Question: Please help me complete D, E, F The Pope's Computers, owned by P. Pope sells computers. The shop has an October 31/2020fiscal year end, uses

 Please help me complete D, E, F The Pope's Computers, ownedby P. Pope sells computers. The shop has an October 31/2020fiscal year

Please help me complete D, E, F

The Pope's Computers, owned by P. Pope sells computers. The shop has an October 31/2020fiscal year end, uses a perpetual inventory system. On October 1/2020, the company's trial balance reported the following: Cash Merchandise inventory Supplies Sales Returns and Allowances Sales discounts Land Equiment Accumulated depreciation equipment Accounts payable Interest Payable Unearned revenue Notes payable-Due Dec. 2020 Mortgage Payable-Due 2025 $21,385 64,125 3,750 42,800 13,800 180,000 70.800 13,275 65,450 6,070 4,680 42,000 200,000 P. Pope, capital P. Pope , drawings Sales Rent revenue Cost of goods sold Advertising expense Salaries expense Rent expense Insurance expense Interest expense Accounts Receivable $58,400 52.800 474,080 1,200 301,010 2,270 68,200 18,150 4.140 1,925 20,000 Transaction for the Month During the last month of the fiscal year, the company had the following transactions: 1. Purchased supplies on account for $345. 2. Hired a new employee to be paid $1,600 per week. 3. Collected $3,000 of the accounts receivable 4. Paid for the supplies purchased on account. 5. Paid salaries, $3,100 cash 6. Owner withdrew $4,800 cash. Adjustment and additional data: 1. A count of supplies on October 31 shows $1475 on hand. 2. The Equiment has an estimated 15-year useful life. 3. Of the mortgage payable, $60,000 must be paid on September 30 each year 4. An analysis of the Unearned Revenue account shows that 75% has been earned by October 31. 5. On October 31, services of $25,000 were provided but not recorded. 6. The mortgage payable has a 3% interest rate. Interest is paid on the first day of each month for the previous month's interest 7. Employees earned $950 per day. On October 31, 7 employees were unpaid for 4 days. 8. A 12-month insurance policy was purchase February 1, 2020 for $1,800 9. The telephone bill for the month was for $550, and at the end of the month it was not recorded or paid. Instructions (a) Using the T-Accounts provided below enter the opening balances for each account. Note- not all T Accounts needed may be created and blank T- Accounts are provided if accounts need to be created. (b) Journalize the transactions for the month. Post the transactions and update the balances in the T-accounts. (c) Prepare an unadjusted trial balance at year end. (d) Record the adjustments required at the year end. Post the adjusting entries in the T Accounts created and update the account balances as required. (e) Prepare an adjusted trial balance at year end. (f) Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet. Answer the following Questions 1. When should adjusting entries be recorded? 2. Why does the accounting cycle include 'trial balances' 3. Calculate the gross profit margin and the current ratio for your business

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