1 Sunny's Emporium had the following transactions in April, 2023, the final month in their fiscal year: 2 3 TRANSACTIONS 4 April 1 D 6 7 8 9 Sold fully depreciated cash register and point of sale system for $1,000 (originally recorded as store equipment) A new point of sale system is delivered and installed at a total cost of $96,000. The system April 1 has an expected useful life of 4 years, no residual value and will be depreciated using the straight line method. The company made a downpayment of $50,000 and issued a 3-year 6% note for the balance. Interest and 1/3 of the principal is due on March 31, 2024, 2025 and 2026. 11 April 15 Had a $200,000 balance in notes payable with 45-day 6% note issued on March 1. Paid the interest due and refinanced the principle with a new 60 day note at 7%. 12 D 4 April 27 Petty cash on hand was $117. Replenished the petty cash fund for the following disbursements, .5 each evidenced by a petty cash receipt: 6 7 8 9 1 April 30 2 3 April 30 4 5 5 Store supplies, $51. Express charges on merchandise sold, $190 (Delivery Expense). Office supplies, $75. Repair to office file cabinet lock, $80 (Miscellaneous Administrative Expense). Sold a 500,000 5 year bond, semi-annual interest at 6% when market interest rate was 8% The cash sales for the month, according to the cash register records, totaled $27,525, including sales tax of $2,525. The actual cash received from these cash sales was $27,625. Cost of goods sold related to these sales was $13,360.

1 Sunny's Emporium had the following transactions in April, 2023, the final month in their fiscal year: 2 3 TRANSACTIONS 4 April 1 Sold fully depreciated cash register and point of sale system for $1,000 (originally recorded as store equipment) 6 April 1 Anew point of sale system is delivered and installed at a total cost of $96,000. The system has an expected useful life of 4 years, no residual value and will be depreciated using the straight line method. The company made a downpayment of $50,000 and issued a 3 -year 6% note for the balance. Interest and 1/3 of the principal is due on March 31,2024,2025 and 2026. April 15 Had a $200,000 balance in notes payable with 45-day 6% note issued on March 1. Paid the interest due and refinanced the principle with a new 60 day note at 7%. April 27 Petty cash on hand was $117. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Store supplies, $51. Express charges on merchandise sold, $190 (Delivery Expense). Office supplies, $75. Repair to office file cabinet lock, $80 (Miscellaneous Administrative Expense). April 30 Sold a 500,0005 year bond, semi-annual interest at 6% when market interest rate was 8% April 30 The cash sales for the month, according to the cash register records, totaled $27,525, including sales tax of $2,525. The actual cash received from these cash sales was $27,625. Cost of goods sold related to these sales was $13,360. Required: ROUND ALL CALCULATIONS TO THE WHOLE DOLLARIIII 1 Journalize the transactions and post them to the general ledger. Assume a 360 day year for all transactions related to interest calculations. 2 Complete the worksheet. The information you need for the adusting entries is: a Evaluation of the years sales indicated that warranties related to current years sales were $50,000. b The note receivable in the general ledger is an 8% note received January 1, 2023 and due is on June 30,2024 c There are two notes in the notes payable balance (one from April 1st and one from April 15th. Interest rates and dat the transactions above. (Calculate interest separately but record together) d The insurance policy is an annual policy purchased on June 1, 2022. e Office supplies on hand at April 30 were $2,500 and store supplies on hand were $5,051. f Depreciation on the building is calculated using straight line with a 25 year life and $50,000 residual value. 8 Depreciation for the office equipment is calculated using double declining balance method, has a five year Iife and was purchased three years ago. Information related to the depreciation calculation for the store equipment is in the transactions above. h PPayroll for April is going to be paid in early May. Salaries earned were $40,000. The FICA rate is 7.65% and is paid by both the employee and the employer. Employee income taxes are withheld at a rate of 15%. 3 Journalize and post the adjusting entries. 4 Prepare a multiple-step income statement. 5 Prepare a statement of stockholders' equity. 6 Preparea balance sheet. 7 Journalize and post the closing entries. 8 Preparea post-closing trial balance. 1 GENERAL JOURNAL 2 DATE 3 \begin{tabular}{|l} \hline 1 \\ 2 \\ 3 \\ \hline 4 \\ 5 \\ \hline 6 \\ 7 \\ \hline 8 \\ \hline \end{tabular} 19 210 311 4 513 614 7 816 917 18 19 20 21 22 23 24 25 26 27 DESCRIPTION POST. REF. Page: 105 CREDIT 1 Summy is tmporlum Balthar Sheet. Aetsts A pril 30. 2003 Current Arsets Canh Peity canth Agomants Recorivatile Notes fecoivable Interest Reon ivable Merchandise limventory oition Supplies Stere Supplies Prepald inauranae Total currenk assets 18 Property. Plant and Equlpment 19 tand 20 Bulioine. 21 Aceurwilated Depredation-fullding 22 Omce Equipment 23 Accumulated Depredation-Olfioe Equipment 24 Store Equipmant 25 Accumulated Depredation-Store Equipment 26 Total Property, Plant and Equipment. 27 Total Assets (31 Carrent liabilities 32 Accounts Payable Notes Payable Intereit Payable Salaries Payable FiCA Payroll Tanes Payable Employees Federal income Tax Payable - Produet Warranty Payable Sales Tax Payable Total Current Labilities Lon-Term Labilities Aondr Payable Total labilities 40 Total Current Labilities 441 Lone-Term Labilities 42 Bondr Payable 43 Total labilities 44 45 Stockholders' Equity 46 Common Stod: 47. Aetalned earnings Tokal stockholders' equity