Transactions:

June $23$ Purchased $100$ widgets on account from Martin Co$.,$ terms $1/10,$ n$/30$ FOB shipping point, $$55,540,$ including freight of $$1,540.$

$5$

June $26$ Sold $14$ widgets with a list price of $$12,800$ to a customer who used their gold VISA and redeemed Maylo $$200$ of point$-$of$-$sale coupons.

$3\mathrm{.}5$

$5$

$($June $29$

May $17)$

Paid for the merchandise purchased on June $23$ from Martin Co$.$

June $30$

Paid a cash refund of $$2,700$ for returned $3$ widgets from the VISA sale of June $26.$

The widgets returned were part of the last layer in the original sale cost wise

June $30$ Parker Co$,$ a customer whose account was previously written off as uncollectible, has paid $$10,000$ towards his delinquent $($past due and written off$)$ balance.

Required:

Journalize the transactions for the last week of June, the first month of the fiscal year

May $6$:

$-$ Quantity: $10,$ unit cost: $510,$ Total Cost: $5100$

May $16$:

$-$ Quantity: $75,$ unit Cost: $525$ and total cost $39375$

$-$ Total cost: $44475.$

Required:

The unadjusted trial balance has been entered on a $10-$column end$-$of$-$period spreadsheet $($work sheet$)$ for you. Complete the spreadsheet using the following adjustment data

Amount

$$96,200$

a Physcial inventory count on June $30$

b Store supplies used during the month.

c Insurance expired during the Month

d Depreciation for the current month

e Accrued salaries on June $30$:

Sales salaries

Office salaries

Total

f The adjustment for customer returns and allowances is $$4,500$ for sales with $$2,600$ in related cost of goods sold.

g The Company uses the percent of credit sales method of estimated uncollectible accounts expense. Based on past history and industry averages, $1\%$ of credit sales are expected to be uncollectible. For this part of the scenario, assume all sales are credit sales.

Journalize the adjusting entries. Post the adjusting entries to the general Ledger

Prepare a multiple$-$step income statement.

Prepare a statement of stockholders' equity.

Prepare a balance sheet. Report receivables net of the allowance as demonstrated on page $428$ of the text.

Journalize the closing entries. Then post the closing entries to the general ledger.

Prepare a post$-$closing trial balance. $($bonus points$)$