Does anyone have the answers to the Comprehensive Problem 2: Accounting Cycle wi
ID: 2593223 • Letter: D
Question
Does anyone have the answers to the Comprehensive Problem 2: Accounting Cycle with Subsidary Ledgers, part 1? tjs specialty shop. I messed up somewhere and I can't figure out where.
616 PART Comprehensive Problem 2: Accountin Cycle with Subsidiary Ledgers, Part 1 During the second half of December 20-1, TJ's Specialty Shop engaged in the following Received payment from Lucy Greene on account, $1,960. Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. transactions: Dec. 16 16 Sale No. 640. Returned merchandise to Evans Essentials for credit, $150 Issued Check No. 813 to Evans Essentials in payment of December 1 17 balance of S1,250, less the credit received on December 17 Sold merchandise on account to Lucy Greene, $620, plus tax of $31. 18 19 Sale No. 641. 22 Received payment from John Dempsey on account, $1,560 23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies) Purchased merchandise on account from West Wholesalers, $1,200. Invoice No. 465, dated December 24, terms n/30. Purchased merchandise on account from Nathen Co., $800. Invoice No. 817, dated December 26, terms 2/10, n/30. 24 26 27 Issued Check No. 815 to KC Power & Light (Utilities Expense) for the 27 Sold merchandise on account to John Dempsey, $2,020, plus tax of 29 Received payment from Martha Boyle on account, $2,473. month of December, $630. $101. Sale No. 642. Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, $1,100. Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200 As of December 16, TJ's account balances were as follows: 29 30 Account Account No. Debit Credit Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accum. Depr.-Building Store Equipment Accum. Depr.-Store Equipment 101 122 131 141 9,705 10,256 21,800 1,035 1,380 8,700 52,000 161 $ 9,200 181 181.1 28,750 9,300Explanation / Answer
INCOME STATEMENT
$
$
SALES
127700
SR
-1430
126270
OP INV
21800
PURCHAS
66400
P/R
-610
FREIGHT
175
CLO INV
-78700
-9065
GROSS PROFIT
117205
DIS
698
117903
EXPENSES
WAGES
27530
ADVT
4700
INSU
380
TELE
2180
UTI
7530
MISC
2700
INT
1350
SUPPLIES
630
DEP
1250
-48250
NET PROFIT
69653
BALANCE SHEET
FIXED ASSETS
LAND
8700
BLDG
42000
EQUIP
19000
69700
CURRENT ASSETS
CLOING INV
78700
SUPPLIES
525
AR
7203
PREPAID
1000
CASH
12548
TOTAL
99976
169676
C/ LIAB
AP
4150
WAGES PAY
330
SALES TAX
1518
-5998
LTL MORTGAGE
-12525
CAPITAL
-90000
DRAWINGS
8500
PROFIT
-69653
169676
$
$
CASH
12548
ACC REC
7203
OP INV
21800
PREPAID INSU
1000
SUPPLIES
1155
LAND
8700
BLDG
52000
ACC DEP BLDG
10000
EQUIP
28750
ACC DEP EQ
9750
ACC PAY
4150
DEP BLG
800
DEP EQUIP
450
WAGES PAYABLE
330
SALES TAX PAYABLE
1518
WAGES
27530
MORTGAGE
12525
CAPITAL
90000
DRAWINGS
8500
SALES
127700
SRTN
1430
PURCH
66400
PUR RTN
610
PUR DIS
698
FREIGHT IN
175
ADVT
4700
TELE
2180
UTI
7530
MIS
2700
INTER
1350
257281
257281
INCOME STATEMENT
$
$
SALES
127700
SR
-1430
126270
OP INV
21800
PURCHAS
66400
P/R
-610
FREIGHT
175
CLO INV
-78700
-9065
GROSS PROFIT
117205
DIS
698
117903
EXPENSES
WAGES
27530
ADVT
4700
INSU
380
TELE
2180
UTI
7530
MISC
2700
INT
1350
SUPPLIES
630
DEP
1250
-48250
NET PROFIT
69653
BALANCE SHEET
FIXED ASSETS
LAND
8700
BLDG
42000
EQUIP
19000
69700
CURRENT ASSETS
CLOING INV
78700
SUPPLIES
525
AR
7203
PREPAID
1000
CASH
12548
TOTAL
99976
169676
C/ LIAB
AP
4150
WAGES PAY
330
SALES TAX
1518
-5998
LTL MORTGAGE
-12525
CAPITAL
-90000
DRAWINGS
8500
PROFIT
-69653
169676
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