D

Your answer is incorrect.  Try again. Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item. (Round percentages to 2 decimal places, e.g. 2.25%. If \$ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31 Increase or (Decrease) Assets 2013 2012 \$ Change % Change Cash \$ 180,000 \$ 275,000 \$ % \$-95,000 -34.55% Accounts receivable (net) 219,500 155,300 64,200 41.34% Short-term investments 269,300 149,600 119,700 80.01% Inventories 1,059,600 979,300 80,300 8.20% Prepaid expenses 24,750 24,750 0 0.00% Fixed assets 2,585,200 1,949,400 635,800 32.62% Accumulated depreciation ( 1,000,500  ) ( 750,100  ) -250,400 33.38%      Total \$ 3,337,850 \$ 2,783,250 \$ % 554,600 19.93% Liabilities and Stockholders’ Equity Accounts payable \$ 50,020 \$ 74,100 \$ % -24,080 -32.50% Accrued expenses 170,400 199,400 -29,000 -14.54% Bonds payable 450,500 189,600 260,900 137.61% Capital stock 2,100,000 1,769,300 330,700 18.69% Retained earnings 566,930 550,850 16,080 2.92%      Total \$ 3,337,850 \$ 2,783,250 \$ % 554,600 19.93% Your answer is partially correct.  Try again. Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to \$492,400, what is the amount of current liabilities? Current Liabilities \$ (b) A company had an average inventory last year of \$209,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 9 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) Average Inventory \$ (c) A company has current assets of \$88,790 (of which \$37,160 is inventory and prepaid items) and current liabilities of \$37,160. What is the current ratio? What is the acid-test ratio? If the company borrows \$13,870 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be? (Round answers to 2 decimal places, e.g. 2.50.) Current Ratio  :1 Acid Test Ratio  :1 New Current Ratio  :1 New Acid Test Ratio  :1 (d) A company has current assets of \$605,100 and current liabilities of \$239,000. The board of directors declares a cash dividend of \$191,200. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.) Current ratio after the declaration but before payment  :1 Current ratio after the p.

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• 1. Your answer is incorrect. Try again. Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item. (Round percentages to 2 decimal places, e.g. 2.25%. If \$ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31 Increase or (Decrease) Assets 2013 2012 \$ Change % Change Cash \$ 180,000
• 2. \$ 275,000 \$ % \$-95,000 -34.55% Accounts receivable (net) 219,500 155,300 64,200 41.34% Short-term investments 269,300 149,600 119,700
• 4. 635,800 32.62% Accumulated depreciation ( 1,000,500 ) ( 750,100 ) -250,400 33.38% Total \$ 3,337,850 \$ 2,783,250 \$ % 554,600 19.93%
• 5. Liabilities and Stockholders’ Equity Accounts payable \$ 50,020 \$ 74,100 \$
• 9. Your answer is partially correct. Try again. Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to \$492,400, what is the amount of current liabilities? Current Liabilities \$ (b) A company had an average inventory last year of \$209,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 9 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) Average Inventory \$ (c) A company has current assets of \$88,790 (of which \$37,160 is inventory and prepaid items) and current liabilities of \$37,160. What is the current ratio? What is the acid-test ratio? If the company borrows \$13,870 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-
• 10. test ratio be? (Round answers to 2 decimal places, e.g. 2.50.) Current Ratio :1 Acid Test Ratio :1 New Current Ratio :1 New Acid Test Ratio :1 (d) A company has current assets of \$605,100 and current liabilities of \$239,000. The board of directors declares a cash dividend of \$191,200. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.) Current ratio after the declaration but before payment :1 Current ratio after the payment of the dividend :1, Corrected answer 1.73:1 New Answer - Current ratio after the payment of the dividend 1.73:1 Presented below are comparative balance sheets for the Gilmour Company. GILMOUR COMPANY
• 11. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2013 AND 2012 December 31 2013 2012 Assets Cash \$180,200 \$275,700 Accounts receivable (net) 220,400 154,300 Short-term investments 270,100
