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Randiddle Co. is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows:
110 Cash $ 74,370
112 Accounts Receivable 6,178
113 Allowance for Doubtful Accounts 650
Randiddle Co. uses the perpetual inventory system and the Last-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate 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).
Randiddle Co. sells three types of microwave ovens.
The sale prices of each are:
900 watt microwave: $199
1000 watt microwave: $299
1200 watt microwave: $499
During December, the last month of the accounting year, the following transactions were completed:
Dec. 1. Issued check number 2632 for the December rent, $2,200.
2. Sold two 1200 watt microwaves for cash.
All requirements completed. complete solution in the excel sheet.
Cash receipts journal; cash column: 7314
Unadjusted trial balance total: 415,118
Net income: 119,449
Post closing trial balance - 181970