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ACCOUNTING CONCEPTS ? ACC 241 ACCOUNTING CYCLe

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Question;ACCOUNTING CONCEPTS ? ACC 241;ACCOUNTING CYCLe;NAME;DATE;Complete the attached worksheet for 2011 for;Green Company, given the following information;Physical count of inventory on hand on;December 31;$189,000;Insurance expired during the accounting;period;5,000;Count of supplies on hand on December 31;Store;supplies;1,300;Office;supplies;750;Depreciation for the accounting period;Store;equipment;4,500;Office;equipment;2,800;Salaries earned, but not paid as of;December 31;Sales;salaries;$3,850;Office;salaries;1,150;5.000;Unearned rent on December 31;400;Prepare an income statement, statement of owner?s;equity, and balance sheet using the forms below;Trial Balance;Adjustments;Adj. Trial Balance;Income Statement;Balance Sheet;dr;Cr;dr;cr;dr;cr;dr;cr;dr;cr;Cash;28,500;Accounts Receivable;132,500;Merchandise Inventory;195,000;Prepaid Insurance;9,700;Store Supplies;4,250;Office Supplies;2,100;Store Equipment;157,000;Accum. Depr. ? Store Equipment;40,800;Office Equipment;50,000;Accum. Depr. ? Office Equipment;17,200;Accounts Payable;66,700;Salaries Payable;Unearned Rent;1,200;Note Payable;105,000;S. Klaus, Capital;224,600;S. Klaus, Drawing;30,000;Sales;915,000;Sales Returns and Allowances;11,900;Sales Discounts;7,100;Cost of Merchandise Sold;576,200;Sales Salaries Expense;76,400;Advertising Expense;25,000;Depr. Expense ? Store Equipment;Store Supplies Expense;Miscellaneous Selling Expense;1,600;Office Salaries Expense;34,000;Rent Expense;16,000;Insurance Expense;Depr Expense ? Office Equipment;Office Supplies Expense;Misc. Administrative Expense;1,650;Rent Revenue;Interest Expense;11,600;1,370,500;1,370,500;Net Income;Income;Statement;Sales;Cost of Merchandise Sold;Operating Expenses;Net Income;Statement of Owners;Equity;S. Klaus, Capital - January 1, 2011;S. Klaus, Capital - December 31, 2011;$ -;Balance Sheet;Assets;Current Assets;Total Current Assets;$ -;Long-Term Assets;Total Assets;$ -;Liabilities;Current Liabilities;Total Liabilities;$ -;Owners' Equity;Total Liabilities and Owners' Equity;$ -

 

Paper#44412 | Written in 18-Jul-2015

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