Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.
| 110 | Cash | $83,600 |
| 112 | 233,900 | |
| 115 | Merchandise Inventory | 652,400 |
| 117 | Prepaid Insurance | 16,800 |
| 118 | Store Supplies | 11,400 |
| 123 | Store Equipment | 569,500 |
| 124 | 56,700 | |
| 210 | Accounts Payable | 96,600 |
| 211 | Customer Refunds Payable | 50,000 |
| 212 | Salaries Payable | — |
| 310 | Lynn Tolley, Capital, June 1, 20Y6 | 685,300 |
| 311 | Lynn Tolley, Drawing | 135,000 |
| 410 | Sales | 5,069,000 |
| 510 | Cost of Merchandise Sold | 2,823,000 |
| 520 | Sales Salaries Expense | 664,800 |
| 521 | Advertising Expense | 281,000 |
| 522 | Depreciation Expense | — |
| 523 | Store Supplies Expense | — |
| 529 | Miscellaneous Selling Expense | 12,600 |
| 530 | Office Salaries Expense | 382,100 |
| 531 | Rent Expense | 83,700 |
| 532 | Insurance Expense | — |
| 539 | Miscellaneous Administrative Expense | 7,800 |
Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below.
Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers.
If an amount box does not require an entry, leave it blank.
May 1: Paid rent for May, $5,000.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Rent Expense | fill in the blank 2 | fill in the blank 3 | |
| Cash | fill in the blank 5 | fill in the blank 6 |
May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Merchandise Inventory | fill in the blank 8 | fill in the blank 9 | |
| Accounts Payable-Martin Co. | fill in the blank 11 | fill in the blank 12 |
May 4: Paid freight on purchase of May 3, $600.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Merchandise Inventory | fill in the blank 14 | fill in the blank 15 | |
| Cash | fill in the blank 17 | fill in the blank 18 |
May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Accounts Receivable-Korman Co. | fill in the blank 20 | fill in the blank 21 | |
| Sales | fill in the blank 23 | fill in the blank 24 | |
| Cost of Merchandise Sold | fill in the blank 26 | fill in the blank 27 | |
| Merchandise Inventory | fill in the blank 29 | fill in the blank 30 |
May 7: Received $22,300 cash from Halstad Co. on account.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | fill in the blank 32 | fill in the blank 33 | |
| Accounts Receivable-Halstad Co. | fill in the blank 35 | fill in the blank 36 |
May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | fill in the blank 38 | fill in the blank 39 | |
| Sales | fill in the blank 41 | fill in the blank 42 | |
| Cost of Merchandise Sold | fill in the blank 44 | fill in the blank 45 | |
| Merchandise Inventory | fill in the blank 47 | fill in the blank 48 |
May 13: Paid for merchandise purchased on May 3.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Accounts Payable-Martin Co. | fill in the blank 50 | fill in the blank 51 | |
| Cash | fill in the blank 53 | fill in the blank 54 |
May 15: Paid advertising expense for last half of May, $11,000.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Advertising Expense | fill in the blank 56 | fill in the blank 57 | |
| Cash | fill in the blank 59 | fill in the blank 60 |
May 16: Received cash from sale of May 6.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | fill in the blank 62 | fill in the blank 63 | |
| Accounts Receivable-Korman Co. | fill in the blank 65 | fill in the blank 66 |
May 19: Purchased merchandise for cash, $18,700.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Merchandise Inventory | fill in the blank 68 | fill in the blank 69 | |
| Cash | fill in the blank 71 | fill in the blank 72 |
May 19: Paid $33,450 to Buttons Co. on account.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Accounts Payable-Buttons Co. | fill in the blank 74 | fill in the blank 75 | |
| Cash | fill in the blank 77 | fill in the blank 78 |
May 20: Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Customer Refund Payable | fill in the blank 80 | fill in the blank 81 | |
| Cash | fill in the blank 83 | fill in the blank 84 |
There was more info for up above but I ran out of characters and honestly I have no idea how to ask questions on here.
I got all of the answers correct for the questions above. Now I need to figure out how to do an unadjusted trail balance and I keep getting numbers incorrect.
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