The following transaction occurred during March 2023, for Rehearsal Gift Shop, a SOLE PROPRIETORSHIP: Owner made...
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The following transaction occurred during March 2023, for Rehearsal Gift Shop, a SOLE PROPRIETORSHIP: Owner made $40,000 cash investment in the business. Purchased $15,000 of inventory on account under terms of 4/10, n/30.. Returned $1,000 of defective merchandise purchased on March 3. Paid freight bill of $250 for the March 3 Inventory purchase. Sold inventory on account for $10,000. Payment terms were 2/15, n/30. These goods originally cost the company $5,000. Paid amount owed on the March 3 Inventory. March 1 3 7 9 10 12 16 23 30 Received sales return of $1,000 on the March 10 sale. The original cost is $500. Received cash from March 10 customer in full settlement of her debt. Dress Rehearsal Gift Shop also incurred the following Operating Expenses and paid with cas! Salary Expense $ 1,750 1,000 $ Rent Expense Utilities Expense $ Supplies Expense $ Requirements: 1. Journalize the transactions noted above. 2. Post the transactions to the T-accounts. 675 325 3. Prepare the Trial Balance. 4. Prepare a multi-step income statement for Rehearsal Gift Shop for the month ended March 31, 2023. The following transaction occurred during March 2023, for Rehearsal Gift Shop, a SOLE PROPRIETORSHIP: Owner made $40,000 cash investment in the business. Purchased $15,000 of inventory on account under terms of 4/10, n/30.. Returned $1,000 of defective merchandise purchased on March 3. Paid freight bill of $250 for the March 3 Inventory purchase. Sold inventory on account for $10,000. Payment terms were 2/15, n/30. These goods originally cost the company $5,000. Paid amount owed on the March 3 Inventory. March 1 3 7 9 10 12 16 23 30 Received sales return of $1,000 on the March 10 sale. The original cost is $500. Received cash from March 10 customer in full settlement of her debt. Dress Rehearsal Gift Shop also incurred the following Operating Expenses and paid with cas! Salary Expense $ 1,750 1,000 $ Rent Expense Utilities Expense $ Supplies Expense $ Requirements: 1. Journalize the transactions noted above. 2. Post the transactions to the T-accounts. 675 325 3. Prepare the Trial Balance. 4. Prepare a multi-step income statement for Rehearsal Gift Shop for the month ended March 31, 2023.
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I can help you with the first part which is journalizing the transactions Here are the journal entri... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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