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    Crystal Clear Cleaning Has Decided That in Addition To Providing

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    hassan taimour
    Crystal Clear Cleaning provides cleaning services and sells cleaning products using a perpetual inventory system. In December 2017, Crystal Clear purchased and sold inventory, returned goods to vendors, paid expenses, and recorded adjusting entries. Financial statements were prepared showing the company's revenues, expenses, retained earnings, and financial position at the end of December.

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    Crystal Clear Cleaning Has Decided That in Addition To Providing

    Uploaded by

    hassan taimour
    213 views1 page
    Crystal Clear Cleaning provides cleaning services and sells cleaning products using a perpetual inventory system. In December 2017, Crystal Clear purchased and sold inventory, returned goods to vendors, paid expenses, and recorded adjusting entries. Financial statements were prepared showing the company's revenues, expenses, retained earnings, and financial position at the end of December.

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    Crystal Clear Cleaning Has Decided That in Addition to Providing

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    Crystal Clear Cleaning provides cleaning services and sells cleaning products using a perpetual inventory system. In December 2017, Crystal Clear purchased and sold inventory, returned goods to vendors, paid expenses, and recorded adjusting entries. Financial statements were prepared showing the company's revenues, expenses, retained earnings, and financial position at the end of December.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    213 views1 page

    Crystal Clear Cleaning Has Decided That in Addition To Providing

    Uploaded by

    hassan taimour
    Crystal Clear Cleaning provides cleaning services and sells cleaning products using a perpetual inventory system. In December 2017, Crystal Clear purchased and sold inventory, returned goods to vendors, paid expenses, and recorded adjusting entries. Financial statements were prepared showing the company's revenues, expenses, retained earnings, and financial position at the end of December.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Crystal Clear Cleaning has decided that in addition to

    providing #393
    Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell
    cleaning products. Crystal Clear uses the perpetual inventory system. During December 2017,
    Crystal Clear completed the following transactions:Dec. 2 Purchased 475 units of inventory for
    $2,850 on account from Sparkle, Co. on terms, 3/10, n/20.5 Purchased 600 units of inventory
    from Borax on account with terms 2/10, n/30. The total invoice was for $4,500, which included a
    $150 freight charge.7 Returned 75 units of inventory to Sparkle from the December 2 purchase
    (cost $450).9 Paid Borax.11 Sold 285 units of goods to Happy Maids for $3,990 on account with
    terms 3/10, n/30. Crystal Clear's cost of the goods was $1,710.12 Paid Sparkle.15 Received 22
    units with a retail price of $308 of goods back from customer Happy Maids. The goods cost
    Crystal Clear $132.21 Received payment from Happy Maids, settling the amount due in full.28
    Sold 265 units of goods to Bridget, Inc. for cash of $3,975 (cost $1,691).29 Paid cash for utilities
    of $415.30 Paid cash for Sales Commission Expense of $550.31 Recorded the following
    adjusting entries:a. Physical count of inventory on December 31 showed 428 units of goods on
    hand, $3,148b. Depreciation, $270c. Accrued salaries expense of $725d. Prepared all other
    adjustments necessary for December (Hint: You will need to review the adjustment information
    in Chapter 3 to determine the remaining adjustments). Assume the cleaning supplies left at
    December 31 are $30.Requirements1. Open the following T-accounts in the ledger: Cash,
    $138,150; Accounts Receivable, $2,600; Merchandise Inventory, $0; Cleaning Supplies, $30;
    Prepaid Rent, $1,500; Prepaid Insurance, $1,650; Equipment, $3,200; Truck, $7,000;
    Accumulated Depreciation—Equipment and Truck, $270; Accounts Payable, $1,470; Unearned
    Revenue, $11,500; Salaries Payable, $0; Interest Payable, $240; Notes Payable (Long-term),
    $96,000; Common Stock, $42,000; Retained Earnings, $2,650; Dividends, $0; Income
    Summary, $0; Service Revenue, $0; Sales Revenue, $0; Sales Returns and Allowances, $0;
    Sales Discounts, $0; Cost of Goods Sold, $0; Sales Commission Expense, $0; Utilities
    Expense, $0; Depreciation Expense, $0; Salaries Expense, $0; Insurance Expense, $0; Rent
    Expense, $0; Interest Expense, $0.2. Journalize and post the December transactions. Compute
    each account balance, and denote the balance as Bal. Identify each accounts payable and
    accounts receivable with the vendor or customer name.3. Journalize and post the adjusting
    entries. Denote each adjusting amount as Adj. Compute each account balance, and denote the
    balance as Bal. After posting all adjusting entries, prove the equality of debits and credits in the
    ledger.4. Prepare the December multi-step income statement, statement of retained earnings,
    and classified balance sheet for the company. List Service Revenue under gross profit, and
    ignore classifying the expenses as selling and administrative.5. Journalize the December
    closing entries for the company.6. Compute the gross profit percentage for the company.View
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