCOUNTTIL 3.CaH 4. Acourts Receivable Mectundive lmentary Estimsted Reture lavetary 1 supptics 1. Prepid lnarcike 1 Lind 16 Pliilding II Acourndated Depreciation Building 17. Stowe Equpwnert 13. Actumdated Depredalon Store Equlpmet 14. Arowints Pagale 13. Gustomes hinos Papble i1. Wages Paypbie if) Soles bu Pryitle in Sales Tar Payable is Motgage Pryable 34 Tam lones Capita. ve Tom lones, Dhawing 21 Incone Siatmary (3) 13 Salis 3t Sules ketiens and Niswons on Pactares 3. Autune fletins and Nimares Rntuves Dhecuet: Frivete in Wixes fyquise wi Mominimg Ifyewe ai Secplies Lejerse (14) Phere I symuer 1) Wirfien tesente Imusaver Injenter Depreiation Logeme Basing 4) Mivefarou tronet ii Utilties Expense 4. Insurance Experse 15. Depreciation Experse-Balding 4. Depreciation Experse-Siore Equapment (1) Miscellaneous Expense it interes Experee (13) 45 42. Net income TJ's Specalty Shop Income Statement For The Year Ended December 31, 20-1 i. Revenue from sales: 1 3 4 5 Cost of goods sold: 6 1 , 10 n1 (2) 35 u is. 16 y) is \begin{tabular}{|l|} \hline i4 \\ is \\ is \\ \hline iz \\ in \\ is Openting opense: \end{tabular} Statement of Owner's Equity Prepare the statement of owner's equity Statement of Owner's Equity Instructions TJ's Specialty Shop Balance Sheet December 31,201 Assets Gurrent assets: 3 4 5 6 7 8 3 10 Propetyplant, and equipment: 11 12 13 14 15 16 15 16 17 18 Liabilities (tabei) 20 21 22 23 .24 25 (Qabec) 27 21. 73 Owner's Equity 31