260 5 Accounting for Merchandising Operations Unadjusted Adjusted s 25,200 25,20

Question

260 5 Accounting for Merchandising Operations Unadjusted Adjusted s 25,200 25,200 Notes Payable Accounts Payable Accounts Receivable Aeeumulated Depr-Equip- 30,500 Owner's Capital 45,000 Owner's Drawings 26,000 Prepaid Insurance- 507,000 Preperty Tax Expense 30,500 ui 34,000 34 26,000 as Cost of Goods Sold Freight-Out- Equipment 507,000 507,000 Preperty Tax Expens 6,500 Property Taxes Payable 6,500 146,000 146,00 Reat Expense 11,000 7,000 6,400 8,000 29,000 Salaries and Wages Exper Insura Interest-Expense Interest Revenue 6,400 8,000 29,000 Sales Reserue Sales Cominissions Exper Sales Commissiens Payab Sales Returns and Allowa Utilities Expense Instructions (a) Pre pare a multiple-step income statement, an owners (a) Net income $29,100 Owner's capital $120,800 Total assets $190,000 balance sheet. Notes payable are due in 2017 (b) Journalize the adjusting entries that were made. (c) Journalize the closing entries that are necessary nt, an owner's Journalize, post, and prepare P5-4A Adam Nichole a trial balance.

Explanation / Answer

Accounts Trial Balance Adjustments Trial Balance after adjustment Income statement Balance sheet Dr. Cr. Dr Cr Dr Cr Dr Cr Dr Cr Cash 26000 26000 26000 Accounts Receivable 30500 30500 30500 Inventory 29000 29000 29000 29000 Prepaid insurance 10500 7000 3500 3500 Equipment 146000 146000 146000 Accumulated depriciation 34000 11000 45000 45000 Accounts payable 25200 25200 25200 Notes payable 37000 37000 37000 Property tax expense 2500 2500 2500 2500 capital 101700 101700 101700 Drawings 10000 10000 10000 Rent 15000 15000 15000 Sales revenue 700000 700000 700000 sales commission 6500 4500 11000 11000 4500 Sales return 8000 8000 8000 utility expense 8500 8500 8500 Freight out 6500 6500 6500 Salary And Wages 96000 96000 96000 Interest expense 6400 6400 6400 Interest revenue 8000 8000 8000 398900 916900 net income 193000 193000 346900 737000

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