The following account balances are shown on November 30, 1999, for the Clever Bookstore:
|
Cash Don't use plagiarized sources. Get Your Custom Essay on
the following account balances are shown on november 30 1999 for the clever bookstor 613831
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page
|
$ 8,000 |
Accounts payable |
$ 4,000 |
|
Accounts receivable |
9,000 |
Salaries payable |
2,000 |
|
Inventory |
60,000 |
Notes payable |
35,000 |
|
Supplies |
3,000 |
J. Clever, capital |
39,000 |
|
Total |
$80,000 |
Total |
$80,000 |
The following transactions occurred during December.
1. Paid workers the $2,000 owed them on November 30.
2. Made sales totaling $40,000. One-half of the sales were for cash. The other half were on account. The cost of goods sold was $25,000.
3. Purchased inventory on account, $15,000.
4. Collected in cash $22,000 of receivables.
5. Used supplies totaling $800.
6. Paid accounts payable of $12,000.
7. Paid December’s interest on the note payable in the amount of $300.
Required
a. Prepare the journal entries to record these transactions.
b. Prepare any necessary adjusting entries.
c. Post all journal entries to T-accounts.
d. Prepare a trial balance.
e. Prepare a balance sheet for Clever Bookstore as of December 31, 1999.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
