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Assignment
Question 1: Apachi Company ended its fiscal year on July 31, 2010. The company's adjusted trial balance as of the end of its fiscal year is as shown below.
APACHI COMPANYAdjusted Trial BalanceJuly 31, 2010
No.
Account Titles
Debits
Credits
101
Cash
$14,840
112
Accounts Receivable
8,780
157
Equipment
15,900
167
Accumulated Depreciation
$7,400
201
Accounts Payable
4,220
208
Unearned Rent Revenue
1,800
301
B. J. Apachi, Capital
45,200
306
B. J. Apachi, Drawing
16,000
404
Commission Revenue
65,000
429
Rent Revenue
6,500
711
Depreciation Expense
4,000
720
Salaries Expense
55,700
732
Utilities Expense
14,900
$130,120
Instructions
(a) Prepare the closing entries.
Question 2: On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept. 6 Purchased 80 calculators at $20 each from De Vito Co. for cash.9 Paid freight of $80 on calculators purchased from De Vito Co. 10 Returned 2 calculators to De Vito Co. for a $42 credit (including freight) because they did not meet specifications. 12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30. 14 Granted credit of $31 Mega Book Store for the return of one calculator that was not ordered. 20 Sold 30 calculators costing $21 for $31 each to Barbara's Card Shop, terms n/30.
Journalize the September transactions.
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