• Check Figures for Accounting Project:

    Cash Receipts Journal; Cash Column: 90,411

    Unadjusted Trial Balance Total:1,075,455

    Net Income:254,829

    Post Closing Trial Balance:355,756

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Foundations of Accounting I Accounting Project Karen Pitsch Alli Co. is a merchandising business. The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows: 110 Cash $ 73,920 112 Accounts Receivable 37,875 113 Allowance for Doubtful Accounts 3,500 115 Merchandise Inventory 133,900 116 Prepaid Insurance 3,750 117 Store Supplies 2,850 123 Store Equipment 100,800 124 Accumulated Depreciation-Store Equipment 20,160 210 Accounts Payable 21,450 211 Salaries Payable 0 218 Interest Payable 0 220 Note Payable (Due 2017) 10,000 310 P. Williams, Capital (January 1, 2012) 89,510 311 P. Williams, Drawing 40,000 312 Income Summary 0 410 Sales 853,040 411 Sales Returns and Allowances 20,600 412 Sales Discounts 13,200 510 Cost of Merchandise Sold 414,575 520 Sales Salaries Expense 74,400 521 Advertising Expense 18,000 522 Depreciation Expense 0 523 Store Supplies Expense 0 529 Miscellaneous Selling Expense 2,800 530 Office Salaries Expense 40,500 531 Rent Expense 18,600 532 Insurance Expense 0 533 Bad Debt Expense 0 539 Miscellaneous Administrative Expense 1,650 550 Interest Expense 240 Alli Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). Alli Co. sells four types of television…