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Category > Management Posted 21 Mar 2018 My Price 7.00

Gardner Company

Gardner Company engaged in the following transactions in June 2010, the company"s first month of operations:

June 1 Stockholders invested USD 384,000 cash and USD 144,000 of merchandise inventory in the business in exchange for capital stock.

3 Merchandise was purchased on account, USD 192,000; terms 2/10, n/30, FOB shipping point, freight collect.

4 Paid height on the June 3 purchase, USD 5,280.

7 Merchandise was purchased on account, USD 96,000; terms 2/10, n/30, FOB destination, freight prepaid.

10 Sold merchandise on account, USD 230,400; terms 2/10, n/30, FOB shipping point, freight collect.

11 Returned USD 28,800 of the merchandise purchased on June 3.

12 Paid the amount due on the purchase of June 3.

13 Sold merchandise on account, USD 240,000; terms 2/10, n/30, FOB destination, height prepaid.

14 Paid height on sale of June 13, USD 14,400.

20 Paid the amount due on the purchase of June 7.

21 USD 48,000 of the goods sold on June 13 were returned for credit.

22 Received the amount due on sale of June 13.

25 Received the amount due on sale of June 10.

29 Paid rent for the administration building for June, USD 19,200.

30 Paid sales salaries of USD 57,600 for June.

30 Purchased merchandise on account, USD 48,000; terms 2/10, n/30, FOB destination, freight prepaid.

The inventory on hand on June 30 was USD 288,000.

a. Prepare journal entries for the transactions.

b. Post the journal entries to the proper ledger accounts. Use the account numbers in the chart of accounts shown in a separate file at the end of the text. Assume that all postings are from page 10 of the general journal.

c. Prepare a trial balance as of 2010 June 30.

d. Prepare a classified income statement for the month ended 2010 June 30. No adjusting entries are needed.

 

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Maurice Tutor
(5)
Status NEW Posted 21 Mar 2018 06:03 AM My Price 7.00

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