I am having problems with processing of worksheets, I am enclosing the problem with worksheets and final spread sheets. P07C and given P07C.
Please see attached file for full problem description.
Inv. No. Check
Date Description Name or Date No. Terms
May1 Paid rent (80% selling space, 20% office space) S&P Management Co. 3410
2 Sold merchandise on credit (cost $4,100) Hensel Company 8785 2/10, n/60
2 Issued credit memo on returned merch. Knox, Inc. Apr. 28
Total selling price (gross) Knox, Inc. Apr. 28
3 Received credit memo on returned merch. Peyton Products Apr. 29
4 Purchased merchandise on credit Gear Supply Co. May 4 n/10 EOM
Purchased store supplies on credit Gear Supply Co. May 4 n/10 EOM
Purchased office supplies on credit Gear Supply Co. May 4 n/10 EOM
5 Received payment less discount and return Knox, Inc. Apr. 28 n/10 EOM
8 Paid inv. less 2 % discount and May 3 return Peyton Products Apr. 29 3411
9 Sold store supplies for cash at cost
10 Purchased office equipment on credit Gear Supply Co. May 10 n/10 EOM
11 Received payment less discount Hensel Company May 2
11 Purchased merchandise on credit Garcia, Inc. May 10 2/10, n/60
12 Received credit memo on returned merch. Gear Supply Co. May 10
15 Check issued for sales salaries Payroll 3412
Check issued for office salaries Payroll 3412
15 Cash sales for first half of month (cost $38,200)
16 Sold merchandise on credit (cost $1,890) Hensel Company 8786 2/10, n/60
17 Purchased merchandise on credit Fink Corp. May 14 2/10, n/60
19 Paid invoice less discount Garcia, Inc. May 10 3413
22 Sold merchandise on credit (cost $4,990) Lee Services 8787 2/10, n/60
23 Paid invoice less discount Fink Corp. May 14 3414
24 Purchased merchandise on credit Gear Supply Co. May 23 n/10 EOM
Purchased store supplies on credit Gear Supply Co. May 23 n/10 EOM
Purchased office supplies on credit Gear Supply Co. May 23 n/10 EOM
25 Purchased merchandise on credit Peyton Products May 23 2/10, n/30
26 Sold merchandise on credit (cost $8,230) Crane Corp. 8788 2/10, n/60
26 Paid April electric bill Perennial Power 3415
29 Issued check to owner for personal use Jenny Colo 3416
30 Received payment less discount Lee Services May 22
30 Check issued for sales salaries Payroll 3417
Check issued for office salaries Payroll 3417
31 Cash sales for second half of month (cost $42,500)
a. Expired insurance $553
b. Ending store supplies inventory 2,632
c. Ending office supplies inventory 504
d. Estimated depreciation of store equipment 567
e. Estimated depreciation of office equipment 329
The solution explains how to make the journal entries, prepare trial balance and financial statements for Colo Company
Perpetual: Colo Company
For the project, use the steps in the accounting cycle to process transactions in a business environment:
- Use a given set of transactions to synthesize and enter the transactions into special journals.
- Prepare a trial balance, adjusting, and closing entries.
- From the given information, prepare a set of financial statements.
- Prepare a post-closing trial balance, and prove the accuracy of subsidiary ledgers.
Follow the steps below to complete the project:
- Complete Comprehensive Problem? Perpetual.
- Be sure to use the tabs labeled P07C and Given P07C.
- Post your answers as an attachment.