Question

Wallenpaupack Lake Co. is a retail business that uses the perpetual inventory system. The account balances for Wallenpaupack as of May 1, 20Y9 (unless otherwise indicated), are as follows: 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation- Store Equipment 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings $ 83,600 233,900 624,400 28.000 16.800 11.400 569.500 $ 135,000 5,069,000 2.823 000 664.800 281.000 312 Dividends 410 Sales 510 Cost of Goods Sold 520 Sales Salaries Expense 1521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 56,700 96,600 12,600 382,100 83.700 50,000 100,000 585,300 7,800 During May, the last month of the fiscal year, the following transactions were completed: 1. Paid rent for May, $5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of May 3, $600. 6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. 10. Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. 13. Paid for merchandise purchased on May 3. 15. Paid advertising expense for last half of May, $11,000. 16. Received cash from sale of May 6. 19. Purchased merchandise for cash, $18,700. 19. Paid $33,450 to Buttons Co. on account. 20. Paid Korman Co. a cash refund of $13.230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. 20. Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000. 21. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. 21. Received $42,900 cash from Gee Co. on account.

How do I journalize these transactions and then post them to an unadjusted trial balance?

Answer 1

ou. Please S No LIKE butt Date if this helped. For any further explanation, please put your quer Account comment, Debit get back t Credit $ 5,000 1 May 1 1 May 1 Rent Expense Cash (Being Rent Paid) $ 5,000 $ 36,000 2 May 3 2 May 3 Merchandise Inventory Accounts Payable (being inventory purchased) $ 36,000 $ 600 3 May 4 3 May 4 Merchandise Inventory Cash (Freight Paid) 600 $ 68,500 4 May 6 4 May 6 Accounts Receivable Sales (being Sales done) $ 68,500 $ 41,000 5 May 6 5 May 6 Cost of Merchandise Sold Merchandise Inventory (COGS of sales) $ 41,000 $ 22,300 6 May 7 6 May 7 Cash Accounts Receivable (being advance received) $ 22,300 $ 54,000 7 May 10 7 May 10 Cash Sales (Cash Sale) $ 54,000 $ 32,000 8 May 10 8 May 10 Cost of Merchandise Sold Merchandise Inventory (COGS) $ 32,000 $ 36,000 9 May 13 9 May 13 9 May 13 Accounts Payable Cash Merchandise Inventory (payment done after taking discount) $ $ 35,280 720 2% Discount $ 11,000 10 May 15 10 May 15 Advertising Expense Cash $ 11,000 11 May 16 11 May 16 11 May 16 $ $ 67,130 1,370 2% discoung Cash Sales Discount Accounts Receivable (Cash received after discount) $ 68,500 $ 18,700 12 May 19 12 May 19 Merchandise Inventory Cash (Inventory purchased) $ 18,700

$ 33,450 13 May 19 13 May 19 Accounts Payable Cash (Paid on account to Button and co) $ 33,450 $ 13,230 14 May 20 14 May 20 Customer Refund Payable Cash $ 13,230 $ 8,000 15 May 20 15 May 20 Merchandise Inventory Estimated Returns Inventory $ 8,000 $ 110,000 16 May 20 16 May 20 Accounts Receivable Sales $ 110,000 $ 70,000 17 May 20 17 May 20 cost of Merchandise Sold Merchandise Inventory $ 70,000 $ 2,300 18 May 21 18 May 21 Accounts Receivable Cash $ 2,300 $ 42,900 19 May 21 19 May 21 Cash Accounts Receivable $ 42,900 $ 88,000 20 May 21 20 May 21 Merchandise Inventory Accounts Payable $ 88,000 $ 5,000 21 May 24 21 May 24 Accounts Payable Merchandise Inventory $ 5,000 $ 7,500 22 May 26 22 May 26 Customer Refund Payable Cash $ 7,500 $ 4,800 23 May 26 23 May 26 Merchandise Inventory Estimated Returns Inventory $ 4,800 24 May 28 24 May 28 24 May 28 Sales Salaries Expense Office Salaries Expense Cash $ $ 56,000 29,000 $ 85,000 $ 2,400 25 May 28 25 May 28 Store Supplies Cash $ 2,400 $ 78,750 26 May 30 26 May 30 Accounts Receivable Sales $ 78,750 $ 47,000 27 May 30 27 May 30 Cost of Merchandise Sold Merchandise Inventory $ 47,000 28 May 30 28 May 30 28 May 30 Sales Discount Cash Accounts Receivable $ $ 2,100 111,200 $ 113,300 $ 83,000 29 May 31 29 May 31 29 May 31 Accounts Payable Cash Merchandise Inventory $ $ 82,170 830

