Question

Winter Company's balance sheet at December 31, 2018, is presented below WINTER COMPANY Balance Sheet December 31, 2018 Cash Accounts receivable Allowance for doubtful accounts Inventony S8,700 19,000 12,400 $12,800 Accounts payable 19,300 Common stock (900) Retained earnings 8,900 $40,100 $40,100 During January 2019, the following transactions occurred. Winter uses the perpetual inventory method Winter accepted a 4-month, 896 note from Merando Company in payment of Merando's $1,200 account. Winter wrote off as uncollectible the accounts of Inwood Corporation ($400) and Goza Company ($300) Jan. 1 3 8 Winter purchased $16,300 of inventory on account 11 Winter sold for $26,600 on account inventory that cost $19,200 15 winter sold inventory that cost事800 to Mark Lauber for $900, Lauber charged this amount on his visa First Bank card. The service fee charged winter by First Bank is 3% 17 Winter collected $24,100 from customers on account. 21 Winter paid $13,900 on accounts payable 24 Winter received payment in full ($300) from Goza Company on the account written off on January 3 27 WInter purchased supples for $1,500 cash 31 Winter pald other operating expenses, $3,400 Adjustment data: 1. Interest is recorded for the month on the note from January 1 2, Bad debts are expected to be 6% of the January 31, 2019, accounts receivable 3. A count of supplies on January 31, 2019, reveals that $500 remains unused

Answer 1

Worksheet For the month ending 31.1.2018 Adjustment Debit in $ Credit in $ Debit in Credit in $ Debit in $ Credit in $ Unadjusted Adjusted Particulars Cash Note Receivable Interest Receivable Accounts Receivable Allowance for Doubtful accounts Inventory Supplies Accounts Payable Common Stock Retained Earnings Sales Interest Income Cost of goods sold Service Fee Operating Expense Bad Debts Supplies Expense Totals 19273 1200 19273 1200 500 1194 5200 5200 500 1000 11100 11100 12400 27500 12400 27500 27 27 3400 694 1000 71202 3400 694 1000 1702 70500 1702 71202