ACC 311 SPPINO 2023 Cycle Probleen Transacticeis The follswing meansatians tosk plocit dunng the menth ef Decwmber, 2023. a) Noceived $16,500 frim a custaber an witisty a butance from sales is bepurmber. (4) Turthasd merchandiar for 526,000 rath 10 Petumed damseed inerchandiae so ciilbert Company, roceryed coedit for 917,000 10) Invesinn pad a tedal of $30,000 to purchase 20,000 ahares of the cimporyy's 5.80 far value comation atocke. 13 Boid mercharutive to R. J. Andersan an aceouat, s:26.000 with terms 2/10, net/30 12. Recrived and paid selephane Lill int the anount of \$425 for December service. 13. Completed a $9,700 credit sale to Ben Jackenn with terta 1/10, n/30. 14. Paid the balence due to Cubert Company. 15. Recehvd $20000 of merchandine retuimed by Ben dackson. 16. Purchased $18,000 of mierchandise frum LeolCompuny with terms 1/16,n/30. 17: A coenpany that eacd us 31,100 flent barkruptey. The account was written off. 19 Bought $580 of supplice on accoume. 20 Sald merchandiae an accoune do Marthat Connrr foe \$etsooo, teruss 2/15, n/30 20 Received payment in full froca Ben' Jackoain 24 Received a 8385 bid for electricity used in becemiber 28. Bectivert a check from 7 . Anderson far payment in full 24 Peccueded cash sales for December totalint \$39,6.50. 29 Paid half of the amount owed to Leo Company. 31) Imprere If declared and paid a \$.13 per sbare cash dividend. (One simple entry). Part 2 must be signed in, just as Part 1 was. SUBMIT in person! Reminder: DO NOT discuss this work with ANYONE but me. As you complete this project, feel free to ask me questions. I will be happy to help you if I can. Read these instructions THOROUGHLY and OFTEN. STEP 1: Remove the staple from Part 1. Specific instructions to be followed carefully: All work must be handwritten, using pencils. Be certain your work is legible. Do not submit anything "back-to-back," Use only one side of each page. If any calculations result in "cents," round that figure to the nearest dollar AND indicate in parentheses the original figure. The parenthetical figure only has to be shown once. Journal entries: Use paper provided. No "explanations" required. Skip a line between entries. Begin adjusting entries on a new page of the journal. Begin closing entries on a new page of the joumal. Posting: Use posting references in the journal and in the ledger. The examples on Pages 10 and 11 in Chapter 3 of your text may be helpful. No deseriptions in the general ledger are required. Financial statements: Prepare and present the statements in the order indicated in E. Be certain that each statement is presented with a proper 3-line heading, and that each statement is on its own separate page (81/211 inch paper only), with portrait orientation. Your completed project will consist of: Journal paper, as provided. Use as many pages as necessary to follow the instructions. You must subm your journal pages from Part 1 as well. General ledger, as provided. Establish additional accounts as needed, using the blank forms provided. Completed worksheet, as provided. NOTE: Any paper used must be standard size ( 8.5 inches by 11 inches), using portrait orientatio Four financial statements prepared an any paper of your choice (8.511 inches), but one side only. Post-closing trial balance prepared on a page by itself. A. Meview all actount balatoes and whe the infonnation provided to dencrmine what adjustrocib are the empty accounti at the wad of the Irdcet. Anign an whand mumber to rach new accase. Bulances from ithe adjusind trial balasce sheald maich tbose in your peacral ledecr. 13. Cumplete the workhest. Impruve It, iac does not use a Coit of Gionds Sold lodacr acceamt. how ever, cont of gools wild inas he calculdited five use on the incene stingment and a walcmitn of cach flows tipsifect method) - cosch on a scparase ibsct of paper F. Irepare the secesiay closing ertries en a new gage of ihe joumal, using an lacome Summan acenuit, and posd them lo the gecicral lolper. to lememarn fir the amount of the endisy imemin C. Prepare a gost-clowne trial balange at ot Boecmber J1. 2022. The halseces should toe drawa frem your general Jedeer. ADDITIONAL INFORMATION: When proparing adjentin e eatries, consifer the following infoctarion: - Da aot count individual atars. Base raleclations an fall montle - Bad Debe Expease is bascd on wnictimane if 4% of accoumts raccivable. - Store fixtures aze depreciend using the sirwhth-line tecthed whth an estimated useful life of 5 years, and an estimated talvage valoe of 55,100 - A count of affice supplies shows that 5550 of supglict are on hand. For your closing entries and to complene the worksheet, you oecd an endieg iovensory amount. 