Reference no: EM131202703
In Chapter 8 "How Does a Company Gather Information about Its Inventory?", you prepared Webworks statements for August. They are included here as a starting point for September.
Here are Webworks financial statements as of August 31.
The following events occur during September:
a. Webworks purchases supplies worth $120 on account.
b. At the beginning of September, Webworks had 19 keyboards costing $100 each and 110 flash drives costing $10 each. Webworks has decided to use periodic FIFO to cost its inventory.
c. On account, Webworks purchases thirty keyboards for $105 each and fifty flash drives for $11 each.
d. Webworks starts and completes five more Web sites and bills clients for $3,000.
e. Webworks pays Nancy $500 for her work during the first three weeks of September.
f. Webworks sells 40 keyboards for $6,000 and 120 flash drives for $2,400 cash.
g. Webworks collects $2,500 in accounts receivable.
h. Webworks pays off its salaries payable from August.
i. Webworks pays off $5,500 of its accounts payable.
j. Webworks pays off $5,000 of its outstanding note payable.
k. Webworks pays Leon salary of $2,000.
l. Webworks pays taxes of $795 in cash.
Required:
A. Prepare journal entries for the above events.
B. Post the journal entries to T-accounts.
C. Prepare an unadjusted trial balance for Webworks for September.
D. Prepare adjusting entries for the following and post them to your T-accounts.
m. Webworks owes Nancy $300 for her work during the last week of September.
n. Leon’s parents let him know that Webworks owes $275 toward the electricity bill. Webworks will pay them in October.
o. Webworks determines that it has $70 worth of supplies remaining at the end of September.
p. Prepaid rent should be adjusted for September’s portion.
q. Webworks is continuing to accrue bad debts so that the allowance for doubtful accounts is 10 percent of accounts receivable.
r. Record cost of goods sold.
E. Prepare an adjusted trial balance.
F. Prepare financial statements for September.
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