Question : 168. From the adjusted trial balance for Worker Products, prepare the : 1256847

 

 

168. From the adjusted trial balance for Worker Products, prepare the necessary closing entries.

 

WORKER PRODUCTS COMPANY

Adjusted Trial Balance

December 31

 

Debit

Credit

Cash

$    9,400

 

Accounts receivable

25,000

 

Merchandise inventory

36,000

 

Office supplies

900

 

Store equipment

75,000

 

Accumulated depreciation – store equipment

 

$   22,000

Office equipment

60,000

 

Accumulated depreciation – office equipment

 

15,000

Accounts payable

 

42,000

Notes payable

 

10,000

Common stock

 

40,000

Retained earnings

 

70,700

Dividends

48,000

 

Sales

 

325,000

Sales discounts

6,000

 

Sales returns and allowances

16,500

 

Cost of goods sold

195,000

 

Sales salaries expense

32,500

 

Depreciation expense – store equipment

11,000

 

Depreciation expense – office equipment

7,500

 

Office supplies expense

1,300

 

Interest expense

600

 

Totals

$524,700

$524,700

 

 

 

 

 

169. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions for Neutron:

June

10

Neutron purchased merchandise on credit from Proton for $9,000, terms 2/10, n/30.  FOB destination.  Transportation costs of $350 were paid by Proton.

 

12

Neutron returned $600 of merchandise from the June 10 purchase.

 

19

Neutron paid Proton for the June 10 purchase.

 

 

170. Steve’s Skateboards uses the periodic inventory system and had the following sales transactions during April:

April 2

Sold merchandise to Happy Hobby Shop on credit for $4,800, terms 1/15, n/60.  The items sold had a cost of $2,700.

April 4

Happy Hobby Shop returned merchandise that had a selling price of $200.  The cost of the merchandise returned was $110.

April 13

Happy Hobby Shop paid for the merchandise sold on Aril 2, taking any appropriate discount earned

 

Prepare the journal entries that Steve’s Skateboards must make to record these transactions.

 

 

171. Maia’s Bike Shop uses the periodic inventory system and had the following transactions during the month of May:

May 3

Sold merchandise to a customer on credit for $600, terms 2/10, n/30.  The cost of the merchandise sold was $350.

May 4

Sold merchandise to a customer for cash of $425.  The cost of the merchandise was $250.

May 6

Sold merchandise to a customer on credit for $1,300, term 2/10, n/30.  The cost of the merchandise sold was $750.

May 8

The customer from May 3 returned merchandise with a selling price of $100.  The cost of merchandise returned was $55.

May 15

The customer from May 6 paid the full amount due, less any appropriate discounts earned.

May 31

The customer from May 3 paid the full amount due, less any appropriate discounts earned.

Prepare the required journal entries that Maia’s Bike Shop must make to record these transactions.

 

 

 

 

 

 

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