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Category > Accounting Posted 10 Jun 2017 My Price 7.00

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation

Adjusting entries

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015.

The following transactions occurred during January 2016:

Jan.

1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system.

2 Purchased equipment on account for $5,500 from the Strong Company.

4 Received a $150 bill from the local newspaper for an advertisement that appeared in the paper on January 2.

8 Sold merchandise on account for $5,000. The cost of the merchandise was $2,800.

10 Purchased merchandise on account for $9,500.

13 Purchased equipment for cash, $800.

16 Paid the entire amount due to the Strong Company.

18 Received $4,000 from customers on account.

20 Paid $800 to the owner of the building for January’s rent.

30 Paid employees $3,000 for salaries and wages for the month of January.

31 Paid a cash dividend of $1,000 to shareholders.

Required:

1. Set up T-accounts and enter the beginning balances as of January 1, 2016.

2. Prepare general journal entries to record each transaction. Omit explanations.

3. Post the entries to T-accounts.

4. Prepare an unadjusted trial balance as of January 31, 2016.

 

 

 
 
 

Answers

Alpha Geek
(8)
Status NEW Posted 10 Jun 2017 09:06 AM My Price 7.00

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file 1497085527-Answer.docx preview (224 words )
A-----------nsw-----------er -----------2 ----------- Jo-----------urn-----------al -----------ent-----------rie-----------s D-----------ate----------- Ac-----------cou-----------nt -----------Deb-----------it -----------Cre-----------dit----------- 01------------01------------20-----------16 -----------Cas-----------h 3-----------500----------- Sa-----------le -----------350-----------0 C-----------ost----------- of----------- go-----------ods----------- so-----------ld -----------200-----------0 I-----------nve-----------nto-----------ry -----------200-----------0 0-----------1-0-----------2-2-----------016----------- Eq-----------uip-----------men-----------t 5-----------500----------- Ac-----------cou-----------nt -----------pay-----------abl-----------e 5-----------500----------- 01------------04------------20-----------16 -----------Adv-----------ert-----------ise-----------men-----------t e-----------xp -----------150----------- Ac-----------cou-----------nt -----------pay-----------abl-----------e 1-----------50 -----------01------------08------------201-----------6 A-----------cco-----------unt----------- re-----------cei-----------vab-----------le -----------500-----------0 S-----------ale----------- 50-----------00 -----------Cos-----------t o-----------f g-----------ood-----------s s-----------old----------- 28-----------00 -----------Inv-----------ent-----------ory----------- 28-----------00 -----------01------------10------------201-----------6 I-----------nve-----------nto-----------ry -----------950-----------0 A-----------cco-----------unt----------- pa-----------yab-----------le -----------950-----------0 0-----------1-1-----------3-2-----------016----------- Eq-----------uip-----------men-----------t 8-----------00 -----------Cas-----------h 8-----------00 -----------01------------16------------201-----------6 A-----------cco-----------unt----------- pa-----------yab-----------le -----------550-----------0 C-----------ash----------- 55-----------00
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