11. What is the ending balance for the Accounts Payable general ledger account? Does the balance agree with the total of the subsidiary ledger accounts? 12. How many trancactions during the month of December affected the Cash in Bank account? 13. Has the amount owed to Stars Kites Outlet been paid ofi by the end of December? 14. How many checks were issued by the broiness in Dectuber? 15. What was the total amount credited to Sales for the month? 16. What was the date of the trial balance? 17. How many accounts were affected by adjusting entries? 18. What was the total of operating expenses for the period? 19. What is the ending balance for Retained Eamings for the period? 20. What is the amount of total assets for the business at December 31 ? 21. How many accounts are listed on the trial balance? 22. How many accounts on the trial balance have debit balances? 23. Which account on the trial balance has the largest balance? 24. What is the amount of total liabilities for the business at December 31 ? 25. How many accounts are listed on the post-closing trial balance? Directions: Usc your completal solutions fo answyr the following ducstions: Write the answer in the space to the left of cach daestiont. Answer 1. What is the total of debits and credits in the Sales journal at the end of December? 2. What is the total of debits and credits in the Cash Receipts joumal at the end of December? 3. What is the total of debits and credits in the Purchases journal at the end of December? 4. What is the total of debits and credits in the Cash Payments joumal at the end of December? 5. For the first transaction on December 26, which account was credited? 6. What amount was credited to the Menchandise Inventory account as an adjustment to inventory? 7. What amount was debited to the Income Summary account to close the expense accounts fot the month? 8. What is the ending balance of the Best Toys accounts receivable subsidiary ledger account? 9. What is the ending balance for the Accotints Receivable general ledger account? Does the balance agree with the total of the subsidiary ledger accounts? 10. What is the ending balance for the Reddi-Bright Mamufacturing accocints payable subsidiary ledger account? (T)P: Remember that you do not need to apply the credit unless you are paying the invoice. Step : Process all of the cash puyments on account using the Pay milts option and all other poyments of cash taing the Write Checks option. Remember that you use the Pay Bill option to record payments on account and the Write Checks option for all other payments. Step 9 Use the Make General Journal Entries opticin to tewotd the adjusting entriek. Prcpare a Ropout and Proof Your Work Step 10 Print a Jocunal report. Step 11 Proof your work. Frint an updated report, if necesary: Step 12. Frint the following reports: General Ledget. Vendor falance Summary. and Customer Balance Summary: Step 13 Frint a Trial Balance. Step 14 Frint a Profit \&c Loss and a Balance Sheet report. Step 15 Close the frisal year. step 16 Print a Post-Cloning Trial balance as of 01/01/2016 Analyer Your Work Step 17 Complete the Analyze activity? End the Sessien Step 18 it is recommended that you back up your work for this sesion. On a sepatate shect of papet, explain how to change the font sibe of the data in a Balance Sheet to 12 points. Frint a Blalance Shect to see the dafference. TIP: To save time entering transactions, group them by type and then enter the transactions in batches. Step 3 Recoud the sales on account using the Create Inveices option. Step 4 Enter and apply any sales returns. Apply sales returns to the most recent sules invoices. 