Lucky 7 Cycle Shop S.No. Account Debit $ Credit $ 1 Inventory $11,550.00 Trek Co
ID: 2532446 • Letter: L
Question
Lucky 7 Cycle Shop
S.No.
Account
Debit $
Credit $
1
Inventory
$11,550.00
Trek Corporation
$11,550.00
2
Stranger thanDirt Offered
$5,900.00
Sales Revenue
$5,900.00
Cost of goods sold
$3,900.00
Inventory
$3,900.00
3
Camp. Italia
$5,500.00
Cash
$5,390.00
Discount Received
$110.00
4
Cash
$7,840.00
Discount Allowed
$160.00
Arnasilla Sports
$8,000.00
5
Prepaid Insurance
$16,000.00
Cash
$16,000.00
6
Specialized Bicycle Supply
$13,200.00
Cash
$13,200.00
7
Coastal Bike Tours
$13,000.00
Sales Revenue
$13,000.00
Cost of goods sold
$7,800.00
Inventory
$7,800.00
8
Cash
$6,860.00
Discount Allowed
$140.00
Alma Sports
$7,000.00
9
Shimana Japan
$4,800.00
Cash
$4,800.00
10
Cash
$2,450.00
Discount Allowed
$50.00
Dimebox Wheelsports
$2,500.00
11
Eura Pedalpushers
$22,600.00
Sales Revenue
$22,600.00
Cost of goods sold
$13,560.00
Inventory
$13,560.00
12
Inventory
$22,150.00
Klein
$22,150.00
13
Cash
$18,200.00
Sales Revenue
$18,200.00
Cost of goods sold
$10,900.00
Inventory
$10,900.00
14
Cash
$3,920.00
Discount Allowed
$80.00
Eura Pedalpushers
$4,000.00
15
Inventory
$9,000.00
Pearl Izumi
$9,000.00
16
Dimebox Wheelsports
$13,325.00
Sales Revenue
$13,325.00
Cost of goods sold
$8,115.00
Inventory
$8,115.00
17
Cash
$5,880.00
Discount Allowed
$120.00
Panhandle Spinshop
$6,000.00
18
Inventory
$2,100.00
Descente Bike Supply
$2,100.00
19
Inventory
$9,600.00
Descente Bike Supply
$9,600.00
20
Sales Revenue
$500.00
Dimebox Wheelsports
$500.00
Inventory
$300.00
Cost of goods sold
$300.00
21
Misc Selling Expenses
$230.00
Cash
$230.00
22
Fastspeed Fitness
$8,760.00
Sales Revenue
$8,760.00
Cost of goods sold
$5,356.00
Inventory
$5,356.00
23
Pearl Izumi
$360.00
Inventory
$360.00
24
Cash
$300.00
Mellow Johny Speedwear
$300.00
25
Bad Debt Expenses
$1,650.00
Doug's Cruisers
$1,650.00
26
Cash
$6,272.00
Discount Allowed
$128.00
Stranger thanDirt Offered
$6,400.00
27
Cash
$12,740.00
Discount Allowed
$260.00
Coastal Bike Tours
$13,000.00
Journal General
Trans #
Date
Account Head
Debit
Credi
28
Sales salaries
15000
Cash
15000
29
Office Salaries
9000
Cash
9000
30
Cash
23300
Sales
23300
Cost of sales
14800
Inventory
14800
31
Cash
22148
Discount
452
Euro Pedalpushers
22600
32
Inventory
4590
Trek Corporation
4590
33
Misc Selling exp
825
Trek Corporation
825
34
Store Supplies
325
Trek Corporation
325
35
P Spinshop
3885
Sales
3885
Cost of Sales
2331
Inventory
2331
36
dividends
26500
cash
26500
37
advertising
530
Cash
530
38
Inventory
5710
MJ speedwear
5710
39
pearl Izumi
8467.2
cash
8467.2
40
S.C. flames
19000
Cash
19000
41
advertising
360
Cash
360
42
cash
13058.5
Discount
266.5
D wheelparts
13325
43
Return intwards
150
P. Spinshop
150
