A B Setup: D H R S TUV W ZA All Setup & Instructions: You just started your new job as a staff accountant for Auggle Gear, Inc., a company that sells Augsburg University dothing, mugs, hats, etc. You're pretty excited about your new job because you've heard all the stories about how accountant's are essentially the rock stars of the business world. The stories are true. Anyway, your company had transactions "A" through "" noted below throughout the month of January 2021 Instructions For each transactions "a" through "h" below 1) First, recond the necessary journal entry (utilize the "Chart of Accounts below) 2) After recording each entry, post the effects of the Journal Entry to the appropriate T-accounts 3) Utilizing the ending balances in each T-account to complete the financial statements on the second tab of this document Chart of Accounts Cash Accounts Receivable Reference Date D Allowance for Doubtful Accounts NO 2-lan 4 Prepaid Rent 5 Inventory b) lan 6 Accounts Payable . Deferred Revenue O Wages Payable 9 Notes Payable 0 Common Stock Retained Earnings L) 5 31-lan 16-Jan 24-lan 30-Jan 31-Jan NO 25-Jan Transactions-January 2021 On January 2nd. Auggle Gear purchased and received 3,000 t-shirts, purchased on account, with plans of selling the shirts to the campus book store. The t-shirts cost $3 each On January 8th, Augie Gear purchased and received another 1,750 t shirts on account that you plan to sell to customers throughout the year. The t-shirts cost $5 each. On January 16th, you paid employees of Auggie Gear their wages of 56,200 for the pay period from 1/1/21-1/15/21. On January 24th, Auggie Gear purchased and received 600 more t-shirts on account that they plan to sell to customers throughout the year. The T-shirts cost $5.75 each On January 30th, sold 1,000 t shirts on account for $15 per shirt. Auggie Gear uses LIFO as their inventory costing method On January 31st Auggie Gear sold an additional 2,000 t-shirts for 515 per shirt. The customer paid $500 cash on the date of purchase, and will pay the remaining balance due on February 28th. You owe your employees wages for the pay period from 1/16/21 through 1/31/21 totaling $6.350. The wages will be paid on February 2nd, 2021. Auggie Gear management elects to utilize the "Percentage of Credit Sales" method to estimate their bad debt each month. Based on her history with a similar business, your manager estimates that you ultimately won't collect 2.0% of sales made on account during the month 2 Sales Revenue Service Revenue P Cost of Goods Sold 35 Bad Debt Expense 36 Supplies Expense 32 Wage Expense Excel Assignment #7 - Ch. 8 Financial Statements Journal Entries Date Account Description Debit Credit a) 2-Jan b) 8-Jan c) 16-Jan d) 24-Jan Be e) 30-Jan Beg f) 31-Jan 2) 31-Jan h) 31-Jan Debit/Credit Balance Check Beg Y ZAA AB AC AC AE AF AG AH Al AJ ASSETS = + Ledger Accounts (T-Accounts) Balance Sheet Accounts LIABILITIES STOCKHOLDERS EQUITY REVENUE Debit Credit Debit Credit Debit Credit Debit Credit Income Statement Accounts EXPENSES Debit Credit Cash Accounts Payable Common Stock Sales Revenue Cost of Goods Sold Bal NO-50000 500 g Bat 5800 Beg Bal Beg Ba 10.900 500 $800 Bal ccounts Receivabl 2000 Deferred Revenue Retained Earnings Service Revenue Bad Debt Expense Deg Bal 600 Beg Bal Beg Ba 2000 Allowance for Doubtful Wages Payable 1000 Beg Bal Beg Bat 1000 600 Supplies Expense Beg Bal Prepaid Rent Notes Payable Wage Expense Bal 5.000 Beg Bal Beg Bal Inventory Bal 5.000 Auggie Gear, Inc. Income Statement For the Month Ended January 31, 2021 Sales Revenue Less: Cost of Goods Sold Gross Profit Operating Expenses: Total Operating Expenses Net Income Auggie Gear, Inc. Statement of Retained Earnings For the Month Ended January 31, 2021 Retained Common Earnings Stock Beg. Bal. January 1, 2021 January Activity 600 5,800 End. Bal. January 31, 2021 600 5,800 Assets Current Assets Cash Inventory Balance Sheet As of January 31, 2021 Accounts Receivable Less: Allowance for Doubtful Accounts Total Current Assets Total Assets Liabilities & Stockholders' Equity Liabilities Current Liabilities Total Current Liabilities Long-Term Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Setup: Setup & Instructions: You just started your new job as a staff accountant for Auggie Gear, Inc., a company that sells Augsburg University clothing, mugs, hats, etc. You're pretty excited about your new job because you've heard all the stories about how accountant's are essentially the rock stars of the business world. The stories are true. Anyway, your company had transactions "A" through "H" noted below throughout the month of January 2021. Instructions For each transactions "a" through "h" below: 1) First, record the necessary journal entry (utilize the "Chart of Accounts" below). 