Journalize the following entries for OglalaSupplies:
1-Jan Oglala purchases $100,000 of merchandise from Loopy andCo., terms 1/10,net 30
3-Jan Oglala returns $10,000 to Loopy for full credit
4-Jan Oglala sells $40,000 of merchandise to Doody and Co., cost$24,000 terms 2/15, net 45
6-Jan Oglala pays Loopy amount due
10-Jan Oglala receives return of $8,000, cost $4800 ofmerchandise from Doody from Jan 4.
13-Jan Doody pays amount due transaction
15-Jan Oglala pays freight on Loopy purchase to Fed Ex, $400
16-Jan Oglala pays freight to Fed Ex on Doody sale, $800
Prepare an income statement, statement of owners equityand balance sheet for Green Day Co. as of 12-31
Sales 7,500,000.00
Salary Expense 450,000.00
Cash 700,000.00
Accts Receivable 500,000.00
Equipment 420,000.00
Accumulated Depreciation Equipment 60,000.00
Building 620,000.00
Mortgage Payable 360,000.00
Drawing 50,000.00
Advertising Expense 1,400,000.00
Rent Expense 350,000.00
Accumulated Depreciation Building 90,000.00
Accts Payable 200,000.00
Note Payable ?
Capital 1/1 900,000.00
Cost of Mdse Sold 4,600,000.00
Prepaid Rent 80,000.00
Supplies 50,000.00
Land 200,000.00
Depreciation Expense 20,000.00
Supply Expense 100,000.00
Sales Returns, Allowance 37,500.00
Sales Discounts 75,000.00
Prepare closing entries for Happy Dooty Enterprises asof 12/31of the current year based on the following information fromselected accounts from the adjusted trial balance. What is the netincome and ending capital balance?
Supplies 40,000
Prepaid Rent 7,000
Equipment 90,000
Capital 1/1 106,000
Drawing 4,000
Revenue 84,000
Wages Expense 32,000
Rent Expense 5,000
Depreciation Expense 8,000
Supply Expense 4,000
Insurance Expense 7,000
Cash 24,000
Accts Receivable 12,000
Accum Depreciation - Equipment 16,000
Accts Payable 5,000
Wages Payable 4,000
Note Payable 18,000
The following information pertains to Jooners on12/31/10
Sales during year 800,000 cash
1,400,000 credit
2,200,000 Total
Accts Receivable 12/31 860,000
Allowance for Doubtful Accounts 7,000 credit balance
OutstandingAccounts
Not due 688,000
1-30 past 86,000
31-60 past 51,600
61-90 past 25,800
Over 90 8,600
%Uncollectible
Not due 2%
1-30 past 5%
31-60 past 9%
61-90 past 15%
Over 90 25%
Prepare the following entries
Adjusting entry on 12/31 after doing an aging of accountsreceivable assuming the company uses the percentage of receivablesapproach for bad debt expense
Entry to record bad debt of $1200 from Smith Companythat has gone bankrupt on 1/30
Assume the company uses % of credit sales and determines that 2%of credit sales are uncollectible prepare the adjusting entry
Prepare a bank reconciliation for XYZ on11/30
Balance per books 11/30 9,920
Balance per bank 11/30 12,170
Deposit in Transit 1,500
Outstanding Checks 1,710
Bank Service Charge 190
Note Collected by bank 2,230
Journalize the following entries for OglalaSupplies:
1-Jan Oglala purchases $100,000 of merchandise from Loopy andCo., terms 1/10,net 30
3-Jan Oglala returns $10,000 to Loopy for full credit
4-Jan Oglala sells $40,000 of merchandise to Doody and Co., cost$24,000 terms 2/15, net 45
6-Jan Oglala pays Loopy amount due
10-Jan Oglala receives return of $8,000, cost $4800 ofmerchandise from Doody from Jan 4.
13-Jan Doody pays amount due transaction
15-Jan Oglala pays freight on Loopy purchase to Fed Ex, $400
16-Jan Oglala pays freight to Fed Ex on Doody sale, $800
Prepare an income statement, statement of owners equityand balance sheet for Green Day Co. as of 12-31
Sales 7,500,000.00
Salary Expense 450,000.00
Cash 700,000.00
Accts Receivable 500,000.00
Equipment 420,000.00
Accumulated Depreciation Equipment 60,000.00
Building 620,000.00
Mortgage Payable 360,000.00
Drawing 50,000.00
Advertising Expense 1,400,000.00
Rent Expense 350,000.00
Accumulated Depreciation Building 90,000.00
Accts Payable 200,000.00
Note Payable ?
Capital 1/1 900,000.00
Cost of Mdse Sold 4,600,000.00
Prepaid Rent 80,000.00
Supplies 50,000.00
Land 200,000.00
Depreciation Expense 20,000.00
Supply Expense 100,000.00
Sales Returns, Allowance 37,500.00
Sales Discounts 75,000.00
Prepare closing entries for Happy Dooty Enterprises asof 12/31of the current year based on the following information fromselected accounts from the adjusted trial balance. What is the netincome and ending capital balance?
Supplies 40,000
Prepaid Rent 7,000
Equipment 90,000
Capital 1/1 106,000
Drawing 4,000
Revenue 84,000
Wages Expense 32,000
Rent Expense 5,000
Depreciation Expense 8,000
Supply Expense 4,000
Insurance Expense 7,000
Cash 24,000
Accts Receivable 12,000
Accum Depreciation - Equipment 16,000
Accts Payable 5,000
Wages Payable 4,000
Note Payable 18,000
The following information pertains to Jooners on12/31/10
Sales during year 800,000 cash
1,400,000 credit
2,200,000 Total
Accts Receivable 12/31 860,000
Allowance for Doubtful Accounts 7,000 credit balance
OutstandingAccounts
Not due 688,000
1-30 past 86,000
31-60 past 51,600
61-90 past 25,800
Over 90 8,600
%Uncollectible
Not due 2%
1-30 past 5%
31-60 past 9%
61-90 past 15%
Over 90 25%
Prepare the following entries
Adjusting entry on 12/31 after doing an aging of accountsreceivable assuming the company uses the percentage of receivablesapproach for bad debt expense
Entry to record bad debt of $1200 from Smith Companythat has gone bankrupt on 1/30
Assume the company uses % of credit sales and determines that 2%of credit sales are uncollectible prepare the adjusting entry
Prepare a bank reconciliation for XYZ on11/30
Balance per books 11/30 9,920
Balance per bank 11/30 12,170
Deposit in Transit 1,500
Outstanding Checks 1,710
Bank Service Charge 190
Note Collected by bank 2,230
