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Presentation/PPT
27/08/2022
Comprehensive Problem for Chapters 1-5 Completing a Merchandiser’s Accounting Cycle A: Supplies consumed during the month $1,500. Half is selling expense, and the other half is general expense.B: Depreciation for the month: Building, $4,000; furniture, $4,800. One-fourth of depreciation is selling expense, and three-fourths is general expense.St. James Technology C: Unearned sales revenue earned during January, $4,580Trial Balance D: Accrued salaries, a general expense $1,150January 31, 2011 E: Inventory on hand, $63,720. St. James uses the perpetual inventory system.Account number Account Debit Credit11 Cash $16,430 12 Accounts Recieviable $19,09013 Inventory $65,40014 Supplies $2,70015 Building $188,170 16 Accumulated Depreciation-Building $36,000 17 Fixture $45,600 18 Accumulated Depreciation-Fixtures $5,80021 Accounts Payable $28,300 22 Salary Payable 23 Interest payable24 Unearned sales revenue $6,560 25 Notes Payable, Long-Term $87,000 31. Dirk St. James, Capital $144,980 32 Dirk ST James, Withdrawal $9,200 41 Sales Revenue $187,970 42 Sales Discounts $7,300 43 Sales returns and allowances $8,140 51 Cost of Goods Sold $103,000 54 Selling Expense $21,520 55 General Expense $10,060 Total $496,610 $496,610 1) Using four column accounts, open the accounts listed on the trial balance, inserting their unadjusted balances. Date the balances of the following accounts January 1: Supplies; Building; Accumulated depreciation–building; Furiniture; Accumulated depreciation–furniture; Unearned sales revenue; James, Capital. Date the balance of James, Withdrawals, January 31. Also open the Income Summary account.2) Enter the trial balance on an accounting work sheet, complete the and complete the work sheet for the month ended January 31, 2011. St. James Techonology groups all operating expenses under two accounts, Selling Expense and General Expense. Leave two blank lines under Selling expense and three blank lines under Under Expense.3) Prepare the company’s multi-step income statement and statement of owner’s equity for the month ended January 31, 2011. Also prepare the balance sheet at the date in report form.4) Journalize the adjusting and closing entries at January 31.5) Post the adjusting and closing entries, using dates. ”
Comprehvensive Problem for Chapters 1-5Completing a Merchandiser’s Accounting Cycle Cash St. James TechnologyTrial BalanceJanuary 31, 2011Debit$16,430 Accounts Receviable B: Depreciation for…
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