• 13. Liabilities and Stockholders’ Equity Accounts payable \$50,700 \$75,180 Accrued expenses 169,500 200,500 Bonds payable 450,100 190,600
• 15. Your answer has been saved and sent for grading. See Gradebook for score details. Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders’ equity. (Round percentages to 2 decimal places, e.g. 2.25%. For accumulated depreciation, enter percentages using either a negative sign preceding the number e.g. -2.25% or parentheses e.g. (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31 Assets 2013 2012 Cash \$ 180,200 % \$ 275,700 %
• 16. Accounts receivable (net) 220,400 154,300 Short-term investments 270,100 149,400 Inventories 1,061,000 980,700
• 18. ( 750,100 ) Total \$ 3,340,540 % \$ 2,783,440 % Liabilities and Stockholders’ Equity
• 19. Accounts payable \$ 50,700 % \$ 75,180 % Accrued expenses 169,500 200,500 Bonds payable
• 21. Total \$ 3,340,540 % \$ 2,783,440 % Click here if you would like to Show Work for this question Link to Text Attempts: 1 of 1 used
• 22. (b) Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item. (Round percentages to 2 decimal places, e.g. 2.25%. If \$ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31 Increase or (Decrease) Assets 2013 2012 \$ Change % Change Cash \$ 180,200 \$ 275,700
• 23. \$ % Accounts receivable (net) 220,400 154,300 Short-term investments 270,100 149,400 Inventories 1,061,000 980,700
• 25. Total \$ 3,340,540 \$ 2,783,440 \$ % Liabilities and Stockholders’ Equity
• 26. Accounts payable \$ 50,700 \$ 75,180 \$ % Accrued expenses 169,500 200,500 Bonds payable 450,100 190,600
• 28. \$ % Robbins Company is a wholesale distributor of professional equipment and supplies. The company’s sales have averaged about \$900,000 annually for the 3-year period 2011-2013. The firm’s total assets at the end of 2013 amounted to \$850,000. The president of Robbins Company has asked the controller to prepare a report that summarizes the financial aspects of the company’s operations for the past 3 years. This report will be presented to the board of directors at their next meeting. In addition to comparative financial statements, the controller has decided to present a number of relevant financial ratios which can assist in the identification and interpretation of trends. At the request of the controller, the accounting staff has calculated the following ratios for the 3-year period 2011–2013. 2011 2012 2013 Current ratio 1.80
• 29. 1.89 1.96 Acid-test (quick) ratio 1.04 0.99 0.87 Accounts receivable turnover 8.75 7.71 6.42 Inventory turnover 4.91 4.32 3.72
• 30. Total debt to total assets 51.0 % 46.0 % 41.0 % Long-term debt to total assets 31.0 % 27.0 % 24.0 % Sales to fixed assets (fixed asset turnover) 1.58 1.69 1.79 Sales as a percent of 2011 sales 1.00 1.03
• 31. 1.05 Gross margin percentage 36.0 % 35.1 % 34.6 % Net income to sales 6.9 % 7.0 % 7.2 % Return on total assets 7.7 % 7.7 % 7.8 % Return on stockholders’ equity
• 32. 13.6 % 13.1 % 12.7 % In preparation of the report, the controller has decided first to examine the financial ratios independent of any other data to determine if the ratios themselves reveal any significant trends over the 3-year period. The current ratio is increasing while the acid-test (quick) ratio is decreasing. Using the ratios provided, identify and explain the contributing factor(s) for this apparently divergent trend. Link to Text
• 33. In terms of the ratios provided, what conclusion(s) can be drawn regarding the company’s use of financial leverage during the 2011–2013 period? Link to Text Using the ratios provided, what conclusion(s) can be drawn regarding the company’s net investment in plant and equipment? Howser Inc. is a manufacturer of electronic components and accessories with total assets of \$20,000,000. Selected financial ratios for Howser and the industry averages for firms of similar size are presented below. Howser
• 35. 3.50 Net sales to stockholders’ equity 2.75 2.80 2.95 2.85 Net income to stockholders’ equity 0.14 0.15 0.17 0.11 Total liabilities to stockholders’ equity 1.41 1.37 1.44 0.95 Howser is being reviewed by several entities whose interests vary, and the company’s financial ratios are a part of the data being considered. Each of the parties listed below must recommend an action based on its evaluation of Howser’s financial position. Citizens National Bank. The bank is processing Howser’s
