Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Sison, Capital, June 1, Rayne 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 255,000 Freight-Out 138,400 759,000 102,600 Expense 166,800 7,200 Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense Taxes Expense 168,000 1,307,500 65,700 69,300 Insurance Expense 2,400,000 38,000 28,000 Miscellaneous Administrative Expense Miscellaneous Selling Utilities Expense (Office Spaces) Utilities Expense (Selling Area) Interest Expense Loss from Sale of Store Equipment 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013.

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

Prepare a statement of owner’s equity

Cash
Accounts Receivables
Allowance for Bad Debts
Office Supplies
Prepaid Insurance
Merchandise Inventory, June 1,
2012
Office Equipment
Accumulated Depreciation-
Office Equipment
Store Equipment
Accumulated Depreciation-
Store Equipment
Accounts Payable
Salaries Payable
Note Payable (final payment due
2025)
Rayne Sison, Capital, June 1,
2012
Rayne Sison, Drawing
Sales
Sales Discounts
Sales Returns and Allowances
Purchases
Purchase Discounts
Purchase Returns and
Allowances
757,500 Interest Income
396,000 Equipment
33,000
16,800
Gain from Sale of Office
10,200 Store Egg't
Freight-In
166,800
7,200
Advertising Expense
Depreciation Expense-
Office Ean't
525,000
255,000 Freight-Out
138,400
Miscellaneous
759,000 Administrative Expense
Miscellaneous Selling
Depreciation Expense-
168,000
1,307,500
102,600 Expense
105,000
3,850,000
Insurance Expense
Office Salaries Expense
Office Supplies Expense
Rent Expense
Sales Salaries Expense
Store Equipment Repair
Expense
65,700 Taxes Expense
69,300 Utilities Expense (Office
Spaces)
2,400,000
Utilities Expense (Selling
Area)
38,000
28,000
Office Equipment Repair
Expense
Interest Expense
Loss from Sale of Store
Equipment
3,000
8,000
110,400
33,000
17,000
70,000
21,000
11,700
5,500
15,000
5,000
14,000
10,200
50,000
70,000
2,200
10,000
10,000
8,000
8,000
15,000
The following selected accounts and their current balances appear in the ledger of Rayne
Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail
customers at the end of the fiscal year May 31, 2013.
Transcribed Image Text:Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 Interest Income 396,000 Equipment 33,000 16,800 Gain from Sale of Office 10,200 Store Egg't Freight-In 166,800 7,200 Advertising Expense Depreciation Expense- Office Ean't 525,000 255,000 Freight-Out 138,400 Miscellaneous 759,000 Administrative Expense Miscellaneous Selling Depreciation Expense- 168,000 1,307,500 102,600 Expense 105,000 3,850,000 Insurance Expense Office Salaries Expense Office Supplies Expense Rent Expense Sales Salaries Expense Store Equipment Repair Expense 65,700 Taxes Expense 69,300 Utilities Expense (Office Spaces) 2,400,000 Utilities Expense (Selling Area) 38,000 28,000 Office Equipment Repair Expense Interest Expense Loss from Sale of Store Equipment 3,000 8,000 110,400 33,000 17,000 70,000 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013.
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