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Debit
cash 4800
accounts receivable 3900
merchandise inventory 1800
equipment 21,000
___________
$31,500
Credit
Accumulated Depreciation - Equipment 1500
Accounts payable 3000
common stock 10,000
Retained Earnings 17,000
_________
$31,500
following transactions occurred during december:
dec. 3) - purchased 4000 units on account at acost of $0.75 per unit.
5) - sold 4500 units on account for $0.90 perunit. (it sold 3000 of the $0.60 units and 1500 of the$0.75)
7) - grantedthe december 5 customer $180 credit for 200 units returned cost$150. These units were returned to inventory
17) -Purchased 2400 units for cash at $0.80 each
22) - Sold2000 units on account for $0.95 per unit. (it sold 2000 of the$0.75 units)
Adjustment Data:
1) accrued salaries payable $400
2) depreciation $200 per month
3) income tax expense was $175, to be paid nextyear
Instructions:
a) journalize the december transactions and adjusting entriesassuming gonzalez uses the perpetual inventory method
b) enter the december 1 balances in the ledger T accounts andpost the december transactions. in addition to the accountsmentioned above, use the following additional accounts: Cost ofgoods sold, depreciation expense, salaries expense, salariespayable, sales, sales returns and allowances, income tax expense,and income tax payable.
c) prepare an adjusted trial balance as of december 31,2010
d) prepare an income statement for december 2010 and aclassifiedbalance sheet at december 21, 2010
e) compute ending inventory and cost of goods sold under FIFOassuming gonzalez company uses the periodic inventory system
f) compute ending inventory and cost of goods sold under LIFOassuming gonzalez company uses the periodic inventorysystem

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Jarrod Robel
Jarrod RobelLv2
28 Sep 2019

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This problem is taking from Financial Accounting: Tools forBusiness Decision Making, 5th edition, kieso, weygandt,kimmel

Debit
cash 4800
accounts receivable 3900
merchandise inventory 1800
equipment 21,000
___________
$31,500
Credit
Accumulated Depreciation - Equipment 1500
Accounts payable 3000
common stock 10,000
Retained Earnings 17,000
_________
$31,500

following transactions occurred during december:
dec. 3) - purchased 4000 units on account at a cost of $0.75 perunit.
5) - sold 4500 units on account for $0.90 per unit. (it sold 3000of the $0.60 units and 1500 of the $0.75)
7) - granted the december 5 customer $180 credit for 200 unitsreturned cost $150. These units were returned to inventory
17) - Purchased 2400 units for cash at $0.80 each
22) - Sold 2000 units on account for $0.95 per unit. (it sold 2000of the $0.75 units)

Adjustment Data:
1) accrued salaries payable $400
2) depreciation $200 per month
3) income tax expense was $175, to be paid next year

Instructions:
a) journalize the december transactions and adjusting entriesassuming gonzalez uses the perpetual inventory method

b) enter the december 1 balances in the ledger T accounts and postthe december transactions. in addition to the accounts mentionedabove, use the following additional accounts: Cost of goods sold,depreciation expense, salaries expense, salaries payable, sales,sales returns and allowances, income tax expense, and income taxpayable.

c) prepare an adjusted trial balance as of december 31, 2010

d) prepare an income statement for december 2010 and aclassifiedbalance sheet at december 21, 2010

e) compute ending inventory and cost of goods sold under FIFOassuming gonzalez company uses the periodic inventory system

f) compute ending inventory and cost of goods sold under LIFOassuming gonzalez company uses the periodic inventory system

On December 1, 2017, Annalise Company had the account balancesshown below.

Debit Credit Cash $6,800 Accumulated Depreciation—Equipment$1,400

Accounts Receivable 3,900 Accounts Payable 2,900

Inventory 1,500 * Owner’s Capital 29,700

*(3,000 x $0.50)

Equipment 21,800

$34,000 $34,000

The following transactions occurred during December:

Dec. 3 Purchased 4,200 units of inventory on account at a costof $0.70 per unit.

Dec. 5 Sold 4,700 units of inventory on account for $0.92 perunit. (It sold 3,000 of the $0.50 units and 1,700 of the$0.70.)

Dec. 7 Granted the December 5 customer $92 credit for 100 unitsof inventory returned costing $100. These units were returned toinventory.

Dec. 17 Purchased 2,300 units of inventory for cash at $0.78each. 22 Sold 2,100 units of inventory on account for $0.97 perunit. (It sold 2,100 of the $0.70 units.) Adjustment data: 1.Accrued salaries payable $400. 2. Depreciation $200 per month.

(e) Compute ending inventory and cost of goods sold under FIFO,assuming Annalise Company uses the periodic inventory system.

Ending Inventory ?

Cost of Goods Sold ?

(f) Compute ending inventory and cost of goods sold under LIFO,assuming Annalise Company uses the periodic inventory system.

Ending Inventory ?

Cost of Goods Sold ?

