8.February 28:Mr. Burns bought cookie dough (inventory) to keep the cookie assembly line going.Mr. Burns paid cash for the cookie dough $400,000

9. March 1^st.Mr. Burns reclassed the current portion of long term notes payable.Reclass only the portion on the balance sheet as of January 1st, 2020.

10. March 5:Mr. Burns paid for the following expenses that came in:Sales Salary Expense $70,000, Advertising Expense $50,000, and Delivery Expense $40,000.All of the expenses were paid in one transaction.

11. March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby.The interest rate was 15% and the Note was written on July 1^th, 2019

12.March 7:The Candy Store paid Mr. Burns what they owed him on account.

13.March 15:Mr. Burns paid income tax payable owed from last year.

14.April 1: Not liking being accountable to outside shareholders, Mr. Burns decided to buy back some treasury stock.Mr. Burns bought the $1.00 per value shares back (300,000 shares) at $.50 per share.

15.April 4:Because of cockroaches in some of the radioactive cookie dough, Mr. Burns was required to buy additional inventory.He paid $98,000 for the inventory.

16.April 10:Mr. Burns paid for the following expenses:Advertising $100,000, Office Salaries $80,000, Wages $40,000, and Utility $10,000. All expense transactions were settled with one payment transaction.

17.May 01:The Grocery Store bought $400,000 of cookies on account.Mr. Burns was still angry that his casino got shutdown so there were no discount terms.The cost of the inventory was $200,000

Instructions:

ACC 112- Principles of Accounting II

Final Practice Set

After nearly destroying the city of Springfield USA because of many near nuclear melt downs caused by Homer Simpson, Mr. Burns decided to go into selling cookies.On January 2, 2020, Mr. Burn continued his Good Old Fashion Cookies Empire.The company is still a merchandise company and still uses a net perpetual inventory system.

1.Prepare the journal entries on a document. (To be turned in separately)

2.Post all journal entries to the worksheet

3.Post all adjusting journal entries to the worksheet

4.In good form, produce a multi step Income Statement, Statement of Retained

Earnings, Balance Sheet, and Statement of Cash Flow

Instructions:

1. Post the journal entry amounts in columns G and I, post adjusting journal entry amounts in columns O and Q, and post the closing entry amounts in columns W and Y.
2. Do not touch the columns with the account balances for they are formula driven.You will not have to calculate anything!
3. For tracking purposes post the journal entries as they appear.The regular transaction numbers will be posted in columns F and H.The adjusting transaction numbers will be posted in columns N and P.The closing transaction numbers will be posted in columns V and X.Regular transactions will have just the number (1, 2, 3, ect).Adjusting transactions will have A in front of the number (A1, A2, A3, ect).Closing transactions will have C in front of the number (C1, C2, C3).
4. For the statements: use only the cells marked in yellow to put in numbers.The totals will calculate for you.You will not be required to any formatting.

5.Failure to follow any of these instructions will result in 30 point non-negotiable penalty.

6.Working with a tutor is not allowed.

7.Questions to the professor can not be asked until the student has made a reasonable attempt to complete the entire project and has not come up with the check figures given.The professor will only check the student's work once.

8.See Moodle for due dates.No late assignments will be accepted for any

reason.

Misc Information:Mr. Burns sold off all of his fixed assets from the nuclear power plant.Also, there was an adjustment to the allowance for uncollectible account during your brief respite.Mr.Smithers performed the necessary entries to get the books up to date; this included the reduction of the mortgage payable. However, you will calculate interest expense, bad debt expense, and depreciation expense.These amounts will not be given to you.Good luck and time manage appropriately. ***For any note/mortgage payable, you find interest expense the same way you find interest revenue. ***