From the following information, using Microsoft Excel, prepare

1 WorkSheet
2 Adjusting Journal Entries
3 Income Statement
4 Statement of Financial Position
5 Closing Journal Entries
6 Post-Closing Trial Balance

Cash 49,575.00
Accounts Receivable 116,100.00
Merchandise Inventory 75,500.00
Prepaid Insurance 10,600.00
Store Supplies 3,750.00
Office Supplies 1,700.00
Store Equipment 125,000.00
Accumulated Depreciation - Store equipment 40,300.00
Office Equipment 62,000.00
Accumulated Depreciation - Office Equipment 17,200.00
Accounts Payable 66,700.00
Salaries Payable
Unearned Rent 1,200.00
Notes Payable 105,000.00
CS105, Capital 220,510.00
CS105, Drawing 40,000.00
Income Summary
Sales 1,017,500.00
Sales returns and allowances 15,500.00
Sales discounts 6,000.00
Purchases 733,900.00
Purchases discounts 4,200.00
Purchases returns and allowances 12,500.00
Freight in 13,500.00
Sales salaries expense 86,400.00
Advertising Expense 29,450.00
Freight out 10,000.00
Depreciation expense - Store Equipment
Store supplies expense
Miscellaneous selling expense 1,885.00
Office salaries expense 60,000.00
Rent Expense 30,000.00
Depreciation expense - Office equipment
Insurance expense
Office supplies expense
Miscellaneous administrative expenses 1,600.00
 Rent Income
Interest expense 12,600.00

Additional data:
1 Physical merchandise inventory, December 31 235,000.00
2 Insurance expired during the year 7,200.00
3 Supplies on hand on December 31
Store supplies 1,050.00 3750 2,700.00
Office supplies 750.00 1700 950.00
4 Depreciation for the year
Store equipment 8,500.00
Office equipment 4,500.00
5 Salaries payable on December 31
Sales salaries 3,250.00
Office salaries 1,550.00
6 Earned rent 400.00
7 Doubtful accounts is 5% of Accounts receivable 0.05 116100 5,805.00
 ACCOUNT TITLES UNADJUSTED TRIAL BALANACE
Dr. Cr.
Cash 49,575.00
Accounts Receivable 116,100.00
Merchandise Inventory 75,500.00
Prepaid Insurance 10,600.00
Store Supplies 3,750.00
Office Supplies 1,700.00
Store Equipment 125,000.00
Accumulated Depreciation - Store equipment 40,300.00
Office Equipment 62,000.00
Accumulated Depreciation - Office Equipment 17,200.00
Accounts Payable 66,700.00
Salaries Payable
Unearned Rent 1,200.00
Notes Payable 105,000.00
CS105, Capital 220,510.00
CS105, Drawing 40,000.00
Income Summary
Sales 1,017,500.00
Sales returns and allowances 15,500.00
Sales discounts 6,000.00
Purchases 733,900.00
Purchases discounts 4,200.00
Purchases returns and allowances 12,500.00
Freight in 13,500.00
Sales salaries expense 86,400.00
Advertising Expense 29,450.00
Freight out 10,000.00
Depreciation expense - Store Equipment
Store supplies expense
Miscellaneous selling expense 1,885.00
Office salaries expense 60,000.00
Rent Expense 30,000.00
Depreciation expense - Office equipment
Insurance expense
Office supplies expense
Miscellaneous administrative expenses 1,650.00
Rent Income
Interest expense 12,600.00
Estimated Doubtful Accounts
Doubtful Accounts
TOTAL 1,485,110.00 1,485,110.00
 CS 105 MERCHANDISING
WORKSHEET
For the year ended December 31

ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT

Dr. Cr. Dr. Cr. Dr.
49,575.00
116,100.00
235,000.00 75,500.00 235,000.00
7,200.00 3,400.00
2,700.00 1,050.00
950.00 750.00
125,000.00
8,500.00 48,800.00
62,000.00
4,500.00 21,700.00
66,700.00
4,800.00 4,800.00
400.00 800.00
105,000.00
220,510.00
40,000.00
75,500.00 235,000.00 - 159,500.00 - 159,500.00
1,017,500.00
15,500.00 15,500.00
6,000.00 6,000.00
733,900.00 733,900.00
4,200.00
12,500.00
13,500.00 13,500.00
3,250.00 89,650.00 89,650.00
29,450.00 29,450.00
10,000.00 10,000.00
8,500.00 8,500.00 8,500.00
2,700.00 2,700.00 2,700.00
1,885.00 1,885.00
1,550.00 61,550.00 61,550.00
30,000.00 30,000.00
4,500.00 4,500.00 4,500.00
7,200.00 7,200.00 7,200.00
950.00 950.00 950.00
1,650.00 1,650.00
 400.00 400.00
12,600.00 12,600.00
5,805.00 5,805.00 -
5,805.00 5,805.00 5,805.00
345,355.00 345,355.00 1,508,715.00 1,508,715.00 875,840.00
158,760.00
1,034,600.00
INCOME STATEMENT BALANCE SHEET
Cr. Dr. Cr.
49,575.00
116,100.00
235,000.00
3,400.00
1,050.00
750.00
125,000.00
48,800.00
62,000.00
21,700.00
66,700.00
4,800.00
800.00
105,000.00
220,510.00
40,000.00

1,017,500.00

4,200.00
12,500.00
 400.00

5,805.00

1,034,600.00 632,875.00 474,115.00

158,760.00
1,034,600.00 632,875.00 632,875.00
ADJUSTING JOURNAL ENTRIES

1 Merchandise Inventory 235,000.00

Income Summary 75,500.00
Merchandise Inventory 75,500.00
Income Summary 235,000.00

