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Muhammad,At the end of last year, you answered a fairly

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Muhammad,

At the end of last year, you answered a fairly in-depth Accounting Project question for someone. I was wondering if you still had the .xls file for that question. I've included the beginning part of the problem that was posted last year:

oundations of Accounting I
Accounting Project

Written by: Karen Pitsch


Donna’s Entertainment is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows:

110 Cash $ 73,920
112 Accounts Receivable 34,250
113 Allowance for Doubtful Accounts 11,000
115 Merchandise Inventory 123,900
116 Prepaid Insurance 3,750
117 Store Supplies 2,850
123 Store Equipment 100,800
124 Accumulated Depreciation-Store Equipment 20,160
210 Accounts Payable 21,450
211 Salaries Payable 0
218 Interest Payable 0
220 Note Payable (Due 2017) 15,000
310 P. Williams, Capital (January 1, 2012) 73,260
311 P. Williams, Drawing 50,000
312 Income Summary 0
410 Sales 853,445
411 Sales Returns and Allowances 20,020
412 Sales Discounts 13,200
510 Cost of Merchandise Sold 414,575
520 Sales Salaries Expense 74,400
521 Advertising Expense 18,000
522 Depreciation Expense 0
523 Store Supplies Expense 0
529 Miscellaneous Selling Expense 2,800
530 Office Salaries Expense 40,500
531 Rent Expense 18,600
532 Insurance Expense 0
533 Bad Debt Expense 0
539 Miscellaneous Administrative Expense 1,650
550 Interest Expense 1,100


Donna’s Entertainment uses the perpetual inventory system and the First-in, Last-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the First-in, Last-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt.
Submitted: 11 months ago.
Category: Single Problem
Expert:  Josie-Mod replied 11 months ago.
Hi, I'm Josie and I am a moderator for this topic. I sent your requested professional a message to follow up with you here, when he is back online.

If I can help further, please let me know. Thank you for your continued patience.
Expert:  F. Naz replied 11 months ago.
Have a nice day

Click here for solution
F. Naz, B.Com
Category: Single Problem
Satisfied Customers: 4086
Experience: Have completed B.Com and CA Finalist
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