COLO COMPANY | |
Statement of Owner's Equity | |
Jenny Colo, Capital, April 30, | $308,085 |
Plus: Net income | 31,647 |
Total | $339,732 |
Less: Withdrawals by owner | 7,000 |
Jenny Colo, Capital, May 31 | $332,732 |
COLO COMPANY | ||
Post-Closing Trial Balance | ||
Debit | Credit | |
Cash | $135,911 | |
Accounts receivable | 18,200 | |
Merchandise inventory | 189,519 | |
Office supplies | 504 | |
Store supplies | 2,632 | |
Prepaid insurance | 2,765 | |
Office equipment | 25,690 | |
Accum. depr., office equipment | $10,227 | |
Store equipment | 38,920 | |
Accum. depr., store equipment | 18,123 | |
Accounts payable | 53,059 | |
Jenny Colo, Capital | 332,732 | |
Totals | $414,141 | $414,141 |
COLO COMPANY | |
Schedule of Accounts Receivable | |
Crane Corp. | $14,210 |
Hensel Company | 3,990 |
Total accounts receivable | $18,200 |
COLO COMPANY | |
Schedule of Accounts Payable | |
Peyton Products | $3,080 |
Gear Supply Co. | 49,979 |
Total accounts payable | $53,059 |
Assume it is Monday, May 1, the first business day of the month, and you have...
I really need help! Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Con which operates with monthly accounting periods. All of the company's accounting work is completed through the end of Apri ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and (terms for all its credit sales are 2/10, n/30 unless stated differently): We...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, /30). S 2/15, n e Mar. Purchased $34,000 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, terms 'n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for...
Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $16,000 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,900 (cost is $2,800). 3 Purchased $1,590 of office supplies on credit from Custer,...
Hi, please help with the question below. You DON'T need to do the part that I have filled with answer, these are the answers that I have checked and indicated are correct, and it is solely served for your convenience in case you might need it in the following question. You ONLY need to answer the chart that is leave with blank. Please DO NOT answer the question if you cannot guarantee that you will answer them all, and leave...
Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers. Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $40,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,000 (cost is $8,000). 3 (a) Purchased $1,200 of office...
Latona Hardware store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware showed cash of $5,000 and Common Stock of $5,000. Enter the beginning cash and common stock balances and post the transactions. Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware Store showed Cash of $5,000 and Common Stock of $5,000. May...
Sheffield Corp.completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sheffield Corp.showed Cash of $7,600 and Common Stock of $8,800. May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. Sold merchandise on account $4,800, terms 2/10,n/30. The cost of the merchandise sold was $3,300. Received credit from Black Wholesale Supply for...
On October 1, 2019, Helen Kennedy opened an advertising agency. DATE TRANSACTIONS Oct. 1 Helen Kennedy invested $62,000 cash in the business 2 Paid 0ctober office rent of $3,100; issued Check 1001 5 Purchased desks and other office furniture for $13, 800 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days 6 Issued Check 1002 for $3,300 to purchase art equipment. 7 Purchased supplies for $1, 650; paid with Ccheck 100:3 10 Issued Check 1004 for $480...
Lena Fohn is a licensed accountant. During the first month of operations of her business, Windsor, Inc., the following events and transactions occurred. Lena Fohn is a licensed accountant. During the first month of operations of her business, Windsor, Inc., the following events and transactions occurred. May 1 Shareholders invested €20,752 cash in exchange for ordinary shares. 2 Hired a secretary-receptionist at a salary of €2,024 per month. 3 Purchased €2,600 of supplies on account from Hartig Supply Company. 7...
Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware Store showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,200, terms 2/10, n/30. 2 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections...