Get help for Davenport-University ACCT 201 Comprehensive Problem. More Co. is a merchandising business. More Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process. More Co. sells four types of television entertainment units. 6. Sold four TV A and 4 TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point. 7,500 cash from Marie Co. on account, no discount. 10. Sold two project systems for cash. 13. Issued check number 2634 for merchandise purchased on December 3, less discount. 16. Received cash from sale of December 6, less return of December 14 and discount. 6,100 to Joseph Co. on account. 892, terms 1/10, n/30, FOB shipping point. 11,750 cash from McKenzie Co. on account, no discount.
5,200 because of a damaged projection system purchased on December 21, receiving credit from the seller. 2/10, n/30, FOB shipping point. December 24 and discount. 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account (General Ledger). Write Balance in the item section, and place a check mark (√) in the Post Reference column. 2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers. 3. Total each column on the special journals and prove the journal. 4. Post the totals of the account columns and individually post the other columns as well as the general journal. 5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account). 6. Prepare the unadjusted trial balance on the worksheet. Depreciation for the current year needs to be calculated. Straight-line method, the store equipment has a useful life of 10 years with no salvage value. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month (round answer to the nearest dollar amount). 9. Journalize and post the adjusting entries. 10. Journalize and post the closing entries. 11. Prepare a post-closing trial balance.
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