The accounts and their balances in the ledger of LeClassic Sports Co. on December 31, 2008, are
Question:
The accounts and their balances in the ledger of LeClassic Sports Co. on December 31, 2008, are as follows:
The data needed for year-end adjustments on December 31 are as follows:
Instructions
1. Prepare an end-of-period spreadsheet (work sheet) for the fiscal year ended December 31, listing all accounts in the order given.
2. Prepare a multiple-step income statement.
3. Prepare a statement of owner's equity.
4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $15,000.
5. Journalize the adjusting entries.
6. Journalize the closingentries.
Transcribed Image Text:
Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Office Supplies Store Equipment 18,000 42,500 215,000 9,700 4,250 2,100 182,000 Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense- 7,100 557,000 81,400 45,000 Store Equipment Delivery Expense Store Supplies Expense Miscellaneous Selling Expense ,600 Office Salaries Expense Rent Expense Insurance Expense Depreciation Expense- 6,000 Accumulated Depreciation-- Store Equipment Office Equipment 40,300 60,000 44,000 25,200 Accumulated Depreciation-- 17,200 56,700 Office Equipment Accounts Payable Salaries Payable Unearned Rent 1,200 Note Payable (final payment 2013 125,000 217,600 Office Equipment Office Supplies Expense Miscellaneous Administrative Tanya Brill, Capital Tanya Brill, Drawing Sales 1,650 5,000 Rt Revenue 875,000 Expense 11,600 Sales Returns and Allowances 13,900 $210,000 6,800 Insurance expired during the year .._. ..............- upplies on hand on December 31 1,200 750 Office supplies .. Depreciation for the year 7,500 3,800 Salaries payable on December 31 %2,600 1,500 Office salaries Unearned rent on December 31 4,100 400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
1 A B C D E F G H I J K LECLASSIC SPORTS CO EndofPeriod Spreadsheet Work Sheet For the Year Ended December 31 2008 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance ...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
The accounts and their balances in the ledger of Sunshine Sports Co. on December 31, 2006, are as follows: The data needed for year-end adjustments on December 31 are as follows: Instructions 1....
-
The accounts and their balances in the ledger of Rack Saver Co. on December 31, 2010, are as follows: The data needed for year-end adjustments on December 31 are as follows: Instructions 1. Prepare...
-
The accounts and their balances in the ledger of Quality Sports Co. on December 31, 2010, are as follows: The data needed for year-end adjustments on December 31 are as follows: Instructions 1....
-
A hollow-fiber membrane device is operated to concentrate a bacterial suspension. The flow rate of cell suspension into the fibers is 350 kg/min. The inlet cell suspension is comprised of 1.0 wt%...
-
Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl's accountant may be desirable. One area of particular concern is the...
-
Race and gender differences often correlate with poor treatment and support for mental health. What, if any, additional obligations should organizations have to act with a differential response? In...
-
Show that the second moment \(\overline{I^{2}}\) of the intensity of a wave is not equal to the fourth moment \(\overline{\left[u^{(r)} ight]^{4}}\) of the real amplitude of that wave, the difference...
-
Rita Gonzales won the $41 million lottery. She is to receive $1.5 million a year for the next 19 years plus an additional lump sum payment of $12.5 million after 19 years. The discount rate is 14...
-
Write a C program that uses the random number generator rand( ) to create an array with 20 numbers in the range from 1 to 50 and disply them in a row. The program sorts the array elements and...
-
What are three benefits of universal standards?
-
The accounts and their balances in the ledger of Stones Co. on December 31, 2008, are as follows: The data needed for year-end adjustments on December 31 are as follows: Instructions 1. Prepare an...
-
What is business process reengineering? Does it lead to radical or modest changes in business practices? Discuss.
-
In the following compound, identify the number of hydrogen atoms that occupy axial positions as well as the number of hydrogen atoms that occupy equatorial positions:
-
Explain why making groups larger does not always lead to an expected increase in performance.
-
Give an example of a person who is experiencing both intrasender and intersender role conflict.
-
What are the factors that contribute to the diffusion of innovations?
-
Suppose you wanted to undermine the cohesiveness of a group. What would you do?
-
Discuss the qualities of creative people. Can people be trained to be creative?
-
Following is a C like pseudo-code of a function that takes a queue as an argument and uses a stack S to do the processing. What does the above function do in general? A. Removes the last from Q B....
-
Define cultural intelligence. Cite the books or journal articles you found in Capella's library. Explain why cultural intelligence is important for HR practitioners and other organizational managers.
-
Explain how market research practices are being reshaped by digital technology.
-
Describe how a company would classify debt that includes covenants. What conditions must exist in order to depart from the normal rule?
-
A company proposes to include in its SEC registration statement a balance sheet showing its subordinate debt as a portion of stockholders equity. Will the SEC allow this? Why or why not?
-
(Bond Theory: Balance Sheet Presentations, Interest Rate, Premium) On January 1, 2011, Nichols Company issued for $1,085,800 its 20-year, 11% bonds that have a maturity value of $1,000,000 and pay...
-
A 0.012-kg bullet, traveling at 850 m/s, hits a 2-kg block of wood that is initially at rest, and goes straight through it. Assume that the final velocity of the bullet relative to the block is 400...
-
Assume that Iowa Co. will receive 1,200,000 Mexican pesos in 180 days. The Mexican interest rate is 3% over 180 days and the US rate is 2% over the same period. The spot rate for the Mexican peso is...
-
After watching the video from "The Big Bang Theory, describe what was occurring in the scene. What types of listening were demonstrated. How could this conversation be improved so that both parties...
Study smarter with the SolutionInn App