• 36. application for a new 5-year term note. Citizens National has been Howser’s banker for several years but must reevaluate the company’s financial position for each major transaction. Charleston Company. Charleston is a new supplier to Howser and must decide on the appropriate credit terms to extend to the company. Shannon Financial. A brokerage firm specializing in the stock of electronics firms that are sold over-the-counter, Shannon Financial must decide if it will include Howser in a new fund being established for sale to Shannon Financial’s clients. Working Capital Management Committee. This is a committee of Howser’s management personnel chaired by the chief operating officer. The committee is charged with the responsibility of periodically reviewing the company’s working capital position, comparing actual data against budgets, and recommending changes in strategy as needed. Describe the analytical use of each of the six ratios presented above. Link to Text
• 37. For each of the four entities described above, identify two financial ratios, that would be most valuable as a basis for its decision regarding Howser. Link to Text Discuss what the financial ratios presented in the question reveal about Howser. Support your answer by citing specific ratio levels and trends as well as the interrelationships between these ratios. 6.58 77.40
• 43. 1.71 9.88 5.39 9.91 6.60 5.54 8.09 5.37 31.76 35.23 0.72 0.87 Check Figures for Accounting Project: Cash Receipts Journal; Cash Column: 7,314 Unadjusted Trial Balance Total: 415,118 Net Income: 119,449 Post Closing Trial Balance: 181,970 Foundations of Accounting I Accounting Project
• 44. Written by: Karen Pitsch Special thanks to Donna Larner Randiddle Co. is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows: 110 Cash \$ 74,770 112 Accounts Receivable 5,580 113 Allowance for Doubtful Accounts 200 115 Merchandise Inventory
• 45. 2,346 116 Prepaid Insurance 5,750 117 Store Supplies 2,850 123 Store Equipment 100,800 124 Accumulated Depreciation-Store Equipment 31,060
• 46. 210 Accounts Payable 3,286 211 Salaries Payable 0 218 Interest Payable 0 220 Note Payable (Due 2017) 30,000 310
• 47. Randiddle, Capital (January 1, 2012) 45,690 311 Randiddle, Withdrawals 60,000 312 Income Summary 0 410 Sales 296,130 411 Sales Returns and Allowances 10,020
• 48. 412 Sales Discounts 7,200 510 Cost of Goods Sold 30,250 520 Sales Salaries Expense 34,400 521 Advertising Expense 18,000 522
• 49. Depreciation Expense 0 523 Store Supplies Expense 0 529 Miscellaneous Selling Expense 2,800 530 Office Salaries Expense 25,500 531 Rent Expense
• 50. 24,200 532 Insurance Expense 0 533 Bad Debt Expense 0 539 Miscellaneous Administrative Expense 1,650 550 Interest Expense 1,100
• 51. Randiddle Co. uses the perpetual inventory system and the Last- in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, First- out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). Randiddle Co. sells three types of microwave ovens. The sale prices of each are: 900 watt microwave: \$199 1000 watt microwave: \$299 1200 watt microwave: \$499 During December, the last month of the accounting year, the following transactions were completed: Dec. 1. Issued check number 2632 for the December rent, \$2,200. 2. Sold two 1200 watt microwaves for cash. 4. Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10, n/30, FOB shipping point, \$596. 5. Issued check number 2633 to pay the transportation charges on purchase of December 4, \$89. (NOTE: Do not include shipping and purchase
• 52. discounts to the Inventory Control sheet for this project.) 6. Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point. 8. Issued check number 2634 for refund of cash on sales made for cash, \$150. (Customer was going to return goods until an allowance was arranged.) 10. Purchased store supplies on account from Prince Co., terms n/30, \$310. 10. Issued check to Matt Co. number 2635 for the full amount due, less discount allowed. (Round discount to nearest dollar.) 11. Paid Prince Co. full amount due, check number 2636. 12. Issued credit memo for one 1000 watt microwave returned on sale of December 6. 13. Issued check number 2637 for advertising expense for last half of December, \$3,000. 14. Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar). 19. Issued check number 2638 to buy five 900 watt microwaves, \$495.
