1-)General Journal

Worksheet - complete and tied out

Income statement

Statement of owners equity

Balance sheet

6-)Post closing trial balance

May 1 - Issued Check No. 5200 to L&J Management Co. in payment of the May rent, $5,000. (Use two lines to record the transaction. Charge 80% of the rent to Rent Expense Selling Space and the balance to Rent Expense Office Space.)

May 2 Sold merchandise on credit to Yellow Rock Company, Invoice No. 9501, for $4,500 (cost is $ 2,000)

May 3 - Issued a $150 credit memorandum to Yellow Rock Company for defective (worthless) merchandise sold on May 2 and returned for credit.

May 4 Purchased the following on credit from Jerrys Curling Supply Co. Invoice dated May 4, terms n/10 EOM.

Merchandise $27,027.00

Store supplies $754

Office supplies $38

Total $27,819.00

May 8 Issued Check No. 5201 to Jerrys Curling Supply Company for merchandise purchased on May 4th.

May 9 Sold store supplies to the merchant next door at their cost of $220 cash. (Hint what are we selling to the next door neighbor, it is not Merchandise Inventory and does not have a cost associated with it) May 10 Purchased $2,047 of office equipment on credit from Jerrys Curling Supply Co., invoice dated May 10, terms n/10 EOM.

May 11 Purchased $6,200 of merchandise from Red Rock, Inc., invoice dated May 10, terms 2/10, n/30.

May 12 Received a $97 credit memorandum from Jerrys Curling Supply for the return of defective office equipment received on May 10. May 15 Issued Check No. 5202, payable to Payroll, in payment of sales salaries, $3,230, and office salaries, $1,510. Cashed the check and paid the employees.

May 15 Cash sales for the first half of the month are $31,280 (cost is $13,200). (Cash sales are recorded daily but are recorded in a lump sum format through two entries May 15 and May 31)

May 16 Sold merchandise on credit to House Curling Company, Invoice No. 9502, for $3,990 (cost is $1,890)

May 17 Purchased $23,650 of merchandise from Olympics Gold, invoice dated May 17, terms 2/10, n/60.

May 19 Issued Check No. 5203 to Red Rock, Inc. in payment of its May 11 invoice less the discount.

May 22 Sold merchandise to Sweep Services, Invoice No. 9503, for $8,650 (cost is $4,990), terms 2/10, n/60.

May 23 Issued Check No. 5204 to Olympics Gold in payment of its May 17 invoice less the discount.

May 24 Purchased the following on credit from Jerrys Curling Supply Company Invoice dated May 24, terms n/10 EOM.

Merchandise $8,102.00

Store supplies $630.00

Office supplies $280.00

Total $9,012.00

May 25 Purchased $3,080 of merchandise from Burned Stone Curling, invoice dated May 25, terms 2/10, n/30.

May 26 Sold merchandise on credit to Draw Weight, Invoice No. 9504, for $21,315 (cost is $12,230).

May 26 Issued Check No. 5205 to Pebble Power in payment of the May electric bill, $983.

May 29 The owner of Curling Rocks, Skip Slider, used Check No. 5206 to withdraw $4,800 cash from the business for personal use.

May 30 Received payment from Sweep Services for the May 22 sale less the discount.

May 30 Issued Check No. 5207, payable to Payroll, in payment of sales salaries, $3,230, and office salaries, $1,510. Cashed the check and paid the employees.

May 31 Cash sales for the last half of the month are $46,025 (cost is $22,500)

i do not know how to increase the timing to solve it

i have posted the same question again, but with more information, hope that hepls.

