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ACCOUNTING CONCEPTS ? ACC 241 ACCOUNTING CYCLe_Green Company_2011

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Question;ACCOUNTING CONCEPTS ? ACC 241ACCOUNTING CYCLeNAME: _________________________________ DATE: _________Complete the attached worksheet for 2011 for Green Company, given the following information: Physical count of inventory on hand on December 31$189,000Insurance expired during the accounting period5,000Count of supplies on hand on December 31: Store supplies1,300 Office supplies750Depreciation for the accounting period: Store equipment4,500 Office equipment2,800Salaries earned, but not paid as of December 31: Sales salaries$3,850 Office salaries1,1505.000Unearned rent on December 31400Prepare an income statement, statement of owner?s equity, and balance sheet using the forms belowTrial BalancedrCrCash28,500Accounts Receivable132,500Merchandise Inventory195,000Prepaid Insurance9,700Store Supplies4,250Office Supplies2,100Store Equipment157,000Accum. Depr. ? Store Equipment40,800Office Equipment50,000Accum. Depr. ? Office Equipment17,200Accounts Payable66,700Salaries PayableUnearned Rent1,200Note Payable105,000S. Klaus, Capital224,600S. Klaus, Drawing30,000Sales915,000Sales Returns and Allowances11,900Sales Discounts7,100Cost of Merchandise Sold576,200Sales Salaries Expense76,400Advertising Expense25,000Depr. Expense ? Store EquipmentStore Supplies ExpenseMiscellaneous Selling Expense1,600Office Salaries Expense34,000Rent Expense16,000Insurance ExpenseDepr Expense ? Office EquipmentOffice Supplies ExpenseMisc. Administrative Expense1,650Rent RevenueInterest Expense11,6001,370,5001,370,500

 

Paper#37255 | Written in 18-Jul-2015

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