The Danvers Lamp Company (DLC), owned by Jennifer Danvers, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores.

Complete all requirements listed below.

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, $45,500 (70% selling, 30% administrative) b. Supplies on hand: office, S15 warehouse, $740 c. A physical inventory account resulted in the following counts: desk lamps, 1.478 table lamps, 4.993, and floor lamps, 4,300. 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: (Click the icon to view the 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 Danvers Lamp Company's multi-step income statement and statement of owner's 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 burnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance. The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpetual inventory system, FIFO method. DLC owns land with a building, which is separated into two parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, DLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Danvers Lamp Company Trial Balance September 30, 2024 Credit $ Balance Debit 386,000 0 128.400 140 340 25,000 860,000 140,000 310,000 $ 262.000 0 Account Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Danvers, Capital Danvers, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense--Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative 396,300 0 2,688,580 1,025,000 320,000 35,000 0 0 94,000 23,000 0 0 Total 3,346,880 $ 3,346,880 Oct. 1 Oct. 12 Oct. 15 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 4,000 desk lamps at $5 each 7,000 table lamps at $15 each 2,000 floor lamps at $20 each Sold lamps on account to Titan Home Furnishings, terms 2/10, n/30: 4,500 table lamps at $40 each Sold lamps on account to Decatur Office Supply, terms 2/10, n/30: 1,200 desk lamps at $19 each Received a check from Titan Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Decatur Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Turnpike Home Stores, terms 1/10, n/30: 2,500 table lamps at $40 each 1,400 floor lamps at $68 each Paid amount due to Carpathian Lights from Oct. 1 purchase. Oct. 20 Oct. 23 Oct. 28 Oct. 30 Oct. 31 Oct. 31 Nov. 1 Nov. 5 Paid salaries, $39,000 (70% selling, 30% administrative). Paid utilities, $2,300 (60% selling, 40% administrative). Sold lamps on account to Decatur Office Supply, terms 1/10, n/30: 2,300 desk lamps at $19 each Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 4,000 desk lamps at $7 each 9,500 table lamps at $16 each 4,000 floor lamps at $23 each Received a check from Turnpike Home Stores for full amount owed on Oct. 28 sale. Received a check from Decatur Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $425 for the office; $650 for the warehouse. Sold lamps on account to Thompson Office Supply, n/30: 1,800 desk lamps at $19 each Sold lamps on account to Metro Discount Stores, terms 3/10, n/30: Nov. 5 Nov. 8 Nov. 10 Nov. 15 Nov. 18 Nov. 18 Nov. 28 Nov. 30 Nov. 30 Dec. 5 Sold lamps on account to Metro Discount Stores, terms 3/10,n/30: 2,200 table lamps at $40 each 1,900 floor lamps at $68 each Received a check from Metro Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $39,000 (70% selling, 30% administrative). Paid utilities, $2,890 (60% selling, 40% administrative). Paid amount due to Carpathian Lights from Nov. 5 purchase. Received a check from Thompson Office Supply for full amount owed on Nov. 15 sale. Danvers withdrew $30,000 from the business. Sold lamps on account to Titan Home Furnishings, terms 1/10, n/30: 4,400 desk lamps at $19 each 4,800 table lamps at $40 each Paid salaries, $39,000 (70% selling, 30% administrative). Paid utilities, $3,100 (60% selling, 40% administrative). Dec. 15 Dec. 15 Dec. 27 Dec. 31 Dec. 31 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, $45,500 (70% selling, 30% administrative) b. Supplies on hand: office, S15 warehouse, $740 c. A physical inventory account resulted in the following counts: desk lamps, 1.478 table lamps, 4.993, and floor lamps, 4,300. 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: (Click the icon to view the 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 Danvers Lamp Company's multi-step income statement and statement of owner's 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 burnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance. The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpetual inventory system, FIFO method. DLC owns land with a building, which is separated into two parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, DLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Danvers Lamp Company Trial Balance September 30, 2024 Credit $ Balance Debit 386,000 0 128.400 140 340 25,000 860,000 140,000 310,000 $ 262.000 0 Account Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Danvers, Capital Danvers, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense--Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative 396,300 0 2,688,580 1,025,000 320,000 35,000 0 0 94,000 23,000 0 0 Total 3,346,880 $ 3,346,880 Oct. 1 Oct. 12 Oct. 15 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 4,000 desk lamps at $5 each 7,000 table lamps at $15 each 2,000 floor lamps at $20 each Sold lamps on account to Titan Home Furnishings, terms 2/10, n/30: 4,500 table lamps at $40 each Sold lamps on account to Decatur Office Supply, terms 2/10, n/30: 1,200 desk lamps at $19 each Received a check from Titan Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Decatur Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Turnpike Home Stores, terms 1/10, n/30: 2,500 table lamps at $40 each 1,400 floor lamps at $68 each Paid amount due to Carpathian Lights from Oct. 1 purchase. Oct. 20 Oct. 23 Oct. 28 Oct. 30 Oct. 31 Oct. 31 Nov. 1 Nov. 5 Paid salaries, $39,000 (70% selling, 30% administrative). Paid utilities, $2,300 (60% selling, 40% administrative). Sold lamps on account to Decatur Office Supply, terms 1/10, n/30: 2,300 desk lamps at $19 each Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 4,000 desk lamps at $7 each 9,500 table lamps at $16 each 4,000 floor lamps at $23 each Received a check from Turnpike Home Stores for full amount owed on Oct. 28 sale. Received a check from Decatur Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $425 for the office; $650 for the warehouse. Sold lamps on account to Thompson Office Supply, n/30: 1,800 desk lamps at $19 each Sold lamps on account to Metro Discount Stores, terms 3/10, n/30: Nov. 5 Nov. 8 Nov. 10 Nov. 15 Nov. 18 Nov. 18 Nov. 28 Nov. 30 Nov. 30 Dec. 5 Sold lamps on account to Metro Discount Stores, terms 3/10,n/30: 2,200 table lamps at $40 each 1,900 floor lamps at $68 each Received a check from Metro Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $39,000 (70% selling, 30% administrative). Paid utilities, $2,890 (60% selling, 40% administrative). Paid amount due to Carpathian Lights from Nov. 5 purchase. Received a check from Thompson Office Supply for full amount owed on Nov. 15 sale. Danvers withdrew $30,000 from the business. Sold lamps on account to Titan Home Furnishings, terms 1/10, n/30: 4,400 desk lamps at $19 each 4,800 table lamps at $40 each Paid salaries, $39,000 (70% selling, 30% administrative). Paid utilities, $3,100 (60% selling, 40% administrative). Dec. 15 Dec. 15 Dec. 27 Dec. 31 Dec. 31