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Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners’ equity, and classified balance sheet. You should use the information completed in prior weeks.

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Prepare the income statement, where net income will be carried through to the statement of owners’ equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners’ equity balance.

**I have completed the journal entries I need help with the multiple step income statement, statement of owners equity, classified balance sheet & post-closing trial balance.**

  • Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner’s equity, and a May 31, (xxxx), classified balance sheet.
  • Prepare a post-closing trial balance.

May

1

Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space and the balance to Rent Expense—Office Space.)

2

Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100).

2

Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.

3

Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29.

4

Purchased the following on credit from Davis Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM.

5

Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount.

8

Issued Check No. 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.

9

Sold store supplies to the merchant next door at their cost of $350 cash.

10

Purchased $4,074 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM.

11

Received payment from Cole Company for the May 2 sale less the discount.

11

Purchased $8,800 of merchandise from Henley, Inc., invoice dated May 10, terms 2/10, n/30.

12

Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10.

15

Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

15

Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)

16

Sold merchandise on credit to Cole Company, Invoice No. 8786, for $3,990 (cost is $1,890).

17

Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60.

19

Issued Check No. 3413 to Henley, Inc., in payment of its May 10 invoice less the discount.

22

Sold merchandise to Crane Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60.

23

Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount.

24

Purchased the following on credit from Davis Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM.

25

Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30.

26

Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,210 (cost is $8,230).

26

Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.

29

The owner Jenny Spark, used Check No. 3416 to withdraw $7,000 cash from the business for personal use.

30

Received payment from Crane Services for the May 22 sale less the discount.

30

Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

31

Cash sales for the last half of the month are $66,052 (cost is $42,500).



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