• 53. 19. Issued check number 2639 for \$596 to Joseph Co. on account. 20. Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point. 20. To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, \$120. 21. Received \$1,396 cash from McKenzie Co. on account, no discount. 21. Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, \$747, shipping \$78. 24. Received notification that Marie Co. has been granted bankruptcy with no amount of recovery. We are to write-off her amount due. (Note: See page 365 for entry required.) 26. Issued a debit memo for return of \$299 because of damage to one 1200 watt microwave purchased on December 21, receiving credit from the seller. 27. Issued check number 2641 for sales salaries of \$2,050 and office salaries of \$1,400. 28. Purchased store equipment on account from Joseph Co.,
• 54. terms n/30, FOB destination, \$1,200. 29. Issued check number 2642 for store supplies, \$70. 29. Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30, FOB shipping point, for \$1,113 on account, shipping \$107. 30. Sold eight 1000 watt microwaves on account to Briana Co., invoice number 893, terms 2/10, n/30, FOB shipping point. 30. Received cash from sale of December 20, less discount, plus transportation paid on December 20. (Round calculations to the nearest dollar.) 31. Issued check number 2643 for purchase of December 21, less return of December 25 and discount. (Round discount to the nearest dollar.) 31. Issued a debit memo for \$200 of the purchase returned from December 28. Instructions: 1. Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger). Write Balance in the item section, and place a (x) in the Post Reference column.
• 55. 2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed. 3. Total each column on the special journals and prove the journals. 4. Post the totals of the account named columns and individually post the “Other Accounts” columns as well to the General Ledger. 5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account). 6. Prepare the unadjusted trial balance on the worksheet. 7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data: a. Merchandise inventory on December 31 \$1,090 b. Insurance expired during the year 2,250 c. Store supplies on hand on December 31
• 56. 850 d. Depreciation for the current year needs to be calculated. The business uses the Straight-line method, the store equipment has a useful life of 10 years with no salvage value. (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15th of the month). e. Accrued salaries on December 31: Sales salaries \$1,075 Office salaries 540 \$1,615 f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month. g. Calculate the Bad Debt adjustment amount; net realizable value of Accounts Receivable is determined to be \$6,313. 8. Prepare a multiple-step income statement, a statement of
• 57. owner’s equity, and a classified balance sheet in good form. (Recommend review of “Current Liabilities” on page 149.) 9. Journalize and post the adjusting entries. 10. Journalize and post the closing entries. Indicate closed accounts by inserting a zero in both balance columns opposite the closing entry. 11. Prepare a post-closing trial balance. SJSALES JOURNALPage No. 6INVOICEPOSTACCTS. REC. DR.COST OF SALE DR.DATENO.ACCOUNT DEBITEDREFSALES CR.INVENTORY CR.112233445566 CRJCASH RECEIPTS JOURNALPage No. 4POSTOTHERACCOUNTSCOST/SOLD DR.SALESCASHDATEACCOUNT CREDITEDREFACCTS - CR.SALES - CRREC. - CR.INVENTORY CR.DISC. - DR.DR.112233445566778899 PJPURCHASES JOURNALPage No. 11POSTOTHERACCOUNTSSTOREMERCH.DATEACCOUNT CREDITEDREF(SUNDRY)PAYABLESUPPLIESINVENORYA CCTS - DR.CR.DR.DR.1122334455667788 CPJCASH PAYMENTS JOURNALPage No.8CK.POSTOTHERACCOUNTSMERCH.DATENO.ACCOUN T DEBITEDREF(SUNDRY)PAYABLEINVENTORYCASHACCT S - DR.DR.CR.CR.1122334455667788991010111112121313141415 151616 JournalJOURNALPage No. 53POSTDATEDESCRIPTIONREFDEBITCREDIT112.23344556 67788991010111112121313141415151616171718181919202021 21222223232424252526262727282829293030313132323333343
• 58. 43535363637373838393940404141JOURNALPage No. 54POSTDATEDESCRIPTIONREFDEBITCREDIT11223344556 67788991010111112121313141415151616171718181919202021 21222223232424252526262727282829293030313132323333343 43535363637373838393940404141 InventoryInventory Control Sheet900 watt microwave:PurchasesCost of Goods Sold (Sales)INVENTORYDateUnitscost per unitAmountUnitscost per unitAmountUnitscost per unitAmount11/30/124\$79\$3161000 watt microwave:PurchasesCost of Goods Sold (Sales)INVENTORYDateUnitscost per unitAmountUnitscost per unitAmountUnitscost per unitAmount11/30/123\$119\$3571200 watt microwave:PurchasesCost of Goods Sold (Sales)INVENTORYDateUnitscost per unitAmountUnitscost per unitAmountUnitscost per unitAmount11/30/127\$239\$1,673Ending Inventory Value: AR-SUBACCOUNTS RECEIVABLE SUBSIDIARY LEDGER(CUSTOMERS)Customer