168. From the adjusted trial balance for Worker Products, prepare the necessary closing entries. WORKER PRODUCTS COMPANY Adjusted Trial Balance December 31 Debit Credit ...

168. From the adjusted trial balance for Worker Products, prepare the necessary closing entries.

WORKER PRODUCTS COMPANY Adjusted Trial Balance December 31
	Debit	Credit
Cash	$ 9,400
Accounts receivable	25,000
Merchandise inventory	36,000
Office supplies	900
Store equipment	75,000
Accumulated depreciation – store equipment		$ 22,000
Office equipment	60,000
Accumulated depreciation – office equipment		15,000
Accounts payable		42,000
Notes payable		10,000
Common stock		40,000
Retained earnings		70,700
Dividends	48,000
Sales		325,000
Sales discounts	6,000
Sales returns and allowances	16,500
Cost of goods sold	195,000
Sales salaries expense	32,500
Depreciation expense – store equipment	11,000
Depreciation expense – office equipment	7,500
Office supplies expense	1,300
Interest expense	600
Totals	$524,700	$524,700

169. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions for Neutron:

June	10	Neutron purchased merchandise on credit from Proton for $9,000, terms 2/10, n/30. FOB destination. Transportation costs of $350 were paid by Proton.
	12	Neutron returned $600 of merchandise from the June 10 purchase.
	19	Neutron paid Proton for the June 10 purchase.

170. Steve's Skateboards uses the periodic inventory system and had the following sales transactions during April:

April 2	Sold merchandise to Happy Hobby Shop on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700.
April 4	Happy Hobby Shop returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110.
April 13	Happy Hobby Shop paid for the merchandise sold on Aril 2, taking any appropriate discount earned

Prepare the journal entries that Steve's Skateboards must make to record these transactions.

171. Maia's Bike Shop uses the periodic inventory system and had the following transactions during the month of May:

May 3	Sold merchandise to a customer on credit for $600, terms 2/10, n/30. The cost of the merchandise sold was $350.
May 4	Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250.
May 6	Sold merchandise to a customer on credit for $1,300, term 2/10, n/30. The cost of the merchandise sold was $750.
May 8	The customer from May 3 returned merchandise with a selling price of $100. The cost of merchandise returned was $55.
May 15	The customer from May 6 paid the full amount due, less any appropriate discounts earned.
May 31	The customer from May 3 paid the full amount due, less any appropriate discounts earned.

Prepare the required journal entries that Maia's Bike Shop must make to record these transactions.

May 15, 2022

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