Question

Question 1 View Policies Current Attempt in Progress On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Debits Credits Cash $4,850 Accumulated Depreciation--Equipment $1,620 4,050 Accounts Payable Accounts Receivable Inventory (2,700 x $0.60) 3,280 1.620 Common Stock 9.000 Equipment 18 19,000 Retained Earnings $29.520 $29.520 15,620 $29.520

Answer 1

Dear Student,

Below answer based on JE , Posted in T accounts - Trial Balance - Income Statement and balance Sheet . I have nor prepared any Adjusted Trail Balance separately because all closing balance will get from Individual T Account , Still if you want then please drop me message , I will provide the same .

Thank You !!

	Journal Entries
Date	Details		Debit$	Credit$
Dec 3	Inventory		2,886
	Accounts payable			2,886
	( Purchase 3700 units *@0.78/ unit)
Dec 5	Account Receivable		3,280
	sales			3,280
	( 4100 units *@0,8
Dec 5	Cost of goods sold		2,712
	Inventory			2,712
	( Cost of goods sold )
	2700 unit*@0.60
	1400 unit*@0.78
Dec 7	Sales Return		80
	Account Recivable			80
	Inventory		50
	Cost of goods sold			50
	( as per Question Sales return + Inventory returned and adjust with cost of goods sold
Dec 17	Inventory		1,800
	cash			1,800
	( purchase 2000 units @$0.90
Dec 22	Account Recivable		1,734
	Sales			1,734
	( Sales proceed - 1700 Unit81.02
Dec 22	Cost of goods sold		1,326
	Inventory			1,326
	( to accounted cost of material 1700 unit *0.78
	Salary Wages Expenses		430
	Salary Wages Payable			430
	Depreciation		210
	Accumulated Depreciation			210
	Income Tax Expenses		190
	Income Tax Payable			190

	Inventory
Details	Debit$	Details	Credit$
Open Bal	1620	Cost of goods sold	2712
Accounts payable	2886	Cost of goods sold	1326
Cost of goods sold	50	Closing Bal	2318
Cash	1800
Total	6356	Total	6356

	Sales Revenue
Details	Debit$	Details	Credit$
Closing Bal	5014	Account Receivable	3280
		Account Receivable	1734
Total	5014	Total	5014

	cost of good sold
Details	Debit$	Details	Credit$
Inventory	2712	Inventory	50
Inventory	1326	Closing Bal	3988
Total	4038	Total	4038

	Account Receivable
Details	Debit$	Details	Credit$
Open bal	4050	Sales Return	80
Sales	3280	Closing Bal	8984
Sales	1734
Total	9064	Total	9064

	Cash
Details	Debit$	Details	Credit$
Open Bal	4850	Inventory	1800
		Closing Bal	3050
Total	4850	Total	4850
	Accounts payable
Details	Debit$	Details	Credit$
Closing Bal	6166	Open Bal	3280
		Inventory	2886
Total	6166	Total	Acc Depreciation Details Debit$ Details Credit$ Closing Bal 1830 Open Bal 1620 Depreciation 210 Total 1830 Total 1830 6166

	Salary wages payable
Details	Debit$	Details	Credit$
Closing Bal	430	Salary Wages Exp	430

	Retained Earnings
Details	Debit$	Details	Credit$
Closing Bal	15736	Open Bal	15620
		Net profit	116
Total	15736	Total	15736
	Income Tax payable
Details	Debit$	Details	Credit$
Closing Bal	190	Income Tax Exp	190

Income Statement
for the year ended 31st Dec 2022		Amnt$
Sales		5,014
Less - Sales Return		80
Net Sales		4,934
Less- cost of goods sold		3,988
Gross Profit		946
Salary wages Expenses		430
Depreciation		210
Profit Before Tax		306
Less- Income tax		190
Net Profit		116

Balance Sheet
as on 31st Dec 2022
Asset		Amnt$	Amnt$	Liability		Amnt$
Cash		3,050		Account payable		6,166
Account Receivable		8,984		Salary wages payable		430
Inventory		2,318		Income tax payable		190
			14,352				6,786
Fixed asset					Equity
Equipmet		19,000			Stock	9,000
Less - Acc depreciation		1,830	17,170		Retained earnings	15,736
							24,736
Total Asset			31,522		Total Liability&Equity		31,522