Question

Because Natalie has had such a successful first few months, she is considering other opportunities to deve is the sale of fine European juicing machines. The owner of Kzinski Supply Co. has approached Natalie tot distributor of these fine juicers. The current cost of a juicer is approximate $575 Canadian, and Natalie Inventory is recorded using the perpetual method. In the end, Natalie decides to use the perpetual inventory system. The following transactions happen dure 2021: June 6 Purchased and received three deluxe juicers on account from Kzinski Supply Co. for $1,575, FO 1575 terms n/30 7 Paid $60 freight on the June 6 purchase. 8 60 Returned one of the juicers to Kzinski because it was damaged during shipping. Kzinski issued credit note for the cost of the juicer plus $20 for the cost of freight that was paid on June 6 for one juicer 9 Collected $500 of the accounts receivable from May 2021. 500 wy 13 Two deluce juicers were sold on account for $2,100, FOB destination, terms 1/30. The juicers sold to Kocial Family Bakery, the bakery that is owned and operated by Natalie's mom and dad. Natalie expect dico be paid for in early August. that juicer 14 14 15 Paid the $75 of delivery charges for the two juicers that were sold on June 13. 75 Purchased and received four deluxe juicers on account from Kzinski Supply Co. for $2,100, FOX 2100 tums n/30 Received a deposit of $125 from another yoga studio for smoothies during the month of Augu 125 20 Natalie was concerned that there was not enough cash available to pay for all of the juicers pu the inverted an additional $1,000 cash in Santé Smoothies. 80 21 Paid $80 freight on the June 14 purchase. 210 21 Sold two deluxe mixers for $2,100 cash. she had icoo 28 Issued a cheque to an assistant for 20 hours worked in June. The assistant earns $12 an hour. 20

Journal entries

Ledger account

Trial balance

Adjusted journal entries

Adjusted trial balance

Multiple step income statement

Closing entries

Using income summary method

Post-closing Trial balance

i know that is why need help how i can calculate and all the stuff can you help me please is it really really important for me it is covering major part of my grades

thanks

Answer 1

Answer:

I am helping here with the journal entries for all the transations made as well as the adjusting journal entries.

The ledger accounts could be prepared just considering the debit and credit details, for example for first entry for Purchased from Kzinski Supply Co. the entry would be:

Purchase a/c DR. 1,575

To Kzinski Supply Co. 1,575

Ledgers for the same would be:

Purchase A/c Dr.   Kzinski Supply Co. Cr.

To Kzinski Supply Co. 1,575 By Purchases 1,575

Please comment below if more clarifications are required on these.

02 14 MAY M 1 w TF 5 1 3 3 9 10 12 13 14 15 16 17 19 20 21 22 23 24 26 27 28 29 30 31 APRIL 2014 WEDNESDAY WK 14 • 072-373 2190 Date Pasticulars Dr. Amount Gr. Amount June 6 Purchase ale inol Dr. 1.575 Tokginstico. 1,57 (Purchase on credit) So Junet freight in wards Do 60 To cash.oo talona 6o. (Paid for freight). 5 d. Junes Purchase Rekon ouDo 5,45 To Purchase detean Ves) 525 To faeight Inwards ( Puschase Retuan) i trist June 9 cash ale of 29 psons Passoo Son (cash received) 20. To Acc. Rec MAY 2,100 ILIN June 13 family Batery To sales of sales made on coeditolo | ( Junely Delivery charger ale? Do Dog 759 To Cash of paid for faeight out) 75

20 21 22 23 24 2014 5 MT w 7 8 13 14 15 16 17 27 28 29 30 03 2 910 2014 5 M THURSDAY APRIL 2014 5 12 1619 Pasticulass 25 26 Date Junely 1.2,180 11.00 Purchase al Ds. 8,100 To zinski Co. (Purchase on coedit) Chiban Cash ale To Prepaid ni topinat 1940& (Amount rece in advance) June 15 12.00 100 June po 200 300 cash alc Dr. 1,000 U2 To Suote Smoothies (Cash taken from Sante) June 2) Freight inwards Dz. 180 To cash 80 (Freight charges paid on June 21 Cash ale Chaviana Dr. 2.100 To sales 2.100 Leash sales made) & iala June 28 Salgoy aleb Doquo (Amount paid in cash) ouillo pigau June 29 Accounts payable to D820 To cash 280 l cell phore bill paid) To cash 240

le 04 2014 MAY 5 w 1 F 5 2 3 5 6 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 APRIL 2014 FRIDAY WK14-094-271 Date 10.00 11.00 Pasticulass Dr. Amount Co. Amount Jine 29 Kzinski Co. ale 8,000 To carb 8,000 (Paid for credit purchase, June 3d Depreciation ale po 875 To equipment 875 (Depreciation on equipment Interest expense 90 90 To Accoued interest (Being interest accruel 1200 00 13 00 00