Unadjusted Accounts Receivable Merchandise Inventory Store supplies Office equipment Acc Depr - Orice equipment Acc Depr Store equipment Accounts payable Skip Slider Capital Skip Slider withdrawals Sales discounts Sales returns & allowances Cost of goods sold Depr expense-Orice equip Depr expense Store equip Orice salaries expense Sales salaries expense Insurance expense Rent expense-Omice space Rent expense - selling space omce supplies expense Store supplies expense Utilities expense Totals Net Income Totals ing Supply ledger accounts after you ha 4. Check numbers for selected general ledge posted May journal entries: Cash = 101,830 Accounts Receivable = 25,305 Merchandise Inventory = 173,936 Accounts Payable = 14,042 Sales = 115,760 Sales Discounts = 260 COGS = 56,810 account names CHART OF ACCOUNTS Account Number Account Title 1001 1006 1019 1124 1125 1128 1163 1164 1165 1166 2001 3001 3002 4013 4014 4015 Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid insurance Office equipment Accumulated Depreciation - Office equipment Store equipment Accumulated Depreciation - Store equipment Accounts payable Skip Slider, Capital Skip Slider, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense - Office equipment Depreciation expense - Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Utilities expense Income Summary 5002 6012 6013 6020 6021 6037 6041 6042 6050 6051 6090 9001 Income Statement Revenue: Sales Less: Sales discounts Sales returns & allowances Net sales Less: Cost of goods sold Gross profit on sales Operating expenses: Selling expenses- Depreciation expense-Store equipment Sales salaries expense Rent expense - selling space Store supplies expense Total selling expenses General and administrative expenses- Depreciation expense-Office equipment Office salaries expense Insurance expense Rent expense-Office space Office supplies expense Utilities expense Total General and administrative expenses Total operating expenses Net income Statement of Owner's Equity Skip Slider, Capital, April 30, 20xx Plus: Net income Less: Withdrawals by owner Skip Slider, Capital, May 31, 20xx Gehen Balance Sheet Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid Insurance Total current assets Plant assets: Office equipment Less accumulated depreciation Store equipment Less accumulated depreciation Total plant assets Total assets Liabilities Current liabilities Accounts payable Equity Skip Slider, Capital Total liabilities and equity Post closing trial balance DEBIT CREDIT ACCOUNT NAME Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid Insurance Office equipment Acc Depr - Office equipment Store equpiment Acc Depr - Store equipment Accounts payable Skip Slider, Capital Totals ed the e date nts after you have Check numbers for selected general ledger accounts after yo posted May Journal entries Cash-101,830 Accounts Receivable - 25,305 Merchandise Inventory - 173,936 Accounts Payable - 14,042 Sales - 115,760 Sales Discounts COGS - 56,810 260 of accounts that you were given to the Prepare the worksheet - Tra Make sure that you list all of these a don't currently have balances) and me that they are listed on the chart of accounts. worksheet is given in your textbook in Chapter ** ven to the worksheet that you were provided he account names from the chart ese accounts on the worksheet (even if they and make sure that you list them in the order 18. (Great Info on how to use the (completed in step #3) to the worksh Transfer the balances that yo Check figures are debit/credit = $587,713] as that you have from your general ledger that you just prepared in step 5. Prepare the required adiusting journal entr cha based upon the information provided to you Information' file Suggested steps are as follows: sting journal entries for the month- provided to you in the 'FAP I Final Project a. adjusting journal entries. M be debited first, then the ac 4 Use the information provided here to determine your re re to determine your required y Journal entries. Make sure to properly date and label you B C etc.). Start with the account Woung journal entry (i... A webited first, then the account to be credited is written in next. Provide a description for each of your adjusting journa for each of your adjusting journal entries. $1,125 Expired Insurance $794 Ending Store Supplies inventory $46 Ending Office Supplies inventory $580 Depreciation of Store Equipment $795 Depreciation of Office Equipment $172,396 Physical count of Merchandise Inventory 24 - Purchased Ony. Invols Here is an examples erry's Cu Adjusting Journal Entre GENERAL JOURNAL 20xx Date DA Jerry Road Page 5 Account Title and explanation 31- SOLD TO Credit May Debit Insurance expense Prepaid insurance 1.125 6037 1128 Vecord Insurance expired as of May 30 proper accounts on your worksheet. Post this adjusting journa osting journal entry from the General Journal to the c. adjusting (Adjusting Entries A-F). Make sure you fol re you follow this process for all accounts requiring d. After you have entries, make sure that your worksheet balances. To the debits and all of the credits that you have made in the its and all of the credits that yoshould equal your credits column of the worksheet. Your debits should equal your number = $10,270) ou have completed all of the required adjusting journal alances. To do this, add up all of have made in the "ADJUSTMENTS should equal your credits. Check 0... If your worksheet balances, it is now time to calcu adjusted trial balance amounts on the worksheet. Once