PLEASE COMPLETE INCOME STATEMENT, OWNER'S EQUITY STATEMENT, BALANCE SHEET, & ADJUSTING/CLOSING ENTRIES GIVEN THE FOLLOWING INFORMATION:

Accounting Cycle Review 7-01 al-f2 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Number Account Title Opening Balance 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Inventory Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $9,000 R. Moses 16,000 D. Saito 10,000 Jan. 3 5 7 8 9 9 10 11 12 13 15 15 16 17 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $225. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay 5900, invoice no. 513. Pay rent of $1,000 for January, Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Cullumber for personal use. Post all entries to the subsidiary ledgers Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, 1/30; and S. Gamel $1,900, terms n/30. Pay $700 cash for office supplies. Return $300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to ]. Revere $6,800, invoice no. 517. Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. Pay sales salaries $4,300 and office salaries $3,400. 18 20 21 21 22 22 23 25 27 27 28 31 31 Your answer is correct. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal si Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Sales Revenue Cr. Date Account Debited Invoice No. Ref. Jan. 3 B. Corpas 510 3400 2040 - Jan. 3 J. Revere 511 1700 1020 Jan. 11 R. Beltre (512~ 1200 720 E Jan. 11 S. Mahay 513 900 540 Jan. 22 B. Corpas 514 2500 1500 Jan. 22 R. Beltre 515 2000 1200 Jan. 25 B. Santos 516 3100 1860 Jan. 257 J. Revere 517 6800 4080 21600 12960 Your answer is correct. Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Date Account Credited Terms Ref. Inventory Dr. Accounts Payable Cr. Jan. 5 S. Gamel n/30 5000 Jan. 5 D. Posey n/30 24001 Jan. 16 D. Saito 1/10, n/30 14000 Jan. 16 S. Meek 2/10, n/30 144000 Jan. 16 S. Gamel v n/30 1900 Jan. 27 D. Saito 1/10, n/30 14100 Jan. 27 D. Posey n/30 3300 Jan. 27 S. Gamel n/30 5100 60200 Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Discounts Sales Revenue Other Accounts Date Cash Dr. Account Credited Ref. Dr. Account Receivable Cr. Cr. Cr. Cost of Good Sold Dr. Inventory Cr. Jan. 7 S. Mahay v 4300 4300 Jan. 7 V B. Santos 2000 2000 JULI Jan. 10 v 15000 15000 9000 > > HIIHII Jan. 13 v B. Corpas 3332 68 3400 Jan. 13 v J. Revere 1372 28 1400 Jan. 20 v 19600 19600 11760 Jan. 21 S. Mahay 882 18 900 Jan. 31 v 21000 21000 12600 67486 114 12000 55600 33360 Your answer is correct. Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal Date Accounts Payable Dr. Other Accounts Dr. CP1 Cash Cr. Inventory Cr. Account Debited Supplies Dr. Ref. Jan. 8 Inventory 120 225 225 M Jan. 9 9 S. Meek V 9000 180 88200 Jan. 9 D. Saito y 10000 100 99001 Jan. 12 Rent Expense 729 1000 1000 Jan. 15 Owner's Drawings 306 800 800 Jan. 17 700 700 Jan. 23 D. Saito 14000 140 13860 Jan. 23 S. Meek 14100 282 13818 Jan. 28 200 200 Jan. 31 Salaries and Wages Expense v 627 7700 7700 9725 47100 900 702 57023 Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 9 Sales Returns and Allowances 300 Accounts Receivable 300 (Issued credit for merchandise returned.) Jan. 9V Inventory 180 Cost of Goods Sold 180 (Cost of merchandise returned.) Jan. 18 v Accounts Payable 300 Inventory 300 (Received credit for returned goods.) Jan. 21 v Accounts Payable 16000 Notes Payable 16000 (Payment of balance due.) Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Cash No. 101 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 36500 31 CR1 67486 103986 31 CP1 57023 46963 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 13800 31 S1 21600 35400 31 CR1 12000 23400 9 G1 300 23100 No. 115 Notes Receivable Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 37000 Inventory Date No. 120 Balance Explanation Ref. Debit Credit Jan. 1 Balance 18500 31 P1 60200 78700 31 S1 12960 65740 M 31 CR1 33360 32380 8 CP1 225 32605 31 CP1 702 31903 9 G1 180 32083 18 Gi 300 31783 Supplies No. 125 Balance Date Explanation Ref. Debit Credit Jan. 1 Balance 1800 31 CP1 900 2700 Prepaid Insurance