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I just want to purchase the answer to the comprehensive pr…

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i just want to purchase...
i just want to purchase the answer to the comprehensive problem
Submitted: 3 years ago.Category: Single Problem
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Customer reply replied 3 years ago
David’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 D. Williams, Capital (January 1, 2012) 73,260
311 D. 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 1,100David’s Entertainment uses the perpetual inventory system and the First-in, First-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, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt.The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).David’s Entertainment sells four types of television entertainment units.
The sale prices of each are:TV A: $3,500
TV B: $5,250
TV C: $6,125
PS D: $9,000During December, the last month of the accounting year, the following transactions were completed:Dec. 1. Issued check number 2632 for the December rent, $2,600.
3. Purchased three TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $11,100.
4. Issued check number 2633 to pay the transportation changes on purchase of December 3, $400. (NOTE: Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)
6. Sold four TV A and four TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point.
10. Sold two projector systems for cash.
11. Purchased store supplies on account from Matt Co., terms n/30, $580.
13. Issued check to Prince Co. number 2634 for the full amount due, less discount allowed.
14. Issued credit memo for one TV A unit returned on sale of December 6.
15. Issued check number 2635 for advertising expense for last half of December, $1,500.
16. Received cash from Albert Co. for the full amount due (less return of December 14 and discount).
19. Issued check number 2636 to buy two TV C units, $7,600.
19. Issued check number 2637 for $6,100 to Joseph Co. on account.
20. Sold five TV C units on account to Cameron Co., invoice number
892, terms 1/10, n/30, FOB shipping point.
20. For the convenience of the customer, issued check number 2638 for shipping charges on sale of December 20, $700.
21. Received $12,250 cash from McKenzie Co. on account, no discount.
21. Purchased three projector systems on account from Elisha Co., terms 1/10, n/30, FOB destination, $15,600.
24. Received notification that Marie Co. has been granted bankruptcy with no
amount of recovery. We are to write-off her amount due. (Note: See page
402 for entry required.)
25. Issued a debit memo for return of $5,200 because of a damaged projection
system purchased on December 21, receiving credit from the seller.
26. Issued check number 2639 for refund of cash on sales made for cash, $600. (Customer was going to return goods until an allowance was arranged.)
27. Issued check number 2640 for sales salaries of $1,750 and office
salaries of $950.
28. Purchased store equipment on account from Matt Co., terms n/30, FOB
destination, $1,200.
29. Issued check number 2641 for store supplies, $470.
30. Sold four TV C units on account to Randall Co., invoice number 893,
terms 2/10, n/30, FOB shipping point.
30. Received cash from sale of December 20, less discount, plus transportation
paid on December 20. (Round calculations to the nearest dollar.)
30. Issued check number 2642 for purchase of December 21, less return
of December 25 and discount.
30. Issued a debit memo for $300 of the purchase returned from
December 28.
Customer reply replied 3 years ago
Instructions:1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account (General Ledger). Write Balance in the item section, and place a check mark (x) in the Post Reference column.
2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed.
3. Total each column on the special journals and prove the journal.
4. Post the totals of the account named columns and individually post the “other” columns as well to the General Ledger.
5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).
6. Prepare the unadjusted trial balance on the worksheet.
7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:
a. Merchandise inventory on December 31 $90,800
b. Insurance expired during the year 1,250
c. Store supplies on hand on December 31 975
d. Depreciation for the current year needs to be calculated. The business uses
the Straight-line method, the store equipment has a useful life of 10 years
with no salvage value. (NOTE: the purchase and return will not be included
as the dates of the transactions were after the 15th of the month).
e. Accrued salaries on December 31:
Sales salaries $1,400
Office salaries 760 2,160
f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month.
g. Net realizable value of Accounts Receivable is determined to be $27,950.8. Prepare a multiple-step income statement, a statement of owner’s equity, and a
classified balance sheet in good form. (Recommend review of “Current Liabilities” on pages 166 & 167 and “Current Maturities of Long-term Debt” on page 480.)
9. Journalize and post the adjusting entries.
10. Journalize and post the closing entries. Indicate closed accounts by inserting a line
in both balance columns opposite the closing entry.
11. Prepare a post-closing trial balance.
Customer reply replied 3 years ago
the template is attached
Answered in 16 minutes by:
6/11/2015
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 3 years ago
Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 9,999
Experience: Finished my BA degree with a GPA of 4.0.
Verified
Hello
I can help you with this problem, but the amount offered is too low for a problem of this length. I believe a fair amount for a problem of this length is at least $100. Please advise if you agree so that I send you an official offer
Thank you
P.S. When you respond, please advise your deadline
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Customer reply replied 3 years ago
no thanks
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 3 years ago
No problem. I will opt out so that the post is open to all experts. If someone can help, they would contact you
Regards
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Business Tutor: F. Naz, B.Com replied 3 years ago
F. Naz
F. Naz, B.Com
Category: Single Problem
Satisfied Customers: 5,491
Experience: Have completed B.Com and CA Finalist
Verified
I have the answer but with different figures, as I will have to change the figures and make it new therefore I can do this for a fair price of $128, so you will have to add additional $80
Ask Your Own Single Problem Question
Customer reply replied 3 years ago
too much for 1 problem
Business Tutor: F. Naz, B.Com replied 3 years ago
It is not only one problem there are many parts and it is technical and lengthy, thanks.
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Customer reply replied 3 years ago
sorry cant afford it, i was told that this answer is 40 dollars, it is my first time here, probably the last time too.
Business Tutor: F. Naz, B.Com replied 3 years ago
I can provide the answer without changing the figure, you change the figure at your own, if you agree I can send you new offer for total $45 fair price, thanks.
Ask Your Own Single Problem Question
Customer reply replied 3 years ago
i have the answers with other figures, I want the answer with MY figures, if not I will take the time to do it myself.
Business Tutor: F. Naz, B.Com replied 3 years ago
Take care.
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