Cash Merchandise inventory Store supplies Prepaid insurance Store equipment RELOUR LAIENE Unadjusted Trial Balance January 31 Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals Debit $ 21,200 14,500 5,100 2,400 42,800 2,300 1,800 2,200 38,000 0 15,650 15,650 0 8,000 8,000 0 9,400 $ 187,000 Credit $ 18,150 16,000 5,000 32,000 115,850 $ 187,000 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, Is $1,600 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,675 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory available at fiscal year-end.

Cash Merchandise inventory Store supplies Prepaid insurance Store equipment RELOUR LAIENE Unadjusted Trial Balance January 31 Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals Debit $ 21,200 14,500 5,100 2,400 42,800 2,300 1,800 2,200 38,000 0 15,650 15,650 0 8,000 8,000 0 9,400 $ 187,000 Credit $ 18,150 16,000 5,000 32,000 115,850 $ 187,000 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, Is $1,600 for the fiscal year. c. Depreciation expense on store equipment, a selling expense, is $1,675 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory available at fiscal year-end.

Name: rchandising Operations Problems Assig....CashMerchandise inventorySto
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Description: rchandising Operations Problems Assig....CashMerchandise inventoryStore suppliesPrepaid insuranceStore equipmentRELOUN LUPIENVEUnadjusted Trial BalanceJanuary 31Accumulated depreciation-Store equipmentAccounts payableCommon stockRetained earningsDiv

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter4: The Revenue Cycle

Section: Chapter Questions

Problem 4MCQ

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