completed this step you need to once again ounts on the worksheet. Once you have step you need to once again make sure that your worksheet Add up the debits and credits in the "ADJUSTED TRIAL BALANCE urn or the worksheets. Your debits should equal your credits. The number = $589,088 for debits and credits, Cash $101,830; Accum Depr" ice equipment = $20,693; Sales - $115,760, Store supplies expense- $3,528] 9. Complete the "INCOME STATEMENT" and "BALANCE SHEET" columns of the worksheet. The debits and credits will not be equal, the difference for both of these sections should = $32,807 (Net Income for the period) MAR 1 Topy apply 131/20xyr e. $32,807. Total Assets - $452,642, Skup 10. statements for Curling Rocks, for the Month endements With the aid of your worksheet, prepare for May (Use your text book if necessary to prepare these sterclass Income Statement. Statement of Owner's Equity, and Sheet. Sample financial Statements can be found in formal finas. 20 Icheck figures, net income - $32, Slider, Capital 05/31/20xx = $438,600.) plece Balan text 11. Post the adjusting journal entries from youmpleted proper General Ledger accounts. When you have amount from the General Journal to the number that you posted this AJE to in Journal. (Check out step 3 if yo the acco reference this information.) journal page that these AJE are o below: berches into om your general Journal to the ave completed posting an al Journal to the General Ledger, enter the his AJE to in the POST. REF. Column of the General out step 3 if you need a reminder of how to properly this information) Make sure that you reference the pro chese AJE are on in your general ledgerl See the examples ou reference the proper general Page Adjusting Journal Entries GENERAL JOURNAL #AJE5 20xx Date Credit Debit Account Titles and Explanation (1) 31- 1125 May 6037 1128 1,125 Insurance expense Prepaid insurance (Record insurance expired as of May 31) Prepaid Insurance Aest. #1128 Date 30-Apr Balance 31-May AJE A Item REF Debit Credit Dobit Balance Credit 6.427 5.302 AJES 1,125 12. Use General Journals closing entries to the General Ledge General Journal sheet to prepare closing entries. Properly reference these when you post them to the Procedures used with your AIF in step 11. After this your revenue accounts, expense er this step is is comples these are called 'temporary a capital account will have a balance of $438,600. osing entries. Post these a Ledger. Make sure that you label these and hem to the general ledger (same expense accounts, and the withdrawal account on temporary accounts) should have a balance of -O-. The at will mporanpense 13. Prepare a post-closing should = $501,335. epare a post-closing balance. The debits should = the credits 14. Smile, you're done!!!! Unadjusted Accounts Receivable Merchandise Inventory Store supplies Office equipment Acc Depr - Orice equipment Acc Depr Store equipment Accounts payable Skip Slider Capital Skip Slider withdrawals Sales discounts Sales returns & allowances Cost of goods sold Depr expense-Orice equip Depr expense Store equip Orice salaries expense Sales salaries expense Insurance expense Rent expense-Omice space Rent expense - selling space omce supplies expense Store supplies expense Utilities expense Totals Net Income Totals ing Supply ledger accounts after you ha 4. Check numbers for selected general ledge posted May journal entries: Cash = 101,830 Accounts Receivable = 25,305 Merchandise Inventory = 173,936 Accounts Payable = 14,042 Sales = 115,760 Sales Discounts = 260 COGS = 56,810 account names CHART OF ACCOUNTS Account Number Account Title 1001 1006 1019 1124 1125 1128 1163 1164 1165 1166 2001 3001 3002 4013 4014 4015 Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid insurance Office equipment Accumulated Depreciation - Office equipment Store equipment Accumulated Depreciation - Store equipment Accounts payable Skip Slider, Capital Skip Slider, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense - Office equipment Depreciation expense - Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Utilities expense Income Summary 5002 6012 6013 6020 6021 6037 6041 6042 6050 6051 6090 9001 Income Statement Revenue: Sales Less: Sales discounts Sales returns & allowances Net sales Less: Cost of goods sold Gross profit on sales Operating expenses: Selling expenses- Depreciation expense-Store equipment Sales salaries expense Rent expense - selling space Store supplies expense Total selling expenses General and administrative expenses- Depreciation expense-Office equipment Office salaries expense Insurance expense Rent expense-Office space Office supplies expense Utilities expense Total General and administrative expenses Total operating expenses Net income Statement of Owner's Equity Skip Slider, Capital, April 30, 20xx Plus: Net income Less: Withdrawals by owner Skip Slider, Capital, May 31, 20xx Gehen Balance Sheet Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid Insurance Total current assets Plant assets: Office equipment Less accumulated depreciation Store equipment Less accumulated depreciation Total plant assets Total assets Liabilities Current liabilities Accounts payable Equity Skip Slider, Capital Total liabilities and equity Post closing trial balance DEBIT CREDIT ACCOUNT NAME Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid Insurance Office equipment Acc Depr - Office equipment Store equpiment Acc Depr - Store equipment Accounts payable Skip Slider, Capital Totals ed the e date nts after you have Check