The James Lamp Company (JLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. JLC uses a perpetual inventory system, FIFO method. JLC 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, JLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Data table Oct. 1 Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 7,000 desk lamps at $6 each 6,500 table lamps at $15 each 1,500 floor lamps at $21 each Oct. 12 Sold lamps on account to Harmony Home Furnishings, terms 3/10,n/30 : 4,200 table lamps at $50 each Oct. 15 Sold lamps on account to Marietta Office Supply, terms 1/10, n/30 : 500 desk lamps at $19 each Oct. 20 Received a check from Harmony Home Furnishings for full amount owed on Oct. 12 sale. Oct. 23 Received a check from Marietta Office Supply for full amount owed on Oct. 15 sale. Oct. 28 Sold lamps on account to Skyway Home Stores, terms 3/10,n/30 : 2,300 table lamps at $50 each 1,000 floor lamps at $60 each Oct. 30 Paid amount due to Wasatch Lights from Oct. 1 purchase. Oct. 31 Paid salaries, $37,000 ( 65% selling, 35% administrative), Nov. 1 Sold lamps on account to Marietta Office Supply, terms 1/10,n/30 : 6,000desklampsat$19each Nov. 5 Purchased lamps on account from Wasatch Lights, terms n/30,FOB destination: 7,000desklampsat$8each9,000tablelampsat$18each3,000floorlampsat$22each Nov. 5 Received a check from Skyway Home Stores for full amount owed on Oct. 28 sale. Nov. 8 Received a check from Marietta Office Supply for full amount owed on Nov. 1 sale. Nov. 10 Purchased and paid for supplies: $520 for the office; $480 for the warehouse. Nov. 15 Sold lamps on account to Carter Office Supply, n/30 : 1,900desklampsat$19each Nov. 18 Sold lamps on account to Focal Discount Stores, terms 3/10,n/30 : 2,100 table lamps at $50 each 1,800 floor lamps at $60 each Nov. 28 Received a check from Focal Discount Stores for full amount owed on Nov. 18 sale. Nov. 30 Paid salaries. $37.000(65% sellina. 35% administrative ). 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, $50,200 ( 65% selling, 35% administrative). b. Supplies on hand: office, $600; warehouse, $475. c. A physical inventory account resulted in the following counts: desk lamps, 2,485; table lamps, 5,988; and floor lamps, 4,200. 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. ledger: a. Depreciation, $50,200 ( 65% selling, 35% administrative). b. Supplies on hand: office, $600; warehouse, $475. c. A physical inventory account resulted in the following counts: desk lamps, 2,485; table lamps, 5,988; and floor lamps, 4,200. 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 James Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31,2024 , and a classified balance sheet as of December 31, 2024. 9. Calculate the following ratios for JLC 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. A1 The James Lamp Company (JLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. JLC uses a perpetual inventory system, FIFO method. JLC 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, JLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Data table Oct. 1 Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 7,000 desk lamps at $6 each 6,500 table lamps at $15 each 1,500 floor lamps at $21 each Oct. 12 Sold lamps on account to Harmony Home Furnishings, terms 3/10,n/30 : 4,200 table lamps at $50 each Oct. 15 Sold lamps on account to Marietta Office Supply, terms 1/10, n/30 : 500 desk lamps at $19 each Oct. 20 Received a check from Harmony Home Furnishings for full amount owed on Oct. 12 sale. Oct. 23 Received a check from Marietta Office Supply for full amount owed on Oct. 15 sale. Oct. 28 Sold lamps on account to Skyway Home Stores, terms 3/10,n/30 : 2,300 table lamps at $50 each 1,000 floor lamps at $60 each Oct. 30 Paid amount due to Wasatch Lights from Oct. 1 purchase. Oct. 31 Paid salaries, $37,000 ( 65% selling, 35% administrative), Nov. 1 Sold lamps on account to Marietta Office Supply, terms 1/10,n/30 : 6,000desklampsat$19each Nov. 5 Purchased lamps on account from Wasatch Lights, terms n/30,FOB destination: 7,000desklampsat$8each9,000tablelampsat$18each3,000floorlampsat$22each Nov. 5 Received a check from Skyway Home Stores for full amount owed on Oct. 28 sale. Nov. 8 Received a check from Marietta Office Supply for full amount owed on Nov. 1 sale. Nov. 10 Purchased and paid for supplies: $520 for the office; $480 for the warehouse. Nov. 15 Sold lamps on account to Carter Office Supply, n/30 : 1,900desklampsat$19each Nov. 18 Sold lamps on account to Focal Discount Stores, terms 3/10,n/30 : 2,100 table lamps at $50 each 1,800 floor lamps at $60 each Nov. 28 Received a check from Focal Discount Stores for full amount owed on Nov. 18 sale. Nov. 30 Paid salaries. $37.000(65% sellina. 35% administrative ). 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, $50,200 ( 65% selling, 35% administrative). b. Supplies on hand: office, $600; warehouse, $475. c. A physical inventory account resulted in the following counts: desk lamps, 2,485; table lamps, 5,988; and floor lamps, 4,200. 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. ledger: a. Depreciation, $50,200 ( 65% selling, 35% administrative). b. Supplies on hand: office, $600; warehouse, $475. c. A physical inventory account resulted in the following counts: desk lamps, 2,485; table lamps, 5,988; and floor lamps, 4,200. 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 James Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31,2024 , and a classified balance sheet as of December 31, 2024. 9. Calculate the following ratios for JLC 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. A1