CLOSING TB | ||
DR | CR | |
CASH | $87,30,000 | |
ACCOUNT RECEIVABLE | $57,10,000 | |
ALLOWANCE FOR BAD DEBTS | $10,000 | |
SHOE INVENTORY | $32,80,600 | |
SUPPLIES | $20,000 | |
PREPAID INSURANCE | ||
EQUIPMENT | $10,00,000 | |
ACCUMULATED DEPRECIATION EQPT | $5,00,000 | |
AUTO | $1,00,000 | |
ACCUMULATED DEPRECIATION AUTO | $87,500 | |
ACCOUNTS PAYABLE | $1,10,80,000 | |
WAGES PAYABLE | $3,00,000 | |
UNEARNED REVENUE | ||
NOTE PAYABLE | $70,000 | |
JHJ COMMON STOCK | $22,00,000 | |
JHJ RETAINED EARNINGS | $15,00,000 | |
JHJ DIVIDENDS | $5,00,000 | |
SHOE SALES | $1,50,40,000 | |
SHOE SALE RETURNS | ||
COST OF GOODS SOLD | $97,19,400 | |
PURCHASE RETURNS | ||
FREIGHT IN | ||
RENT EXPENSE - SELLING | ||
SUPPLIES EXPENSE - SELLING | $70,000 | |
INSURANCE EXPENSE - ADMINSTRATIVE | $10,000 | |
DEPRECIATION EXP ADMIN | $1,12,500 | |
SALES SALARIES | $33,00,000 | |
BAD DEBT EXPENSE | ||
INTEREST EXPENSE | $10,000 |
JOURNAL ENTRIES | |||
DR | CR | ||
1 | CASH | $2,00,000 | |
JHJ COMMON STOCK | $2,00,000 | ||
2 | SUPPLIES | $40,000 | |
CASH | $40,000 | ||
3 | SHOE INVENTORY | $30,00,000 | |
ACCOUNTS PAYABLE | $30,00,000 | ||
4 | CASH | $60,00,000 | |
SHOE SALES | $60,00,000 | ||
4 | COST OF GOODS SOLD | $31,58,400 | |
SHOE INVENTORY | $31,58,400 | ||
5 | SALES SALARIES | $30,00,000 | |
CASH | $30,00,000 | ||
6 | SHOE INVENTORY | $80,00,000 | |
ACCOUNTS PAYABLE | $80,00,000 | ||
7 | ACCOUNT RECEIVABLE | $90,00,000 | |
SHOE SALES | $90,00,000 | ||
7 | COST OF GOODS SOLD | $54,67,500 | |
SHOE INVENTORY | $54,67,500 | ||
8 | DIVIDENDS | $5,00,000 | |
CASH | $5,00,000 | ||
9 | CASH | $40,00,000 | |
ACCOUNT RECEIVABLE | $40,00,000 | ||
10 | ALLOWANCE FOR BAD DEBTS | $90,000 | |
ACCOUNT RECEIVABLE | $90,000 | ||
11 | CASH | $21,00,000 | |
SHOE SALES | $21,00,000 | ||
11 | COST OF GOODS SOLD | $10,93,500 | |
SHOE INVENTORY | $10,93,500 | ||
12 | NOTE PAYABLE | $20,000 | |
INTEREST EXPENSE | $10,000 | ||
CASH | $30,000 | ||
CLOSING ENTRIES | |||
INSURANCE EXP-ADMIN | $10,000 | ||
PREPAID INSURANCE | $10,000 |
Inventory | ||||
Date | Transaction | Units | Cost | Total Cost |
Opg Inventory | 50,000 | 20 | $10,00,000 | |
40,000 | 25 | $10,00,000 | ||
May-01 | Purchase | 1,00,000 | 30 | $30,00,000 |
1,90,000 | $26.32 | $50,00,000 | ||
Cash sales | -1,20,000 | 26.32 | -$31,58,400 | |
Jul-01 | Purchase | 2,00,000 | 40 | $80,00,000 |
2,70,000 | $36.45 | $98,41,600 | ||
Aug-01 | Credit Sales | -1,50,000 | $36.45 | -$54,67,500 |
Cash sales | -30,000 | $36.45 | -$10,93,500 | |
Closing inventory | 90,000 | $36.45 | $32,80,600 | |
Depreciation - Double Declining Method - Auto | ||||
Initial Cost | $1,00,000 | |||
Life | 4 | |||
Depreciation | ||||
1 | ₹ 50,000.00 | |||
2 | ₹ 25,000.00 | |||
3 | ₹ 12,500.00 | |||
4 | ₹ 6,250.00 |
Journalize, Trial balance and statements PROBLEM 1-9 JHJ ATHLETIC SHOE STORE 2012 LACCOUNTS WITBALANCES CASH ACCOUNTS...
journalize, T-Accounts, trial balance STORE 2012 PROBLEM 1-9 HUJ ATHLETIC SHOE STORE TACCOUNTS WITH BALANCES CEIVABLE / 800.000 100.000 CASH ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS SHOE INVENTORY SUPPLIES 50,000 10,000 PREPAID INSURANCE EQUIPMENT 1.000.000 ACCUMLATED DEPRECIATION - EQUIP 400,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 75,000 ACCOUNTS PAYABLE 80.000 WAGES PAYABLE UNEARNED REVENUE 40,000 NOTE PAYABLE JHJ COMMON STOCK 90,000 2,000,000 JHJ RETAINED EARNINGS JHJ DIVIDENDS SHOE SALES SHOE SALE RETURNS 1,500,000 COST OF GOODS SOLD PURCHASE RETURNS FREIGHT IN...
