Sheet1 Exam 3Unadjusted TB Adjustments Adjusted TB Income Statement Balance Sheet DrCrDrCrDrCrDrCrDrCr Cash20000 A/R6400 PPD Rent3600 Office Supplies1000 Office Equipment9600 A/D -...

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Sheet1 Exam 3Unadjusted TBAdjustmentsAdjusted TBIncome StatementBalance Sheet DrCrDrCrDrCrDrCrDrCr Cash20000 A/R6400 PPD Rent3600 Office Supplies1000 Office Equipment9600 A/D - Office Equip.400 Salaries Payable0 A/P14800 Unearned Rev2000 Common Stock20000 Retained Earnings900 Dividends500 Consulting Revenue12000 Salaries Expense7400 Insurance Expense1600 Rent Expense0 Office Supplies Expense0 Depreciation Expense0 5010050100 Net Income Income Statement Stmt of REBalance Sheet Consulting Revenue Salaries ExpenseBeginningCashSal Pay Insurance ExpenseNet IncomeA/RA/P Rent ExpenseDividendsPPD RentUnearned Rev Office Supplies ExpenseEndingOffice SuppliesTotal Liabilities Depreciation ExpenseOffice Equip.(net) Net IncomeCommon Stock Retained Earnings Total Equity Total AssetsTotal Liab./Equity Sheet2 Sheet3 Exam 3 Retail Transactions Exam Problem (60 points) Show the accounting for all transactions in journal entries. Post journal entries to the T accounts. Prepare an unadjusted trial balance. Aug 1 Sold product costing $1000 for $1550 on credit with terms of 2/15, net/30. Aug 2 Paid a professional fees invoice for $850. Aug 3 Purchased product for $900 on account with terms of 2/10, net/30. Aug 5 Received utility bills for $750. No payment made at this time. Aug 7 Made cash sales of $1400. Original cost was $950. Aug 10 Received a loan from the bank for $11000. Aug 12 Made payment on the Aug 3 purchase within the discount period Aug 13 Paid wages of $900. Aug 14 Sold product costing $750 for $1400 on credit with terms of 2/15, net/30. Aug 15 Received payment from Aug 1 sale within the discount period. Aug 16 Customer went bankrupt and his account balance of $300 was written off. Aug 17 Purchased product for $1800 on account with terms of 2/10, net/30. Aug 19 Made credit sales of 1800 Canadian dollars. Exchange was .85US$ = 1 Canadian dollar. Original cost was $950. Terms are net/30. Aug 22 $700 of product, costing $400, from the Aug 14 sale was returned. Aug 23 $400 of product from the Aug 17 purchase was returned to the vendor. Aug 24 Made cash sales of $2000. Original cost was $1200. Aug 25 Payment was received, outside the discount period, for the merchandise that was kept from the Aug 14 sale. Aug 26 Purchased product from Mexico on account for 10000 pesos. Exchange rate was .085$ per peso. Terms are net/30. Aug 27 Paid wages of $1000. Aug 28 Payment was made on the remaining amount of merchandise outside the discount period from the Aug 17 purchase. Aug 30 On the Aug 24 sale, a customer complained about the merchandise, and so the customer was given a $200 credit to the customer’s A/R balance. Aug 31 Declared and paid a dividend of $200. Retail #4 CashDRCRBalanceAccounts PayableDrCrBalancePost Closing Trial BalDrCr Beginning12000Beginning-4500Cash Accounts Receivable Allow. For Bad Debts Inventory Equipment A/D- Equipment Accounts Payable Bank Loan Payable Interest Payable Common Stock Bank Loan Pay.DrCrBalanceAPIC Beginning0Retained Earnings Dividends Accounts ReceivableSales Revenue Beginning8000Interest Pay.DrCrBalanceSales Discounts Beginning0Sales R&A COGS Prof. Fees Expense Sales RevenueUtilities Expense Beginning0Wages Expense Allow for Bad Debts Beginning-500 Sales Discounts Beginning0 Inventory Beginning4000 Sales R&A Beginning0 Common Stock Beginning-3000 APIC Beginning-10000 EquipmentRetained Earnings Beginning4000Beginning-9000 A/D- Equip. Beginning-1000Dividends Beginning0 COGS Beginning0 Foreign Exch. Gain Beginning0 Foreign Exch. Loss Beginning0 Depn Exp Beginning0 Prof. Fees Exp. Beginning0 Utilities Exp. Beginning0 Wages Exp. Beginning0 Bad Debts Exp. Beginning0 Interest Exp. Beginning0