The following is the post-closing trial balance for Kennesaw Company, Inc (KCI), a merchandising company, at...

 

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The following is the post-closing trial balance for Kennesaw Company, Inc (KCI), a merchandising company, at December 31, 2024. Account Title Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Inventory Equipment. Accumulated Depreciation Accounts Payable Stock Retained Earnings Total The following are the transactions for the month of January, 2025: ✓A ✓. B Debit 9,000 2,000 1,500 2,000 4,000 18,500 Credit 500 400 4,500 10,500 2,600 18,500 On January 2, KCI issued purchased inventory for $4000 on account. inventory accounts payable On January 3, KCI sold merchandise to a customer for $1200 and accepted a 9-month, 10 % note. The merchandise cost KCI $360. note payable On January 5, KCI paid $600 for a one-year insurance policy. D On January 8, KCI collected $3500 from customers previously billed. E On January 9, KCI wrote off $200 in accounts receivable for a customer that filed bankruptcy. F On January 10, KCI received $800 from a customer as a deposit for future merchandise purchase. G On January 15, KCI paid $700 for employee salaries for work performed in January. H On January 20, KCI sold $3000 of inventory on account that cost $900. 1 On January 28, KCI purchases land for $6000 and incurs title investigation costs of $250. JOn January 30, KCI paid $150 for dividends. Additional information for adjusting journal entries: K A count of supplies at the close of business on January 31 reveals that $1200 are still on hand. L Determined that an additional $280 should be added to the Allowance for Uncollectible Accounts. M Depreciation for the equipment was $100. N Interest has accrued on the note, but will not be received until later. O One month of insurance has expired. PART 1 1 Prepare the monthly journal entries for transactions A-J. 2 Post the monthly journal entries to the general ledger (t-accounts). If you do not already have a t-account, create a new one. Using the t-account balances, prepare an unadjusted trial balance. Prepare the adjusting journal entries for transactions K-O. 3 4 5 Post the adjusting journal entries to the general ledger (t-accounts). If you do not already have a t-account, create a new one. 6 Using the t-account balances, prepare an adjusted trial balance. The following is the post-closing trial balance for Kennesaw Company, Inc (KCI), a merchandising company, at December 31, 2024. Account Title Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Inventory Equipment. Accumulated Depreciation Accounts Payable Stock Retained Earnings Total The following are the transactions for the month of January, 2025: ✓A ✓. B Debit 9,000 2,000 1,500 2,000 4,000 18,500 Credit 500 400 4,500 10,500 2,600 18,500 On January 2, KCI issued purchased inventory for $4000 on account. inventory accounts payable On January 3, KCI sold merchandise to a customer for $1200 and accepted a 9-month, 10 % note. The merchandise cost KCI $360. note payable On January 5, KCI paid $600 for a one-year insurance policy. D On January 8, KCI collected $3500 from customers previously billed. E On January 9, KCI wrote off $200 in accounts receivable for a customer that filed bankruptcy. F On January 10, KCI received $800 from a customer as a deposit for future merchandise purchase. G On January 15, KCI paid $700 for employee salaries for work performed in January. H On January 20, KCI sold $3000 of inventory on account that cost $900. 1 On January 28, KCI purchases land for $6000 and incurs title investigation costs of $250. JOn January 30, KCI paid $150 for dividends. Additional information for adjusting journal entries: K A count of supplies at the close of business on January 31 reveals that $1200 are still on hand. L Determined that an additional $280 should be added to the Allowance for Uncollectible Accounts. M Depreciation for the equipment was $100. N Interest has accrued on the note, but will not be received until later. O One month of insurance has expired. PART 1 1 Prepare the monthly journal entries for transactions A-J. 2 Post the monthly journal entries to the general ledger (t-accounts). If you do not already have a t-account, create a new one. Using the t-account balances, prepare an unadjusted trial balance. Prepare the adjusting journal entries for transactions K-O. 3 4 5 Post the adjusting journal entries to the general ledger (t-accounts). If you do not already have a t-account, create a new one. 6 Using the t-account balances, prepare an adjusted trial balance.

Answer rating: 100% (QA)

Certainly Prepare the monthly journal entries for the transactions AJ and the adjusting journal entries for the transactions KO These entries will be ... View the full answer