Credit Adjusting Date May 31 May 31 Account Cost of Merchandise Sold Merchandise Inventory Debit $ 13,950 $ 13,950 $ 12,000 May 31 May 31 Insurance Expense Prepaid Insurance $ 12,000 $ 9,800 May 31 May 31 Store Supplies Expense Store supplies $ 9,800 $ 14,000 May 31 May 31 Depreciation Expense-Store Equipment Accumulated Depreciation-Store Equipment $ 14,000 May 31 May 31 May 31 Sales Salaries Expense Office Salaries Expense Salaries Payable $ $ 7,000 6,600 $ 13,600 $ 14,000 May 31 May 31 Depreciation Expense-Store Equipment Accumulated Depreciation-Store Equipment $ 14,000 $ 60,000 May 31 May 31 Sales Customers Refund Payable $ 60,000 $ 35,000 May 31 May 31 Estimated Returns Inventory Cost of Merchandise Sold $ 35,000

Debit Unadjusted Trial Balance Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Beginning Debit Credit $ 83,600 233,900 624,400 28,000 16,800 11,400 569,500 56,700 Transaction Debit Credit $ 900 $ - $ 12,550 $ - $ - $ 40,450 $ - $ 12,800 $ - $ - $ 2,400 $ - $ - $ - Debit $ $ $ $ $ $ $ Unadjusted Credit 84,500 246,450 583,950 15,200 16,800 13,800 569,500 Adjusted Entries Adjusted Debit Credit Debit Credit $ 84,500 $ 246,450 $ 13,950 $ 570,000 $ 35,000 $ 50,200 $ 12,000 $ 4,800 $ 9,800 $ 4,000 $ 569,500 Post Closing Credit 84,500 246,450 570,000 50,200 4,800 4,000 569,500 $ 14,000 56,700 63,150 33,450 $ U 96,600 $ - IS 50,000 $ 100,000 585,300 $ 20,730 $ $ 13,600 60,000 70,700 63,150 13,600 89,270 100,000 585,300 70,700 63,150 13,600 89,270 707,430 585,300 $ 29,270 100,000 585,300 $ - $ $ $ 135,000 135,000 $ 135,000 $ 5,069,000 $ - $ 311,250 $ 5,380,250 $ 60,000 $ 5,320,250 Accounts Payable Salaries Payable Customer Refund Payable Retained Earning Common Stock Dividend Income Summary Sales Sales Return and Allowance Sales Discount Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense $ 35,000 2,823,000 664,800 281,000 $ 3,470 $ 190,000 $ 56,000 $ 11,000 $ $ 3,470 3,013,000 720,800 292,000 $ $ 13,950 $ 7,000 $ $ $ $ $ $ - $ $ 14,000 9,800 $ - 3,470 2,991,950 727,800 292,000 14,000 9,800 12,600 417,700 88,700 12,000 7,800 $ 12,600 382,100 83,700 12,600 411,100 88,700 $ 6,600 $ $ $ $ $ 29,000 5,000 . - 12,000 $ 7,800 $ 7,800 $ | $ 5,957,600 $ 5,957,600 $ 364,500 $ 364,500 $ 6,214,670 $ 6,214,670 $ 158,350 $ 158,350 $ 6,242,270 $ 6,242,270 $ 1,529,450 $1,529,450