ABC Jsc (applying perpetual inventory system, accrual basis, historical cost accounting principle) had the following balances...

 

Transcribed Image Text:

ABC Jsc (applying perpetual inventory system, accrual basis, historical cost accounting principle) had the following balances as at 1*, Jan, 2020. (Currency unit: $, monthly accounting period). 4.000 Accounts Payable X2 Cash Accounts Receivable 1.500 Salary payable 1.200 150 Note Payable 3.000 Supplies X1 Common stock 13.000 Merchandise (Merchandise K, Quantity : 300pcs) Tangible Fix assets 12.050 Retained earnings 2.500 Accumulated depreciation (600) The following economic transactions incurred in January, 2020: 1. Purchased merchandise K on credit, quantity: 150pcs, total amount 1.800 2. Freight in of merchandise K: 30, paid by cash 3. Issued merchandise K for sale on credit. Quantity: 380pcs. Selling price: 4.200. 4. Paid on account: 750 5. Prepaid advertising expense for 3 months (January, February, March) with amount of 360. 6. Issued common stock and received cash: 500 7. Collected in advance for rent service to be performed from 1/1/2020 to 30/4/2020, amount: X3 8. Supplies on hand as at 31$st, Jan, 2020: 50 9. Accrued salary expense: 350. 10. Useful life of Tangible Fix Asset is 10 years. Residual value of 50 (Straight line method is applied). Required: a. Give X1, X2, X3 and inventory method by yourself. b. Journalize entries for transactions above (Included adjusting and closing entries). c. Post data of transactions above to relevant T-accounts. d. Prepare trial balance (Vietnamese style) e. Prepare Income statement for the year ended 31s, January 2020 f. Prepare Balance sheet as at 31st, January 2020. ABC Jsc (applying perpetual inventory system, accrual basis, historical cost accounting principle) had the following balances as at 1*, Jan, 2020. (Currency unit: $, monthly accounting period). 4.000 Accounts Payable X2 Cash Accounts Receivable 1.500 Salary payable 1.200 150 Note Payable 3.000 Supplies X1 Common stock 13.000 Merchandise (Merchandise K, Quantity : 300pcs) Tangible Fix assets 12.050 Retained earnings 2.500 Accumulated depreciation (600) The following economic transactions incurred in January, 2020: 1. Purchased merchandise K on credit, quantity: 150pcs, total amount 1.800 2. Freight in of merchandise K: 30, paid by cash 3. Issued merchandise K for sale on credit. Quantity: 380pcs. Selling price: 4.200. 4. Paid on account: 750 5. Prepaid advertising expense for 3 months (January, February, March) with amount of 360. 6. Issued common stock and received cash: 500 7. Collected in advance for rent service to be performed from 1/1/2020 to 30/4/2020, amount: X3 8. Supplies on hand as at 31$st, Jan, 2020: 50 9. Accrued salary expense: 350. 10. Useful life of Tangible Fix Asset is 10 years. Residual value of 50 (Straight line method is applied). Required: a. Give X1, X2, X3 and inventory method by yourself. b. Journalize entries for transactions above (Included adjusting and closing entries). c. Post data of transactions above to relevant T-accounts. d. Prepare trial balance (Vietnamese style) e. Prepare Income statement for the year ended 31s, January 2020 f. Prepare Balance sheet as at 31st, January 2020.

Answer rating: 100% (QA)

Here it is assumed that the value of X1 3000 X2 400 X3 2000 Cost of Goods Sold is calculated under FIFO method ABC Jsc Journal Entries for the period of January 2020 Date Transaction No Descriptions L... View the full answer