Name: Albert Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/20/12SJ 53,3883,388Customer Name: Marie Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/20/12SJ 5598598Customer Name: Cameron Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/15/12SJ 5796796Customer Name: McKenzie Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/27/12SJ 51,3961,396Customer Name: Briana Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE AP-SUBACCOUNTS PAYABLE SUBSIDIARY LEDGER(VENDERS)Vendor Name: Prince Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/26/12P 10398398Vendor Name: Joseph Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/16/12P 10596596Vendor Name: Elisha Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/29/12P 10795795Vendor Name: Matt
• 59. Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/28/12P 101,4971,497Vendor Name:POSTRUNNINGDATETRANSACTIONREFDEBITCRED ITBALANCE SCH-SUBSchedule of Accounts ReceivableTotal Accounts ReceivableSchedule of Accounts PayableTotal Accounts Payable B-S LedgerGENERAL LEDGERBalance Sheet AccountsCashACCOUNT NO.110POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAccounts ReceivableACCOUNT NO.112POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAllowance for Doubtful AccountsACCOUNT NO.113POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITMerchandise InventoryACCOUNT NO.115POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITPrepaid InsuranceACCOUNT NO.116POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITStore SuppliesACCOUNT NO.117POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITStore EquipmentACCOUNT NO.123POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAccumulated Depreciation-Store EquipmentACCOUNT NO.124POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAccounts PayableACCOUNT NO.210POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSalaries PayableACCOUNT NO.211POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITInterest PayableACCOUNT NO.218POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITNote PayableACCOUNT NO.220POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITRandiddle, CapitalACCOUNT NO.310POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITRandiddle, WithdrawalsACCOUNT NO.311POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
• 60. CREDITIncome SummaryACCOUNT NO.312POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDIT I-S LedgerGENERAL LEDGERIncome Statement AccountsSalesACCOUNT NO.410POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSales Returns and AllowancesACCOUNT NO.411POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSales DiscountsACCOUNT NO.412POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITCost of Goods SoldACCOUNT NO.510POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSales Salaries ExpenseACCOUNT NO.520POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAdvertising ExpenseACCOUNT NO.521POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITDepreciation ExpenseACCOUNT NO.522POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITStore Supplies ExpenseACCOUNT NO.523POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITMiscellaneous Selling ExpenseACCOUNT NO.529POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITOffice Salaries ExpenseACCOUNT NO.530POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITRent ExpenseACCOUNT NO.531POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITInsurance ExpenseACCOUNT NO.532POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITBad Debt ExpenseACCOUNT NO.533POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITMiscellaneous Administrative ExpenseACCOUNT NO.539POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITInterest ExpenseACCOUNT NO.550POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDIT WkSheetWorksheetUnadjustedAdjustedIncomeEquity
• 61. StatementAccount TitleTrial BalanceAdjustmentsTrial BalanceStatementand Balance SheetDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.1Cash12Accounts Receivable23Allow for Doubtful Accts34Merchandise Inventory45Prepaid Insurance56Store Supplies67Store Equipment78Accm. Deprec-Store Eq.89Accounts Payable910Salaries Payable1011Interest Payable1112Note Payable (Due 2017)1213Randiddle, Capital1314Randiddle, Withdrawals1415Sales1516Sales Returns & Allow.1617Sales Discounts1718Cost of Goods Sold1819Sales Salaries Exp.1920Advertising Exp.2021Depreciation Exp.2122Store Supplies Exp.2223Misc. Selling Exp.2324Office Salaries Exp.2425Rent Exp.2527Insurance Exp.2726Bad Debt Exp.2628Misc. Administrative Exp.2829Interest Expense293030272728282929 Income StmtIncome Statement Stmt EquityStatement of Owner's Equity Bal SheetBalance Sheet Post TrialPost-Closing Trial BalanceACCOUNT TITLEDEBITCREDIT
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