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Concept explainers
Comprehensive Problem for Chapters 1-5
Completing a Merchandiser’s Accounting Cycle
St. John Technology uses a perpetual inventory system. The end-of-month unadjusted
Additional data at January 31, 2 016:
a. Office Supplies consumed during the month, $1,780. Half is selling expense, and the other half is administrative expense.
b.
c. Unearned revenue that has been earned during January, $3,825.
d. Accrued salaries, an administrative expense, $975.
e. Merchandise Inventory on hand, $55,375. St. John uses the perpetual inventory system.
Requirements
1. Using T-accounts, open the accounts listed on the trial balance, inserting their unadjusted balances. Label the balances as Bal. Al so open the Income Summary account.
2. Journalize and post the
3. Enter the unadjusted trial balance on a worksheet, and complete the worksheet for the month ended January 31, 2016. St. John Technology groups all operating expenses under two accounts, Selling Expense and Administrative Expense. Leave two blank lines under Selling Expense and three blank lines under Administrative Expense.
4. Prepare the company’s multi-step in com e statement and statement of
5. Journalize and
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Chapter 5 Solutions
ACC 201/202 MYACCLAB E-TEXT ONLY >I<
- Financial Accountingarrow_forwardCUMULATIVE COMPREHENSION PROBLEM: ECHO SYSTEMS (This comprehensive problem was introduced in Chapter 2 and continues in Chapters 4 and 5. If the Chapter 2 segment has not been completed, the assignment can begin at this point. You need to use the facts presented in Chapter 2. Because of its length, this problem is most easily solved if you use the Working Papers that accompany this book.) After the success of of its first two months,Mary Graham has decided to continue operatine Echo Systems. (The that occurred in these months are described in Chapter 2.) Before proceeding in December, Gra- e new accounts to the chart of accounts for the ledger: hamadds these ne No. 105 210 Account Accumulated Depreciation Office Equipment ... Accumulated Depreciation, Computer Equipment ............ Wages Payable...... Uneamed Computer Services Revenue..... Depreciation Expense, orice Equipment............. Depreciation Expense. Computer Equipment........... Insurance Expense Rent Expense Computer…arrow_forwardWhat is the direct labor efficiency variance for October on these general accounting question?arrow_forward
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