Question

Date Description 217 Indiana buys $3,000 of office supplies in cash. 2/15 Indiana pays off $30,000 of accounts payable. 2/18 Indiana collects the amount owed from Bellog, Inc from the 1/19 sale outside the discount period 2/27 Indiana provides the services owed to a client. The client paid $50,000 in advance last year. 3/4 Indiana pays off the 1/12 purchase. 3/8 Indiana writes of the Temple of Doom A/R balance as uncollectible (see instructions) 3/14 Indiana collects the AVR owed by Ark of the Covenant Inc. and Asp Co. (see instructions) 3/24 Indiana buys 350 units of inventory at a cost of $85/unit on credit, terms net/60. 4/1 Indiana sells 280 units to Elsa Schneider, Ltd. For $300 each on credit, terms 2/15, net/45 4/8 Indiana grants Elsa Schneider, Ltd. an allowance of $300 for damaged goods. 4/12 Indiana collects the AVR owed by Elsa Schneider, Ltd. within the discount period, 4/25 Indiana pays for online advertising in the amount of $4,000. 5/1 Indiana buys a short-term investment for $20,000. 5/8 Indiana pays off the 3/24 purchase. 5/15 Indiana buys 275 units of inventory at a cost of $87/unit on credit, terms net/60 5/27 Indiana pays the income taxes payable amount from the beginning of the year balance. 6/3 Indiana pays the dividends payable amount from the beginning of the year balance. 6/27 Indiana buys 150 units of inventory at a cost of $90/unit on credit, terms net/60 7/3 Indiana sells 220 units to Brody Curators, Inc. for $305 each on credit, terms 2/15, net/45 7/10 Indiana pays off the 5/15 purchase. 7/17 Indiana collects the AVR owed by Brody Curators, Inc. within the discount period. 7/27 Indiana pays $5,000 of the interest payable it owes. 8/9 Indiana pays for postage, shipping costs, and other miscellaneous items (total of $1,000). 8/24 Indiana sells 130 units to Katanga Shipping for $305 each for cash. 8/27 Indiana pays off the 6/27 purchase. 9/1 Indiana buys 300 units of inventory at a cost of $93/unit on credit, terms net/60. 9/12 Indiana buys $500 of office supplies on credit, terms net/60. 9/21 Indiana sells 250 units to Sallah Excavating, Inc. for $310 each on credit, terms 2/15, net/45. 10/4 Indiana sells 50 units to Ravenwood, LLC for $310 each for cash. 10/15 Indiana collects the A/R owed by Sallah Excavating, Inc. outside the discount period. 10/31 Indiana pays off the 9/1 purchase. 11/9 Indiana pays off the 9/12 purchase. 11/19 Indiana pays for online advertising in the amount of $8.000. 11/27 Indiana buys 175 units of inventory at a cost of $97/unit on credit, terms net/60. 12/4 Indiana sells 100 units to Jock Lindsay for $315 each on credit, terms 2/15, net/45. 12/12 Indiana pays Toht, Dietrich, and Gobler GmbH for miscellaneous expenses for $2,000. 12/16 Indiana collects the AVR owed by Jock Lindsay within the discount period 12/29 Indiana declares a dividend of $10,000 to be paid next year. 12/31 Indiana provides services to Mola Ram Co. for $50,000 on credit, terms 2/15, net/45 12/31 Indiana collection $8,000 from Brody Curators, Inc. for services to be provided next year.

I need help from 4/1 to 12/31. first on making transactions and second with the balance sheet. some necessary info:Lao Che Industries $15,000(current), temple of doom co $5,500(90 days past due), Asp Co $10,000(current), ark of covenant inc $11,500(current). company common stock $2.50 par value. 100,000 shares authorized.

Answer 1

Step 1:- Prepare Journal Entries

For Journal entries please go to below link and download: https://bit.ly/35mUiyh

Step 2:- Prepare Income Statement

Income Statement
Particulars	Amount
Income
Revenue	415,250
COGS	112,050
Gross profit	303,200
Expenses
Advertising Expenses	12,000
Bad Debts	5,500
Damaged Goods	300
Dividend Expenses	10,000
Interest Expense	5,000
Misc. Expenses	2,000
Office Supplies	3,500
Postage and Shipping Expenses	1,000
Total expenses	39,300
PBT	263,900

Step 3:- Prepare Inventory Schedule:

Inventory
Date	Accounts	Particulars	Units	Amount
24-Mar	Inventory	350 units - $85/ unit (Net 60)	350	29,750
15-May	Inventory	275 units - $87/ unit (Net 60)	275	23,925
27-Jun	Inventory	150 units - $90/ unit (Net 60)	150	13,500
01-Sep	Inventory	300 units - $93/ unit (Net 60)	300	27,900
27-Nov	Inventory	175 units - $97/ unit (Net 60)	175	16,975
01-Apr	Sales	280 units - $300 / unit - Elsa Schneider	-280	(23,800)
03-Jul	Sales	220 units - $305 / unit - Brody Curators	-70	(5,950)
			-150	(13,050)
24-Aug	Sales	130 units - $305 / unit - Katanga Shipping	-125	(10,875)
			-5	(450)
21-Sep	Sales	250 units - $310/ unit - Sallah Excavating Inc	-145	(13,050)
			-105	(9,765)
04-Oct	Sales	50 units - $310/ unit - Ravenwood LLC in cash	-50	(4,650)
04-Dec	Sales	100 units - $315/ unit - Jock Lindsay	-100	(9,300)
			Total	21,160

Step 4:- Prepare Balance Sheet

Assets	Amount	Amount
Current Assets
Cash	138,225
Short Term Investment	20,000
Trade receivables	61,650
Interest receivable	-
Office Supplies	-
Inventory	21,160
Prepaid Insurance	-
Total Current Assets		241,035
Total Assets		241,035
Liabilities
Current Liabilities
Accounts Payables	(14,025)
Dividend Payable	10,000
Advance from Customer	42,000
Total Current Liabilities		37,975
Retained Earnings		263,900
Total Liabilities		301,875