ACC 121 Project Summer 2020 10 0 points 1. Use working papers for this problem Ive posted on our class in D2L: Practice Set Working Papers . Be careful to prin t all 1 6 sheets. 2. This project must be completed by hand, in pencil . 3. This company uses the perpetual system of inventory. 4. Check figures: Cash Receipts Journal, total Cash DR: $ 68, 290 Cash Payments Journal, total Cash CR: 61, 985 Net Income: 31 , 594 Total Assets: 154 , 369 Total Post Closing Trial Balance: 155 , 994

Page 1of 2ACC 121 Practice Settransactions Summer 2020(Use the working papers provided by your instructor to work thisproject.)PolarisCompanyuses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Polaris are indicated in the working papers. Beloware a series of transactions for PolarisCo. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 46% of the sales price. Jan.3Sell merchandise on account to S. Jones$3,100, invoice no. 825, and to B. Smith$1,800, invoice no. 826.5Purchase merchandise from N. Cairns$5,000 and B. Tanza$2,200, terms n/30.7Receive checks from D. Brown$4,000 and H. Stone$2,000 after discount period has lapsed.8Pay freight on merchandise purchased $235.9Send checks to P. Winstonfor $9,000 less 2% cash discount, and to C. Boxerfor $11,000 less 1% cash discount.9Issue credit of $300 to B. Smithfor merchandise returned.10Summary daily cash sales total $15,500.11Sell merchandise on account to M. Fergus$1,600, invoice no. 827, and to D. Brown$900, invoice no. 828.12Pay rent of $1,000 for January.13Receive payment in full from S. Jonesand B. Smithless cash discounts.15Withdrawal of$800 cash by J. Betelfor personal use.15Post all entries to the subsidiary ledgers.16Purchase merchandise from C. Boxer$18,000, terms 1/10, n/30; P. Winston$14,200, terms 2/10, n/30; and N. Cairns$1,500, terms n/30.17Pay $400 cash for office supplies.18Return $200 of merchandise to P. Winstonand receive credit.20Summary daily cash sales total $20,100.21Issue $15,000 note, maturing in 90 days, to K. Greenein payment of balance due.21Receive payment in full from D. Brownless cash discount.22Sell merchandise on account to S. Jones$2,700, invoice no. 829, and to M. Fergus$1,300, invoice no. 830.22Post all entries to the subsidiary ledgers.23Send checks to C. Boxerand P. Winstonin full payment less cash discounts.25Sell merchandise on account to H. Stone$3,500, invoice no. 831, and to B. Smith$6,100, invoice no. 832.27Purchase merchandise from C. Boxer$14,500, terms 1/10, n/30; B. Tanza $1,200, terms n/30; and N. Cairns$5,400, terms n/30.27Post all entries to the subsidiary ledgers.28Pay $200cash for office supplies.31Summary daily cash sales total $21,300.31Pay salaries and wagesof $8,100.(continued)Page 2of 2Instructions:(a) Recordthe January transactions in a Sales Journal, a single-column Purchases Journal, a Cash Receipts Journal,a Cash Payments Journal, and a two-column General Journal.(b) Post the journals to the General Ledger.(c) Prepare a Trial Balance at January 31, 2020, in the trial balance columns of the Worksheet. Complete the Worksheet using the following additional information. 1.Office supplies at January 31 total $900.2.Insurance coverage expires on October 31, 2020.3.Annual depreciation on the equipment is $1,500.4.Interest of $75has accrued on the note payable.(d) Prepare a multiple-step Income Statement and an Owner's Equity Statement for January and a classified Balance Sheet at the end of January.(e) Prepare and post adjusting and closing entries.(f) Prepare a Post-Closing Trial Balance, and determine whether the subsidiary ledgers agree with the control accounts in the General Ledger.(g)Calculate the following ratios. Include the written formula in words in addition to your calculations and your final answers:1. Inventory Turnover2. Days in Inventoryfor the month of January3. Gross Profit Rate4. Working Capital

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1. Use working papers for this problem I've posted on our class in D2L: Practice Set Working Papers. Be careful to print all 16 sheets. 2. This project must be completed by hand, in pencil. 3. This company uses the perpetual system of inventory. 4. Check figures: Cash Receipts Journal, total Cash DR: Cash Payments Journal, total Cash CR: Net Income: Total Assets: Total Post Closing Trial Balance: $ 68,290 61,985 31,594 154,369 155,994 ACC 121 Practice Set transactions Summer 2020 (Use the working papers provided by your instructor to work this project.) Polaris Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger, Balances related to both the general ledger and the subsidiary ledger for Polaris are indicated in the working papers. Below are a series of transactions for Polaris Co. for the month of January. Credit sales terms are 2/10, 1/30. The cost of all merchandise sold was 40% of the sales price. no. 826. Jan.3 Sell merchandise on account to S. Jones $3,100, invoice no. 825, and to B. Smith $1,800, invoice 5 Purchase merchandise from N. Caims $5,000 and B. Tanza $2,200, terms n/30. 