This is the chart of accounts given. 65,900 200,200 2,110 1,900 376,400 110 Cash

Question

This is the chart of accounts given.

65,900 200,200 2,110 1,900 376,400 110 Cash 111 Accounts Receivable 112 Allowance for bad debts 113 Allowance for sales returns 114 Inventor 115 Estimated Returns Inventor 116 Supplies 117 Prepaid Insurance 121 Investments in Available for sale securities: Noncurrent (net) 18,300 131 Land 132 Equipment 133 Accumulated Depreciation-- Equip 141 Deferred Tax Asset 211 Accounts Payable 212 Salaries Payable 213 Refund liabilit 214 Deferred Rent Revenue 215 Notes Payable (due in 8 months) 216 Interest Payable 217 Income taxes payable 311 Common Stock, $1 Par 312 Additional paid in capital 313 Retained Earnings 314 Accumulated Other Comprehensive Income/(Loss) 315 Income Summar 316 |Dividends 411 Sales 412 Sales returns 511 Cost of Goods Sold 521Sales Salaries Expense 522 Advertising Expense 523Delivery Expense 524Depreciation Expense- Equip 525Miscellaneous Selling Expense 526 Office Salaries Expense 527Rent Expense 528 Insurance Expense 529Supplies Expense 530 Bad debts expense 531Income taxes expense 611 Rent Revenue 711 Interest Expense 12,100 30,000 140,000 997,100 289,600 111,300 33,200 50,000 100,000 59,000 600,800 1,200 75,000 4,381,190 79,200 2,122,100 650,600 220,000 36,000 29,600 42,800 407,000 125,000 3,000

Explanation / Answer

Date Accounts Title Dr Cr 1-Dec Cash $3,000 Unearned Rent Revenue $3,000 3-Dec Inventory $24,500 Accounts payable $24,500 4-Dec Inventory $475 Cash $475 7-Dec Accounts payable $4,000 Estimated Return Inventory $4,000 11-Dec Accounts receivable $12,700 Sales $12,700 Cost of Good sold $7,600 Inventory $7,600 12-Dec Delivery expenses/Freight out $300 Cash $300 13-Dec Cash $19,930 Inventory (24500+4000)*2% 570 Accounts payable 20500 15-Dec Cash $8,261 Sales Disount (8430*2%) 169 Accounts receivable 8430 22-Dec Cash $12,446 Sales Disount (12700*2%) 254 Accounts receivable 12700 23-Dec Supplies $500 Accounts Payable $500 De 27 Sales salaries expenses $2,300 Office salaries expenses 1400 Cash $3,700 28-Dec CAsh $16,500 Sales $16,500 Cost of Good sold $11,200 Inventory $11,200 30-Dec Rent expenses $1,000 Cash $1,000 31-Dec Advertsing expenses $400 Cash $400 a) Cost of good sold 80605 Inventory $80,605 (376400+24500+475-470-7600-11200)-301500 b) Bad Debt expenses $3,643 Allowance for Doubtful debts $3,643 aR (200200+12700-12700-8430) 191770 Bad debt expense=(191770*3%)-2110 3643 c) Insurance expenses $12,350 Prepaid Insurance $12,350 d Supplies expenses 10500 Supplies $10,500 (12100+500)-2100 e Depreciation expenses $14,130 Accumulated Dep-Equipemnt $14,130 f Sales salaries expenses $1,800 Office salaries expenses 890 Sales salaries expenses 1800 Office salaries expenses 890 g Interest expenses $240 Interest payable $240 h Unearned Revenue $1,000 Rent revenue $1,000 k AOCI $1,505 Deferred Tax Asset 645 Invesrment in AFS $2,150

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