numbers for selected general ledger accounts after yo posted May Journal entries Cash-101,830 Accounts Receivable - 25,305 Merchandise Inventory - 173,936 Accounts Payable - 14,042 Sales - 115,760 Sales Discounts COGS - 56,810 260 of accounts that you were given to the Prepare the worksheet - Tra Make sure that you list all of these a don't currently have balances) and me that they are listed on the chart of accounts. worksheet is given in your textbook in Chapter ** ven to the worksheet that you were provided he account names from the chart ese accounts on the worksheet (even if they and make sure that you list them in the order 18. (Great Info on how to use the (completed in step #3) to the worksh Transfer the balances that yo Check figures are debit/credit = $587,713] as that you have from your general ledger that you just prepared in step 5. Prepare the required adiusting journal entr cha based upon the information provided to you Information' file Suggested steps are as follows: sting journal entries for the month- provided to you in the 'FAP I Final Project a. adjusting journal entries. M be debited first, then the ac 4 Use the information provided here to determine your re re to determine your required y Journal entries. Make sure to properly date and label you B C etc.). Start with the account Woung journal entry (i... A webited first, then the account to be credited is written in next. Provide a description for each of your adjusting journa for each of your adjusting journal entries. $1,125 Expired Insurance $794 Ending Store Supplies inventory $46 Ending Office Supplies inventory $580 Depreciation of Store Equipment $795 Depreciation of Office Equipment $172,396 Physical count of Merchandise Inventory 24 - Purchased Ony. Invols Here is an examples erry's Cu Adjusting Journal Entre GENERAL JOURNAL 20xx Date DA Jerry Road Page 5 Account Title and explanation 31- SOLD TO Credit May Debit Insurance expense Prepaid insurance 1.125 6037 1128 Vecord Insurance expired as of May 30 proper accounts on your worksheet. Post this adjusting journa osting journal entry from the General Journal to the c. adjusting (Adjusting Entries A-F). Make sure you fol re you follow this process for all accounts requiring d. After you have entries, make sure that your worksheet balances. To the debits and all of the credits that you have made in the its and all of the credits that yoshould equal your credits column of the worksheet. Your debits should equal your number = $10,270) ou have completed all of the required adjusting journal alances. To do this, add up all of have made in the "ADJUSTMENTS should equal your credits. Check 0... If your worksheet balances, it is now time to calcu adjusted trial balance amounts on the worksheet. Once completed this step you need to once again ounts on the worksheet. Once you have step you need to once again make sure that your worksheet Add up the debits and credits in the "ADJUSTED TRIAL BALANCE urn or the worksheets. Your debits should equal your credits. The number = $589,088 for debits and credits, Cash $101,830; Accum Depr" ice equipment = $20,693; Sales - $115,760, Store supplies expense- $3,528] 9. Complete the "INCOME STATEMENT" and "BALANCE SHEET" columns of the worksheet. The debits and credits will not be equal, the difference for both of these sections should = $32,807 (Net Income for the period) MAR 1 Topy apply 131/20xyr e. $32,807. Total Assets - $452,642, Skup 10. statements for Curling Rocks, for the Month endements With the aid of your worksheet, prepare for May (Use your text book if necessary to prepare these sterclass Income Statement. Statement of Owner's Equity, and Sheet. Sample financial Statements can be found in formal finas. 20 Icheck figures, net income - $32, Slider, Capital 05/31/20xx = $438,600.) plece Balan text 11. Post the adjusting journal entries from youmpleted proper General Ledger accounts. When you have amount from the General Journal to the number that you posted this AJE to in Journal. (Check out step 3 if yo the acco reference this information.) journal page that these AJE are o below: berches into om your general Journal to the ave completed posting an al Journal to the General Ledger, enter the his AJE to in the POST. REF. Column of the General out step 3 if you need a reminder of how to properly this information) Make sure that you reference the pro chese AJE are on in your general ledgerl See the examples ou reference the proper general Page Adjusting Journal Entries GENERAL JOURNAL #AJE5 20xx Date Credit Debit Account Titles and Explanation (1) 31- 1125 May 6037 1128 1,125 Insurance expense Prepaid insurance (Record insurance expired as of May 31) Prepaid Insurance Aest. #1128 Date 30-Apr Balance 31-May AJE A Item REF Debit Credit Dobit Balance Credit 6.427 5.302 AJES 1,125 12. Use General Journals closing entries to the General Ledge General Journal sheet to prepare closing entries. Properly reference these when you post them to the Procedures used with your AIF in step 11. After this your revenue accounts, expense er this step is is comples these are called 'temporary a capital account will have a balance of $438,600. osing entries. Post these a Ledger. Make sure that you label these and hem to the general ledger (same expense accounts, and the withdrawal account on temporary accounts) should have a balance of -O-. The at will mporanpense 13. Prepare a post-closing should = $501,335. epare a post-closing balance. The debits should = the credits 14. Smile, you're done