Business, 12.03.2020 18:29, ionmjnm3041
On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts Debit Credit
Cash $21,900
Accounts Receivable 36,500
Inventory 30,000
Land 61,600
Allowance for Uncollectible Accounts $3,100
Accounts Payable 32,400
Notes Payable (8%, due in 3 years) 30,000
Common Stock 56,000
Retained Earnings 28,500
Totals $150,000 $150,000
The $44,000 beginning balance of inventory consists of 440 units, each costing $100. During January 2020, Redbud had the following inventory transactions:
January 3: Purchase 1,250 units for $133,750 on account ($107 each).
January 8: Purchase 1,350 units for $151,200 on account ($112 each).
January 12: Purchase 1,450 units for $169,650 on account ($117 each).
January 15: Return 170 of the units purchased on January 12 because of defects.
January 19: Sell 4,200 units on account for $630,000. The cost of the units sold is determined using a FIFO perpetual inventory system.
January 22: Receive $617,000 from customers on accounts receivable. January 24 Pay $420,000 to inventory suppliers on accounts payable.
January 27: Write off accounts receivable as uncollectible, $2,300.
January 31: Pay cash for salaries during January, $133,000.
Required:
a. Record each of the transactions listed above, assuming a FIFO perpetual inventory system.
b. Record adjusting entries on January 31 for the above transactions.
c. Prepare an adjusted trial balance as of January 31.
d. Prepare a multiple-step income statement for the period ended January 31
Answers: 2
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On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balance...
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