Journalize the following entries for Oglala Supplies: 1-Jan Oglala purchases $100,000 of merchandise from Loopy and Co., terms 1/10,net 30 3-Jan Oglala returns $10,000 to Loopy for full credit 4-Jan Oglala sells $40,000 of merchandise to Doody and Co., cost $24,000 terms 2/15, net 45 6-Jan Oglala pays Loopy amount due 10-Jan Oglala receives return of $8,000, cost $4800 of merchandise from Doody from Jan 4. 13-Jan Doody pays amount due transaction 15-Jan Oglala pays freight on Loopy purchase to Fed Ex, $400 16-Jan Oglala pays freight to Fed Ex on Doody sale, $800 Prepare an income statement, statement of owners equity and balance sheet for Green Day Co. as of 12-31 Sales 7,500,000.00 Salary Expense 450,000.00 Cash 700,000.00 Accts Receivable 500,000.00 Equipment 420,000.00 Accumulated Depreciation Equipment 60,000.00 Building 620,000.00 Mortgage Payable 360,000.00 Drawing 50,000.00 Advertising Expense 1,400,000.00 Rent Expense 350,000.00 Accumulated Depreciation Building 90,000.00 Accts Payable 200,000.00 Note Payable ? Capital 1/1 900,000.00 Cost of Mdse Sold 4,600,000.00 Prepaid Rent 80,000.00 Supplies 50,000.00 Land 200,000.00 Depreciation Expense 20,000.00 Supply Expense 100,000.00 Sales Returns, Allowance 37,500.00 Sales Discounts 75,000.00 Prepare closing entries for Happy Dooty Enterprises as of 12/31of the current year based on the following information from selected accounts from the adjusted trial balance.
What is the net income and ending capital balance? Supplies 40,000 Prepaid Rent 7,000 Equipment 90,000 Capital 1/1 106,000 Drawing 4,000 Revenue 84,000 Wages Expense 32,000 Rent Expense 5,000 Depreciation Expense 8,000 Supply Expense 4,000 Insurance Expense 7,000 Cash 24,000 Accts Receivable 12,000 Accum Depreciation - Equipment 16,000 Accts Payable 5,000 Wages Payable 4,000 Note Payable 18,000 The following information pertains to Jooners on 12/31/10 Sales during year 800,000 cash 1,400,000 credit 2,200,000 Total Accts Receivable 12/31 860,000 Allowance for Doubtful Accounts 7,000 credit balance Outstanding Accounts Not due 688,000 1-30 past 86,000 31-60 past 51,600 61-90 past 25,800 Over 90 8,600 % Uncollectible Not due 2% 1-30 past 5% 31-60 past 9% 61-90 past 15% Over 90 25% Prepare the following entries Adjusting entry on 12/31 after doing an aging of accounts receivable assuming the company uses the percentage of receivables approach for bad debt expense Entry to record bad debt of $1200 from Smith Company that has gone bankrupt on 1/30 Assume the company uses % of credit sales and determines that 2% of credit sales are uncollectible prepare the adjusting entry Prepare a bank reconciliation for XYZ on 11/30 Balance per books 11/30 9,920 Balance per bank 11/30 12,170 Deposit in Transit 1,500 Outstanding Checks 1,710 Bank Service Charge 190 Note Collected by bank 2,230