Question

Please complete a classified balance sheet with the information provided. (Not all information provided may be relevant in completing the question).

		Inventory Information
Inventory on hand at the beginning of October:
	Units	Cost / unit	Total Cost
Purchase # 1	15	60	$900
Purchase # 2	25	70	1,750
	40		$2,650
	October 2018 transactions related to buying and selling widget inventory
	1-Oct	Sold 30 widgets at $125 each on credit
	3-Oct	Purchased 60 widgets at a cost of $80 per widget on credit
	10-Oct	Sold 45 widgets at $150 each on credit
	20-Oct	Purchased 40 widgets at a cost of $85 per widget on credit
	24-Oct	Sold 35 widgets at $165 each on credit
The PHYSICAL count of widget inventory on hand at October 31, 2018 shows 23 widgets at a FIFO cost of $1,955.

Beginning Inventory	Units	Cost / unit	Cost
	15	60	900
	25	70	1,750
	40		2,650

		Number of Days Outstanding
	Total	0-30	31-60	61-90	91-120	over 120
Accounts Receivable	$     163,075	$146,768	$     6,523	$     3,262	$     4,892	$     1,631
% Uncollectible		0.02	0.06	0.075	0.08	0.09
Estimated Uncollectible	$         4,109	2,935	391	245	391	147

Answer 1

The journal entries , trial balance and the balance sheet are given below. This is based on another question posted with the same details, wherein the other required information was found.

Journal Entries to record purchase and sale
Date	Account Title	Debit	Credit
Oct.1	Accounts Receivable	3750
	Tablet Sales Revenue		3750
	(Sale of 30 widgets @125 each)
	Cost of goods sold	1950
	Inventory		1950
	(Cost of 30 widgets sold)
Oct.3	Inventory	4800
	Accounts Payable		4800
	(Purchase of 60 widgets @80 each)
Oct.10	Accounts Receivable	6750
	Tablet Sales Revenue		6750
	(Sale of 45 widdgets @ 150 each)
	Cost of goods sold	3500
	Inventory		3500
	(Cost of 45 widgets sold)
Oct.20	Inventory	3400
	Accounts Payable		3400
	(Purchase of 40 widgets @85 each)
Oct.24	Accounts Receivable	5775
	Tablet Sales Revenue		5775
	(Sales of 35 widgets @165 each)
	Cost of goods sold	2850
	Inventory		2850
	(Cost of 35 widgets sold )

Octboer 31, 2017
	Part Adj.T/B		October Jes		Trial Balance		Adj. Jes		Adjusted TB
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	332218				332218				332218
Accounts Receivable	146800		16275		163075				163075
Allowance for uncollectible accounts		3689				3689		420		4109
Supplies	42600				42600				42600
Inventory	2650		8200	8300	2550			595	1955
Prepaid Insurance	16800				16800				16800
Land	50000				50000				50000
Building	110000				110000				110000
Accumulated Depreciation - building		5670				5670				5670
Computer Equipment	52950				52950				52950
Accumulated Depreciaton - Computer Equipment		1750				1750				1750
Office Furniture	45900				45900				45900
Accumulated Depreciaton - Office Furniture		16560				16560				16560
Accounts Payable		890		8200		9090				9090
Interest Payable		3200				3200				3200
Utilties Payable		8952				8952				8952
Wages Payable		45800				45800				45800
Long-term Note Payable		90000				90000				90000
Mortgage Payable		60000				60000				60000
Common Stock		400000				400000				400000
Retained Earnings		126867				126867				126867
Dividends	4000				4000				4000
Service Revenue		365400				365400				365400
Tablet Sales Revenue		222400		16275		238675				238675
Cost of goods sold	154500		8300		162800		595		163395
Bad Debt Expense					0		420		420
Depreciation Expense - Building	1350				1350				1350
Depreciation Expense - computer Equipment	890				890				890
Depreciation Expense - Office Furniture	650				650				650
Interest Expense	3560				3560				3560
Insurance Expense	38950				38950				38950
Supplies Expense	72860				72860				72860
Utilities Expense	75900				75900				75900
Wages Expense	198600				198600				198600
	1351178	1351178	32775	32775	1375653	1375653	1015	1015	1376073	1376073

Balance Sheet
as at October 31, 2017
Assets
Cash		332218
Accounts Receivable	163075
Allowance for uncollectible accounts	4109	158966
Supplies		42600
Inventory		1955
Prepaid Insurance		16800
Current Assets		552539
Land		50000
Building	110000
Accumulated Depreciation - building	5670	104330
Computer Equipment	52950
Accumulated Depreciaton - Computer Equipment	1750	51200
Office Furniture	45900
Accumulated Depreciaton - Office Furniture	16560	29340
Total Assets		787409
Liabilities and stockholders' equity
Accounts Payable		9090
Interest Payable		3200
Utilties Payable		8952
Wages Payable		45800
Current Liabilities		67042
Long-term Note Payable		90000
Mortgage Payable		60000
Total Liabilities		217042
Stockholders' Equity
Common Stock	400000
Retained Earnings	170367
Total stockholders' equity		570367
Total Liabilities and Stockholders' equity		787409