- The Following Transaction Occurred During March 2021 For Dress Rehearsal Gift Shop March 3 Purchased 5 000 Of Invento 1 (114.97 KiB) Viewed 30 times
The following transaction occurred during March 2021, for Dress Rehearsal Gift Shop: March 3 Purchased $5,000 of inventory on account under terms of 4/10, n/30. Returned $1,000 of defective merchandise purchased on March 3. Paid freight bill of $250 for the March 3 inventory purchase. 7 9 10 Sold inventory on account for $5,000. Payment terms were 2/15, n/30. These goods originally cost the company $2,500. 12 Paid amount owed on the March 3 inventory. 16 Received sales return of $1,000 on the March 10 sale. The original cost is $500. Received cash from March 10 customer in full settlement of her debt. 23 30 Dress Rehearsal Gift Shop also incurred the following Operating Expenses and paid with cash: Salary Expense $ 750 Rent Expense 500 $ Utilities Expense $ 150 Supplies Expense $ 100 Additional Information: (No Journal Entries or T-Accounts Necessary) Beginning account balances as of March 1, 2021 are as follows: $ 15,000 Cash Capital 15,000 Requirements: Journalize the transactions noted above. Post the transactions to the T-accounts. 3. Prepare a multi-step income statement for Abby's Art Gift Shop for the month ending March 31, 2021. 4. Calculate the gross profit percentage. $
STEP 3: PREPARE TRIAL BALANCE Dress Rehearsal Gift Shop Trial Balance March 31, 2021 Account Name Total Debit Balance Credit