5tep 5 Process all of the cash receipts using the Receive Payments option for roceiving on account and Enter Sales Receipts for cash sales. (T). Always verify the sales discount amount when you record a Recenve Payment transaction. QuickBooks may not always compute the discount correctly Step 6 Enter the purchases on account using the Enter Bills option. (IP: Remember that you need to select the appropriate tab for each transaction. The items tab is used for purchases of merchandise on account and Expense tab for purchases of assets on account. Step 7 Recotd any putchase teturns. Completing the Accounting Cy/h for a Merchandising Corporation Go Fly a Kite Inc. tamiy give you un opport winty toconping assigned thime frame through Derember 31 are shown on the following page. your rob Responsibilities: The forms for completing this activity wn Inchided in the working papers. As the accountant for Go Fy a Klet, iver (1) Recond the remaining December transactions in the sals, acol tocomplete these tasks: recelps, purchases, cash payments, and general journak. (2) Post the indlvidual amounts from the five journals to the exomes recelvable and accounts payable subsidiary ledgers dally. (3) Post the individual amounts from the General columns oftecat receipts, purchases, cash payments, and general journal dith (4) Foot, prove, total, and rule the special journals at the end dithe (5) Poss the column totals of the special journals to the genecellest month. Use this order for posting; s sales, cash receipts, purchass, andede payments. (6) Prove cash. The balance shown on check stub 619 is 52,52523 (7) Prepare a schedule of accounts on recelvable and a schedule datel payable. (8) Preparea trial balance on a ten-column work sheet for the teve Dearmber 31 . CASH PAYMENTS JOURINAL PUACHASES JOUANAL CASH RECEIPTS JOURNAL Sold to The Toy Store $1,990.00 of merchandise on account, plus $119.40 sales tax, Sales Slip 486. Issued Check 617 to Reddi-Bright Manufacturing for $700.00 to apply on account. Sold merchandise totaling $560.00 plus $33.60 sales tax to the Serendipity Shop on account, Sales Slip 487. Recorded the bank service charge of $10.00 and the bankcard fee of $150.00, from December bank statement. Paid transportation charges of $51.60 for merchandise shipped from Easy Glide Co., Check 618. Recorded cash sales of $3,995.10 plus $239.71 in sales tax, Tape 41 . Recorded bankcard sales of $1,736.27 plus sales tax of $104.18, Tape 41 Deo 16. Received Involce +10 trom Reddi-Bright Manufacturing for patc merctandise parchased on accote tax installment of $1.050.00. Issued Check 611 for 52.548 .00 to Brad's Kites Ltd. in payment of (reck 610. Involee 112 tor 52,600.00 less discount of $52.00 Paid the monthly salaries by issuing Check 612 for 54,750,00. Purchased 580.00 of supplies from Taylor Office Suppliets on accoum, Receiveda check for $1.965.60 from Best Toys in payment of Sales Invoice 830 Slip 479 for $2,003.40 less a cash discount of $37.80. Receipt 358 . Sold merchandise on account to Best Toys, $2,600.00 plus $156,00 Prepared Receipt 359 for a $1,716.00 check received from Lars' sales tax, Sales Slip 484 Specialties in payment of Sales Slip 480 for $1,749.00 less a $33.00 Purchased merchandise on account from Brad's Kites Lid., Invoice. cash discount. 215,51,560.00. Wrote Check 613 to Creative Kites Inc. to apply on account, $375:00 Prepared Credit Memorandum 44 for $106.00 for the return of $100.00 in merchandise by Best Toys, plus sales tax of $6.00. Sold merchandise to Lars' Specialties on account, $1,580.00 plus sales tax of $94.80, Sales Slip 485 . 23 Received a check from Serendipity Shop to apply on account, Receipt 360 for $300.00. 23 Paid Easy Glide Co, for Invoice 326 for $1,890.00 less a $37.80 discount, Check 614 for $1,852.20. 26 Received from The Toy Store a check for $1,102.40 in payment of Salo Slip 483 for $1,123.60 less a cash discount of $21,20, Receipt 361 . 26 Returned defective merchandise purchased on account from Brad's Kites Ltd., \$150.00, Debit Memorandum 28. 26 Received Invoice 335 from Easy Glide Co, for merchandise purchased on account totaling $1,630.00. 28 Wrote Check 615 for $120.00 to the Daily Examiner for a monthly advertisement, 28 Small Town Toys sent a check for $450.00 to apply on account. Receipt 362. 29 Paid Stars Kites Outlet \$1,625.00 on account, Check 616. Go Fly a Kite Inc. Mini Practice Set 5 (continued) (1), (4) (1). (13), (14) Mini Practice Set 5 (continued) (1). (4) 11. What is the ending balance for the Accounts Payable general ledger account? Does the balance agree with the total of the subsidiary ledger accounts? 