Below is the journal I completed. Based on this, please help meout to complete following worksheet and income statement, statementof retained earning, and balance sheet. (also, how do I close allthe accounts?)

Date Accounts and Explanation Debit Credit
12/2/14 Inventory 1,300
Account Payable 1,300
Purchased 10 Units of Software on Account for $1300
12/2/14 Salaries Payable 2,500
Cash 2,500
Paid Employees Salaries Owed
12/2/14 Account Receivable 3,200
Service Revenue 3,200
Provided Accounting Service on Account, $3200
12/5/14 Office Equipment 4,800
Account Payable 4,800
Purchased Office Equipment on Account, $4800
12/8/14 Supplies 950
Cash 950
Purchased Supplies for $950 Cash
12/10/14 Cash 3,000
Account Receivable 3,000
Received $3000 Payment on Account
12/11/14 Account Receivable 4,500
Sales Revenue 4,500
Sold 15 Units of Inventory on Account, $4500
12/11/14 Cost of goods sold 2,000
Inventory 2,000
12/11/14 Account Payable 1,200
Cash 1,200
Made Payment on Account
12/12/14 Inventory 2,400
Account Payable 2,400
Purchased Inventory on Account
12/14/14 Advertising Expense 375
Cash 375
Paid for Advertising
12/15/14 Cash 8,000
Service Revenue 8,000
Provided Accounting Service for Cash
12/16/14 Salaries Expense 2,500
Cash 2,500
Paid Salaries for December 1st-15th
12/17/14 Account Receivable 6,000
Service Revenue 6,000
Provided Accounting Service on Account
12/19/14 Account Receivable 3,000
Sales Revenue 3,000
12/19/14 Cost of goods sold 1,200
Inventory 1,200
12/22/14 Cash 2,500
Accounts Receivable 2,500
12/23/14 Accounts Payable 2,800
Cash 2,800
Made Payment on Account
12/24/14 Utility Expense 850
Cash 850
Paid Monthly Utility Bills
12/27/14 Cash 2,000
Unearned Service Revenue 2,000
(Advance Received against Services)
12/29/14 Cash 5,000
Service Revenue 5,000
Provided Accounting Service for Cash
12/30/14 Cash 15,000
Common Stock 1,000
Additional Paid in Capital 14,000
Issued 1000 shares of Common Stock
12/31/14 Dividend Payable 31,500
Cash 31,500
(Dividend paid)
12/31/14 Salary Expense 2,500
Adj Salary Payable 2,500
To accrue salary expense
12/31/14 Depreciation Expense - Building 7,500
Adj Accumulated Depreciation- Building 7,500
12/31/14 Depreciation Expense - Furniture 12,000
Adj Accumulated Depreciation - Furniture 12,000
12/31/14 Depreciation Expense - Equiptment 200
Adj Accumulated Depreciation - Equiptment 200
12/31/14 Supplies Expense 1,625
Adj Supplies 1,625
12/31/14 Cost of Inventories Sold 280
Adj Inventory 280
12/31/14 Unearned Revenue 500
Adj Revenue 500
12/31/14 Uncollectible Account Expense 167
Adj Allowance for Uncollectible Accounts 167
Service Revenue
Clo Retained Earnings
Retained Earnings
Clo Salary Expense
Supplies Expense
Depreciation Expense
Utilities Expense
Retained Earnings
Clo Dividends
Worksheet (I worked onit, but debit and credit balances are not correct. Please help meout to find errors and complete it correctly.)
Trial Balance Adjustments Adj. Trial Balance
Debit Credit Debit Credit Debit Credit
Cash 79,941 79,941
Accounts Receivable 26,200 26,200
Allowance for Unc. Accounts 900 167 1,067
Supplies 3,950 1,625 2,325
Inventory 4,700 280 4,420
Building 150,000 150,000
Accumulated Depreciation- Building 7,500 7,500
Furnishing 30,000 30,000
Accumulated Depreciation- Furnishings 12,000 12,000
Office Equipment 4,800 4,800
Accumulated Depreciation- Off. Equip. 200 200
Accounts Payable 5,700 5,700
Salary Payable - 2,500 2,500
Unearned Service Revenue 2,000 500 2,500
Stock, Common 19,000 19,000
Additonal Paid in Capital 166,000 166,000
Retained Earnings 40,000 40,000
Dividends 31,500 31,500
Service Revenue 142,700 142,700
Sales Revenue 23,000 23,000
Advertising Expense 8,174 8,174
Depreciation Expense - 19,700 19,700
Repairs & Maintenance Expense 10,675 10,675
Supplies Expense 3,560 3,560
Uncollectible Accounts Expense 900 167 1,067
Utilities Expense 6,500 6,500
Cost of Goods Sold 10,900 280 10,900
Salary Expense 57,500 2,500 60,000
Total $418,400 $410,200 $22,647 $24,772 $444,562 $427,367

Please help me! Thanks

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