1. Open general ledger T-accounts and enter opening balances as of
September 30, 2024
2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27
3. Record the transactions in the general journal.
4. Post transactions to the general ledger.
5. Prepare adjusting entries for the year ended December 31, 2024, and post to the ledger:
a. Depreciation, $35,600 (75% selling, 25% administrative).
b. Supplies on hand: office, $245; warehouse, $625.
c. A physical inventory account resulted in the following counts:
desk lamps, 1,978; table lamps, 4,390; and floor lamps, 14,000. Update the inventory records.
6. Prepare an adjusted trial balance.
7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format:
Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error.
8. Prepare Daubs Lamp Companys multi-step income statement and statement of owners equity for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024.
9. Calculate the following ratios for DLC as of December 31, 2024: gross profit percentage, inventory turnover, and days sales in inventory.
10. Record and post the closing entries.
11. Prepare a post-closing trial balance.
THE PROBLEM :
The Daubs Lamp Company (DLC), owned by Jolene Daubs, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores
The trial balance for DLC as of September 30, 2024 follows:
Merchandise Inventory as of September 30 consists of the following lamps:
During the fourth quarter of 2024, DLC completed the following transactions:
(ATTACHED AS A FILE SPLIT IN 3 ATTACHMENTS)
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