Abby's Art Mart (AAM) is a specialty retailer in Iowa City, Iowa. Abby Martin has a passion for art and art education. AAM sells art supplies of all kinds and provides art lessons to aspiring artists of all ages. AAM has three employees who are artists and highly educated in the field. However, none has accounting or bookkeeping experience. Therefore, AAM hired an accounting firm, Peterson CPA Group (Peterson), to record transactions and keep financial records.

You are a staff accountant with Peterson. Your supervisor asked you to evaluate the supporting documents and construct an accounts payable (AP) rollforward for AAM from November 30, year 5, to December 31, year 5. The AP rollforward will provide a broad overview of the transactions with vendors during the month of December. The supporting documents include the December vendor invoices, the December bank statement, and emails describing various events that impact the vendor accounts for the month of December, year 5. The December 31, year 5, ending balance payable to vendors is $4,100.

• In the column "Description," click on the cell and select a title from the list provided. A selection may be used once, more than once, or not at all.
• In the column "Amount," enter the dollar amount.
• If an item is not needed, then select None from the item list and enter 0 (zero) in the Amount column.

For grading purposes:

• When entering an addition to a balance, enter the number and use comma separators but do not use dollar signs.
• When entering a subtraction, use parentheses ( ). For example, enter "(2,000)" to subtract $2,000.

1

Accounts Payable Rollforward

2

November 30, Year 5 to December 31, Year 5

3

Description

Amount

A1

lock

copy

cut

paste

A

B

4

Accounts Payable Balance November 30, year 5

123

5

Add vendor credit memos Add vendor invoices Deduct sales invoices Add sales invoices Add vendor discounts None

123

6

Deduct mortgage payment Add discounts Deduct utility payments Deduct vendor payments Add credit memos None

123

7

Add vendor invoice not received Deduct accrued interest Add discounts Deduct vendor invoice not received Add invoices not accrued None

123

8

Add discounts Deduct sales invoices Add vendor credit memos Add prepayments Deduct vendor credit memos None

123

9

Deduct accrued expenses Deduct sales invoices Add invoices not accrued Deduct prepayments None

123

10

Accounts Payable Balance December 31, year 5

123