Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1 – March 31, 2019 Credit Account Title Debit 14,500 11,770 4,500 150,000 34,360 125,000 Cash Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 41,800 210,000 42,000 40,210 8,000 245,880 6,500 12,000 650,000 5,060 8,900 6,500 980,000 10,000 130,000 12,000 10,600 1,379,790 1,379,790| Other data for adjustments: 1. The actual merchandise inventory on hand at March 31 is $50,000. 2. Total of the supplies remain in the company is $120,000. 3. Prepaid insurance is expired $250 per month. Store equipment is depreciated for $100 per month. 5. Building is depreciated on the monthly rate of $1,210. 6. Property taxes rate is 2% of the cost of building for the first quarter of 2019. 7. During the first quarter of 2019, $1,000 of the sales commission has not been paid to the salesmen. 4. Instruction: Prepare adjustment journal entries, worksheet, financial statements for the first quarter of 2019, and closing entries.
Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1 – March 31, 2019 Credit Account Title Debit 14,500 11,770 4,500 150,000 34,360 125,000 Cash Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 41,800 210,000 42,000 40,210 8,000 245,880 6,500 12,000 650,000 5,060 8,900 6,500 980,000 10,000 130,000 12,000 10,600 1,379,790 1,379,790| Other data for adjustments: 1. The actual merchandise inventory on hand at March 31 is $50,000. 2. Total of the supplies remain in the company is $120,000. 3. Prepaid insurance is expired $250 per month. Store equipment is depreciated for $100 per month. 5. Building is depreciated on the monthly rate of $1,210. 6. Property taxes rate is 2% of the cost of building for the first quarter of 2019. 7. During the first quarter of 2019, $1,000 of the sales commission has not been paid to the salesmen. 4. Instruction: Prepare adjustment journal entries, worksheet, financial statements for the first quarter of 2019, and closing entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Quiz: Periodic Inventory System
Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of
2019, the following accounts appeared in its unadjusted trial balance:
Bedazzle Department Store
Trial Balance
For the period of January 1- March 31, 2019
Account Title
Debit
Credit
Cash
14,500
11,770
Accounts Receivable
Prepaid Insurance
Supplies
Merchandise Inventory
Store Equipment
Accum. Depr. Store Equipment
Building
Accum. Depr. Building
Accounts Payable
Property Taxes Payable
Sales Commissions Payable
Shared Capital
Retained Earnings
Dividend
Purchases
Freight-in
Purchases Discounts
Purchase Returns & Allow.
Sales
Sales Returns & Allowances
Cost of Goods Sold
Sales Salaries Expense
Sales Commissions Expense
Supplies Expense
Insurances Expense
Property Taxes Expense
Utilities Expense
Deprec. Expense-Store Equipment
Deprec. Expense-Building
4,500
150,000
34,360
125,000
41,800
210,000
42,000
40,210
8,000
245.880
6,500
12,000
650,000
5,060
8,900
6,500
980,000
10,000
130.000
12,000
10,600
1,379,790 1,379,790|
Other data for adjustments:
1. The actual merchandise inventory on hand at March 31 is $50,000.
2.
Total of the supplies remain in the company is $120,000.
3
Prepaid insurance is expired $250 per month.
Store equipment is depreciated for $100 per month.
5. Building is depreciated on the monthly rate of $1,210.
6. Property taxes rate is 2% of the cost of building for the first quarter of 2019.
7. During the first quarter of 2019, $1,000 of the sales commission has not been paid to the
salesmen.
4
Instruction: Prepare adjustment journal entries, worksheet, financial statements for the first
quarter of 2019, and closing entries.
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