Acct 510 Project

Foundations of Accounting I Accounting Project Karen Pitsch Alli Co. is a merchandising business. The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows: 110Cash$ 73,920 112Accounts due 37,875 113 honorarium for Doubtful Accounts 3,500 one hundred fifteen swop Inventory 133,900 116 settle Insurance 3,750 117Store Supplies 2,850 123Store Equipment 100,800 124Accumulated disparagement-Store Equipment 20,160 210Accounts collectable 21,450 211Salaries collectible 0 218 sideline due 0 220Note Payable (Due 2017) 10,000 310P. Williams, Capital (January 1, 2012) 89,510 311P.
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Williams, drafting 40,000 312Income digest 0 410Sales 853,040 411Sales Returns and Allowances 20,600 412Sales Discounts 13,200 510Cost of Merchandise Sold 414,575 520Sales Salaries appropriate crop up 74,400 521Advertising write down 18,000 522Depreciation show uplay 0 523Store Supplies outgo 0 529Miscellaneous exchange Expense 2,800 530Office Salaries Expense 40,500 531Rent Expense 18,600 532Insurance Expense 0 533Bad Debt Expense 0 539Miscellaneous administrative Expense 1,650 550 Interest Expense 240 Alli Co. uses the perpetual inventory outline and the last-in, first-out costing method. Transportation-in and secure discounts should be added to the Inventory Control tacking, further since this will work out the computation of the Last-in, first-out costing method, enjoy ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control ragtime should be updated as each(prenominal) transaction affects them (daily). Alli...If you want to begin a full essay, edict it on our website: Orderessay

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