Prepare closing entries and statement of cash flow

Assignment Help Accounting Basics

Reference no: EM131975557

Problem

Set up following T - Accounts

Cash

Accounts Receivable

Shoe Inventory

Supplies

Auto

Accumulated Depreciation - Auto

Accounts Payable

JHJ Common Stock

JHJ Retained Earnings

JHJ Dividends

Shoe Sales

Cost of Shoes Sold

Rent Expense

Supplies Expense

Depreciation Expense

Journalize the following transactions utilizing WEIGHTED AVERAGE inventory valuation method.

Invested additional $200,000 in business.

Purchased shoes on account for inventory, 20,000 @ $30 each

Paid rent expense, $10,000.

Purchased supplies, $50,000.

Purchased shoes on account, 50,000 pairs @ 40 each.

Cash sales, $800,000 (30,000 pairs of shoes).

Credit sales, $1,200,000 (40,000 pairs of shoes).

Paid on accounts payable, $1,500,000.

Received cash from credit customers, $1,200,000.

Ending supplies, $10,000.

Paid dividends, $20,000.

Journalize the adjusting entry for auto utilizing Double Declining Balance method of Depreciation, 4-year life with salvage value of $3,000, year Required:

Journalize all entries

Post all entries to ledger.

Prepare trial balance

Prepare income statement

Prepare statement of retained earnings

Prepare balance sheet

Prepare cash flow statement

Prepare closing entries and statement of cash flow.

Reference no: EM131975557

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