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The problem to be resolved:
The following unadjusted
KT Supplies
Trial Balance as at June 30, 2021
A/C Name DR $ CR $
Cash 405,670
Accounts Receivable 2,037,100
Merchandise Inventory 660,500
Store Supplies 403,930
Prepaid Rent 165,000
Furniture and Fixtures 1,200,000
Accounts Payable 1,046,340
Insurance Payable
Utilities Payable
Unearned Sales Revenue 348,500
Note Payable-Long Term 350,000
Karen Thompson, Capital 2,105,000
Karen Thompson, Withdrawal 248,000
Sales Revenue Earned 4,316,280
Sales Discount 100,300
Sales Returns and Allowances 80,200
Cost of Goods Sold 1,171,770
Salaries Expense 802,750
Rent Expense 605,000
Depreciation Expense – Furniture and Fixtures
Utilities Expense 418,000
Store Supplies Expense
Insurance Expense
Travelling Expense 102,000
Interest Expense 20,900
Total 8,526,120 8,526,120
The following additional information was made available at June 30th, 2021
a) Store supplies used during the year amounted to $200,580.
b) $55,000 of the prepaid rent has expired as at June 30th, 2021.
c) Unearned sales revenue still not earned, $200,400. The Company expects to earn this amount during January 2022.
d) The Furniture and Fixtures has an estimated life of ten (10) years and is being
e) Insurance expenses not paid as at June 30th, 2021 amounted to $130,000.
f) Accrued utilities expense amounted to $38,000 at June 30th, 2021.
g) A physical count of inventory at June 30th 2021, reveals $665,500 worth of inventory on hand.
Other Data:
h) $250,000 of the notes payable is due for payment on December 31st, 2021.
Requirements:
1. Prepare the necessary
2. Prepare the company’s multiple-step income statement for the year ended June 30th, 2021.
3. Prepare the company’s statement of owner’s equity for the year ended June 30th, 2021
4. Prepare the company’s classified
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hi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the
The problem to be resolved:
The following unadjusted
KT Supplies
Trial Balance as at June 30, 2021
A/C Name DR $ CR $
Cash 405,670
Accounts Receivable 2,037,100
Merchandise Inventory 660,500
Store Supplies 403,930
Prepaid Rent 165,000
Furniture and Fixtures 1,200,000
Accounts Payable 1,046,340
Insurance Payable
Utilities Payable
Unearned Sales Revenue 348,500
Note Payable-Long Term 350,000
Karen Thompson, Capital 2,105,000
Karen Thompson, Withdrawal 248,000
Sales Revenue Earned 4,316,280
Sales Discount 100,300
Sales Returns and Allowances 80,200
Cost of Goods Sold 1,171,770
Salaries Expense 802,750
Rent Expense 605,000
Depreciation Expense – Furniture and Fixtures
Utilities Expense 418,000
Store Supplies Expense
Insurance Expense
Travelling Expense 102,000
Interest Expense 20,900
Total 8,526,120 8,526,120
The following additional information was made available at June 30th, 2021
a) Store supplies used during the year amounted to $200,580.
b) $55,000 of the prepaid rent has expired as at June 30th, 2021.
c) Unearned sales revenue still not earned, $200,400. The Company expects to earn this amount during January 2022.
d) The Furniture and Fixtures has an estimated life of ten (10) years and is being
e) Insurance expenses not paid as at June 30th, 2021 amounted to $130,000.
f) Accrued utilities expense amounted to $38,000 at June 30th, 2021.
g) A physical count of inventory at June 30th 2021, reveals $665,500 worth of inventory on hand.
Other Data:
h) $250,000 of the notes payable is due for payment on December 31st, 2021.
Requirements:
1. Prepare the company’s classified
hi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the
The problem to be resolved:
The following unadjusted
KT Supplies
Trial Balance as at June 30, 2021
A/C Name DR $ CR $
Cash 405,670
Accounts Receivable 2,037,100
Merchandise Inventory 660,500
Store Supplies 403,930
Prepaid Rent 165,000
Furniture and Fixtures 1,200,000
Accounts Payable 1,046,340
Insurance Payable
Utilities Payable
Unearned Sales Revenue 348,500
Note Payable-Long Term 350,000
Karen Thompson, Capital 2,105,000
Karen Thompson, Withdrawal 248,000
Sales Revenue Earned 4,316,280
Sales Discount 100,300
Sales Returns and Allowances 80,200
Cost of Goods Sold 1,171,770
Salaries Expense 802,750
Rent Expense 605,000
Depreciation Expense – Furniture and Fixtures
Utilities Expense 418,000
Store Supplies Expense
Insurance Expense
Travelling Expense 102,000
Interest Expense 20,900
Total 8,526,120 8,526,120
The following additional information was made available at June 30th, 2021
a) Store supplies used during the year amounted to $200,580.
b) $55,000 of the prepaid rent has expired as at June 30th, 2021.
c) Unearned sales revenue still not earned, $200,400. The Company expects to earn this amount during January 2022.
d) The Furniture and Fixtures has an estimated life of ten (10) years and is being
e) Insurance expenses not paid as at June 30th, 2021 amounted to $130,000.
f) Accrued utilities expense amounted to $38,000 at June 30th, 2021.
g) A physical count of inventory at June 30th 2021, reveals $665,500 worth of inventory on hand.
Other Data:
h) $250,000 of the notes payable is due for payment on December 31st, 2021.
Requirements:
1. Prepare the company’s classified
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