Reference no: EM132686455
Question - Dolores Mission operates Lola's All-Star Tennis Shop. At the beginning of the season, the ledger of Lola's All-Star Tennis Shop showed CASH 2,500; MERCHANDISE INVENTORY 3,500 and COMMON STOK 6,000. The following transaction were completed during JUNE 2020.
June 02 Purchased Tennis rackets and balls on account from Noe Valley Co. for 1,600, FOB shipping point. terms 2/10, n/60.
June 05 Paid Freight on Noe Valley purchase 80
June 07 Received credit from Noe Valley Co. for merchandise retuned,100
June 09 Sold merchandise on account, 1,100. Merchandise sold had a cost of 730
June 10 Purchased shoes, shirts and other accessories from Lombard sports wear, 600 terms 1/10, n/30.Payment was settled with cash immediatly
June 11 Paid Noe Valley Co. in full
June 16 Received cash refund of 60 from lombard sportswear for merchandise returned.
June 17 Received cash of 400 for tennis shirts sold to customers
June 26 Granted an allowances to customers for tennis shirts that did not fit, 40
Requirements -
1. Provide the journal entries for the transactions using perpetual inventory system.
2. Post the entries to the ledger using T-accounts.
3. Prepare the unadjusted trial balance using a worksheet.
4. Complete the worksheet.
5. Prepare the closing entries and post closing trial balance.
6. Prepare the balance sheet and Income statement.
7. Cash flow (direct and indirect method.
8. Showing reversing entry. Adjusting entry to reversed.
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