Required: 19-27 300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE 800,000 100,000 ALLOWANCE FOR BAD DEBTS SHOE INVENTORY ? 50,000 SUPPLIES PREPAID INSURANCE 10,000 EQUIPMENT 1,000,000 ACCUMLATED DEPRECIATION EQUIP 300,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 50,000 ACCOUNTS PAYABLE WAGES PAYABLE 80,000 10.000 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMOM STOCK RETAINED EARNINGS JHJ DIVIDENDS 90.000 500,000 SHOE SALES SHOE SALE RETURNS COST OF GOODS SOLD 120 | Page PURCHASE RETURNS FREIGHT IN RENT EXPENSE...
Can someone answer questions 19-27 in the "required" section of the third page please. 300,000 PROBLEM 1-7 JHJ ATHLETIC SHOE STORE 2011 T.ACCOUNTS WITH BALANCES CASH ACCOUNTS RECEIVABLE 800,000 100,000 ALLOWANCE FOR BAD DEBTS SHOE INVENTORY ? 50,000 SUPPLIES PREPAID INSURANCE 10,000 EQUIPMENT 1,000,000 ACCUMLATED DEPRECIATION EQUIP 300,000 AUTO 100,000 ACCUMULATED DEPRECIATION- AUTO 50,000 ACCOUNTS PAYABLE WAGES PAYABLE 80,000 10.000 40,000 UNEARNED REVENUE NOTE PAYABLE JHJ COMMOM STOCK RETAINED EARNINGS JHJ DIVIDENDS 90.000 500,000 SHOE SALES SHOE SALE RETURNS COST...
Required: Journalize all entries JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $20,000 INTO JHJ SHOESTORE 2. Purchased $4,000 in SUPPLIES on account k3. PURCHASED 3,000 SHOES AT S50 EACH 4. PURCHASED 2,000 SHOES AT S60EACH 5. RECEIVED $5,000 IN ADVANCE FOR FUTURE SHOE SALES from 50 customers 6. PURCHASED $50,000 IN EQUIPMENT WITH A 10-year LIFE, PAYING $15,000 IN CASH AND PLACED THE REMAINING BALANCE ON A NOTIE 7. CASH SALES OF 1,500 SHOES AT $100 EACH 8. Sales on account,...
STUDY PROBLEM 1-12 Group A FINANCIAL TRANSACTIONS Invested $200,000 to start JHJ rental car company Paid cash of $10,000 for supplies Paid cash of $24,000 for two year insurance policy Purchased equipment on account in the amount of $10,000 Purchased $15,000 in supplies on account Paid advertising expense of $10,000 Purchased ten autos for $30,000 each paying $50,000 down and signed a note for the balance Received cash car rental revenue $400,000 Paid office salaries of $80,000 Paid rent expense...
I can't figure iut wbats wrong with the trial balance and t accounts and maybe journal entries NAME Financial Accounting Review Problem 1 JOURNALIZE THE FOLLOWING TRANSACTIONS 1. INVESTED $25.000 INTO JHJ SHOESTORE 2. Purchased $6,000 in SUPPLIES on account 3. PURCHASED 3,000 SHOES AT SIO EACH 4. PURCHASED 3,000 SHOES AT $20 EACH 5. Purchased 3,000 Shoes at $30 cach 6. PURCHASED $50,000 IN EQUIPMENT WITH A 5-year LIFE, PAYING $20,000 IN CASH AND PLACED THE REMAINING BALANCE ON...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...
prepare cash flow statement PROBLEM 2-7 The financial statements for the JHJ Book Store are as follows: INCOME STATEMENT 2013 3,000,000 2.500.000 500,000 Sales Cost of Books Sold Gross Profit Operating Expenses Depreciation Gain on sale of land Net Income 250,000 50.000 300,000 400.000 600.000 BALANCE SHEET 2013 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Land Total Assets 2012 100,000 125,000 150,000 100,000 (25,000) 100,000 550.000 2013 300,000 200,000 350,000 450,000 (75,000) 1.225.000 Accounts Payable Long Term Bond Payable Total...
STATEMENT OF CASH FLOW EXAMPLE PROBLEM JHJ Bookstore first year's transactions are listed below: 1. Contributed cash of $200 to begin business 2. Purchased inventory on account for $2.000 3. Cash sales were $1,200 with cost of sales $600 4. Sales on account were $800 with cost of sales $400 5. Purchased supplies paying cash of 100 6. Paid salaries of 200 7. Purchased equipment costing $600 paying cash of $200 and signing a long-term note for the balance 8....
Cash Accounts receivable Prepaid insurance Supplies inventory Trial balance Financial Statements Statement of Income Balance Sheet Statement of Cash Flows Trial balance Debits Credits Adjusting entries Debits Credits Adjusted trial balance Debits _ Credits _ Revenue Assets Cash Accounts receivable Prepaid insurance Supplies inventory Computer equipment Accumulated depreciation Total assets Net income + Depreciation - Accounts receivable - Prepaid insurance - Supplies + Accounts payable Cash from operations Computer equipment Accounts payable Notes payable Common stock Accounts Cash Accounts receivable...