44
cash
8584.8
Discount
175.2
F Fitness
8760
45
Misc Selling exp
530
Cash
530
46
Inventory
5280
DB Supply
5280
47
Store Supplies
260
DB Supply
260
48
Cash
18500
Sales
18500
Cost of sales
13280
Inventory
13280
49
Inventory
5400
DB Supply
5400
50
CB Tours
22500
Sales
22500
Cost of sales
13490
Inventory
13490
52
Inventory
5050
klein
5050
53
Misc. Admin exp
245
Cash
245
54
S Japan
135
Return Outwards
135
55
A Sports
2075
Sales
2075
Cost of sales
2075
Inventory
2075
56
Sales salaries
15000
Cash
15000
57
Office Salaries
9000
Cash
9000
58
A Sports
18950
Sales
18950
Cost of sales
12527
Inventory
12527
59
Misc. Admin exp
340
Cash
340
60
DB Supply
5530
Cash
5419.4
Discount
110.6
61
dividends
25250
Cash
25250
62
Misc. Admin exp
612
Cash
612
63
Misc. Admin exp
618
Cash
618
64
Interest payable
680
Cash
680
65
Cash
4060
Note receivable
4000
Interest receivable
60
66
Cash
24400
Sales
24400
Cost of sales
14430
Inventory
14430
Adjusting entries
J1
Inventory shrinkage
335
Inventory
335
J2
Office supplies
410
income statement
410
J3
Store Supplies
850
income statement
850
J4
expense account
1333.33
prepaid expense
1333.33
J5
Depreciation exp
602.78
Accumulated dep
602.78
J6
Depreciation exp
800
Accumulated dep
800
J7
Unearned rental revenue
485
Sales Revenue
485
J9
Interest receivable
32
Interest income
32
J10
Sales salaries
2800
Sales salaries payable
2800
J11
Office Salaries
2100
Office Salaries Payable
2100
Create a trial balance, with adjustments and its adjusted trial balance column.
S.No.
Account
Debit $
Credit $
1
Inventory
$11,550.00
Trek Corporation
$11,550.00
2
Stranger thanDirt Offered
$5,900.00
Sales Revenue
$5,900.00
Cost of goods sold
$3,900.00
Inventory
$3,900.00
3
Camp. Italia
$5,500.00
Cash
$5,390.00
Discount Received
$110.00
4
Cash
$7,840.00
Discount Allowed
$160.00
Arnasilla Sports
$8,000.00
5
Prepaid Insurance
$16,000.00
Cash
$16,000.00
6
Specialized Bicycle Supply
$13,200.00
Cash
$13,200.00
7
Coastal Bike Tours
$13,000.00
Sales Revenue
$13,000.00
Cost of goods sold
$7,800.00
Inventory
$7,800.00
8
Cash
$6,860.00
Discount Allowed
$140.00
Alma Sports
$7,000.00
9
Shimana Japan
$4,800.00
Cash
$4,800.00
10
Cash
$2,450.00
Discount Allowed
$50.00
Dimebox Wheelsports
$2,500.00
11
Eura Pedalpushers
$22,600.00
Sales Revenue
$22,600.00
Cost of goods sold
$13,560.00
Inventory
$13,560.00
12
Inventory
$22,150.00
Klein
$22,150.00
13
Cash
$18,200.00
Sales Revenue
$18,200.00
Cost of goods sold
$10,900.00
Inventory
$10,900.00
14
Cash
$3,920.00
Discount Allowed
$80.00
Eura Pedalpushers
$4,000.00
15
Inventory
$9,000.00
Pearl Izumi
$9,000.00
16
Dimebox Wheelsports
$13,325.00
Sales Revenue
$13,325.00
Cost of goods sold
$8,115.00
Inventory
$8,115.00
17
Cash
$5,880.00
Discount Allowed
$120.00
Panhandle Spinshop
$6,000.00
