Accounting Cycie Project FA22 Rosdrunner Bookstore usas the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had fhe following transactions for the month of April. Apr 1 Tina Smith invested $90,000 cash and a machine worth $20,000 in Roadnunner Bookstote. Apr 2 Roadtunner Bookstore rented a portion of their warehouse to Davis Consulting for $3,000 per month. Drvis paid Roadrunner Bockstore flive months of rent in advance. Apr 3 Purchased $60.000 of merchandise inventory on credit, Involce 1.123 dated Apr 2 from Cengage, terms 1/20, n/45. Apr 5 Sold merchandise to Rowan University for $45,000 on credit, terms 3/10,/30. Invoice no. 345. Cost of the merchandise sold is 530,000 . Apr 7 Issued check $210 payable to Cash to establiah a petty cash fund in the amount of $300. Apr 9 Purchased additional machinery totaling $5,000 on credit from Great Buy, terms 1/10, n/45, Invoice a467 dated Apr 9. Apr 11 Sold merchandiso to Rutgers University for $10,000 with terms 2110 , n/45. Invoice no. 346. Cost of the merchandise sold is $5,000. Apr 13 The cash register's record shows $10,000 at the end of the shiit, but the count of cash in the register is $10,025. Cost of the merchandise sold is 58,500. Prepare the journal entry to record the day's cash sales. Apr 15 Rowan University paid the balance due from the sale on Apr 5 . Apr 17 Sold merchandise to Rowan University for $16,000, terms 3/10, n/30. Invoice No. 347. Cost of the merchandise sold is $11,000. Apr 18 Roadrunner Bookstore signed a short term note payable in the amount of $55,000 with an interest rate of 7% due in 180 days. Apr 21 issued check \#211 to Cengage for the purchase recorded on Apr 3t., Apr 23 issued check $212 made payable to you, the company accountant, for your salary totaling $4,500 Apr 24 The cash balance in the petty cash drawer is 575 . Receipts in the drawer show $80 for Postage Expense. 575 for Transportation in, 550 for delivery expenses, and $25 for office supples expenses. Replenish petty cash using check 8213 made payable to Cash. Apr 25 Received \$4,000 payment from Rutgers Universty towards the Apr 11 sale. Apr 27 Issued check \$214 made payable to Tina Smen for 510,000 for personal use. Apr 29 issued check =215 for 55,000 payable to Hartlord Propenty Management for Aprel Rert. Roadrunner Bookstore uses the folowing Special Joumals: Sales, Purchases, Cash Recelpts, and Creh Diaburaments. 1.) Record the above transactions to the approprlate Joumal and post as necessary to the Subeidiary Ledgers and Ceneral Ledger Accounts. Make sure to foot and cross foot totals at month-end. 2.) Complete the unadjusted trlal balance oolumns on the worksheet for Roadinuner Bookstore as of Apet 30, 2022, and the Schedules of Accounts Receivable and Accounts Payable. Roadrunner Bookstore must consider the following for adfusting entry purposes: a) Depreciation on the Machine for the month totaied $200. b) Aprill rent from Davis Consulting has been earned. c) A utility bill was received totaling $750 that will be paid in May. d) Interest on the short-term note through Apr30 has accrued but has not been pald. (Round to a whole number) e) Salaries have accrued in the amount of 5500 per day for three days. f) A count of inventory showed remaining inventory had a cost of 54,000 . g) Bad debt is estimated to be 7% of totai net credit sales. (fround to a whicin number) Prepare adjusting entries and post to the General Lsdger Accounts. Post adjusting entries to the adpustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet. Prepare Financial Statements, including a Classified Balance Sheet, for Roodrunner Bookstore considering the following: - Depreciation Expense, Delivery Experse, Bad Debts Expenses, and Cash Overages are seling expenses - Postage and Utitios Expenses are general and administrative expenses - Salaries Expense and Rent Expense are splt between selling and general and administrative expenses. Prepare Closing Entries for Roadrunner Bookstcre. Prepare Post Closing Trial Balance for Roadrunner Bookstore: Search