2 Insurance Expense 7,200.00

Prepaid Insurance 7,200.00

3 Store Supplies Expense 2,700.00

Store Supplies 2,700.00

Office Supplies Expense 950.00

Office Supplies 950.00

4 Depreciation Expense- Store Equipment 8,500.00

Accumulated Depreciation- Store Equipment 8,500.00

Depreciation Expense- Office Equipment 4,500.00

Accumulated Depreciation- Office Equipment 4,500.00

5 Sales Salaries Expense 3,250.00

Office Salaries Expense 1,550.00
Salaries Payable 4,800.00

6 Rent Income 400.00

Unearned Rent 400.00

7 Doubtful Accounts 5,805.00

Estimated Doubtful Accounts 5,805.00
 CS 105 MERCHANDISING
INCOME STATEMENT
For the year ended December 31

Sales
Less: Sales Returns and Allowances 15,500.00
Sales Discount 6,000.00
Net Sales
Merchandise Inventory beg. 75,500.00
Purchases 733,900.00
less: Purchase Returns and Allowances 12,500.00
Purchase Discount 4,200.00 16,700.00
Net Purchases 717,200.00
Add: Freight In 13,500.00
Deliveries Cost of Purchases 730,700.00
Cost of Goods Available for Sale 806,200.00
Less: Merchandise Inventory, end. 235,000.00
Cost of Goods Sold
Total
Rent Income
Gross Profit
Operating Expenses:
Sales Salaries Expense 89,650.00
Advertising Expense 29,450.00
Freight Out 10,000.00
Depreciation Expense- Store Equipment 8,500.00
Store Supplies Expense 2,700.00
Miscellaneous Selling Expense 1,885.00
Office Salaries Expense 61,550.00
Rent Expense 30,000.00
Depreciation Expense- Office Equipment 4,500.00
Insurance Expense 7,200.00
Office Supplies Expense 950.00
Miscellaneous Administrative Expense 1,650.00
Doubtful Accounts 5,805.00
Interest Expense 12,600.00
NET INCOME
1,017,500.00

21,500.00
996,000.00

571,200.00
424,800.00
400.00
425,200.00

266,440.00
158,760.00
 CS 105 MERCHANDI
BALANCE SHEET
As of December

ASSETS
CURRENT ASSETS:
Cash 49,575.00
Accounts Receivable 116,100.00
Estimated Doubtful Accounts 5,805.00 110,295.00
Merchandise Invetory, end 235,000.00
Prepaid Insurance 3,400.00
Store Supplies 1,050.00
Office Supplies 750.00
Total Current Assets 400,070.00
NON- CURRENT ASSETS
Store Equipment 125,000.00
Accumulated Depreciation - Store equipment 48,800.00 76,200.00
Office Equipment 62,000.00
Accumulated Depreciation - Office Equipment 21,700.00 40,300.00
Total Non- Current Assets 116,500.00

TOTAL ASSETS 516,570.00

CS 105 MERCHANDISING
BALANCE SHEET
As of December 31

LIABILITIES AND OWNWER'S EQUITY

LIABILITIES:
Accounts Payable 66,700.00
Salaries Payable 4,800.00
Unearned Rent 800.00
Notes Payable 105,000.00
TOTAL LIABILITITES 177,300.00

OWNER'S EQUITY
CS105, Capital 379,270.00
CS105, Drawing 40,000.00
TOTAL EQUITY 339,270.00

LIABILITIES AND OWNWER'S EQUITY 516,570.00

CLOSING JOURNAL ENTRIES
Sales
Sales Returns and Allowances
Sales Discounts
Income Summary
To close sales and its related accounts.

Rent Income
Income Summary
To close income to the Income Summary.

Merchandise Inventory, end.

Purchase Returns and Allowances
Purchase Discounts
Income Summary
Merchandise Inventory, beg.
Purchases
Freight In
To close cost of sales and establish the merchandise inventory at the

Income Summary
Sales Salaries Expense
Advertising Expense
Freight Out
Depreciation Expense- Store Equipment
Store Supplies Expense
Miscellaneous Selling Expense
Office Salaries Expense
Rent Expense
Depreciation Expense- Office Equipment
Insurance Expense
Office Supplies Expense
Miscellaneous Administrative Expense
Doubtful Accounts
Interest Expense
To close expense to Income Summary.

Income Summary
CS105, Capital
To close profit to capital.

CS 105, Capital
CS 105, Drawing
To Close Drawing to Capital
 Dr. Cr.
1,017,500.00
15,500.00
6,000.00
996,000.00
s related accounts.

400.00
400.00
he Income Summary.

235,000.00
12,500.00
4,200.00
571,200.00
75,500.00
733,900.00
13,500.00
s and establish the merchandise inventory at the end.

266,440.00
89,650.00
29,450.00
10,000.00
8,500.00
2,700.00
1,885.00
61,550.00
30,000.00
4,500.00
7,200.00
950.00
1,650.00
5,805.00
12,600.00
Income Summary.

158,760.00
158,760.00

40,000.00
40,000.00
 CS 105 MERCHANDISING
POST CLOSING TRIAL BALANCE
For the year ended December 31

Cash
Accounts Receivable
Estimated Doubtful Accounts
Merchandise Invetory, end
Prepaid Insurance
Store Supplies
Office Supplies
Store Equipment
Accumulated Depreciation - Store equipment
Office Equipment
Accumulated Depreciation - Office Equipment
Accounts Payable
Salaries Payable
Unearned Rent
Notes Payable
CS105, Capital
TOTAL
 Dr. Cr.
49,575.00
116,100.00
5,805.00
235,000.00
3,400.00
1,050.00
750.00
125,000.00
48,800.00
62,000.00
21,700.00
66,700.00
4,800.00
800.00
105,000.00
339,270.00
592,875.00 592,875.00