7 Receive checks from D. Brown $4,000 and H. Stone $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $235.0 9 Send checks to P. Winston for $9,000 less 2% cash discount, and to C. Boxer for $11,000 less 1% cash discount 9 Issue credit of $300 to B. Smith for merchandise returned. 10 Summary daily cash sales total $15,500 11 Sell merchandise on account to M. Fergus 51,600, invoice no. 827, and to D. Brown 5900, invoice no. 828. 12 Pay rent of $1,000 for January 13 Receive payment in full from S. Jones and B. Smith less cash discounts. 15 Withdrawal of $800 cash by J. Betel for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from C. Boxer $18,000, terms 1/10, 1/30; P. Winston $14,200, terms 2/10, n/30, and N. Cairns $1.500, terms 1/30. 17 Pay $400 cash for office supplies. 18 Return $200 of merchandise to P. Winston and receive credit 20 Summary daily cash sales total $20,100. 21 Issue $15,000 note, maturing in 90 days, to K. Greene in payment of balance due. 21 Receive payment in full from D. Brown less cash discount. 22 Sell merchandise on account to S. Jones $2,700, invoice no. 829, and to M. Fergus $1,300, invoice no. 830. 22 Post all entries to the subsidiary ledgers. 23 Send checks to C. Boxer and P. Winston in full payment less cash discounts. 25 Sell merchandise on account to H. Stone $3,500, invoice no. 831, and to B. Smith S6, 100, invoice no. 832 27 Purchase merchandise from C. Boxer $14,500, terms 1/10, 1/30; B. Tanza $1,200, tens n/30; and N. Cairns $5,400, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Summary daily cash sales total $21,300. 31 Pay salaries and wages of $8,100. (continued) Page 1 of 2 Instructions: (a) Record the January transactions in a Sales Journal, a single-column Purchases Journal, a Cash Receipts Journal, a Cash Payments Journal, and a two-column General Journal. (b) Post the journals to the General Ledger. (e) Prepare a Trial Balance at January 31, 2020, in the trial balance columns of the Worksheet. Complete the Worksheet using the following additional information. 1. Office supplies at January 31 total $900. 2. Insurance coverage expires on October 31, 2020. 3. Annual depreciation on the equipment is $1,500. 4. Interest of $75 has accrued on the note payable. (d) Prepare a multiple-step Income Statement and an Owner's Equity Statement for January and a classified Balance Sheet at the end of January. (e) Prepare and post adjusting and closing entries. (1) Prepare a Post-Closing Trial Balance, and determine whether the subsidiary ledgers agree with the control accounts in the General Ledger (g) Calculate the following ratios. Include the written formula in words in addition to your calculations and your final answers: 1. Inventory Turnover 2. Days in Inventory for the month of January 3. Gross Profit Rate 4. Working Capital (c) Account Tiles Cash Accounts Receivable Notes Receivable Inventory Omce Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equip Notes Payable Accounts Payable Interest Payable J. Betel, Capital J. Betel Draws Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries & Wages Expense Rent Expense Totals Office Supplies Expense Insurance Expense Depreciation Expense interest Expense Totais Polaris Company Work Sheet For the Month Ended January 31, 2020 Adjusted Trial Balance Adjustments Tral Balance Income Statement Balance Sheet DE Cr Dr. Dr. CH DY CE Dr CA 42,055 42,055 42,035 23,200 23,200 23, 200 39,000 39.000 39,000 20,855 20,355 30,855 1. 600 200 900 900 2,000 200 1,800 11800 6,450 6. So 6,450 1500 125 1,625 1,625 15,000 15,000 15. DOO 21 800 31 800 21,800 75 75 75 78,700, 28/100 78.100 800 800 79,400 174.400 191400 300 300 120 120 20 47.460 47,460 91460 81100 21100 81100 300D 1,000 1000 202,940 206,400 100 100 100 200 200 125 12S 125 15 75 " 2,100 2,400 203. HO 206,600 52030 19,400 127200 21320 105 880 300 Net Income Totais 15 of 22 15 x 22 (d) Polaris Company Income Statement For the Month Ended January 31, 2020 Revenues : Sales revenue Less: Sales discounts Sales return and allowances $79,400 20 300 420 18.980 (d Continued) Polaris Company Owner's Equity Statement For the Month Ended January 31, 2020 Polaris Company Balance Sheet January 31, 2020 Assets Liabilities and Owner's Equity 17 of 22 edil 40 Polaris Company Post-Closing Trial Balance January 31, 2020 Debit Credit edil Cash Notes Receivable Accounts Receivable Inventory Office Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Interest Payable J. Betel, Capital dit dil EC Accounts Receivable control account balance in the General Ledger: Subsidiary account balances: Total: = Accounts Payable control account balance in the General Ledger Subsidiary account balances: Total: Ratios Calculate the following ratios for the month of January. Include the written formula in words, as well as your calculations and final answers. Round your final answer to 2 decimal points ra Be sure to show your work! 1. Inventory Turnover 2. Days in Inventory (note the time period covered by this month, January): 3. Gross Profit Rate 4. Working Capital