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 receivable 37,875
113Allowance for Doubtful Accounts 3,500
115 swop Inventory 133,900
116 pay Insurance 3,750
117Store Supplies 2,850
123Store Equipment 100,800
124Accumulated disparagement-Store Equipment 20,160
210Accounts collectable 21,450
211Salaries Payable 0
218 sideline Payable 0
220Note Payable (Due 2017) 10,000
310P. Williams, Capital (January 1, 2012) 89,510
311P.
Williams, drafting 40,000
312Income Summary 0
410Sales 853,040
411Sales Returns and Allowances 20,600
412Sales Discounts 13,200
510Cost of Merchandise Sold 414,575
520Sales Salaries countenance down 74,400
521Advertising write down 18,000
522Depreciation Expense 0
523Store Supplies Expense 0
529Miscellaneous Selling 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 system and the last-in, first-out costing method. Transportation-in and secure discounts should be added to the Inventory Control tacking, but since this will work out the computation of the Last-in, first-out costing method, please 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 Sheet should be updated as each transaction affects them (daily).
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