Financial statements from this trial balance: Fresh Poultry Store Trial Balance Thursday, December 31, 2020   Cash 260,500   Accounts Receivable 35,000   Purchases 210,000   Office Furniture and Fixtures 40,000   Accounts Payable   40,000 Sales   185,000 Yvone Iris Sado, Capital   350,000 Yvone Iris Sado, Drawing   15,000 Salaries and Wages 22,000   Office Supplies 2,500   Store Supplies 3,000   Rent Expense 4,000   Utilities Expense 6,000   Taxes and Licenses 5,000   Gasoline and Oil 2,000         Total 590,000 590,000

Carson Ltd. has prepared the following 2021 projections for its beverage company: Sales Month Cash Sales Credit Sales Мay $ 16,000 $ 68,000 June 20,000 80,000 July 18,000 74,000 August 24,000 92,000 September 22,000 76,000 Receivables have been historically collected at the following rates: • 40% in the month of sale 45% in the month following sale 15% two months after sale Inventory Purchases Month Purchase Amounts May $ 70,000 June 72,000 July 74,000 August 78,000 September 80,000 40% of purchases are paid for in cash in the month of sale, and the balance is paid the following month.

Financial Statements and Closing Entries You can download the following information.   Williams Inc. has the following information for calendar year 2020:    2020 Prepaid Insurance 400 Bank Service Charge Expense 30 Allowance for Doubtful Accounts 80 Cost of Goods Sold 5,900 Inventory 550 Rent Expense 20 Common Stock 14,000 Depreciation Expense 800 Sales Revenue 14,925 Income Tax Expense 2,400 Cash 3,700 Bad Debt Expense 75 Accounts Receivable 1,300 Interest Revenue 5 Accumulated Depreciation 3,750 Retained Earnings 15,550 Salaries Expense 1,200 Dividends 50 Building 32,375 Accounts Payable 490 Prepare, in good form, the classified Balance Sheet ONLY through the Current Asset section for Williams Inc. for 2020.

Customer Refunds and Allowances Assume the following data for Lusk Inc. before its year-end adjustments: Sales fasthe year $3,600,000 Estimated percent of refunds for the year 0.8% Journalize the adjusting entry for customer refunds and allowances. If an amount box does not require an entry, leave it blank. 88 Sales v Customer Refunds Payable v Feedback Check My Work Sales are reduced by the estimated amount of customer refunds and allowances which are calculated based upon a percentage of sales. Pre Check My Work Subm Save and Exit Email Instructor