Reference no: EM132541180
Fischer Card Shop is a small retail shop. Fischer's balance sheet at year-end 2013 is as follows. The following information details transactions and adjustments that occurred during 2014.
1. Sales total $64,174 in 2014; all sales were cash sales.
2. Inventory purchases total $33,528 in 2014; at December 31, 2014, inventory totals $6,380. Assume all purchases are made on account.
3. Accounts payable totals $1,804 at December 31, 2014.
4. Annual store rent for $10,560 and was paid on March 1, 2014, covering the next 12 months. The balance in prepaid rent at December 31, 2013, was the balance remaining from the advance rent payment in 2013.
5. Wages are paid every other week on Friday; during 2014, Fischer paid $5,500 cash for wages. At December 31, 2014, Fischer owed employees unpaid and unrecorded wages of $154.
6. Depreciation on equipment totals $748 in 2014.
Fischer Card Shop
Balance Sheet
December 31, 2013
Cash $3,740
Accounts payable $2,288
Inventories 5,280
Wages payable 44
Prepaid rent 1,672
Total current liabilities 2,332
Total current assets 10,692
Total equity (includes retained earnings)10,340
Equipment $3,300
Total liabilities and equity $12,672
Less Accumulated depreciation 1,320
Equipment, net 1,980
Total assets $12,672
Question (a) Transaction entries for 2014 and adjusting entries at December 31, 2014, using the financial statement effects template.
Question (b) Transaction entries for 2014 and adjusting entries at December 31, 2014, in journal entry form.
Question (c) Set up T-accounts, including beginning balances, and post the journal entries to those T-accounts on the appropriate line.
After all transactions are recorded, compute the balance for each account in the appropriate column.
Question (d) Prepare its income statement for 2014, and its balance sheet at December 31, 2014.
Question (e) Prepare entries to close its temporary accounts in journal entry form and post the closing entries to the T-accounts above in part (c).
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