Question

e TailSpin Pet Supply Company (TailSpin) is a le company that purchases dog beds manufacturer and resells them to retail small e company has three inventory items: g beds, medium dog beds, and large dog TailSpin uses a perpetual inventory system, method. They own land with a building, which into office and warehouse space. All expenses th the office are categorized as Administrative Expenses. All FIFO is divided associated expenses with the warehouse, which is used for the shipping and receiving company, are categorized as Selling Expenses. In addition to the land and building, Tailspin also owns office furniture, equipment, and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. The trial balance for TailSpin as of August 31, 2018 is as follows: TAILSPIN PET SUPPLY COMPANYİ Trial Balance August 31, 2018 Debit Credi Account $407000 2500 Cash Accounts Receivable 123,500 Office Supplies 27 Warehouse 350 20,000 Building Office Furniture and Equipment 125,000 Warehouse Fixtures 0 Common Stock 100,000 Retaied Earnings Dividends Sales Revenue 2.604,150 Cost of Goods Sold 1.061,450 Page 1 of 4 F9 1 Sdela Emphasis Heading1 Hesding3 Heding 9 1Normal Strong Subritle Title TNo Spac.. Subtle Em. 1 SideBat.. Styles 270,000 Salaries Expense-Selling 32,000 Utilities Expense-Selling Supplies Expense- -Selling Depreciation Expense-Selling 90,000 Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative 25,000 Depreciation Expense-Administrative $3,247,075 $3,247,075 Total Merchandise Inventory as of August 31 consisted of QuantityUnit Cost Total S 17,500 Small Dog Bed Medium Dog Bed S 7 2,500 3,000 18 Large Dog Bed2,000 Total 52,000 26 During the fourth quarter of their fiscal year, which is September through November, TAILSPIN completed the following transactions: Sep 1 Purchased dog beds on account from My Dog Blue, terms n/30, FOB destination: 5,000 small dog beds at $9 each 7,500 medium dog beds at $19 each 2,500 large dog beds at $25 each 12 Sold dog beds on account to CostCut, terms 2/10, n/30: 4,000 medium dog beds at $45 each 15 Sold dog beds on account to PetSuperSmart, terms 2/10, n/30: 1,000 small dog beds at $20 each Recelved a check from CostCut for full amount owed on Sep 12 sale. Received a check from PetSuperSmart for full amount Sold dog beds on account to DogHouse Stores, terms 2/1 3,500 medium dog beds at $45 each 1,500 large dog beds at $65 each 20 23 owed on Sep 15 sale. 28 0, n/30: 30 Paid amount due 30 Paid salaries, $40,000 (75% selling, 25% administrative). 30 Paid utilities, S2.500 (60% selling, 4096 administrati Oct 1 Sold dog beds on to My Dog Blue from Oct 1 purchase. account to PetSuperSmart, terms 2/10, n/30: 8,000 small dog beds at $20 each urchacod d don hads on EOB Styles Oct 1 Sold dog beds on account to PetSuperSmart, terms 2/10, n/30: 3,000 small dog beds at $20 each Purchased dog beds on account from My Dog Blue, terms n/30, FOB destination 5 5,000 small dog beds at $10 each 10,000 medium dog beds at $21 each 5,000 large dog beds at $27 each Page 2 of 4 Received a check from Dogłtouse Stores for full amount owed on Sep 28 5 sale. 8 Received a check from PetSuperSmart for full amount owed on Oct 1 sale 10 Purchased and paid for supplies: $325 for the office: $675 for the warehouse Sold dog beds on account to Pets R Us, n/30: 2,000 small dog beds at $20 each Sold dog beds on account to Go-Dog Discount Stores, terms 1/10, n/30: 2,000 medium dog beds at $45 each 2,000 large dog beds at $65 each Received a check from Go-Dog Discount Stores for full amount owed on Oct 15 18 28 18 sale. Paid salaries, $40,000 (75% selling, 25% administrative) paid utilities, $2,670 (60% selling, 40% administrative). Paid amount due to My Dog Blue from Oct 5 purchase. Received a check from Pets R Us for full amount owed on Oct 15 sale Paid dividends, $55,000. Sold dog beds on account to CostCut, terms 2/10, n/30: 4,500 small dog beds at $20 each 5,000 medium dog beds at $45 each Paid salaries, $40,000 (75% selling, 25% administrative). Paid utilities, S3,200 (60%selling,40%administrative) 31 31 Nov 5 15 15 27 30 30 NOTE: Use the templates provided in the Forms and Templates folder Open T-accounts and enter opening balances as of August 31, 2018 from the Trial Balance given at the 1. inventory records for the three inventory items and enter opening balances as of August 31, 2018. Complete the inventory records using the following transactions: Sep 1, 12, 15, 28; Oct 1, 5, 1s, 18, and Nov 27 5F 10 F11 F12 6 Received a check from DogHouse Stores for full amount owed on Sep 28 5 Received a check from PetSuperSmart for full amount owed on Oct 1 sale. Purchased and paid for supplies: $325 for the office; $675 for the 8 10 warehouse Sold dog beds on account to Pets R Us, n/30: 2,000 small dog beds at $20 each Sold dog beds on account to Go-Dog Discount Stores, terms 1/10, n/30: 2,000 medium dog beds at $45 each 2,000 large dog beds at $65 each Received a check from Go-Dog Discount Stores for full amount owed on Oct 18 sale. 15 18 28 Paid salaries, $40,000 (75% selling, 25% administrative). Paid utilities, $2,670 (60% selling, 40% administrative). Paid amount due to My Dog Blue from Oct 5 purchase. Received a check from Pets R Us for full amount owed on Oct 15 sale. Paid dividends, $55,000. 31 31 Nov5 15 15 27 Sold dog beds on account to CostCut, terms 2/10, n/30: 4,500 small dog beds at $20 each 5,000 medium dog beds at $45 each 30 Paid salaries, $40,000 (75% selling, 25% administrative) 30 Paid utilities S - 3,200 (60% selling, 40% administrative) NOTE: Use the templates provided in the Forms and Templates folder Open T-accounts and enter opening balances as of August 31, 2018 from the Trial Balance given at the beginning. Open inventory records for the three inventory items and enter opening balances as of August 31, 1. 2. the inventory records using the following transactions: Sep 1, 12, 15, 28; Oct 1. 5, 15, 18, and Nov 2 T-accounts with the transactions for September through November listed above. 4. Create journal entries for each of the transactions you recorded in your T-accounts for September through November F7 FB Backspace 8 9 0 Delete Enter

Answer 1

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3rd and 4th part have been solved.