12. How many trancactions during the month of December affected the Cash in Bank account? 13. Has the amount owed to Stars Kites Outlet been paid ofi by the end of December? 14. How many checks were issued by the broiness in Dectuber? 15. What was the total amount credited to Sales for the month? 16. What was the date of the trial balance? 17. How many accounts were affected by adjusting entries? 18. What was the total of operating expenses for the period? 19. What is the ending balance for Retained Eamings for the period? 20. What is the amount of total assets for the business at December 31 ? 21. How many accounts are listed on the trial balance? 22. How many accounts on the trial balance have debit balances? 23. Which account on the trial balance has the largest balance? 24. What is the amount of total liabilities for the business at December 31 ? 25. How many accounts are listed on the post-closing trial balance? Directions: Usc your completal solutions fo answyr the following ducstions: Write the answer in the space to the left of cach daestiont. Answer 1. What is the total of debits and credits in the Sales journal at the end of December? 2. What is the total of debits and credits in the Cash Receipts joumal at the end of December? 3. What is the total of debits and credits in the Purchases journal at the end of December? 4. What is the total of debits and credits in the Cash Payments joumal at the end of December? 5. For the first transaction on December 26, which account was credited? 6. What amount was credited to the Menchandise Inventory account as an adjustment to inventory? 7. What amount was debited to the Income Summary account to close the expense accounts fot the month? 8. What is the ending balance of the Best Toys accounts receivable subsidiary ledger account? 9. What is the ending balance for the Accotints Receivable general ledger account? Does the balance agree with the total of the subsidiary ledger accounts? 10. What is the ending balance for the Reddi-Bright Mamufacturing accocints payable subsidiary ledger account? (T)P: Remember that you do not need to apply the credit unless you are paying the invoice. Step : Process all of the cash puyments on account using the Pay milts option and all other poyments of cash taing the Write Checks option. Remember that you use the Pay Bill option to record payments on account and the Write Checks option for all other payments. Step 9 Use the Make General Journal Entries opticin to tewotd the adjusting entriek. Prcpare a Ropout and Proof Your Work Step 10 Print a Jocunal report. Step 11 Proof your work. Frint an updated report, if necesary: Step 12. Frint the following reports: General Ledget. Vendor falance Summary. and Customer Balance Summary: Step 13 Frint a Trial Balance. Step 14 Frint a Profit \&c Loss and a Balance Sheet report. Step 15 Close the frisal year. step 16 Print a Post-Cloning Trial balance as of 01/01/2016 Analyer Your Work Step 17 Complete the Analyze activity? End the Sessien Step 18 it is recommended that you back up your work for this sesion. On a sepatate shect of papet, explain how to change the font sibe of the data in a Balance Sheet to 12 points. Frint a Blalance Shect to see the dafference. TIP: To save time entering transactions, group them by type and then enter the transactions in batches. Step 3 Recoud the sales on account using the Create Inveices option. Step 4 Enter and apply any sales returns. Apply sales returns to the most recent sules invoices. 