ACCT 201-Jennifer s began her retail business, Kiss Products

Kiss Products uses a perpetual inventory system. During May, Kiss Products entered into the following transactions:

May3Purchased merchandise on account from Washington Co., $5,000 terms FOB shipping, 2/10, n/30, with prepaid freight of $150 added to the invoice.5Received cash from Zinc Co. on account, $2,450.9Returned $450 (net of discount) of merchandise purchased on May 3.12Issue Check #4501 to Washington Co. on account for full amount of May 3 purchase.13Issued Check #4502 to Office Station as partial payment toward current balance, $640. 14Issued Invoice #2912 to Moon Beam Co. for merchandise sold on account, $9,180, n/30. The cost of merchandise sold was $2,754.15Issued Check #4503 to the receptionist for bi-monthly salary, $750.17Issued Invoice #2913 to Titanium Inc., terms 2/10, n/30, for merchandise sold on account, $8,400. The cost of the merchandise sold was $2,740.20Purchased supplies from Office Station on account, $735, Invoice #4861, terms n/30.21Issued Invoice #2914 to Starlight Inc. for merchandise sold on account, list price $7,000, trade discount 30%. Cost: $1,96023Purchased merchandise on account from Sana Inc., $7,500 terms FOB destination, 2/10, n/30.25Issued Invoice #2915 to Alloy Inc., for merchandise sold on account, $8,200 terms 2/10, n/30. The cost of merchandise sold was $2,41026Received cash from Titanium Inc. on account, for full amount owed.27Received cash from Starlight Inc. on account, $2,500.29Issued Check #4504 in payment of window cleaning, $81.30Issued Check #4505 to the receptionist for bi-monthly salary, $750.31Issued Invoice #2916 to Copper Corp., for merchandise sold on account $6,000. The cost of the merchandise sold was $1,800.31Issued Check #4506 to Jennifer Kiss as a personal withdrawal, $10,500.Note: You may find it useful to copy and paste the following instructions to a file and print them. Also, in this problem, you will see [More] in many locations. Click on those links for helpful hints and additional instructions. In the special journals and all ledgers, dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

Required:1. Journalize each of the May transactions using the following journals. (Posting refrences will be inserted in requirement 2.) [More]A. Journal (pg. 6)B. Revenue journal (pg. 10) [More]C. Cash receipts journal (pg. 12)D. Purchases journal (pg. 11) [More]E. Cash payments journal (pg. 13)2. Post the journal entries to the appropriate ledgers. [More] Posting should be completed in the following order:A. Post the entries on journal page 6 to the general ledger. [More]B. Post the individual revenue journal entries to the accounts receivable subsidiary ledger. [More]C. Post the individual cash receipts journal entries to the accounts receivable subsidiary ledger. [More]D. Post the individual purchases journal entries to the accounts payable subsidiary ledger. [More]E. Post the individual cash payments journal entries to the accounts payable subsidiary ledger and the appropriate general ledger accounts. [More]3. Total each of the columns of the special journals. Verify that total debits equal total credits in each journal.4. Post the totals of the special journals to the appropriate general ledger accounts. [More] Special journals must be posted in the following order:I. Revenue journalII. Cash receipts journalIII. Purchases journalIV. Cash payments journal5. Prepare an unadjusted trial balance. [More]6. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (7) and (8).• Insurance expired during May is $275.• Office supplies on hand on May 31 are $715.• Depreciation of office equipment for May is $330.• Rent expired during May is $1,600.• A physical inventory indicates that $16,086 is actually on hand.7. On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. (Follow the example in chapter 4 of your text.) [More] 8. A. Journalize the adjusting entries on page 7 of the journal. [More]B. Post the adjusting entries to the general ledger.9. Prepare an adjusted trial balance. [More]10. Prepare (A) an income statement, (B) a statement of owner's equity, and (C) a balance sheet. [More]11. A. Prepare the closing entries on page 8 of the journal. [More]B. Post the closing entries to the ledger. [More]12. Prepare a post-closing trial balance. [More]