Homework Help is Here – Start Your Trial Now!
Business
Accounting
Debit Credit $ 3,500 31,400 1,715 645 Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen woodstock, withdrawals Rental revenue 3,960 57,615 $ 6,750 13,100 6,550 4,000 52, e00 31,500 14,680 501, 520 Sales 2,915 5,190 331, 315 Sales returns and allowances Sales discounts Purchases Purchase returns and allowances 2,140 4,725 Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense 3,690 34,71e 24,000 6,400 27,630 13,000 Insurance expense Depreciation expense, office equipment Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies were purchased and debited to the Store Supplies account. A physical count on December 31, 2020. shows an ending balance of $180. b. The balance on January 1, 2020, in the Office Supplies account was $50. Office supplies of $595 were purchased in 2020 and added to the Office Supplies account. An examination of the office supplies at year-end revealed that $590 had been used. c. The balance in the Prepaid Insurance account represents a policy purchased on September 1, 2020; it was valid for 12 months from that date. d. The store equipment was originally estimated to have a useful life of 12 years and a residual value of $3.615. e. When the office equipment was purchased, it was estimated that it would last four years and have no residual value. 1. Ending merchandise inventory, $29,000.

Debit Credit $ 3,500 31,400 1,715 645 Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen woodstock, withdrawals Rental revenue 3,960 57,615 $ 6,750 13,100 6,550 4,000 52, e00 31,500 14,680 501, 520 Sales 2,915 5,190 331, 315 Sales returns and allowances Sales discounts Purchases Purchase returns and allowances 2,140 4,725 Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense 3,690 34,71e 24,000 6,400 27,630 13,000 Insurance expense Depreciation expense, office equipment Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies were purchased and debited to the Store Supplies account. A physical count on December 31, 2020. shows an ending balance of $180. b. The balance on January 1, 2020, in the Office Supplies account was $50. Office supplies of $595 were purchased in 2020 and added to the Office Supplies account. An examination of the office supplies at year-end revealed that $590 had been used. c. The balance in the Prepaid Insurance account represents a policy purchased on September 1, 2020; it was valid for 12 months from that date. d. The store equipment was originally estimated to have a useful life of 12 years and a residual value of $3.615. e. When the office equipment was purchased, it was estimated that it would last four years and have no residual value. 1. Ending merchandise inventory, $29,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Only 8B question. Thanks!

Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies were purchased and debited to the Store Supplies account. A physical count on December 31, 2020. shows an ending balance of $180. b. The balance on January 1, 2020, in the Office Supplies account was $50. Office supplies of $595 were purchased in 2020 and added to the Office Supplies account. An examination of the office supplies at year-end revealed that $590 had been used. c. The balance in the Prepaid Insurance account represents a policy purchased on September 1. 2020; it was valid for 12 months from that date. d. The store equipment was originally estimated to have a useful life of 12 years and a residual value of $3615. e. When the office equipment was purchased, it was estimated that it would last four years and have no residual value. 1. Ending merchandise inventory, $29.000.
Transcribed Image Text:Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies were purchased and debited to the Store Supplies account. A physical count on December 31, 2020. shows an ending balance of $180. b. The balance on January 1, 2020, in the Office Supplies account was $50. Office supplies of $595 were purchased in 2020 and added to the Office Supplies account. An examination of the office supplies at year-end revealed that $590 had been used. c. The balance in the Prepaid Insurance account represents a policy purchased on September 1. 2020; it was valid for 12 months from that date. d. The store equipment was originally estimated to have a useful life of 12 years and a residual value of $3615. e. When the office equipment was purchased, it was estimated that it would last four years and have no residual value. 1. Ending merchandise inventory, $29.000.
Requlred: Prepare a classified multiple-step income statement. (Input all amounts es positive values. Do not round Intermedlate answer. Round your final answers to nearest whole dollar.) WOODSTOCK STORE Income Statement For Year Ended December 31, 2020 Cost of goods sold: Cost of goods sold Operating expenses: Selling expenses:
Transcribed Image Text:Requlred: Prepare a classified multiple-step income statement. (Input all amounts es positive values. Do not round Intermedlate answer. Round your final answers to nearest whole dollar.) WOODSTOCK STORE Income Statement For Year Ended December 31, 2020 Cost of goods sold: Cost of goods sold Operating expenses: Selling expenses:
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Borrowing costs
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS