Comprehensive Problem 2-1

Comprehensive Problem 2-1 - Comprehensive Problem 2 More Co...

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Comprehensive Problem 2 More Co. is a merchandising business. The account balances for More Co. as of November 30, 2008 (unless otherwise indicated), are as follows: 110 Cash $ 13,920 112 Accounts Receivable 34,220 115 Merchandise Inventory 133,900 116 Prepaid Insurance 3,750 117 Store Supplies 2,550 123 Store Equipment 114,300 124 Accumulated Depreciation-Store Equipment 12,600 210 Accounts Payable 21,450 211 Salaries Payable 0 220 Note Payable (Due 2013) 10,000 310 P. Williams, Capital (January 1, 2008) 103,280 311 P. Williams, Drawing 10,000 312 Income Summary 0 410 Sales 715,800 411 Sales Returns and Allowances 20,600 412 Sales Discounts 13,200 510 Cost of Merchandise Sold 360,500 520 Sales Salaries Expense 74,400 521 Advertising Expense 18,000 522 Depreciation Expense 0 523 Store Supplies Expense 0 529 Miscellaneous Selling Expense 2,800 530 Office Salaries Expense 40,500 531 Rent Expense 18,600 532 Insurance Expense 0 539 Miscellaneous Administrative Expense 1,650 550 Interest Expense 240 During December, the last month of the accounting year, the following transactions were completed: Dec. 1. Issued check number 2632 for the December rent, $1,600. 3. Purchased merchandise on account from Prince Co., terms 2/10, n/30, FOB shipping point, $15,000. 4.
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This note was uploaded on 12/25/2010 for the course DEPTT. 2339485 taught by Professor J.khowel during the Spring '10 term at twsu.edu.

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Comprehensive Problem 2-1 - Comprehensive Problem 2 More Co...

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