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Financial Statements and Closing Procedures DATE Oct. 1 TRANSACTIONS Issued Check 601 for $4,200 to pay City Properties the monthly rent Signed a three-month radio advertising contract with Cable Station KOTU for $4.800 issued Check 602 to pay the full amount in advance. Received $520 from Megan Greening, a credit customer, in payment of her account. Issued Check 603 for $17,820 to remit the sales tax owed for July through September to the State Tax Commission Issued Check 604 for $7.673.40 to A Fashion Statement, a creditor, in payment of Invoice 9387 ($7,830), less a cash discount ($156.60). Sold merchandise on credit for $2.480 plus sales tax of $124 to Dimitri Sayegh, Sales Slip 241. Issued Check 605 for $1.050 to BMX Supply Co. for supplies. Issued Check 606 for $8,594.60 to Today's Woman, a creditor, in payment of Invoice 5671 ($8.770), less a cash discount ($175.40). Collected $1,700.00 on account from Emily Tran, a credit customer. Accepted a return of merchandise from Dimitri Sayegh. The merchandise was origi- nally sold on Sales Slip 241, dated October 3, issued Credit Memorandum 18 for $630, which includes sales tax of $30. Issued Check 607 for $1.666 to Classy Threads, a creditor, in payment of Invoice 3292 ($1,700), less a cash discount ($34) Had cash sales of $18.600 plus sales tax of $930 during October 1-6. Received a check from James Helmer, a credit customer, for $832 to pay the balance he owes. Issued Check 608 for $1,884 to deposit social security tax ($702), Medicare tax ($162), and federal income tax withholding ($1,020) from the September payroll Sold merchandise on credit for $2,050 plus sales tax of $102.50 to Emma Maldonado, Sales Slip 242 Issued Check 609 for $1.445 to pay The City Daily for a newspaper advertisement that appeared in October. Purchased merchandise for $4,820 from A Fashion Statement, Invoice 9422. dated October 8; the terms are 2/10, 1/30 Issued Check 610 for $375 to pay freight charges to Ace Freight Company, the truck ing company that delivered merchandise from A Fashion Statement on September 27 and October 11 Had cash sales of $12,300 plus sales tax of $615 during October 8-13. Sold merchandise on credit for $1.940 plus sales tax of $97 to James Helmer, Sales Slip 243. Purchased discontinued merchandise from Acme Jobbers, paid for it immediately with Check 611 for $6,420. Received $510 on account from Dimitri Sayegh, a credit customer. Issued Check 612 for $4.723.60 to A Fashion Statement, a creditor, in payment of Invoice 9422 ($4.820.00). less cash discount ($96.40). Issued Check 613 for $7,200 to Teresa Lojay as a withdrawal for personal use. Had cash sales of $13,500 plus sales tax of $675 during October 15-20 Issued Check 614 to City Utilities for $1,112 to pay the monthly electric bill. (continued) ncial Statements and Closing Procedures DATE TRANSACTIONS Sold merchandise on credit for $820 plus sales tax of $41 to Megan Greening, Sales Slip 244 Purchased merchandise for $3,380 from Classy Threads, Invoice 3418, dated October 23: the terms are 2/10, 1/30. Issued Check 615 to Regional Telephone for $780 to pay the monthly telephone bill. Had cash sales of $14,240 plus sales tax of $712 during October 22-27. Received Credit Memorandum 175 for $430 from Classy Threads for defective goods that were returned. The original purchase was recorded on October 25. Sold merchandise on credit for $3,120 plus sales tax of $156 to Emily Tran, Sales Slip 245. Recorded the October payroll. The records prepared by the payroll service show the following totals: earnings, $10,800; social security, $702.00; Medicare, $162.00; income tax, $1,020; and net pay, $8,916. The excess withholdings corrected an error made in withholdings in September. Recorded the employer's payroll taxes, which were calculated by the payroll service: social security, $702; Medicare. $162; federal unemployment tax, $118, and state unemployment tax, $584. This, too, reflects an understatement of taxes recorded in September and corrected in this month. Purchased merchandise for $4,020 from Today's Woman, Invoice 5821, dated October 26; the terms are 1/10, n/30. Issued Checks 616 through 619, totaling $8,916.00, to employees to pay October payroll. Issued Check 620 for $475 to Handy Janitors for October janitorial services. Had cash sales of $1,700 plus sales tax of $85 for October 29-31. The Fashion Rack Postclosing Trial Balance September 30, 2019 ACCOUNT NAME CREDIT DEBIT 59 8 0 0 00 6 2 1 000 4 20.00 Cash Accounts Receivable Allowance for Doubthul Accounts Merchandise Inventory Supplies Prepaid insurance Equipment Accumwinter Denrecintion Cominment 88 99 600 410 000 840 000 83 0 0 0 00

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