2) After recording each entry, post the effects of the Journal Entry to the appropriate T-accounts. 3) Utilizing the ending balances in each T-account to complete the financial statements on the second tab of this document. Setup & Instructions: You just started your new job as a staff accountant for Auggie Gear, Inc., a company that sells Augsburg University clothing, mugs, hats, etc. You're pretty excited about your new job because you've heard all the stories about how accountant's are essentially the rock stars of the business world. The stories are true. Anyway, your company had transactions "A" through "H" noted below throughout the month of January 2021. Instructions For each transactions "a" through "h" below: 1) First, record the necessary journal entry (utilize the "Chart of Accounts" below) 2) After recording each entry, post the effects of the Journal Entry to the appropriate T-accounts By Ubiliring the ending balances in each T-account to complete the financial statements on the second tab of this document. Chart of Accounts Cash Transactions January 2021 On January 2nd, Auggie Gear purchased and received 3,000-shirts, purchased on account, with plans of selling the shirts to the campus book store The 1-shirts cost $3 each On January R, Augie Gear purchased and received another 1.750 t-shirts on account that you plan to sell to customers throughout the year The t-shirts cost $5 each 16-Jan On January 16th, you paid employees of Auggie Gear their wages of $6,200 for the pay period from 1/1/21-1/15/21. On January 24th, Auggie Gear purchased and received 600 more 1-shits on account that they plan to sell to customers throughout the year. The T-shirts cost $5.75 each On January 10th, sold 1,000 1-shirts on account for $15 per shirt. Auggie Clear uses LIFO as their inventory costing method On January 31st Auggie Gear sold an additional 2.000 t-shirts for $15 per shirt. The customer paid $500 cash on the date of purchase, and will pay the remaining balance due on February 28th You owe your employees wages for the pay period from 1/16/21 through 1/31/21 totaling 56.350. The wages will be paid on February 2nd 2021. Auggie Gear management elects to utilize the "Percentage of Credin Sales" method to estimate their bad debt each month. Based on her history with a similar business, your manager estimates that you ultimately won't collect 2.0% of sales made on account daring the month Accounts Receivable Reference Date Allowance for Doubtful Accounts 2-Jan Prepaid Rent aventory M 8-Jan Accounts Payable Deferred Revue " Wages Payable 6 24-J Notes Payable Common Stock " 30-Jan Retained Famag " 31-Jan Sales Revenue Service Revere 31-Jan Cost of God Sold Bad Debt Expense M 25-Jan Supplies Expense Wage Expense b) Journal Entries Date Account Description Debit Credit 2-Jan 8-Jan 16-Jan d) 24-Jan e) 30-Jan D 31-Jan 31-Jan 31-Jan Debit Credit Balance Check Date Units Price Per Total Cost 2-Jan 8-Jan 24-Jan Debit ASSETS Cash 10,900 Credit 10,900 Ledger Accounts (T-Accounts) Balance Sheet Accounts Income Statement Accounts EXPENSES LIABILITIES STOCKHOLDERS EQUITY REVENUE Debit Credit Debit Credit Debit Credit Debit Credit Accounts Payable Common Stock Sales Revenue Cost of Goods Sold 300 gal 5,800 Bal Accounts Receivable 2,000 Deferred Revenue 2,000 Allowance for Doubtful Accounts Prepaid Rent Inventory Wages Payable 1,000 1,000 500 Notes Payable 5,000 5,000 5,800 Retained Earnings Service Revenue Bad Debt Expense 600 g Bal ga 600 Supplies Expense Wage Expense Auggie Gear, Inc. Income Statement For the Month Ended January 31, 2021 Sales Revenue Les Cost of Goods Sold Gross Profit Operating Expenses: Total Operating Expenses Net Income Auggie Gear, Inc. Statement of Retained Earnings For the Month Ended January 31, 2021 Retained Common Earnings Stock Beg Bal January 1, 2021 January Activity 600 5300 End. Bal. January 31, 2021 600 5300 Assets Current Assets Auggie Gear, Inc. Balance Sheet As of January 31, 2021 Cash Inventory Accounts Receivable Lew: Allowance for Doubtful Accounts Total C Total Assets Liabilities & Stockholders' Equity Current Liblica Total Current Liabilities Lone-Term Liabilitie Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity