{"id":16358,"date":"2021-11-17T02:33:16","date_gmt":"2021-11-17T02:33:16","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/mills-sporting-goods-store-college-accounting-comprehensive\/"},"modified":"2021-11-17T02:33:16","modified_gmt":"2021-11-17T02:33:16","slug":"mills-sporting-goods-store-college-accounting-comprehensive","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/mills-sporting-goods-store-college-accounting-comprehensive\/","title":{"rendered":"Mills sporting goods store &#8211; college accounting &#8211; comprehensive"},"content":{"rendered":"<div>\n<p><strong><span>Mills Sporting Goods Store &#8211; <\/span><\/strong><span><span>College Accounting<\/span><span><span>\u00a0<\/span>&#8211; Comprehensive Review Problem II &#8211; paradigm 5th edition<\/span><\/span><\/p>\n<p><span>You have now completed the accounting cycle for a merchandising business and are ready to try to put it all together in this second comprehensive review problem. <\/span><\/p>\n<p>\u00a0<\/p>\n<p><span>You are keeping the accounting records for Cindi Mills, owner of Mills Sporting Goods Store. You begin with the balances in her accounts and go through the accounting cycle for two months.<\/span><\/p>\n<p><strong><span>Directions:<\/span><\/strong><\/p>\n<p><strong><span><span>1.<span>\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/span><\/strong><span>Open accounts in the general ledger with the following balances as of January 1, 20X1<\/span><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>Account<\/span><\/strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><strong>Balance<\/strong><\/span><\/p>\n<p><span>111<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cash<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>$6,560<\/span><\/p>\n<p><span>112<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Accounts Receivable<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span> 2,955<\/span><\/p>\n<p><span>113<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Office Supplies<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>825<\/span><\/p>\n<p><span>114<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Store Supplies<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>1,915<\/span><\/p>\n<p><span>115<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Merchandise Inventory<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>13,540<\/span><\/p>\n<p><span>116<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Prepaid Insurance<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>750<\/span><\/p>\n<p><span>121<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Office Equipment<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>9,500<\/span><\/p>\n<p><span>121.1<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Accumulated Depreciation-Office Equipment<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>2,600<\/span><\/p>\n<p><span>122<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Store Equipment<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>16,600<\/span><\/p>\n<p><span>122.1<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Accumulated Depreciation-Store Equipment<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>4,000<\/span><\/p>\n<p><span>123<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Delivery Equipment<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>13,000<\/span><\/p>\n<p><span>123.1<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Accumulated Depreciation-Delivery Equipment<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>7,000<\/span><\/p>\n<p><span>211<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Accounts Payable<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>3,880<\/span><\/p>\n<p><span>311<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cindi Mills, Capital<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>48,165<\/span><\/p>\n<p><span>312<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cindi Mills, Drawing<\/span><\/p>\n<p><span>313<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Income Summary<\/span><\/p>\n<p><span>411<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sales<\/span><\/p>\n<p><span>412<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sales Returns and Allowances<\/span><\/p>\n<p><span>413<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sales Discounts<\/span><\/p>\n<p><span>511<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchases<\/span><\/p>\n<p><span>512<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchases Returns and Allowances<\/span><\/p>\n<p><span>513<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchases Discounts<\/span><\/p>\n<p><span>514<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Freight in<\/span><\/p>\n<p><span>611<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Salaries Expense<\/span><\/p>\n<p><span>612<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Rent Expense<\/span><\/p>\n<p><span>613<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Utilities Expense<\/span><\/p>\n<p><span>614<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Office Supplies Expense<\/span><\/p>\n<p><span>615<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Store Supplies Expense<\/span><\/p>\n<p><span>616<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Insurance Expense<\/span><\/p>\n<p><span>617<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Depreciation Expense-Office Equipment<\/span><\/p>\n<p><span>618<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Depreciation Expense-Store Equipment<\/span><\/p>\n<p><span>619<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Depreciation Expense-Delivery Equipment<\/span><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>2.<span>\u00a0 <\/span><\/span><\/strong><span>Open accounts in the accounts receivable ledger with the following balances as of January 1, 20X1:<\/span><\/p>\n<p><strong><span>Customer Name<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Balance<\/span><\/strong><\/p>\n<p><span>Henry Galvin<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>$1,025<\/span><\/p>\n<p><span>Lee Maddox<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>755<\/span><\/p>\n<p><span>Neagle Co.<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>1,175<\/span><\/p>\n<p><span>Smitz, Inc<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>-0-<\/span><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>3.<span>\u00a0 <\/span><\/span><\/strong><span>Open accounts in the accounts payable ledger with the following balances as of January 1, 20X1:<\/span><\/p>\n<p><strong><span>Creditor<a rel=\"nofollow noopener\" target=\"_blank\" name=\"_GoBack\"> Name<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Balance<\/span><\/strong><\/p>\n<p><span>W. Bedford Co.<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>$1,365<\/span><\/p>\n<p><span>Jones Co.<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>-0-<\/span><\/p>\n<p><span>Lemke Brothers<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>1,540<\/span><\/p>\n<p><span>Wohlers, Inc.<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>975<\/span><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>4. <\/span><\/strong><span>Record the January transactions in a general journal (page 12), a one column sales journal (page26), a purchases journal (page 10), a five-column cash receipts journal (page 11), or a four column cash payments journal (page 9). All credit sales carry terms of 2\/10, n\/30. Freight on all purchases is charged to the freight in account.<\/span><\/p>\n<p><span>20X1<\/span><\/p>\n<p><span>January<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span>2<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid rent for the month, <strong>$1.070<\/strong>, Check No. 234<\/span><\/p>\n<p><span>2<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Smitz, Inc., <strong>$765<\/strong>, Invoice No. 176<\/span><\/p>\n<p><span>4<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Collected the balance due from Henry Galvin, less 2% discount<\/span><\/p>\n<p><span>5<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Henry Galvin, <strong>$1,670<\/strong>, Invoice No. 177<\/span><\/p>\n<p><span>6<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Collected the balance due from Neagle Co., less 2% discount<\/span><\/p>\n<p><span>7<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Issued a credit memorandum to Henry Galvin for the return of defective merchandise sold on January 5, <strong>$210<\/strong><\/span><\/p>\n<p><span>7<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased merchandise from Lemke Brothers, <strong>$1,045<\/strong>; terms 2\/10,n\/30; Invoice No. 187<\/span><\/p>\n<p><span>8<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid W. Bedford Co. the balance due, less 2% discount; Check No. 235<\/span><\/p>\n<p><span>9<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid Wohlers, Inc., the balance due, less 1% discount; Check No. 236<\/span><\/p>\n<p><span>10<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Returned defective merchandise purchased on January 7 from Lemke Brothers, receiving a credit memorandum for <strong>$105<\/strong><\/span><\/p>\n<p><span>10<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Collected the balance due from Lee Maddox, Less 2% discount<\/span><\/p>\n<p><span>11<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid Lemke Brothers the January 1 balance; no discount; Check No 237<\/span><\/p>\n<p><span>12<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Received a check from Smitz, Inc., for the amount due from the sale of January 2<\/span><\/p>\n<p><span>14<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased merchandise from Jones Co<strong>. $2,550<\/strong>; terms, 2\/10,n\/30; Invoice No. 188<\/span><\/p>\n<p><span>15<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Received a check from Henry Galvin for the amount due from the sale of January 5, less the return of January 7<\/span><\/p>\n<p><span>15<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Recorded cash sales for the first half of January, <strong>$1,665<\/strong><\/span><\/p>\n<p><span>15<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cindi invested an additional<strong>$3,000<\/strong> cash in the firm<\/span><\/p>\n<p><span>16<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased office equipment from Wohlers, Inc., <strong>$4,400<\/strong>; terms, 2\/30,n\/60 Invoice No. 189<\/span><\/p>\n<p><span>17<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Lee Maddox, <strong>$950<\/strong>, Invoice No. 178<\/span><\/p>\n<p><span>17<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid Lemke Brothers the amount due from the purchase of January 7, less the return of January 10; Check No. 238<\/span><\/p>\n<p><span>18<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased office supplies from W. Bedford Co., <strong>$860<\/strong>; terms, n\/30; Invoice No. 190<\/span><\/p>\n<p><span>19<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Returned defective office supplies to W. Bedford Co., receiving a credit memorandum for <strong>$110<\/strong><\/span><\/p>\n<p><span>20<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased store supplies from Jones Co<strong>.,$555<\/strong>; terms, n\/30; Invoice No. 191<\/span><\/p>\n<p><span>22<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cindi invested a used truck valued at <strong>$4,700<\/strong> in the business<\/span><\/p>\n<p><span>23<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Neagle Co<strong>., $820<\/strong>, Invoice No. 179<\/span><\/p>\n<p><span>24<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid the balance due to Jones Co. from the purchase of January 14; Check No. 239<\/span><\/p>\n<p><span>24<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cindi wrote check No. 240 to pay her home phone bill, <strong>$205<\/strong><\/span><\/p>\n<p><span>25<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold Merchandise to Smitz, Inc., <strong>$1,995<\/strong>, Invoice No. 180<\/span><\/p>\n<p><span>26<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold store supplies to another firm at cost for cash, <strong>$110<\/strong><\/span><\/p>\n<p><span>27<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Issued a credit memorandum to Smitz, Inc., for a shortage from the sale of January 25, <strong>$75<\/strong><\/span><\/p>\n<p><span>27<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased merchandise from Jones Co., <strong>$750<\/strong>; terms, 2\/10,n\/30; Invoice No. 192<\/span><\/p>\n<p><span>29<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid January\u2019s electric bill, <strong>$595<\/strong>, Check No. 241<\/span><\/p>\n<p><span>31<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Recorded cash sales for the second half of January, <strong>$2,445<\/strong><\/span><\/p>\n<p><span>31<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid freight on January purchases, <strong>$450<\/strong>, Check No. 242<\/span><\/p>\n<p><span>31<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid salaries for January, <strong>$4,450<\/strong>, Check No. 243<\/span><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>5.<\/span><\/strong><span> Total all special journals<\/span><\/p>\n<p><strong><span>6.<\/span><\/strong><span> Post all items that need to be posted<\/span><\/p>\n<p><strong><span>7.<\/span><\/strong><span> Prepare a trial balance on a work sheet as of January 31, 20X1<\/span><\/p>\n<p><strong><span>8.<\/span><\/strong><span> Prepare schedules of accounts receivable and accounts payable<\/span><\/p>\n<p><strong><span>9.<\/span><\/strong><span> Complete the worksheet. Adjustment data for January 31 are as follows:<\/span><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(a) Office Supplies on hand, $830<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(b) Store Supplies on hand, $750<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(c) Insurance Expired, $20<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(d) Depreciation of office equipment, $90<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(e) Depreciation of store equipment, $125<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(f) Depreciation of delivery equipment, $250<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(g) Merchandise Inventory (beginning), $13,540<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(h) Merchandise Inventory (ending), $12,210<\/span><\/strong><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>10. <\/span><\/strong><span>Record and post adjusting entries as of January 31.<\/span><\/p>\n<p><strong><span>11.<\/span><\/strong><span> Record and post closing entries as of January 31.<\/span><\/p>\n<p><strong><span>12.<\/span><\/strong><span> Prepare a January 31 post-closing trial balance.<\/span><\/p>\n<p><strong><span>13.<\/span><\/strong><span> Prepare an income statement for the month of January. All salaries are sales salaries.<\/span><\/p>\n<p><strong><span>14.<\/span><\/strong><span> Prepare a statement of owner\u2019s equity for the month of January<\/span><\/p>\n<p><strong><span>15.<\/span><\/strong><span> Prepare a January 31 balance sheet<\/span><\/p>\n<p><strong><span>16.<\/span><\/strong><span> Record the following February transactions<\/span><\/p>\n<p><span>20X1<\/span><\/p>\n<p><span>February<\/span><\/p>\n<p><span>1<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid rent for the month, <strong>$1,070<\/strong>, Check No. 244<\/span><\/p>\n<p><span>2<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased merchandise from Lemke Brothers, <strong>$740<\/strong>; terms, 2\/10,n\/30; Invoice No. 193<\/span><\/p>\n<p><span>3<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Returned merchandise purchased from Lemke Brothers on February 2, receiving a credit memorandum for <strong>$75<\/strong><\/span><\/p>\n<p><span>3<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Collected the balance due from Lee Maddox<\/span><\/p>\n<p><span>4<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Collected the balance due from Smitz, Inc., for the sale of January 25 less the credit of January 27 and less the 2% discount<\/span><\/p>\n<p><span>5<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cindi took home <strong>$40<\/strong> of office supplies for her personal use<\/span><\/p>\n<p><span>6<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Henry Galvin, <strong>$2,140<\/strong>, Invoice No. 181<\/span><\/p>\n<p><span>6<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid Jones Co. the balance due on purchases of <strong>$555<\/strong> and <strong>$750<\/strong>, less a 2% discount on the <strong>$750<\/strong> purchase; Check No. 245<\/span><\/p>\n<p><span>7<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Collected the balance due from Neagle Co.<\/span><\/p>\n<p><span>8<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Issued a credit memorandum to Henry Galvin for damaged merchandise sold on February 6<strong>, $195<\/strong><\/span><\/p>\n<p><span>9<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased merchandise for cash, <strong>$375<\/strong>, Check No. 246<\/span><\/p>\n<p><span>11<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid Lemke Brothers for the balance due from the purchase of February 2, less the return of February 3; Check No. 247<\/span><\/p>\n<p><span>11<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Returned <strong>$20<\/strong> of the merchandise purchased on February 9, receiving a cash refund<\/span><\/p>\n<p><span>12<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Lee Maddox, <strong>$1,185<\/strong>, Invoice No. 182<\/span><\/p>\n<p><span>13<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Cindi