18
Inventory
$2,100.00
Descente Bike Supply
$2,100.00
19
Inventory
$9,600.00
Descente Bike Supply
$9,600.00
20
Sales Revenue
$500.00
Dimebox Wheelsports
$500.00
Inventory
$300.00
Cost of goods sold
$300.00
21
Misc Selling Expenses
$230.00
Cash
$230.00
22
Fastspeed Fitness
$8,760.00
Sales Revenue
$8,760.00
Cost of goods sold
$5,356.00
Inventory
$5,356.00
23
Pearl Izumi
$360.00
Inventory
$360.00
24
Cash
$300.00
Mellow Johny Speedwear
$300.00
25
Bad Debt Expenses
$1,650.00
Doug's Cruisers
$1,650.00
26
Cash
$6,272.00
Discount Allowed
$128.00
Stranger thanDirt Offered
$6,400.00
27
Cash
$12,740.00
Discount Allowed
$260.00
Coastal Bike Tours
$13,000.00
Explanation / Answer
Account Names DEBIT CREDIT Adjusted Debit Adjusted Credit Final Debit Final Credit 110 Cash 31,841.80 31,841.80 - 120 Accounts Receivables 45,060.00 45,060.00 - 125 Allowance for uncollectible Accounts 2,172.00 2,334.00 - 4,506.00 130 Interest Receivable 60.00 (32.00) - 28.00 140 Notes rece. 2,000.00 2,000.00 - 150 Inventory 2,346.00 (335.00) 2,011.00 - 160 Office Supplies 1,533.00 1,533.00 - 170 Store Supplies 1,754.00 1,754.00 - 180 Prepaid Insurance 16,000.00 (1,333.33) 14,666.67 - 210 Land 1,39,000.00 1,39,000.00 - 220 Building 2,17,000.00 2,17,000.00 - 225 Accumated Depreciation - Building 42,000.00 602.78 - 42,602.78 230 Equipment 67,200.00 67,200.00 - 235 Accumated Depreciation - Equipment 28,800.00 800.00 - 29,600.00 310 Accounts Payable 49,187.80 - 49,187.80 320 Salaries Payable 4,900.00 - 4,900.00 330 Unearned Interest 4,500.00 - 4,500.00 350 Notes payable 1,16,320.00 - 1,16,320.00 410 Common Stock 1,000.00 - 1,000.00 415 Paid in Capital - comman stock 1,99,000.00 - 1,99,000.00 420 Retained earnings 1,15,115.00 - 1,15,115.00 450 Dividends 51,750.00 51,750.00 - 490 Income Summary 1,260.00 - 1,260.00 510 Sales 1,95,895.00 485.00 - 1,96,380.00 520 Sales return and allowances 150.00 150.00 - 530 Sales Discounts 1,611.00 1,611.00 - 610 Cost of Sales 1,22,864.00 1,22,864.00 - 710 Sales salaries expenses 30,000.00 2,800.00 32,800.00 - 720 Advertising Expenses 890.00 890.00 - 730 Store Supplies expense 850.00 850.00 - 740 Miscellaneous selling expenses 1,585.00 1,585.00 - 750 Bad debt expenses 1,650.00 2,334.00 3,984.00 - 810 Office Salary expenses 18,000.00 2,100.00 20,100.00 - 820 Insurance expenses 1,333.33 1,333.33 - 830 Office supllies expenses 410.00 410.00 - 840 Depreciation exp. Building 602.78 602.78 - 850 Depreciation exp. Equipment 800.00 800.00 - 890 Miscellaneous admin expenses 1,815.00 335.00 2,150.00 - 910 Rent Expenses 485.00 485.00 - 920 Interest Revenue 32.00 - 32.00 950 Interest Expenses - - 7,54,049.80 7,54,049.80 10,381.78 10,381.78 7,64,431.58 7,64,431.58
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