QR 2 Please Help A soon as Possible Date General Journal Post Ref Debit Credit 4
ID: 2446830 • Letter: Q
Question
QR 2 Please Help A soon as Possible
Date
General Journal
Post Ref
Debit
Credit
4/6/2015
cash
16
137,000
accounts receivable
16
137,000
4/8/2015
Accounts Receivable
17
70,000
Sales Revenue
17
70,000
cost of goods sold
17
34,000
inventory
17
34,000
4/13/2015
accounts receivable
18
2,400
Bad Debt Expense
18
2,400
4/29/2015
Accounts payable
19
60,000
Interest Payable
19
4,000
Cash
19
64,000
4/30/2015
Operating Expense
20
49,000
Cash
20
49,000
5/7/2015
Inventory
21
87,000
Accounts payable
21
87,000
5/11/2015
Accounts Receivable
22
93,000
Sales revenue
22
93,000
cost of goods sold
22
47,000
inventory
22
47,000
5/12/2015
Cash
23
95,000
Accouts Receivable
23
95,000
5/20/2015
inventory
24
63,000
accounts payable
24
63,000
5/29/2015
Operating Expense
25
23,000
Cash
25
23,000
6/3/2015
Accounts Payable
26
109,700
Cash
26
109,700
6/13/2015
accounts receivable
27
110,000
sales revenue
27
110,000
cost of goods sold
27
56,000
inventory
27
56,000
6/17/2015
Operating Expense
28
27,800
Cash
28
27,800
6/27/2015
Rent
29
4,000
Prapaid Rent
29
4,000
6/28/2015
Dividens
30
5,000
Cash
30
5,000
SECOND QUARTER CHECK
1,076,900
1,076,900
Above is the Trasactions please help me figure out the following:
Trial Balance
Beg Debit Bal
Beg Credit Bal
Debit
Credit
End Debit Bal
End Credit Bal
Cash
48,400
232,000
278,500
1,900
Accounts Receivable
165,500
273,000
234,400
204,100
Allowance for Doubtful Accounts
5,000
2,400
2,600
Inventory
43,200
150,000
137,000
56,200
Prepaid Rent
4,000
4,000
-
Land
-
99,800
99,800
Building
-
-
Accumulated Depreciation
-
-
Accounts Payable
140,700
169,700
150,000
121,000
Utilities Payable
4,000
4,000
-
Interest Payable
-
-
Line of Credit (short-term)
-
-
Note Payable (long-term)
-
-
Common Stock
50,000
50,000
100,000
Preferred Stock
-
-
Additional Paid in Capital - PS
-
-
Treasury Stock
-
-
Additional Paid in Capital - TS
-
-
Retained Earnings
68,000
68,000
Sales Revenue
235,000
273,000
508,000
Cost of Goods Sold
128,800
137,000
265,800
Operating Expense
112,800
99,800
212,600
Interest Expense
-
-
Dividends
-
5,000
5,000
SECOND QUARTER CHECK
502,700
502,700
1,172,700
1,126,900
845,400
799,600
Financial Statements
Income Statement
Income Statement
Qtr Ended 6/30/15
Year to Date 6/30/15
Net Sales
273,000
508,000
Cost of Goods Sold
Gross Margin
273,000
508,000
Operating Expenses
Operating Income
273,000
508,000
Interest Expense
Net Income
273,000
508,000
Statement of Changes
Statement of Changes
in Retained Earnings
in Retained Earnings
Qtr Ended 6/30/15
Year to Date 6/30/15
Beginning Retained Earnings
61,400
68,000
Plus: Net Income
Less: Dividends
Ending Retained Earnings
61,400
68,000
Balance Sheet
Balance Sheet
As of 6/30/15
As of 6/30/15
Cash
Accounts Receivable - NRV
Inventory
Prepaid Rent
Land
Building - Net of A/D
Total Assets
-
-
Accounts Payable
Utilities Payable
Interest Payable
Line of Credit (short-term)
Note Payable (long-term)
Total Liabilities
-
-
Common Stock - no par
Preferred Stock - $30 par
Additional Paid in Capital - PS
Retained Earnings
Less: Treasury Stock
Total Equity
-
-
Total Liabilities and Equity
-
-
CHECK:
-
-
Date
General Journal
Post Ref
Debit
Credit
4/6/2015
cash
16
137,000
accounts receivable
16
137,000
4/8/2015
Accounts Receivable
17
70,000
Sales Revenue
17
70,000
cost of goods sold
17
34,000
inventory
17
34,000
4/13/2015
accounts receivable
18
2,400
Bad Debt Expense
18
2,400
4/29/2015
Accounts payable
19
60,000
Interest Payable
19
4,000
Cash
19
64,000
4/30/2015
Operating Expense
20
49,000
Cash
20
49,000
5/7/2015
Inventory
21
87,000
Accounts payable
21
87,000
5/11/2015
Accounts Receivable
22
93,000
Sales revenue
22
93,000
cost of goods sold
22
47,000
inventory
22
47,000
5/12/2015
Cash
23
95,000
Accouts Receivable
23
95,000
5/20/2015
inventory
24
63,000
accounts payable
24
63,000
5/29/2015
Operating Expense
25
23,000
Cash
25
23,000
6/3/2015
Accounts Payable
26
109,700
Cash
26
109,700
6/13/2015
accounts receivable
27
110,000
sales revenue
27
110,000
cost of goods sold
27
56,000
inventory
27
56,000
6/17/2015
Operating Expense
28
27,800
Cash
28
27,800
6/27/2015
Rent
29
4,000
Prapaid Rent
29
4,000
6/28/2015
Dividens
30
5,000
Cash
30
5,000
SECOND QUARTER CHECK
1,076,900
1,076,900
Explanation / Answer
56200
FINANCIAL STATEMENTS
Income statement
Qtr ended 30.06.15
Income Statement
YTD 30.06.15
Note :
1. The meaning of balance sheet - balance sheet is supposed to show the state of financial affairs of a concern on a given date. Hence, teher can be only on balance sheet on a given date.
2. Retained earnings is part of balance sheet. The principle mentioned in note(1) also applies here.The two columns shon aboe are only for information purpose. YTD column is relevant
3. YTD = Year to Date.
4. Bad debts of Rs.2400 is adjusted against the credit balance of Rs.5000 in the credit balance of "Allowance for Doubtful Debts Account" as this amount of 2400 would have been accounted for in previous years.
TRIAL BALANCE Trial Balance Beg Debit Bal Beg credit bala debit credit end debit bal end credit bal cash 48400 46500 1900 Accounts Receivable 165500 38600 204100 Allowance for doubtful accounts 5000 2400 2600 Inventory 43200 1300056200
Prepaid rent 4000 4000 Land Building Accumulated depreciation Accounts payable 140700 19700 121000 Utilities payable 4000 4000 Interest payable line of credit(short term) note payable(long term) common stock 50000 50000 preferred stock additional paid in capital Ps treasury stock additional capital paid in TS retained earnings 68000 68000 sales revenue 235000 273000 508000 cost of goods sold 128800 137000 265800 opertaing expenses 112800 99800 212600 interest expense 4000 4000 rent 4000 4000 dividends 5000 5000 CHECK 502700 502700 323500 323500 753600 753600Related Questions
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