wrote Check No. 248 for personal expenses, <strong>$350<\/strong><\/span><\/p>\n<p><span>14<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Recorded cash sales for the first half of the month, <strong>$3,095<\/strong><\/span><\/p>\n<p><span>15<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid Wohlers, Inc., the balance due, less 2% discount, Check No. 249<\/span><\/p>\n<p><span>16<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Received a check from Henry Galvin for the amount due from the sale of February 6, less the return of February 8<\/span><\/p>\n<p><span>17<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold office supplies for cash, <strong>$85<\/strong><\/span><\/p>\n<p><span>17<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid W. Bedford Co. the balance due for the purchase of January 18, less the return of January 19; Check No. 250<\/span><\/p>\n<p><span>19<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased store supplies from W. Bedford Co. <strong>$340<\/strong>; terms, n\/30; Invoice No. 194<\/span><\/p>\n<p><span>20<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Returned <strong>$30<\/strong> of the store supplies purchased on February 19, receiving credit<\/span><\/p>\n<p><span>21<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased merchandise from Lemke Brothers, <strong>$940<\/strong>; terms, 2\/10,n\/30; Invoice No. 195<\/span><\/p>\n<p><span>22<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Neagle Co., <strong>$1,095<\/strong>; Invoice No. 183<\/span><\/p>\n<p><span>24<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased merchandise from Jones Co., <strong>$1,045<\/strong>; terms, 2\/10,n\/30; Invoice No 196<\/span><\/p>\n<p><span>25<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Sold merchandise to Smitz, Inc., <strong>$1,755<\/strong>, Invoice No. 184<\/span><\/p>\n<p><span>26<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Purchased store equipment from Wohlers, Inc., <strong>$2700<\/strong>; terms 2\/30,n\/60; Invoice No. 197<\/span><\/p>\n<p><span>27<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid the electric bill for February<strong>, $550<\/strong>, Check No. 251<\/span><\/p>\n<p><span>28<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Recorded cash sales for the second half of the month, <strong>$2,985<\/strong><\/span><\/p>\n<p><span>28<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid freight on February purchases, <strong>$435<\/strong>, Check No. 252<\/span><\/p>\n<p><span>28<span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Paid salaries for February, <strong>$4,450<\/strong>, Check No. 253<\/span><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>17. <\/span><\/strong><span>Total all special journals.<\/span><\/p>\n<p><strong><span>18.<\/span><\/strong><span> Post all items that need to be posted<\/span><\/p>\n<p><strong><span>19.<\/span><\/strong><span> Prepare a trial balance on a work sheet as of February 28, 20X1<\/span><\/p>\n<p><strong><span>20.<\/span><\/strong><span> Prepare schedules of accounts receivable and accounts payable.<\/span><\/p>\n<p><strong><span>21.<\/span><\/strong><span> Complete the work sheet. Adjustment data for February 28 are as follows<\/span><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(a) Office Supplies on hand, $355<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(b) Store Supplies on hand, $275<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(c) Insurance Expired, $20<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(d) Depreciation of office equipment, $90<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(e) Depreciation of store equipment, $125<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(f) Depreciation of delivery equipment, $250<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(g) Merchandise Inventory (beginning), $12.210<\/span><\/strong><\/p>\n<p><strong><span><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>(h) Merchandise Inventory (ending), $12,780<\/span><\/strong><\/p>\n<p>\u00a0<\/p>\n<p><strong><span>22. <\/span><\/strong><span>Record and post adjusting entries as of February 28.<\/span><\/p>\n<p><strong><span>23.<\/span><\/strong><span> Record and post closing entries as of February 28.<\/span><\/p>\n<p><strong><span>24.<\/span><\/strong><span> Prepare a February 28 post-closing trial balance.<\/span><\/p>\n<p><strong><span>25.<\/span><\/strong><span> Prepare an income statement for the month of February. All salaries are sales salaries.<\/span><\/p>\n<p><strong><span>26.<\/span><\/strong><span> Prepare a statement of owner\u2019s equity for the month of February.<\/span><\/p>\n<p><span><span><strong>27.<\/strong> Prepare a February 28 balance sheet.<\/span><\/span><\/p>\n<p>\u00a0<\/p>\n<p><span><span>Check figures for January only.<\/span><\/span><\/p>\n<p><span><span>Net Loss: 4,946.75<span>\u00a0 <\/span>Total Assets: 57,168.25<span>\u00a0 <\/span>Cash Balance: 4,823.25<\/span><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mills Sporting Goods Store &#8211; College Accounting\u00a0&#8211; Comprehensive Review Problem II &#8211; paradigm 5th edition You have now completed the accounting cycle for a merchandising business and are ready to try to put it all together in this second comprehensive review problem. \u00a0 You are keeping the accounting records for Cindi Mills, owner of Mills [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-16358","post","type-post","status-publish","format-standard","hentry","category-homework-help"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/16358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=16358"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/16358\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=16358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=16358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=16358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}