SSI Jsc., applied accrual basis, perpetual inventory system with moving average method and prepare financial statements...

  

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SSI Jsc., applied accrual basis, perpetual inventory system with moving average method and prepare financial statements monthly I. Openning balance as at 01st, May, 2021 as follows: Cash Accounts receivable Prepaid rent expense Merchandise (Merchandise A, quantity: 100kg, unit cost: 18/kg) Fixed asset 650 Accounts payable 800 Common stock 100 Salaries payable 1.800 Retained earnings 2.400 250 2.500 150 550 Accumulated depreciation (2.300) Other accounts have zero balance or no balance. II. The following transactions related to Merchandise incurred in May, 2021 On 8/5: Purchased 350kg merchandise A, purchasing unit cost: 20/kg - On 17/5: Issued merchandise A for sales, quantity: 120kg, selling unit price: 30/kg. - On 20/5: Purchased 400kg merchandise A, purchasing unit cost 28/kg On 26/5: Issued merchandise A for sales, quantity: 280kg, selling unit price: 32/kg. - On 28/5: Purchased 120kg merchandise A, purchasing unit cost 25/kg On 31/5: Issued merchandise A for sales, quantity: 70kg, selling unit price: 35/kg. Required: 1. A.Give 10 more economic transactions incurred in May related to the following accounts with reasonable data: + Selling expense + Administrative expense + Accounts payable + Salaries payable + Dividend + Unearned service revenue B.Give 3 adjusting data at May 31 related to the following accounts: + Prepaid rent expense + Unearned service revenue + Accumulated depreciation. 2. Journalize entries for all transactions incurred in May (Including adjusting entries and closing entries). Post data of transactions above to relevant T-accounts. Prepare trial balance for the month ended 31st, May, 2021. Prepare Income statement for the month ended 31st, May, 2021. Prepare Balance sheet as at 31st, May, 2021. 3. SSI Jsc., applied accrual basis, perpetual inventory system with moving average method and prepare financial statements monthly I. Openning balance as at 01st, May, 2021 as follows: Cash Accounts receivable Prepaid rent expense Merchandise (Merchandise A, quantity: 100kg, unit cost: 18/kg) Fixed asset 650 Accounts payable 800 Common stock 100 Salaries payable 1.800 Retained earnings 2.400 250 2.500 150 550 Accumulated depreciation (2.300) Other accounts have zero balance or no balance. II. The following transactions related to Merchandise incurred in May, 2021 On 8/5: Purchased 350kg merchandise A, purchasing unit cost: 20/kg - On 17/5: Issued merchandise A for sales, quantity: 120kg, selling unit price: 30/kg. - On 20/5: Purchased 400kg merchandise A, purchasing unit cost 28/kg On 26/5: Issued merchandise A for sales, quantity: 280kg, selling unit price: 32/kg. - On 28/5: Purchased 120kg merchandise A, purchasing unit cost 25/kg On 31/5: Issued merchandise A for sales, quantity: 70kg, selling unit price: 35/kg. Required: 1. A.Give 10 more economic transactions incurred in May related to the following accounts with reasonable data: + Selling expense + Administrative expense + Accounts payable + Salaries payable + Dividend + Unearned service revenue B.Give 3 adjusting data at May 31 related to the following accounts: + Prepaid rent expense + Unearned service revenue + Accumulated depreciation. 2. Journalize entries for all transactions incurred in May (Including adjusting entries and closing entries). Post data of transactions above to relevant T-accounts. Prepare trial balance for the month ended 31st, May, 2021. Prepare Income statement for the month ended 31st, May, 2021. Prepare Balance sheet as at 31st, May, 2021. 3.

Answer rating: 100% (QA)

Merchandise as at May 31 is 126... View the full answer