5tep 5 Process all of the cash receipts using the Receive Payments option for roceiving on account and Enter Sales Receipts for cash sales. (T). Always verify the sales discount amount when you record a Recenve Payment transaction. QuickBooks may not always compute the discount correctly Step 6 Enter the purchases on account using the Enter Bills option. (IP: Remember that you need to select the appropriate tab for each transaction. The items tab is used for purchases of merchandise on account and Expense tab for purchases of assets on account. Step 7 Recotd any putchase teturns. Completing the Accounting Cy/h for a Merchandising Corporation Go Fly a Kite Inc. tamiy give you un opport winty toconping assigned thime frame through Derember 31 are shown on the following page. your rob Responsibilities: The forms for completing this activity wn Inchided in the working papers. As the accountant for Go Fy a Klet, iver (1) Recond the remaining December transactions in the sals, acol tocomplete these tasks: recelps, purchases, cash payments, and general journak. (2) Post the indlvidual amounts from the five journals to the exomes recelvable and accounts payable subsidiary ledgers dally. (3) Post the individual amounts from the General columns oftecat receipts, purchases, cash payments, and general journal dith (4) Foot, prove, total, and rule the special journals at the end dithe (5) Poss the column totals of the special journals to the genecellest month. Use this order for posting; s sales, cash receipts, purchass, andede payments. (6) Prove cash. The balance shown on check stub 619 is 52,52523 (7) Prepare a schedule of accounts on recelvable and a schedule datel payable. (8) Preparea trial balance on a ten-column work sheet for the teve Dearmber 31 . CASH PAYMENTS JOURINAL PUACHASES JOUANAL CASH RECEIPTS JOURNAL Sold to The Toy Store $1,990.00 of merchandise on account, plus $119.40 sales tax, Sales Slip 486. Issued Check 617 to Reddi-Bright Manufacturing for $700.00 to apply on account. Sold merchandise totaling $560.00 plus $33.60 sales tax to the Serendipity Shop on account, Sales Slip 487. Recorded the bank service charge of $10.00 and the bankcard fee of $150.00, from December bank statement. Paid transportation charges of $51.60 for merchandise shipped from Easy Glide Co., Check 618. Recorded cash sales of $3,995.10 plus $239.71 in sales tax, Tape 41 . Recorded bankcard sales of $1,736.27 plus sales tax of $104.18, Tape 41 Deo 16. Received Involce +10 trom Reddi-Bright Manufacturing for patc merctandise parchased on accote tax installment of $1.050.00. Issued Check 611 for 52.548 .00 to Brad's Kites Ltd. in payment of (reck 610. Involee 112 tor 52,600.00 less discount of $52.00 Paid the monthly salaries by issuing Check 612 for 54,750,00. Purchased 580.00 of supplies from Taylor Office Suppliets on accoum, Receiveda check for $1.965.60 from Best Toys in payment of Sales Invoice 830 Slip 479 for $2,003.40 less a cash discount of $37.80. Receipt 358 . Sold merchandise on account to Best Toys, $2,600.00 plus $156,00 Prepared Receipt 359 for a $1,716.00 check received from Lars' sales tax, Sales Slip 484 Specialties in payment of Sales Slip 480 for $1,749.00 less a $33.00 Purchased merchandise on account from Brad's Kites Lid., Invoice. cash discount. 215,51,560.00. Wrote Check 613 to Creative Kites Inc. to apply on account, $375:00 Prepared Credit Memorandum 44 for $106.00 for the return of $100.00 in merchandise by Best Toys, plus sales tax of $6.00. Sold merchandise to Lars' Specialties on account, $1,580.00 plus sales tax of $94.80, Sales Slip 485 . 23 Received a check from Serendipity Shop to apply on account, Receipt 360 for $300.00. 23 Paid Easy Glide Co, for Invoice 326 for $1,890.00 less a $37.80 discount, Check 614 for $1,852.20. 26 Received from The Toy Store a check for $1,102.40 in payment of Salo Slip 483 for $1,123.60 less a cash discount of $21,20, Receipt 361 . 26 Returned defective merchandise purchased on account from Brad's Kites Ltd., \$150.00, Debit Memorandum 28. 26 Received Invoice 335 from Easy Glide Co, for merchandise purchased on account totaling $1,630.00. 28 Wrote Check 615 for $120.00 to the Daily Examiner for a monthly advertisement, 28 Small Town Toys sent a check for $450.00 to apply on account. Receipt 362. 29 Paid Stars Kites Outlet \$1,625.00 on account, Check 616. Go Fly a Kite Inc. Mini Practice Set 5 (continued) (1), (4) (1). (13), (14) Mini Practice Set 5 (continued) (1). (4)