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The trial balance of Lucky Trading shows the adjusted balances at the end of its fiscal year, March 31, 2021: Debit 317,810 Credit Cash Accounts Receivable 142,050 Merchandise Inventory Store Supplies Prepaid Rent 102,660 22,400 125,000 Store Equipment Accumulated Depreciation - Store Equipment |Accounts Payable Short-term Loans Accrued Salaries Unearned Income Income Tax Payable Co, Capital Accumulated Dopreciation - Store Equipment 186,100 50,120 54,900 142,990 33,500 51,300 26,000 500,000 50,120 Accounts Payable 54,900 Short-term Loans 142,990 Accrued Salaries 33,500 Unearned Income 51,300 Income Tax Payable 26,000 Со, Сарtal Co, Drawing 500,000 40,000 Sales 415,740 Sales Discounts 7,600 Sales Returns & Allowances 3,000 Purchases 211,650 Purchase Discounts 10,000 Purchase Returns & Allowances 5,200

The trial balance of Lucky Trading shows the adjusted balances at the end of its fiscal year, March 31, 2021: Debit 317,810 Credit Cash Accounts Receivable 142,050 Merchandise Inventory Store Supplies Prepaid Rent 102,660 22,400 125,000 Store Equipment Accumulated Depreciation - Store Equipment |Accounts Payable Short-term Loans Accrued Salaries Unearned Income Income Tax Payable Co, Capital Accumulated Dopreciation - Store Equipment 186,100 50,120 54,900 142,990 33,500 51,300 26,000 500,000 50,120 Accounts Payable 54,900 Short-term Loans 142,990 Accrued Salaries 33,500 Unearned Income 51,300 Income Tax Payable 26,000 Со, Сарtal Co, Drawing 500,000 40,000 Sales 415,740 Sales Discounts 7,600 Sales Returns & Allowances 3,000 Purchases 211,650 Purchase Discounts 10,000 Purchase Returns & Allowances 5,200

FINANCIAL ACCOUNTING
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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1. Prepare adjusting entries for inventory

2. Provide closing entries, balance sheet & income statement

 

The trial balance of Lucky Trading shows the adjusted balances at the end of its fiscal year, March 31, 2021: Debit Credit Cash 317,810 Accounts Receivable 142,050 Merchandise Inventory Store Supplies Prepaid Rent Store Equipment Accumulated Depreciation - Store Equipment 102,660 22,400 125,000 186,100 50,120 Accounts Payable 54,900 Short-term Loans Accrued Salaries Unearned Income Income Tax Payable 142,990 33,500 51,300 26,000 Co, Capital 500,000 Accumulated Depreciation - Store Equipment 50,120 Accounts Payable 54,900 Short-term Loans 142,990 Accrued Salaries Unearned Income Income Tax Payable Со, Саptal Co, Drawing 33,500 51,300 26,000 500,000 40,000 Sales 415,740 Sales Discounts 7,600 Sales Returns & Allowances 3,000 Purchases 211,650 Purchase Discounts 10,000 Purchase Returns & Allowances 5,200
Transcribed Image Text:The trial balance of Lucky Trading shows the adjusted balances at the end of its fiscal year, March 31, 2021: Debit Credit Cash 317,810 Accounts Receivable 142,050 Merchandise Inventory Store Supplies Prepaid Rent Store Equipment Accumulated Depreciation - Store Equipment 102,660 22,400 125,000 186,100 50,120 Accounts Payable 54,900 Short-term Loans Accrued Salaries Unearned Income Income Tax Payable 142,990 33,500 51,300 26,000 Co, Capital 500,000 Accumulated Depreciation - Store Equipment 50,120 Accounts Payable 54,900 Short-term Loans 142,990 Accrued Salaries Unearned Income Income Tax Payable Со, Саptal Co, Drawing 33,500 51,300 26,000 500,000 40,000 Sales 415,740 Sales Discounts 7,600 Sales Returns & Allowances 3,000 Purchases 211,650 Purchase Discounts 10,000 Purchase Returns & Allowances 5,200
Freight-in 12,000 Salaries Expense 67,400 Store Supplies Expense 3,940 Rent Expense 25,000 Freight-out 3,200 Depreciation Expense - Store Equipment 17,440 Interest Expense 2,500 1,289,750 1,289,750 REQUIRED: 1. Assuming that during physical inventory count, it was found out that the remaining merchandise inventories amounted to Php 97,000, using the periodic inventory system. 2. Journalize the closing entries. 3. Prepare a statement of changes in equity. 4. What will be the difference if the worksheet is prepared using the perpetual inventory system? prepare the worksheet
Transcribed Image Text:Freight-in 12,000 Salaries Expense 67,400 Store Supplies Expense 3,940 Rent Expense 25,000 Freight-out 3,200 Depreciation Expense - Store Equipment 17,440 Interest Expense 2,500 1,289,750 1,289,750 REQUIRED: 1. Assuming that during physical inventory count, it was found out that the remaining merchandise inventories amounted to Php 97,000, using the periodic inventory system. 2. Journalize the closing entries. 3. Prepare a statement of changes in equity. 4. What will be the difference if the worksheet is prepared using the perpetual inventory system? prepare the worksheet
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