Accounting-Record all of the transactions for April in the appropriate journals

| January 30, 2017

Question
1. Record all of the transactions for April in the appropriate journals.
2. Prepare the trial balance at April 30, 20XX.
3. Prepare the income statement for Lucky for the four months ending April 30, 20XX.
4. Prepare a statement of retained earnings for the four month period ended April 30, 20XX.
5. Prepare a balance sheet as of April 30, 20XX.
6. Prepare a general journal for the month of April 30, 20XX.

See Transactions & Additonal
at Bottom of Page

Lucky Enterprises, Inc.
Trial Balance
as of March 31, 20XX

Cash
Accounts Receivable
Inventory
Prepaid Expenses
Land
Equipment
Accumulated depreciation, equip
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Revenue
Cost of Goods Sold
Salary Expense
Wage Expense
Rent Expense
Utility Expense
Gain on Sale

Db

Cr

as of April 30, 20xx

33,000
21,125
13,800
1,400
15,000
33,000
4,125
13,000
25,000
50,000
12,800
65,000
32,500
7,500
10,600
1,200
800

169,925

169,925

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2
3
4
5
6
7
8
9
10
11

1-Apr ck 96 Paid weekly wages of $1200
1-Apr ck 97 Paid April rent of $600
5-Apr Sold 10 kits @ $1500, at a cost of $750 each on account AYL invoice 141
6-Apr ck 98 paid 2800 on account JML
8-Apr ck 99 Paid weekly wages of $1200
8-Apr Purchased $8000 of kit inventory on account from KRU
11-Apr Received $2400 on account from AYL
11-Apr Sold 6 kits @ $500, at a cost of $250 each on account MT inv 142
12-Apr Sold land $12,000
13-Apr Issue $25,000 stock to R. U. Lucky for cash
15-Apr ck 100 Paid semimonthly salary $1250

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13
14
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17
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21
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23

16-Apr ck 101 Paid weekly wages of $1200
16-Apr ck 102 Paid $3000 on account KRU
17-Apr Sold 5 kits @ $1,500 each, at a cost of $750 each to MT.
17-Apr Purchased $3000 of kit inventory on account from KRU invoice # 500
18-Apr Received $3000 on account from MT
18-Apr ck 103 Purchased kit inventory for $750 from KRU
19-Apr ck 104 Paid $2000 on account KRU
23-Apr ck 105 Paid weekly wages of $1200
24-Apr ck 106 Purchased land for $8800 with $1000 down and the balance financed @ 3% for 10 years
25-Apr Received $3000 on account from MT
26-Apr ck 107 Paid $2000 on account KRU
27-Apr ck 108 Received and paid utility bill for $175.
28-Apr Received 15000 on account from AYL
29-Apr Sold 3 kits @ $1,500, at a cost of $750 each to AYL.
30-Apr ck 109 Paid weekly wages of $1200
30-Apr ck 110 Paid semimonthly salary $1250
30-Apr Received telephone bill of $300 for service provided in April

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Additional :

a

previous note bears interest @ 5% per annum with balloon payment due in 5 years
b Seven months of insurance remained prepaid at the start of the month
c Equipment has an 8 year life with no salvage value

Requirements:
1.
2.
3.
4.
5.
6.

Record all of the transactions for April in the appropriate journals.
Prepare the trial balance at April 30, 20XX.
Prepare the income statement for Lucky for the four months ending April 30, 20XX.
Prepare a statement of retained earnings for the four month period ended April 30, 20XX.
Prepare a balance sheet as of April 30, 20XX.
Prepare a general journal for the month of April 30, 20XX.

Accounts Receivable
March 31, 20xx
Customer Invoice # Date
Amount
Aging
AYL
128 03/08/XX
8125 0-30
AYL
132 03/13/xx
7000 0-30
Total AYL
15125
MT
MT
Total MT

129 03/13/XX
133 03/31/XX

Total Account Receivable

3000 0-30
3000
6000
21125

Accounts payable aging
March 31, 20XX
JML
Total JML
KRU

03/01/XX

3000

03/04/XX
03/11/XX

Total KRU

3000
7000
10000

Total Accounts payable

13000

Cash Receipts journal
Sales
Date

Accounts
Credited

Ref.

Accounts

Other

Cash

Discounts

Receivable

Accounts

Sales

COGS DR/

Dr.

Dr.

Cr.

Cr.

Cr.

Inv CR

Cash Payments Journal
Merchandis Merchandis
e
e

Other
Date

Ck.
No.

Accounts
Debited

Ref.

Accounts

Wage

Accounts

Payable

Expense

Inventory

Inventory

Cash

Dr.

Dr.

Dr.

Dr.

Cr.

Cr.

Sales Journal

Invoice
No.

Date

Account

Posting
Ref

Accounts
receivable
DR/Sales
CR

COGS
DR/Invent
ory CR

Purchases Journal

Date

Date of Invoice Invoice No Account

Terms

Post Ref

Other
DR

Inventory
DR

Accounts
Payable CR

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