PROBLEM 5-3A (Continued)
(c) Nov. 30 Sales Revenue …………………………………. 700,000
30 Income Summary …………………………….. 678,900
Sales Returns and
Allowances ……………………………. 8,000
Cost of Goods Sold …………………… 507,000
30 Income Summary …………………………….. 29,100
30 Retained Earnings ………………………….... 10,000
PROBLEM 5-4A
(a)
General Journal J1
Date
Account Titles and Explanation
Ref.
Debit
Credit
Apr. 5
Inventory ………………………………………
Accounts Payable …………………..
120
201
1,200
1,200
7
Inventory ………………………………………
Cash ………………………………………
120
101
50
50
9
Accounts Payable …………………………
Inventory ……………………………….
201
120
100
100
10
Accounts Receivable …………………….
Sales Revenue ……………………….
Cost of Goods Sold ……………………….
Inventory ……………………………….
112
401
505
120
900
540
900
540
12
Inventory ………………………………………
Accounts Payable …………………..
120
201
670
670
14
Accounts Payable ($1,200 – $100) ….
Inventory
($1,100 X 2%) ………………………
Cash ………………………………………
201
120
101
1,100
22
1,078
17
Accounts Payable …………………………
Inventory ……………………………….
201
120
70
70
20
Accounts Receivable …………………….
Sales Revenue ……………………….
Cost of Goods Sold ……………………….
Inventory ……………………………….
112
401
505
120
610
370
610
370
21
Accounts Payable ($670 – $70) ………
Inventory
($600 X 1%) …………………………
Cash ………………………………………
201
120
101
600
6
594
PROBLEM 5-4A (Continued)
J1
Date
Account Titles and Explanation
Ref.
Debit
Credit
Apr. 27
Sales Returns and Allowances ……
Accounts Receivable …………..
412
112
20
20
30
Cash ………………………………………….
Accounts Receivable …………..
101
112
900
900
(b)
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 1
7
14
21
30
Balance
J1
J1
J1
J1
900
50
1,078
594
1,800
1,750
672
78
978
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 10
20
27
30
J1
J1
J1
J1
900
610
20
900
900
1,510
1,490
590
Inventory No. 120
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 1
5
7
9
10
12
Balance
J1
J1
J1
J1
J1
1,200
50
670
100
540
2,500
3,700
3,750
3,650
3,110
3,780
PROBLEM 5-4A (Continued)
Accounts Payable No. 201
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 5
9
12
14
17
21
J1
J1
J1
J1
J1
J1
100
1,100
70
600
1,200
670
1,200
1,100
1,770
670
600
0
Common Stock No. 311
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 1
Balance
4,300
Sales Revenue No. 401
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 10
20
J1
J1
900
610
900
1,510
Sales Returns and Allowances No. 412
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 27
J1
20
20
Cost of Goods Sold No. 505
Date
Explanation
Ref.
Debit
Credit
Balance
Apr. 10
20
J1
J1
540
370
540
910
PROBLEM 5-4A (Continued)
(c) ADAM’S DISCORAMA
Trial Balance
April 30, 2015
Debit
Credit
Cash ……………………………………………………………..
Accounts Receivable ………………………………………
Inventory ……………………………………………………….
Common Stock ………………………………………………
Sales Revenue ……………………………………………….
Sales Returns and Allowances ………………………..
Cost of Goods Sold ………………………………………..
$ 978
590
3,312
20
910
$5,810
$4,300
1,510
$5,810
*PROBLEM 5-5A
5-46 Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only)
(a) VALDEZ FASHION CENTER
Worksheet
For the Year Ended November 30, 2015
Account Titles
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
Accounts Receivable
Inventory
Supplies
Equipment
Accum. Depreciation—
Equipment
Notes Payable
Accounts Payable
Common Stock
Retained Earnings
8,700
30,700
44,700
6,200
133,000
28,000
51,000
48,500
50,000
40,000
(d) 300
(a) 4,200
(b) 11,500
8,700
30,700
44,400
2,000
133,000
39,500
51,000
48,500
50,000
40,000
8,700
30,700
44,400
2,000
133,000
39,500
51,000
48,500
50,000
40,000
*PROBLEM 5-5A (Continued)
(b) VALDEZ FASHION CENTER
Income Statement
For the Year Ended November 30, 2015
Sales
Sales revenue ……………………………………… $755,200
Less: Sales returns and
allowances ………………………………… 8,800
Net sales …………………………………………….. 746,400
Cost of goods sold …………………………………….. 497,700
Gross profit ……………………………………………….. 248,700
Operating expenses
Salaries and wages expense ………….. $140,000
*PROBLEM 5-5A (Continued)
VALDEZ FASHION CENTER
Retained Earnings Statement
For the Year Ended November 30, 2015
Retained Earnings, December 1, 2014 …………………. $40,000
VALDEZ FASHION CENTER
Balance Sheet
November 30, 2015
Assets
Current assets
Cash …………………………..……………… $ 8,700
Accounts receivable …………………… 30,700
Inventory …………………………………… 44,400
Supplies …………………………………….. 2,000