Completing a merchandiser’s accounting cycle.The end-of-month trial balance of St. James technology at January 31, 2011, follows; ST. JAMES TECHNOLOGY Trial balance January 31, 2011 Cash $ 16,430 Account receivable 19,090 inventory 65,400 supplies 2,700 building 188,170 Accumulated Depreciation building $ 36,000 furniture 45,600 Accumulated. Depreciation furniture 5,800 Accounts payable 28,300 Salary payable Unearned sale rev. 6,560 Note payable long term 87,000 James, capital 144,980 James, withdrawals 9,200 Sales revenue 187,970 Sales discounts 7,300 Sales return &allowances 8,140 Cost of good sold 103,000 Selling expense 21,520 General expense 10,060 total $496,610 $496,610 Additional data at January 31, 2011A. Supplies consumed during the month, $1,500. Half is selling expenses, and the other half is general expense.B. Depreciation for the month: building, $4,000; furniture, $4,800. one-fourth of depreciation is selling expense, and three-fourths is general expense.C. Unearned sales revenue earned during January, $4,580D. Accrued salaries, a general expenses, $1,150E. Inventory on hand, $63,720. St. James uses the perpetual inventory system REQUIREMENT1. Using four-column accounts open the accounts listed on the trial balance, inserting their unadjusted balances. Date the balances of the following accounts January 1: supplies; building; Accumulated depreciation-building; furniture; Accumulated depreciation –furniture; unearned sales revenue; James capital. Date the balance of James, withdrawals, January 31.Also open the income summary account.2. Enter the trial balance on an accounting work sheet, and complete the work sheet for the month ended January 31, 2011. St. James technology groups all operating expenses under two accounts, selling expenses and general expense. Leave two blank lines under selling expense and three blank lines under general expense.3. Prepare the company’s multi-step income statement and statement of owner’s equity for the month ended January 31, 2011,also prepare the balance sheet at that date in report form.4. Journalize the adjusting and closing entries at January 31.5. post the adjusting and closing entries, using dates Optional Information: Level/Year: undergraduateSubject: accounting
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