528.500 of merchandise was on hand as of December 31 . ACC 311 SPPINO 2023 Cycle Probleen Transacticeis The follswing meansatians tosk plocit dunng the menth ef Decwmber, 2023. a) Noceived $16,500 frim a custaber an witisty a butance from sales is bepurmber. (4) Turthasd merchandiar for 526,000 rath 10 Petumed damseed inerchandiae so ciilbert Company, roceryed coedit for 917,000 10) Invesinn pad a tedal of $30,000 to purchase 20,000 ahares of the cimporyy's 5.80 far value comation atocke. 13 Boid mercharutive to R. J. Andersan an aceouat, s:26.000 with terms 2/10, net/30 12. Recrived and paid selephane Lill int the anount of \$425 for December service. 13. Completed a $9,700 credit sale to Ben Jackenn with terta 1/10, n/30. 14. Paid the balence due to Cubert Company. 15. Recehvd $20000 of merchandine retuimed by Ben dackson. 16. Purchased $18,000 of mierchandise frum LeolCompuny with terms 1/16,n/30. 17: A coenpany that eacd us 31,100 flent barkruptey. The account was written off. 19 Bought $580 of supplice on accoume. 20 Sald merchandiae an accoune do Marthat Connrr foe \$etsooo, teruss 2/15, n/30 20 Received payment in full froca Ben' Jackoain 24 Received a 8385 bid for electricity used in becemiber 28. Bectivert a check from 7 . Anderson far payment in full 24 Peccueded cash sales for December totalint \$39,6.50. 29 Paid half of the amount owed to Leo Company. 31) Imprere If declared and paid a \$.13 per sbare cash dividend. (One simple entry). Part 2 must be signed in, just as Part 1 was. SUBMIT in person! Reminder: DO NOT discuss this work with ANYONE but me. As you complete this project, feel free to ask me questions. I will be happy to help you if I can. Read these instructions THOROUGHLY and OFTEN. STEP 1: Remove the staple from Part 1. Specific instructions to be followed carefully: All work must be handwritten, using pencils. Be certain your work is legible. Do not submit anything "back-to-back," Use only one side of each page. If any calculations result in "cents," round that figure to the nearest dollar AND indicate in parentheses the original figure. The parenthetical figure only has to be shown once. Journal entries: Use paper provided. No "explanations" required. Skip a line between entries. Begin adjusting entries on a new page of the journal. Begin closing entries on a new page of the joumal. Posting: Use posting references in the journal and in the ledger. The examples on Pages 10 and 11 in Chapter 3 of your text may be helpful. No deseriptions in the general ledger are required. Financial statements: Prepare and present the statements in the order indicated in E. Be certain that each statement is presented with a proper 3-line heading, and that each statement is on its own separate page (81/211 inch paper only), with portrait orientation. Your completed project will consist of: Journal paper, as provided. Use as many pages as necessary to follow the instructions. You must subm your journal pages from Part 1 as well. General ledger, as provided. Establish additional accounts as needed, using the blank forms provided. Completed worksheet, as provided. NOTE: Any paper used must be standard size ( 8.5 inches by 11 inches), using portrait orientatio Four financial statements prepared an any paper of your choice (8.511 inches), but one side only. Post-closing trial balance prepared on a page by itself. A. Meview all actount balatoes and whe the infonnation provided to dencrmine what adjustrocib are the empty accounti at the wad of the Irdcet. Anign an whand mumber to rach new accase. Bulances from ithe adjusind trial balasce sheald maich tbose in your peacral ledecr. 13. Cumplete the workhest. Impruve It, iac does not use a Coit of Gionds Sold lodacr acceamt. how ever, cont of gools wild inas he calculdited five use on the incene stingment and a walcmitn of cach flows tipsifect method) - cosch on a scparase ibsct of paper F. Irepare the secesiay closing ertries en a new gage of ihe joumal, using an lacome Summan acenuit, and posd them lo the gecicral lolper. to lememarn fir the amount of the endisy imemin C. Prepare a gost-clowne trial balange at ot Boecmber J1. 2022. The halseces should toe drawa frem your general Jedeer. ADDITIONAL INFORMATION: When proparing adjentin e eatries, consifer the following infoctarion: - Da aot count individual atars. Base raleclations an fall montle - Bad Debe Expease is bascd on wnictimane if 4% of accoumts raccivable. - Store fixtures aze depreciend using the sirwhth-line tecthed whth an estimated useful life of 5 years, and an estimated talvage valoe of 55,100 - A count of affice supplies shows that 5550 of supglict are on hand. For your closing entries and to complene the worksheet, you oecd an endieg iovensory amount. 528.500 of merchandise was on hand as of December 31