Financial Accounting Schedule of Accounts Receivable Assignment Homework Help
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DESCRIPTION OF THE BUSINESS
Sophia LeBron’s vast experience in interior design provided her the opportunity to open a business of her own. She organized a corporation named My Place, House of Décor that offers decorating services to customers but subcontracts the manufacture of the merchandise needed. These subcontractors are to deal directly with the customers. After three months of successful operations, Sophia thought it would be an excellent idea to expand her business into the sale of antique furniture. She started buying merchandise inventory from a company named Golden Antiques for resale to retail stores.
TRANSACTIONS FOR MAY
May 2 Issued Check No. 132 for $21,500 for this month’s advertising.
4 Purchased furniture and fixtures for $16,000, plus sales tax of $1,040, by issuing a 10% short-term note payable due in monthly installments of $2,840.00 principal plus interest for six months.
May 6 Issued Check No. 133 for $3,000 for May office rent. The company expanded its office space to accommodate its new furniture business. No additional moneys were requested as prepayments.
6 Received $13,600 from Marble Tile Co. for decorating services.
7 Issued Check No. 134 for $1,800 on account to A & D Inc. for the purchase of supplies on April 7.
8 Purchased supplies on account from A & D Inc. for $3,200 (net 30).
8 Purchased merchandise on account from Golden Antiques for $55,000 (net 60).
9 Performed services on account for Marie’s Boat Shop for $28,000 (net 60).
10 Received $18,000 cash from the sales of an antique office table and a chair. The cost of the merchandise was $11,250.
11 Received $10,800 cash on account from Adelle’s Gift Shop.
20 Sold an antique dining room set on account to Romi Architect, P.A. for $21,000 (terms 2/15, net 60). The cost of the merchandise was $13,125.
25 Performed decorating services on account for Haute Couture Dresses for $15,000 (net 60).
30 Issued Check No. 135 for $240 to pay the utilities bill for the month.
30 Issued Check No. 136 for $320 in payment of the telephone bill for the month.
30 Issued Check No. 137 for $350 for postage.
30 Issued Check No. 138 for $600 for business automobile expenses.
30 Issued Check No. 139 to Sophia LeBron for salary: gross amount $7,500, withholding income tax of $1,500, and FICA (Medicare and Social Security) at 7.5%.
30 Recorded the payroll tax expenses: FICA at 7.5% (employer), SUTA at 3%, and FUTA at 0.8%. (Ignore the salary limit amount for SUTA and FUTA.)
30 Issued Check No. 140 to replenish petty cash. The expenditures were for supplies used, $85, and auto expenses, $150.
a) Expired insurance for the period, $500.
b) Supplies on hand at the end of the month, $3,375.
c) Provision for uncollectible accounts estimated at 3.0% of May credit sales, $1,290.
(Note: This estimate applies only to the service part of the business.)
d) Monthly depreciation on plant (fixed) assets is based on an 8-year life, no salvage value, and the straight-line method of depreciation.
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.
2) Prepare an unadjusted trial balance.
3) Journalize the adjusting entries and post to the general ledger.
4) Prepare an adjusted trial balance.
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5) Prepare a schedule of accounts receivable and a schedule of accounts payable.
6) Prepare an income statement for the five months ended May 31, 20–. If not completing the optional requirements below, use only the year-to-date amount column to complete your statement.
Optional: Prepare the statement for both the month of May and the year to date. Balances in the income and expense accounts currently reflect year-to-date activity. Complete the year-to-date income statement first. To calculate May figures, subtract year-to-date figures of April’s income statement from May’s year-to-date figures.
Optional: Include vertical analysis figures in the statement by calculating the percent of each line item to total revenue.
Note: If working the set with General Ledger software, the generated statement will automatically include monthly and year-to-date figures and include percentages for vertical analysis.
7) Prepare a retained earnings statement for the three months ended May 31, 20–.
8) Prepare a balance sheet as of May 31, 20
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