Date Explanation No. 130 Balance Ref. Debit Credit Jan. 1 Balance 1500 No. 157 Equipment Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 8250 Accumulated Depreciation Equipment Explanation Date No. 158 Balance Ref. Debit Credit Jan. 1 Balance V 1500 Notes Payable Date No. 200 Balance Explanation Ref. Debit Credit Jan. 21 G1 16000 16000 Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit Jan. 1 Balance 7 35000 31 P1 60200 95200 31 CP1 47100 48100 18 G1 300 47800 21 GI 160001 31800 Owner's Capital Date Explanation No. 301 Balance Ref. Debit Credit Jan. 1 Balance 80850 Owner's Drawings Date Explanation No. 306 Balance Ref. Debit Credit Jan 15 CP1 800 800 Sales Revenue Date Explanation No, 401 Balance Ref. Debit Credit Jan 31 51 21600 21600 31 CRI 55600 Sales Returns and Allowances Date Explanation 77200 No. 412 Balance Ref. Debit Credit Jan. 9 G1 300 300 Sales Discounts Date Explanation No. 414 Balance Ref. Debit Credit Jan. 31 OR1 114 114 Cost of Goods Sold Date Explanation No. 505 Balance Ref. Debit Credit Jan. 31 Si 12960 12960 31 OR1 33360 46320 9 9 GI 180 46140 No. 627 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance Jan. 31 CP1 7700 7700 Rent Expense Date No. 729 Balance Explanation Ref. Debit Credit Jan. 12 CP1 1000 1000 Accounts Receivable Subsidiary Ledger R. Beltre Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 1600 1- M 11 S1 1200 2800 22 S1 2000 4800 3. Revere Date Explanation Ref. Debit Credit Balance Jan. 3 S1 1700 1700 9 9 G1 300 1400 13 CR1 1400 25 S1 6800 6800 B. Santos Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 7900 7 CRI 2000 5900 25 S1 3100 9000 S. Mahey Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 4300 7 CR1 4300 11 S1 900 900 21 CR1 900 B. Corpas Date Explanation Ref Debit Credit Balance Jan. 3 S1 3400 3400 13 CR1 3400 E 22 S1 2500 2500 Accounts Payable Subsidiary Ledger D. Posey Date Explanation Ref. Debit Credit Balance Jan. 5 P1 2400 2400 27 P1 3300 5700 S. Meek Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 9000 9 CP1 9000 16 P1 14400 14400 18 G1 300 14100 23 CP1 14100 R. Moses Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 16000 21 G1 16000 D. Salto Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 10000 9 CP1 10000 16 P1 14000 14000 23 CP1 14000 27 P1 14100 14100 S. Gamel Date Explanation Ref. Debit Credit Balance Jan. 5 P1 5000 5000 16 P1 IT 1900 6900 27 P1 5100 12000 CULLUMBER COMPANY Worksheet For the Month Ended January 31, 2020 Adjusted Adjustments Trial Balance Dr Cr. Dr. Cr. Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 46963 46963 46963 Accounts Receivable 23100 23100 23100 Notes Receivable 37000 37000 37000 Inventory 31783 31783 31783 1- Supplies 2700 1700 1000 1000 Prepaid Insurance 1500 150 1350 1350 M M Equipment 8250 8250 8250 M Accum. Depreciation-Equipment 1500 1501 1650 1650 M Notes Payable 16000 16000 16000 Accounts Payable 31800 31800 31800 M Interest Payable 50 50 50 M Owner's Capital 80850 80850 80850 ! Owner's Drawings 800 800 800 1- Sales Revenue 77200 77200 77200 Sales Returns and Allowances 300 300 300 E Sales Discounts 114 114 114 Cost of Goods Sold 46140 46140 46140 Salaries and Wages Expense 7700 7700 7700 Rent Expense 1000 1000 1000 Totals 207350 207350 Supplies Expense 1700 1700 1700 It IT Insurance Expense 150 150 150 Depreciation Expense 150 150 150 1> Interest Expense 50 50 50 Totals 2050 2050 207550 207550 57304 77200 150246 130350 Net Income 19896 19896 Totals 77200 77200 150246 150246 x Your answer is incorrect. Try again. Prepare a multiple-step income statement. CULLUMBER CO. Income Statement DO x Prepare a owner's equity statement for January. (List items that increase owner's equity first.) CULLUMBER CO. Owner's Equity Statement x X Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) CULLUMBER CO. Balance Sheet Assets III Liabilities and Owner's Equity X| ||| |x x X | X X X | X $ Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit X (To adjust supplies) x X (To adjust insurance expense) II 01 II II II X X (To adjust depreciation expense) x